<SEC-DOCUMENT>0001144204-16-097045.txt : 20160428
<SEC-HEADER>0001144204-16-097045.hdr.sgml : 20160428
<ACCEPTANCE-DATETIME>20160428160357
ACCESSION NUMBER:		0001144204-16-097045
CONFORMED SUBMISSION TYPE:	20-F
PUBLIC DOCUMENT COUNT:		156
CONFORMED PERIOD OF REPORT:	20151231
FILED AS OF DATE:		20160428
DATE AS OF CHANGE:		20160428

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			YY Inc.
		CENTRAL INDEX KEY:			0001530238
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-COMPUTER PROCESSING & DATA PREPARATION [7374]
		IRS NUMBER:				000000000

	FILING VALUES:
		FORM TYPE:		20-F
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-35729
		FILM NUMBER:		161599989

	BUSINESS ADDRESS:	
		STREET 1:		No. 50 Jianzhung Road
		STREET 2:		Tianhe Software Park, Tianhe District
		CITY:			Guangzhou
		STATE:			F4
		ZIP:			510660
		BUSINESS PHONE:		862029162000

	MAIL ADDRESS:	
		STREET 1:		No. 50 Jianzhung Road
		STREET 2:		Tianhe Software Park, Tianhe District
		CITY:			Guangzhou
		STATE:			F4
		ZIP:			510660
</SEC-HEADER>
<DOCUMENT>
<TYPE>20-F
<SEQUENCE>1
<FILENAME>v435203_20f.htm
<DESCRIPTION>FORM 20-F
<TEXT>
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<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Washington, D.C. 20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: center">&nbsp;</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">FORM 20-F</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<!-- Field: Rule-Page --><DIV ALIGN="CENTER" STYLE="margin-top: 0; margin-bottom: 0"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 35%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>(Mark&nbsp;One)</B>&#9;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-family: Wingdings">&uml;</FONT></TD><TD><B>REGISTRATION STATEMENT PURSUANT TO SECTION&nbsp;12(B) OR 12(G) OF THE SECURITIES EXCHANGE ACT OF&nbsp;1934</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>OR</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-family: Wingdings">x</FONT></TD><TD><B>ANNUAL REPORT PURSUANT TO SECTION&nbsp;13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF&nbsp;1934</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>For the fiscal year ended December&nbsp;31,
2015.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>OR</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-family: Wingdings">&uml;</FONT></TD><TD><B>TRANSITION REPORT PURSUANT TO SECTION&nbsp;13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF&nbsp;1934</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>OR</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-family: Wingdings">&uml;</FONT></TD><TD><B>SHELL COMPANY REPORT PURSUANT TO SECTION&nbsp;13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF&nbsp;1934</B></TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Date of event requiring this shell
company report<BR>
For the transition period from&nbsp;to&nbsp;<BR>
Commission file number: 001-35729</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: center">&nbsp;</P>

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<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">YY INC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Exact name of Registrant as specified in
its charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: center">&nbsp;</P>

<!-- Field: Rule-Page --><DIV ALIGN="CENTER" STYLE="margin-top: 0; margin-bottom: 0"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 35%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>N/A</B><BR>
<FONT STYLE="font-size: 10pt">(Translation of Registrant's name into English)</FONT><BR>
<FONT STYLE="font-size: 10pt"><B>Cayman Islands</B></FONT><BR>
<FONT STYLE="font-size: 10pt">(Jurisdiction of incorporation or organization)</FONT><BR>
<FONT STYLE="font-size: 10pt"><B>Building B-1, North Block of Wanda Plaza</B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B>No. 79 Wanbo Er Road</B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B>Nancun Town, Panyu District</B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B>Guangzhou 511442</B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B>The People's Republic of China</B></FONT><BR>
<FONT STYLE="font-size: 10pt">(Address of principal executive offices)</FONT><BR>
<FONT STYLE="font-size: 10pt"><B>Eric He</B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B>Chief Financial Officer</B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B>Tel: +86 (20)&nbsp;8212-0088</B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B>E-mail: eric@yy.com</B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B>Fax: +86 (20)&nbsp;8212-0887</B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B>Building B-1, North Block of Wanda Plaza</B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B>No. 79 Wanbo Er Road</B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B>Nancun Town, Panyu District</B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B>Guangzhou 511442</B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B>The People's Republic of China</B></FONT><BR>
<FONT STYLE="font-size: 10pt">(Name, Telephone, E-mail and/or Facsimile number and Address of Company Contact Person)</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Securities registered or to be registered
pursuant to Section&nbsp;12(b) of the Act:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 45%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; border-bottom: Black 0.5pt solid"><B>Title of Each Class </B></P></TD>
    <TD STYLE="font-size: 10pt; width: 10%">&nbsp;</TD>
    <TD STYLE="width: 45%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; border-bottom: Black 0.5pt solid"><B>Name of Exchange on Which
        Registered </B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Class&nbsp;A common shares, par value US$0.00001 per share</FONT></TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">The NASDAQ Stock Market*</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Not for trading, but only in connection with the listing on
The NASDAQ Stock Market of the American depositary shares (&quot;ADSs&quot;). Currently, one ADS represents 20 Class&nbsp;A common
shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Securities registered or to be registered
pursuant to Section&nbsp;12(g) of the Act:</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">None</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Title of Class)</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Securities for which there is a reporting
obligation pursuant to Section&nbsp;15(d) of the Act:</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">None&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Title of Class)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%; text-align: center">&nbsp;</TD><TD STYLE="width: 34%">&nbsp;</TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Indicate the number of outstanding shares
of each of the Issuer's classes of capital or common stock as of the close of the period covered by the annual report. <B>728,227,848
Class&nbsp;A common shares, par value US$0.00001 per share, and 369,557,976 Class&nbsp;B common shares, par value US$0.00001 per
share, were outstanding as of December&nbsp;31, 2015. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Indicate by check mark if the registrant
is a well-known seasoned issuer, as defined in Rule&nbsp;405 of the Securities Act. Yes <FONT STYLE="font-family: Wingdings">x</FONT>&nbsp;&nbsp;&nbsp;No
<FONT STYLE="font-family: Wingdings">&uml;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If this report is an annual or transition
report, indicate by check mark if the registrant is not required to file reports pursuant to Section&nbsp;13 or 15(d) of the Securities
Exchange Act of 1934. Yes <FONT STYLE="font-family: Wingdings">&uml;</FONT>&nbsp;&nbsp;No <FONT STYLE="font-family: Wingdings">x</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Indicate by check mark whether the registrant:
(1)&nbsp;has filed all reports required to be filed by Section&nbsp;13 or 15(d) of the Securities Exchange Act of 1934 during the
preceding 12&nbsp;months (or for such shorter period that the registrant was required to file such reports), and (2)&nbsp;has been
subject to such filing requirements for the past 90&nbsp;days. Yes <FONT STYLE="font-family: Wingdings"><FONT STYLE="font-family: Wingdings">&#120;</FONT></FONT>&nbsp;&nbsp;&nbsp;No
<FONT STYLE="font-family: Wingdings"><FONT STYLE="font-family: Wingdings"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Indicate by check mark whether the registrant
has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted
and posted pursuant to Rule&nbsp;405 of Regulation&nbsp;S-T (&sect;232.405 of this chapter) during the preceding 12&nbsp;months
(or for such shorter period that the registrant was required to submit and post such files). Yes <FONT STYLE="font-family: Wingdings">x</FONT>
&nbsp;&nbsp;No <FONT STYLE="font-family: Wingdings">&uml;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Indicate by check mark whether the registrant
is a large accelerated filer, an accelerated filer, or a non-accelerated filer. See definition of &quot;accelerated filer and large
accelerated filer&quot; in Rule&nbsp;12b-2 of the Exchange Act. (Check one):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 34%; font-size: 10pt">Large&nbsp;accelerated&nbsp;filer <FONT STYLE="font-family: Wingdings">x</FONT></TD>
    <TD STYLE="width: 33%; font-size: 10pt">Accelerated&nbsp;filer <FONT STYLE="font-family: Wingdings">&uml;</FONT></TD>
    <TD STYLE="width: 33%; font-size: 10pt">Non-accelerated&nbsp;filer <FONT STYLE="font-family: Wingdings">&uml;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Indicate by check mark which basis of accounting
the registrant has used to prepare the financial statements included in this filing:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 12%; font-size: 10pt">U.S.&nbsp;GAAP <FONT STYLE="font-family: Wingdings">x</FONT></TD>
    <TD STYLE="width: 67%; font-size: 10pt; padding-left: 0.125in">International Financial Reporting Standards as issued by the International Accounting Standards Board <FONT STYLE="font-family: Wingdings">&uml;</FONT></TD>
    <TD STYLE="width: 21%; font-size: 10pt">Other <FONT STYLE="font-family: Wingdings">&uml;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If &quot;Other&quot; has been checked in
response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow.&nbsp;Item&nbsp;17
<FONT STYLE="font-family: Wingdings">&uml;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Item&nbsp;18 <FONT STYLE="font-family: Wingdings">&uml;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If this is an annual report, indicate by
check mark whether the registrant is a shell company (as defined in Rule&nbsp;12b-2 of the Exchange Act). Yes <FONT STYLE="font-family: Wingdings">&uml;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
<FONT STYLE="font-family: Wingdings">x</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(APPLICABLE ONLY TO ISSUERS INVOLVED IN
BANKRUPTCY PROCEEDINGS DURING THE PAST FIVE YEARS)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Indicate by check mark whether the registrant
has filed all documents and reports required to be filed by Sections&nbsp;12, 13 or 15(d) of the Securities Exchange Act of 1934
subsequent to the distribution of securities under a plan confirmed by a court. Yes <FONT STYLE="font-family: Wingdings">&uml;</FONT>&nbsp;&nbsp;&nbsp;No
<FONT STYLE="font-family: Wingdings">x</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">TABLE OF CONTENTS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 15%; text-align: right"><B>&nbsp;</B></TD>
    <TD STYLE="width: 80%; text-align: right"><B>&nbsp;</B></TD>
    <TD STYLE="width: 5%; border-bottom: Black 1pt solid; text-align: right; vertical-align: bottom"><B>Page</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD COLSPAN="2"><A HREF="#a_001">INTRODUCTION</A></TD>
    <TD STYLE="text-align: right; vertical-align: bottom">1</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD COLSPAN="2"><A HREF="#a_002">FORWARD-LOOKING STATEMENTS</A></TD>
    <TD STYLE="text-align: right; vertical-align: bottom">1</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#a_003">PART I</A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">3</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 0.5in">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5in">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5in; text-align: right; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 27pt">ITEM 1.</TD>
    <TD><A HREF="#a_004">IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISORS</A></TD>
    <TD STYLE="text-align: right; vertical-align: bottom">3</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 27pt">ITEM 2.</TD>
    <TD><A HREF="#a_005">OFFER STATISTICS AND EXPECTED TIMETABLE</A></TD>
    <TD STYLE="text-align: right; vertical-align: bottom">3</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 27pt">ITEM 3.</TD>
    <TD><A HREF="#a_006">KEY INFORMATION</A></TD>
    <TD STYLE="text-align: right; vertical-align: bottom">3</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 27pt">ITEM 4.</TD>
    <TD><A HREF="#a_007">INFORMATION ON THE COMPANY</A></TD>
    <TD STYLE="text-align: right; vertical-align: bottom">49</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 27pt">ITEM 4A.</TD>
    <TD><A HREF="#a_008">UNRESOLVED STAFF COMMENTS</A></TD>
    <TD STYLE="text-align: right; vertical-align: bottom">78</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 27pt">ITEM 5.</TD>
    <TD><A HREF="#a_009">OPERATING AND FINANCIAL REVIEW AND PROSPECTS</A></TD>
    <TD STYLE="text-align: right; vertical-align: bottom">78</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 27pt">ITEM 6.</TD>
    <TD><A HREF="#a_010">DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES</A></TD>
    <TD STYLE="text-align: right; vertical-align: bottom">104</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 27pt">ITEM 7.</TD>
    <TD><A HREF="#a_011">MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS</A></TD>
    <TD STYLE="text-align: right; vertical-align: bottom">115</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 27pt">ITEM 8.</TD>
    <TD><A HREF="#a_012">FINANCIAL INFORMATION</A></TD>
    <TD STYLE="text-align: right; vertical-align: bottom">121</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 27pt">ITEM 9.</TD>
    <TD><A HREF="#a_013">THE OFFER AND LISTING</A></TD>
    <TD STYLE="text-align: right; vertical-align: bottom">122</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 27pt">ITEM 10.</TD>
    <TD><A HREF="#a_014">ADDITIONAL INFORMATION</A></TD>
    <TD STYLE="text-align: right; vertical-align: bottom">123</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 27pt">ITEM 11.</TD>
    <TD><A HREF="#a_015">QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK</A></TD>
    <TD STYLE="text-align: right; vertical-align: bottom">134</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 27pt">ITEM 12.</TD>
    <TD><A HREF="#a_016">DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES</A></TD>
    <TD STYLE="text-align: right; vertical-align: bottom">134</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#a_017">PART II</A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">137</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 0.5in">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5in">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5in; text-align: right; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 27pt">ITEM 13.</TD>
    <TD><A HREF="#a_018">DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES</A></TD>
    <TD STYLE="text-align: right; vertical-align: bottom">137</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 27pt">ITEM 14.</TD>
    <TD><A HREF="#a_019">MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS</A></TD>
    <TD STYLE="text-align: right; vertical-align: bottom">137</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 27pt">ITEM 15.</TD>
    <TD><A HREF="#a_020">CONTROLS AND PROCEDURES</A></TD>
    <TD STYLE="text-align: right; vertical-align: bottom">137</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 27pt">ITEM 16.</TD>
    <TD><A HREF="#a_021">RESERVED</A></TD>
    <TD STYLE="text-align: right; vertical-align: bottom">138</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 27pt">ITEM 16A.</TD>
    <TD><A HREF="#a_022">AUDIT COMMITTEE FINANCIAL EXPERT</A></TD>
    <TD STYLE="text-align: right; vertical-align: bottom">138</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 27pt">ITEM 16B.</TD>
    <TD><A HREF="#a_023">CODE OF ETHICS</A></TD>
    <TD STYLE="text-align: right; vertical-align: bottom">138</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 27pt">ITEM 16C.</TD>
    <TD><A HREF="#a_024">PRINCIPAL ACCOUNTANT FEES AND SERVICES</A></TD>
    <TD STYLE="text-align: right; vertical-align: bottom">138</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 27pt">ITEM 16D.</TD>
    <TD><A HREF="#a_025">EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES</A></TD>
    <TD STYLE="text-align: right; vertical-align: bottom">138</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 27pt">ITEM 16E.</TD>
    <TD><A HREF="#a_026">PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS</A></TD>
    <TD STYLE="text-align: right; vertical-align: bottom">138</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 27pt">ITEM 16F.</TD>
    <TD><A HREF="#a_027">CHANGE IN REGISTRANT'S CERTIFYING ACCOUNTANT</A></TD>
    <TD STYLE="text-align: right; vertical-align: bottom">139</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 27pt">ITEM 16G.</TD>
    <TD><A HREF="#a_028">CORPORATE GOVERNANCE</A></TD>
    <TD STYLE="text-align: right; vertical-align: bottom">139</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 27pt">ITEM 16H.</TD>
    <TD><A HREF="#a_029">MINE SAFETY DISCLOSURE</A></TD>
    <TD STYLE="text-align: right; vertical-align: bottom">139</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><A HREF="#a_030">PART III</A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">140</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0.5in">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5in">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5in; text-align: right; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 27pt">ITEM 17.</TD>
    <TD><A HREF="#a_031">FINANCIAL STATEMENTS</A></TD>
    <TD STYLE="text-align: right; vertical-align: bottom">140</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 27pt">ITEM 18.</TD>
    <TD><A HREF="#a_032">FINANCIAL STATEMENTS</A></TD>
    <TD STYLE="text-align: right; vertical-align: bottom">140</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 27pt">ITEM 19.</TD>
    <TD><A HREF="#a_033">EXHIBITS</A></TD>
    <TD STYLE="text-align: right; vertical-align: bottom">140</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 12%">Exhibit 8.1</TD>
    <TD STYLE="width: 88%">List of Subsidiaries and Consolidated Affiliated Entities</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Exhibit 12.1</TD>
    <TD>Certification by the Principal Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Exhibit 12.2</TD>
    <TD>Certification by the Principal Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Exhibit 13.1</TD>
    <TD>Certification by the Principal Executive Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Exhibit 13.2</TD>
    <TD>Certification by the Principal Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Exhibit 15.1</TD>
    <TD>Consent of Conyers Dill &amp; Pearman</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Exhibit 15.2</TD>
    <TD>Consent of Fangda Partners</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Exhibit 15.3</TD>
    <TD>Consent of Independent Registered Public Accounting Firm</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><A NAME="a_001"></A>INTRODUCTION</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Unless otherwise indicated and except where
the context otherwise requires, references in this annual report on Form&nbsp;20-F to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>&quot;we,&quot; &quot;us,&quot; &quot;our company&quot; and &quot;our&quot; refer to YY&nbsp;Inc., a Cayman Islands company,
its subsidiaries and consolidated affiliated entities (also referred to as variable interest entities) and the subsidiaries of
its consolidated affiliated entities, as the context may require;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>&quot;active user&quot; for any period means a registered user account that has logged onto our platform at least once during
such relevant period;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>&quot;concurrent users&quot; for any point in time means the total number of YY users that are simultaneously logged onto our
platform at such point in time;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>&quot;paying user&quot; for any period means a registered user account that has purchased virtual items or other products and
services on our platform at least once during the relevant period. A paying user is not necessarily a unique user, however, as
a unique user may set up multiple paying user accounts on our platform; thus, the number of paying users referred to in this annual
report may be higher than the number of unique users who are purchasing virtual items or other products and services;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>&quot;registered user account&quot; means a user account that has downloaded, registered and logged onto our platform at least
once since registration. We calculate registered user accounts as the cumulative number of user accounts at the end of the relevant
period that have logged onto our platform at least once after registration. Each individual user may have more than one registered
user account, and consequently, the number of registered user accounts we present in this annual report may overstate the number
of unique individuals who are our registered users; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>&quot;unique visitor&quot; to Duowan.com means a visitor to Duowan.com from a specific IP address. No subsequent visits from
the same IP address during a relevant period are added to our total unique visitors count for that period. An individual who accesses
Duowan.com from more than one IP address is counted as a unique visitor for each IP address he or she uses.</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><A NAME="a_002"></A>FORWARD-LOOKING
STATEMENTS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This annual report contains forward-looking
statements that involve risks and uncertainties. All statements other than statements of historical facts are forward-looking statements.
These forward-looking statements are made under the &quot;safe harbor&quot; provisions of the U.S. Private Securities Litigation
Reform Act of 1995. These statements involve known and unknown risks, uncertainties and other factors that may cause our actual
results, performance or achievements to be materially different from those expressed or implied by the forward-looking statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">You can identify these forward-looking statements
by words or phrases such as &quot;may,&quot; &quot;will,&quot; &quot;expect,&quot; &quot;is expected to,&quot; &quot;anticipate,&quot;
&quot;aim,&quot; &quot;estimate,&quot; &quot;intend,&quot; &quot;plan,&quot; &quot;believe,&quot; &quot;is/are likely to&quot;
or other similar expressions. We have based these forward-looking statements largely on our current expectations and projections
about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy
and financial needs. These forward-looking statements include, but are not limited to, statements about:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>our growth strategies;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>our ability to retain and increase our user base and expand our product and service offerings;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>our ability to monetize our platform;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>our future business development, results of operations and financial condition;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>competition from companies in a number of industries, including internet companies that provide online voice and video communications
services, social networking services and online games;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>expected changes in our revenues and certain cost or expense items;</TD></TR></TABLE>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>general economic and business condition in China and elsewhere; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>assumptions underlying or related to any of the foregoing.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">You should thoroughly read this annual report
and the documents that we refer to herein with the understanding that our actual future results may be materially different from
and/or worse than what we expect. Other sections of this annual report, including the Risk Factors and Operating and Financial
Review and Prospects sections, discuss factors which could adversely impact our business and financial performance. Moreover, we
operate in an evolving environment. New risk factors emerge from time to time and it is not possible for our management to predict
all risk factors, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination
of factors, may cause actual results to differ materially from those contained in any forward-looking statements. We qualify all
of our forward-looking statements by these cautionary statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">You should not rely upon forward-looking
statements we make as predictions of future events. The forward-looking statements made in this annual report relate only to events
or information as of the date on which the statements are made in this annual report. We undertake no obligation to update or revise
any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable
law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-transform: uppercase; text-align: center"><A NAME="a_003"></A>PART
I</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.75in; text-align: left">ITEM 1.</TD><TD STYLE="text-align: justify"><A NAME="a_004"></A>IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISORS</TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.75in; text-align: left">ITEM 2.</TD><TD STYLE="text-align: justify"><A NAME="a_005"></A>OFFER STATISTICS AND EXPECTED TIMETABLE</TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.75in; text-align: left">ITEM 3.</TD><TD STYLE="text-align: justify"><A NAME="a_006"></A>KEY INFORMATION</TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.75in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>A. Selected Financial Data</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The following table presents the selected
consolidated financial information for our company. The selected consolidated statements of operations data for the three years
ended December&nbsp;31, 2013, 2014 and 2015 and the consolidated balance sheet data as of December&nbsp;31, 2014 and 2015 have
been derived from our audited consolidated financial statements, which are included in this annual report beginning on page&nbsp;F-1.
Our selected consolidated statements of operation data for the years ended December&nbsp;31, 2011 and 2012 and our consolidated
balance sheet data as of December&nbsp;31, 2011, 2012 and 2013 have been derived from our audited consolidated financial statements
not included in this annual report. Our consolidated financial statements are prepared and presented in accordance with accounting
principles generally accepted in the United States, or U.S.&nbsp;GAAP. Our historical results for any period are not necessarily
indicative of results to be expected for any future period. You should read the following selected financial information in conjunction
with the consolidated financial statements and related notes and the information under &quot;Item&nbsp;5. Operating and Financial
Review and Prospects&quot; included elsewhere in this annual report.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="22" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">For
    the Year Ended December&nbsp;31,</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">2011</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">2012</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">2013</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">2014</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="6" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">2015</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">RMB</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">RMB</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">RMB</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">RMB</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">RMB</FONT></TD>
    <TD COLSPAN="4" NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">US$</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="22" NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">(All amounts in thousands, except
    share, ADS, per share and per ADS data)</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -9pt; padding-left: 9pt"><FONT STYLE="font-size: 8pt">Selected
    Consolidated Statements of Operations Data:</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9pt; padding-left: 9pt"><FONT STYLE="font-size: 8pt">Internet value-added service</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 52%; text-align: left; padding-bottom: 1pt; padding-left: 9pt"><FONT STYLE="font-size: 8pt">&mdash;Online
    music and entertainment</FONT></TD><TD STYLE="width: 1%; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 5%; text-align: right"><FONT STYLE="font-size: 8pt">52,854</FONT></TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 5%; text-align: right"><FONT STYLE="font-size: 8pt">286,446</FONT></TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 5%; text-align: right"><FONT STYLE="font-size: 8pt">852,885</FONT></TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 5%; text-align: right"><FONT STYLE="font-size: 8pt">2,109,503</FONT></TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 5%; text-align: right"><FONT STYLE="font-size: 8pt">3,320,052</FONT></TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 5%; text-align: right"><FONT STYLE="font-size: 8pt">512,528</FONT></TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt; padding-left: 9pt"><FONT STYLE="font-size: 8pt">&mdash;Online games</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">165,933</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">332,287</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">602,111</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">811,699</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">771,882</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">119,158</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 1pt; padding-left: 9pt"><FONT STYLE="font-size: 8pt">&mdash;Online dating</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">661</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">194,134</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">651,019</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">100,500</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt; padding-left: 9pt"><FONT STYLE="font-size: 8pt">&mdash;Others</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: right"><FONT STYLE="font-size: 8pt">13,589</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: right"><FONT STYLE="font-size: 8pt">83,655</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: right"><FONT STYLE="font-size: 8pt">204,551</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: right"><FONT STYLE="font-size: 8pt">415,689</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">918,006</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">141,716</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -9pt; padding-left: 9pt"><FONT STYLE="font-size: 8pt">Other
    revenues</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">87,279</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">117,643</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">163,260</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">147,343</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">236,290</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">36,477</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -9pt; padding-left: 9pt"><FONT STYLE="font-size: 8pt">Total
    net revenues</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">319,655</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">820,031</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,823,468</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">3,678,368</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">5,897,249</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">910,379</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 1pt; text-indent: -9pt; padding-left: 9pt"><FONT STYLE="font-size: 8pt">Cost of revenues<SUP>(1)</SUP></FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(182,699</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(416,133</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(881,999</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(1,849,149</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(3,579,744</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(552,617</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -9pt; padding-left: 9pt"><FONT STYLE="font-size: 8pt">Gross
    profit</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">136,956</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">403,898</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">941,469</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,829,219</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">2,317,505</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">357,762</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -9pt; padding-left: 9pt"><FONT STYLE="font-size: 8pt">Operating expenses:<SUP>(1)</SUP></FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 9pt"><FONT STYLE="font-size: 8pt">Research and development
    expenses</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(106,804</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(176,725</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(267,005</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(431,188</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(548,799</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(84,720</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 9pt"><FONT STYLE="font-size: 8pt">Sales and marketing expenses</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(13,381</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(16,954</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(24,955</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(102,527</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(312,870</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(48,299</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 9pt"><FONT STYLE="font-size: 8pt">General and administrative
    expenses</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(118,241</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(109,788</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(200,554</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(223,019</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(358,474</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(55,339</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 9pt"><FONT STYLE="font-size: 8pt">Goodwill impairment</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(310,124</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(47,875</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 9pt"><FONT STYLE="font-size: 8pt">Fair value change of contingent consideration</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">292,471</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">45,150</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -9pt; padding-left: 9pt"><FONT STYLE="font-size: 8pt">Total
    operating expenses</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(238,426</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(303,467</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(492,514</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(756,734</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(1,237,796</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(191,083</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -9pt; padding-left: 9pt"><FONT STYLE="font-size: 8pt">Operating
    (loss) income</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(99,488</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">102,896</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">476,033</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,078,804</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,162,009</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">179,384</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -9pt; padding-left: 9pt"><FONT STYLE="font-size: 8pt">(Loss)
    income before income tax expenses</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(80,455</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">118,061</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">565,809</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,214,480</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,162,512</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">179,462</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -9pt; padding-left: 9pt"><FONT STYLE="font-size: 8pt">Net (loss)
    income attributable to YY&nbsp;Inc.</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(83,156</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">89,177</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">477,727</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,064,472</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,033,243</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">159,506</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -9pt; padding-left: 9pt"><FONT STYLE="font-size: 8pt">(Accretion)
    decretion to convertible redeemable preferred shares redemption value</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(223,663</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,293,875</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -9pt; padding-left: 9pt"><FONT STYLE="font-size: 8pt">Allocation
    of net income to participating preferred shareholders</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(478,754</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -9pt; padding-left: 9pt"><FONT STYLE="font-size: 8pt">Net (loss)
    income attributable to common shareholders</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(306,819</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">904,298</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">477,727</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,064,472</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,033,243</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">159,506</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 6; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="22" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">For
    the Year Ended December&nbsp;31,</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">2011</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">2012</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">2013</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">2014</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="6" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">2015</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">RMB</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">RMB</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">RMB</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">RMB</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">RMB</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">US$</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -9pt; padding-left: 9.35pt"><FONT STYLE="font-size: 8pt">Weighted average number
    of ADS used in calculating net (loss) income per&nbsp;ADS:</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 52%; padding-left: 9.35pt"><FONT STYLE="font-size: 8pt">Basic</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 5%; text-align: right"><FONT STYLE="font-size: 8pt">24,294,192</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 5%; text-align: right"><FONT STYLE="font-size: 8pt">30,235,191</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 5%; text-align: right"><FONT STYLE="font-size: 8pt">56,123,784</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 5%; text-align: right"><FONT STYLE="font-size: 8pt">57,657,035</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 5%; text-align: right"><FONT STYLE="font-size: 8pt">56,259,499</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 5%; text-align: right"><FONT STYLE="font-size: 8pt">56,259,499</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 9pt"><FONT STYLE="font-size: 8pt">Diluted</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">24,294,192</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">49,623,442</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">59,056,065</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">59,927,174</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">57,541,558</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">57,541,558</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9pt; padding-left: 9.35pt"><FONT STYLE="font-size: 8pt">Net (loss) income per ADS<SUP>(2)</SUP>:</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 9.35pt"><FONT STYLE="font-size: 8pt">Basic</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(12.63</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">29.91</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">8.51</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">18.46</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">18.37</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">2.84</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 9pt"><FONT STYLE="font-size: 8pt">Diluted</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(12.63</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1.80</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">8.09</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">17.76</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">17.96</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">2.77</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -9pt; padding-left: 9.35pt"><FONT STYLE="font-size: 8pt">Weighted average number
    of common shares used in calculating net (loss) income per common&nbsp;share:</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 9.35pt"><FONT STYLE="font-size: 8pt">Basic</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">485,883,845</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">604,703,810</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,122,475,688</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,153,140,699</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,125,189,978</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,125,189,978</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 9pt"><FONT STYLE="font-size: 8pt">Diluted</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">485,883,845</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">992,468,836</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,181,121,297</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,198,543,473</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,150,831,163</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,150,831,163</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9pt; padding-left: 9.35pt"><FONT STYLE="font-size: 8pt">Net (loss) income per common
    share<SUP>(2)</SUP></FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 9.35pt"><FONT STYLE="font-size: 8pt">Basic</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(0.63</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1.50</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0.43</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0.92</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0.92</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0.14</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 9pt"><FONT STYLE="font-size: 8pt">Diluted</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(0.63</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0.09</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0.40</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0.89</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0.90</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0.13</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 0; margin-bottom: 0"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 35%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(1)</TD><TD>Share-based compensation was allocated in cost of revenues and operating expenses as follows:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="22" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">For the Year Ended December&nbsp;31,</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2011</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2012</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2013</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2014</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2015</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">RMB</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">RMB</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">RMB</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">RMB</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">RMB</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">US$</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="22" NOWRAP STYLE="font-weight: bold; text-align: center">(in thousands)</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 40%">Cost of revenues</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; text-align: right">15,449</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; text-align: right">8,407</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; text-align: right">9,860</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; text-align: right">18,037</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; text-align: right">23,963</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; text-align: right">3,699</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Research and development expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">31,672</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">35,441</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">39,587</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">54,141</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">70,951</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,953</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Sales and marketing expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,336</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">884</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,318</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,807</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,283</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">507</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">General and administrative expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">86,544</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">55,619</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">66,331</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">59,647</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">87,175</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13,458</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>Total</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">135,001</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">100,351</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">117,096</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">134,632</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">185,372</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">28,617</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 0; margin-bottom: 0"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 35%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(2)</TD><TD>Each ADS represents 20 Class&nbsp;A common shares.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"><I>&nbsp;</I></P>


<!-- Field: Page; Sequence: 7; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"><I>&nbsp;</I></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="22" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">As of December&nbsp;31,</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2011</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2012</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2013</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2014</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2015</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">RMB</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">RMB</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">RMB</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">RMB</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">RMB</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">US$</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="22" NOWRAP STYLE="font-weight: bold; text-align: center">(in thousands)</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold">Selected Consolidated Statements of Operations Data:</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 52%; text-align: left; padding-bottom: 1pt; text-indent: -9pt; padding-left: 9pt">Cash and cash equivalents</TD><TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; text-align: right">128,891</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; text-align: right">504,702</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; text-align: right">729,598</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; text-align: right">475,028</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; padding-bottom: 1pt; text-align: right">928,934</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; padding-bottom: 1pt; text-align: right">143,403</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -9pt; padding-left: 9pt">Short-term deposits</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">472,655</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">897,698</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,432,863</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,214,576</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">1,894,946</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">292,529</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt; text-indent: -9pt; padding-left: 9pt">Goodwill</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">706</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,604</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,577</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">300,382</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">151,638</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">23,409</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -9pt; padding-left: 9pt">Total assets</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">745,426</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,696,189</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,597,947</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,862,794</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">7,328,038</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">1,131,256</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -9pt; padding-left: 9pt">Total current liabilities</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">125,737</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">366,417</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">701,313</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,090,558</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">1,384,414</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">213,718</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -9pt; padding-left: 9pt">Convertible bonds</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,447,980</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">2,597,403</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">400,970</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -9pt; padding-left: 9pt">Long-term payable</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">183,000</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -9pt; padding-left: 9pt">Total mezzanine equity</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,480,934</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">61,833</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">9,545</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -9pt; padding-left: 9pt">Class&nbsp;A common shares
    (US$0.00001 par value; 10,000,000,000 shares authorized, 179,400,000, 622,658,738, 706,173,568 and 728,227,848 shares issued
    and outstanding as of December&nbsp;31, 2012, 2013, 2014 and 2015, respectively)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">38</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">43</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">43</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">7</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -9pt; padding-left: 9pt">Class&nbsp;B common shares
    (US$0.00001 par value; 1,000,000,000 shares authorized, 907,833,224, 485,831,386, 427,352,696 and 369,557,976 shares issued
    and outstanding as of December&nbsp;31, 2012, 2013, 2014 and 2015, respectively)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">37</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">60</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">34</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">30</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">27</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">4</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -9pt; padding-left: 9pt">(Accumulated deficits) Retained earnings</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,433,604</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,311,767</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(874,697</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">173,963</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">1,207,168</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">186,355</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -9pt; padding-left: 9pt">Total shareholders' (deficits) equity</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,861,693</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,323,285</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,887,209</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,090,164</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">3,246,819</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">501,223</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Exchange Rate Information</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our business is primarily conducted in
China and most of our revenues are denominated in RMB. Unless otherwise noted, all translations from RMB to U.S. dollars and from
U.S. dollars to RMB in this annual report were made at a rate of RMB6.4778 to US$1.00, the exchange rate on December&nbsp;31,
2015 as set forth in the H.10 statistical release published by the Federal Reserve Board. We make no representation that any RMB
or U.S. dollar amounts could have been, or could be, converted into U.S.&nbsp;dollars or RMB, as the case may be, at any particular
rate or at all. The PRC government imposes control over its foreign currency reserves in part through direct regulation of the
conversion of RMB into foreign currency and through restrictions on foreign exchange activities. On April&nbsp;22, 2016, the exchange
rate, as set forth in the H.10 statistical release of the Federal Reserve Board, was RMB6.5004 to US$1.00.<FONT STYLE="background-color: yellow">
</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The following table sets forth information
concerning exchange rates between the RMB and the U.S. dollar for the periods indicated. These rates are provided solely for your
convenience and are not necessarily the exchange rates that we used in this annual report or will use in the preparation of our
other periodic reports or any other information to be provided to you.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="14" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Noon Buying Rate</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Period</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Period End</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Average(1)</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Low</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>High</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="14" STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(RMB per US$1.00)</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="width: 40%; padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2011&#9;</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 12%; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.2939</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 12%; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.4475</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 12%; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.6364</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 12%; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.2939</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2012&#9;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.2301</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.2990</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.3879</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.2221</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2013&#9;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.0537</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.1412</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.2438</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.0537</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2014&#9;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.2046</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.1704</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.2591</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.0402</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2015&#9;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6. 4778</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.2830</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.4896</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.1870</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding: 0 0 0 0.125in; text-align: left; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">October&#9;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.3180</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.3505</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.3591</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.3180</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding: 0 0 0 0.125in; text-align: left; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">November&#9;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.3883</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.3640</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.3945</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.3180</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding: 0 0 0 0.125in; text-align: left; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">December&#9;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.4778</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.4491</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.4896</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.3883</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">2016</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding: 0 0 0 0.125in; text-align: left; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">January&#9;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.5752</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.5726</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.5932</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.5219</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding: 0 0 0 0.125in; text-align: left; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">February&#9;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.5525</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.5501</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.5795</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.5154</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding: 0 0 0 0.125in; text-align: left; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">March&#9;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.4480</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.5027</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.5500</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.4480</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding: 0 0 0 0.125in; text-align: left; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">April (through April&nbsp;22, 2016)&#9;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.5004</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.4726</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.5004</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.4571</FONT></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>



<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(1)</TD><TD>Annual averages are calculated from month-end rates. Monthly averages are calculated using the average of the daily rates during
the relevant period. &nbsp;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>B. Capitalization and Indebtedness</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>C. Reasons for the Offer and Use of Proceeds</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>D. Risk Factors</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">An investment in our capital stock involves
a high degree of risk. You should carefully consider the risks described below, together with all of the other information included
in this annual report, before making an investment decision. If any of the following risks actually occurs, our business, financial
condition or results of operations could suffer. In that case, the trading price of our capital stock could decline, and you may
lose all or part of your investment.</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Risks Related to Our Business</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Our business is based on a relatively
new business model in a relatively new market in which user demand may change or decrease substantially.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Many of the elements of our business are
unique, evolving and relatively unproven. The markets for our technology, especially our voice- and video-based technology, and
products and services are relatively new and rapidly developing and are subject to significant challenges. Our business plan relies
heavily upon increased revenues from internet value-added services, or IVAS, as well as our ability to successfully monetize our
user base and products and services, and we may not succeed in any of these respects.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Some of our current monetization methods
are in a relatively preliminary stage. If we fail to properly manage the supply and timing of our in-game virtual items and the
appropriate price points for these products and services, for example, our users may be less likely to purchase in-game virtual
items from us. For non-game virtual items, we consider industry standards and expected user demand in determining how to most effectively
optimize virtual item merchandizing. Furthermore, as the online music and entertainment industry in China is relatively young and
untested, there are few proven methods of projecting user demand or available industry standards on which we can rely. We cannot
assure you that our attempts to monetize our user base and products and services will continue to be successful, profitable or
widely accepted, and therefore the future revenue and income potential of our business are difficult to evaluate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">If we fail to effectively manage
our growth or implement our business strategies, our business and results of operations may be materially and adversely affected.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We have experienced a period of significant
rapid growth and expansion that has placed, and continues to place, significant strain on our management and resources. We cannot
assure you that this level of significant growth will be sustainable or achieved at all in the future. We believe that our continued
growth will depend on our ability to develop new sources of revenue, increase monetization, attract new users, retain and expand
paying users, encourage additional purchases by our paying users, continue developing innovative technologies in response to user
demand, increase brand awareness through marketing and promotional activities, react to changes in user access to and use of the
internet, expand into new market segments, integrate new devices, platforms and operating systems, attract new advertisers and
retain existing advertisers and take advantage of any growth in the relevant markets. We cannot assure you that we will achieve
any of the above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">To manage our growth and maintain profitability,
we anticipate that we will need to continue to implement, from time to time, a variety of new and upgraded operational and financial
systems, procedures and controls on an as-needed basis, including the continued improvement of our accounting and other internal
management systems. We will also need to further expand, train, manage and motivate our workforce and manage our relationships
with users, third party game developers, advertisers and other business partners. All of these endeavors involve risks and will
require substantial management efforts and skills and significant additional expenditures. We cannot assure you that we will be
able to effectively manage our growth or implement our future business strategies, and failure to do so may materially and adversely
affect our business and results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">We are a relatively young company,
and you should consider our prospects in light of the risks and uncertainties which early-stage companies in evolving industries
in China with limited operating histories may be exposed to or encounter, including possible volatility in the trading prices of
our ADSs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We expect that we will continue to incur
significant costs and expenses in many aspects of our business, such as research and development costs to update existing services
and launch new services and rising bandwidth costs to support our video function, grow our user base and generally expand our
business operations. We have been profitable since 2012 and achieved accumulated profitability since 2014, but we may not generate
sufficient revenues to offset such costs to achieve or sustain profitability in the future. In addition, we expect to continue
to invest heavily in our operations to maintain our current market position, support our anticipated future growth and meet our
expanded reporting and compliance obligations as a public company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our profitability is also affected by other
factors beyond our control. The continued success of our platform depends on our ability to identify which IVAS will appeal to
our user base and to offer such IVAS on commercially acceptable terms. Our ability to finance our planned expansion also depends
in part on our ability to convert active users into paying users and increase the average revenue per paying user, or ARPU, and
successfully compete in a very competitive market.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We have a limited operating history. We
introduced YY Client in July 2008 and have experienced a high growth rate since then. As a result of our relatively short history,
our historical results of operations may not provide a meaningful basis for evaluating our business, financial performance and
future prospects. We may not be able to achieve similar growth rates in future periods. Accordingly, you should not rely on our
results of operations for any prior periods as an indication of our future performance. We may again incur net losses in the future
and you should consider our prospects in light of the risks and uncertainties which early-stage companies in evolving industries
in China with limited operating histories such as ours may be exposed to or encounter, including risks associated with being a
public company with business operations located mainly in China. See &quot;&mdash;Risks Related to Our ADSs&mdash;The trading prices
of our ADSs are likely to be volatile, which could result in substantial losses to investors.&quot;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Our business is heavily dependent
on revenues from IVAS. If our IVAS revenues decline in the future, our results of operations may be materially and adversely affected.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Historically, a majority of our revenues
are revenues from IVAS, which mainly consists of revenues from online music and entertainment, online games, online dating, live
game broadcasting and membership subscription fees. In the year ended December 31, 2015, revenues from IVAS constituted approximately
96.0% of our total net revenue. We expect that our business will continue to be dependent on revenues from IVAS in the future.
Any decline in IVAS revenues may materially and adversely affect our results of operations. See &quot;&mdash;The revenue model
for each of our online music and entertainment and our membership program may not remain effective, which may affect our ability
to retain existing users and attract new users and materially and adversely affect our business, financial condition and results
of operations&quot;, &quot;&mdash;The revenue model we adopt for online games may not remain effective, causing us to lose game
players, which may materially and adversely affect our business, financial condition and results of operations&quot;, &quot;&mdash;The
revenue model for our online dating is relatively new and may not remain effective, which may adversely affect our financial condition
and results of operations&quot; and &quot;&mdash;The revenue model for our live game broadcasting business is relatively new and
may not remain effective, which may adversely affect our financial condition and results of operations.&quot;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">The revenue model for each of
our online music and entertainment and our membership program may not remain effective, which may affect our ability to retain
existing users and attract new users and materially and adversely affect our business, financial condition and results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We operate an online music and entertainment
platform using a virtual items-based revenue model whereby users can listen to music and access other forms of entertainment for
free, and have the option of purchasing in-channel virtual items. We have generated, and expect to continue to generate, a substantial
majority of our online and entertainment revenues using this revenue model. In 2015, online music and entertainment contributed
56.3% of our total net revenues.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We may not be able to continue to successfully
implement the virtual items-based revenue model for online music and entertainment, as popular performers may leave our platform
and we may be unable to attract new talent that can attract users or cause such users to increase the amount of time spent engaging
and money spent on purchasing in-channel virtual items on our platform.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Furthermore, under our current arrangements
with certain popular performers and channel owners, we share with them a portion of the revenues we derive from the sales of in-channel
virtual items on our online music and entertainment platform. In the future, the amount we pay to these performers and channel
owners may increase or we may fail to reach mutually acceptable terms with these performers or channel owners, which may adversely
affect our revenues or cause popular performers and channel owners to leave our platform. In addition, we have been a pioneer in
offering an online concert platform to music performers and YY users, but if our users decide to access online music and entertainment
content provided by our current or future competitors, our business, financial condition and results of operations could be materially
and adversely affected.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In our membership program, users pay a flat
monthly subscription fee in order to become members, and in exchange, we give them access to various privileges and enhanced features
on our channels, including additional video usage, priority entrance to certain live performances, and exclusive rights to access
VIP avatars, VIP ring-tones, VIP fonts and VIP emoticons. However, we may not be able to further build or maintain our membership
base in the future for various reasons&mdash;for example, if we fail to continue to provide innovative products and services that
are attractive to members, we may not be able to retain them and our business, financial condition and results of operations could
be adversely affected.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>The revenue model we adopt for online games may not remain
effective, causing us to lose game players, which may materially and adversely affect our business, financial condition and results
of operations. </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We currently operate substantially all of
our online games on YY using the virtual items-based revenue model, whereby players can play games for free, but have the option
of purchasing in-game virtual items and in-game accessories. We have generated, and expect to continue to generate, a substantial
majority of our online game revenues using this revenue model. However, we may not be able to continue successfully implementing
the virtual items-based revenue model as we may not be able to develop, obtain or maintain the rights to host online games that
attract game players or cause such game players to increase the amount of time spent playing and the amount of money spent on purchasing
in-game virtual items. The sale of virtual items requires us to closely track game players' tastes and preferences and in-game
consumption patterns. If we fail to offer popular virtual items, we may not be able to effectively convert our game player base
into paying users or encourage existing paying users to spend more on YY.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In addition, PRC regulators have been implementing
regulations designed to reduce the amount of time that youths in China spend playing online games. See &quot;Item&nbsp;4. Information
on the Company&mdash;B.&nbsp;Business Overview&mdash;PRC Regulation&mdash;Anti-fatigue Compliance System and Real-name Registration
System.&quot; A revenue model that does not charge for playing time may be viewed by the PRC regulators as inconsistent with this
goal. If we were to start charging for playing time, we may lose game players who may choose to play online games from other providers
and on other platforms or choose to engage in other alternative forms of entertainment, including traditional offline personal
computers, or PCs, or video games.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We cannot assure you that the revenue model
that we have adopted for any of our online games will continue to be suitable, or that we will not in the future need to change
our revenue model or introduce a new revenue model. We may change the revenue model for some of our online games if we believe
the existing models are not generating adequate revenues. A change in revenue model could result in various adverse consequences,
including disruptions of our online game operations, criticism from game players who have invested time and money in a game, a
decrease in the number of our game players and a decrease in the revenues we generate from our online games. Therefore, such a
change in revenue model may materially and adversely affect our business, financial condition and results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">We generate a significant portion
of our revenues from a limited number of popular online games. If we cannot continue to offer these popular games for any reason,
if we are unable to successfully source new online games, if the terms of the revenue-sharing or exclusive license arrangements
become less favorable, or if the number of our paying users for online games declines or ceases to grow for any reason, our revenues
from online games may decrease, and our financial condition and results of operations may be materially and adversely affected.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We generate a significant portion of our
revenues from a limited number of popular online games on YY, primarily through selling of game tokens to users for their purchase
of in-game virtual items. In 2015, the five most popular online games contributed approximately 41.0% of our total online game
revenues, as compared to 36.1% in 2014, representing an increase in reliance on our top games. A majority of our popular online
games are created by third party game developers under revenue-sharing arrangements that typically last one to two years, and which
typically provide for automatic extension or renewal. A few of our online games are licensed to us by third party game developers
under exclusive license arrangements. If we fail to maintain or renew these contracts on acceptable terms or at all, we may be
unable to continue offering these popular online games, and our operating results will be adversely affected. For online games
licensed to us under exclusive license arrangements, we also have to devote additional resources to promoting these games on our
platform or licensing such games to the appropriate third party operators. If our users decide to access any of our online games
through our competitors, or if they prefer other online games hosted by our competitors, our operating results could be materially
and adversely affected.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our revenues from online games accounted
for 33.0%, 22.1% and 13.1% of our total net revenues in 2013, 2014 and 2015, respectively. We believe that most online games have
a limited commercial lifespan. We must continually source new online games that appeal to our game players. Hence, we must maintain
good relationships with our third party game developers to have access to new popular games with reasonable revenue-sharing or
exclusive licensing terms. Under most of our current revenue-sharing and exclusive license arrangements, we retain a majority of
the gross revenues generated from each particular game. In the future, we may not be able to achieve similarly attractive revenue-sharing
or other commercial terms, which may adversely affect our net revenues. Additionally, we depend upon these third party game developers
to provide the technical support necessary to operate their online games on our platform and to develop updates and expansion packs
to sustain player interest in a game. Most of our third party game developers have limited operating histories and financial resources,
and the contracts we enter into with them do not clearly provide for remedies to us in the event they fail to deliver the games
or the promised updates and expansion packs as scheduled.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If we are not successful in sourcing and
providing popular new online games, our revenues from online games under revenue-sharing and exclusive licensing arrangements and
in-game virtual items may decrease. If this were to happen, our financial condition and results of operations may be materially
and adversely affected.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">The revenue model for our online
dating business is relatively new and may not remain affective, which may adversely affect our financial condition and results
of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our online dating business adopts a virtual
items-based revenue model, which allows our users to participate or watch online dating shows for free and enjoy the option of
purchasing in-channel virtual items. Our online dating business was based on the format of a popular reality dating TV show in
China, and has experienced significant growth since it was launched at the end of 2013. We cannot assure you that we will continue
to achieve a similar growth rate in the future, as the user demand for this service may change, decrease substantially or dissipate,
or we may fail to anticipate and serve user demands effectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">A majority of our online dating service
active users also use other businesses on the YY platform. If we fail to attract new users or build and maintain a core user base
for our online dating business, we may not be able to achieve growth in this part of our business, if at all. Online dating is
the most engaging and interactive of all our businesses, and the successful monetization of this business relies upon the highly
interactive relationship among the hosts, the participants and the audience. Failure to keep our users engaged in the dating service
may result in reducing ARPU and the number of paying users, which may adversely affect our financial condition and results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">The revenue model for our live
game broadcasting business is relatively new and may not remain effective, which may adversely affect our financial condition and
results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our live game broadcasting business adopts
a virtual items-based revenue model. We provide users with free access to the live streaming of different game plays, and offer
the option of purchasing in-channel virtual items. The live game broadcasting market is relatively new in China, however, and we
cannot assure you that we will continue to achieve growth in this business in the future as the user demand for this service may
change, decrease substantially or dissipate, or we may fail to anticipate and serve user demands effectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our live game broadcasting business relies
on the availability of online games that users can play and stream on YY platform during the course of the game play. These online
games are typically owned by or licensed to certain gaming companies or publishers, some of which compete with us in other lines
of our business. These online games may not continue to be available to our users for live streaming purposes and we cannot assure
you that the revenue model we have adopted for our live game broadcasting business will continue to be successful.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Live game broadcasting users tend to follow
famous professional game teams and commentators. In order to retain existing users and attract new users, we cooperate with popular
professional game teams and commentators to make their game play available on our platform by paying them fixed sponsorship fees.
In addition, we share with popular professional game teams and commentators a portion of the revenues we derive from the sales
of in-channel virtual items in our live game broadcasting business. In the future, the sponsorship fees we pay to these professional
game teams and commentators may increase or we may fail to reach mutually acceptable terms with these professional game teams or
commentators at all, which may cause professional game teams or commentators to leave our platform. In turn, this may affect the
user and revenue growth in this business, which may materially and adversely affect our financial condition and results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Our online education business
is a challenging business line. If we fail to properly handle the issues we encounter in our operation, our revenues may be adversely
affected.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Competition in the education market in China
is intense. Traditional offline education institutions and practitioners are still the mainstream that appeals to most students.
However, online education service providers have grown in number, size and popularity in the recent years, and are getting accepted
by more and more students. Many traditional offline education service providers are also trying to start their online business.
If we cannot provide services differentiated from these competitors, we may not attract or retain sufficient users and our financial
condition and results of operations could be adversely affected.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">A substantial part of our online education
business is occupational training. Certain governmental regulators and industry self-regulators require that practitioners of certain
occupations should obtain qualifications or certificates before practice. Most of these qualifications and certificates could be
obtained through examinations hosted by those governmental regulators or industry self-regulators. Students purchase our occupational
training services to increase their success rate in these examinations. If such governmental regulators or industry self-regulators
decide to cease to require qualifications or certificates, or change the difficulty level or policy of the examinations, the sales
of our occupational training services may be adversely affected.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We established our education business teams
mainly through acquisitions of existing teams outside our company. The members of these existing teams may have different corporate
culture and/or management philosophy. This may hinder such members&rsquo; integration into our company, which may result in low
efficiency or unfavorable operation results.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">We generate a portion of our revenues
from online advertising. If we fail to attract more advertisers to our platform or if advertisers are less willing to advertise
with us, our revenues may be adversely affected.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In 2013, 2014 and 2015, online advertising
accounted for 9.0%, 4.0% and 1.1%, respectively, of our total net revenues. Although we have become less dependent upon online
advertising revenues due to a shift in the majority of our revenues from online advertising to IVAS, our revenues still partly
depend on the continual development of the online advertising industry in China and advertisers' allocation of budgets to internet
advertising. In addition, companies that decide to advertise online may utilize more established methods or channels for online
advertising, such as more established Chinese internet portals or search engines, over advertising on our platform. If the online
advertising market size does not increase from current levels, or if we are unable to capture and retain a sufficient share of
that market, our ability to maintain or increase our current level of online advertising revenues and our profitability and prospects
could be adversely affected.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We offer advertising services substantially
through contracts entered into with third party advertising agencies. We cannot assure you that we will be able to retain existing
direct advertisers or advertising agencies or attract new direct advertisers and advertising agencies. Since our arrangements with
third party advertising agencies typically involve one-year framework agreements, these advertising arrangements may be easily
amended or terminated without incurring liabilities. Failure to retain existing advertisers and advertising agencies or attract
new direct advertisers and direct advertising agencies may adversely affect our business, financial condition and results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">We have granted employee stock
options and other share-based awards in the past and are very likely to continue to do so in the future. We recognize share-based
compensation expenses in our consolidated statements of operations in accordance with the relevant rules under U.S.&nbsp;GAAP,
which have had and may continue to have a material and adverse effect on our results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We have granted share-based compensation
awards, including share options, restricted shares and restricted share units, to various employees, key personnel and other non-employees
to incentivize performance and align their interests with ours. Under our 2009 employee equity incentive scheme, or the 2009 Scheme,
we are authorized to grant options or restricted shares to purchase a maximum of 120,020,001 common shares. Under our 2011 share
incentive plan, or the 2011 Plan, we are authorized to grant options, restricted shares or restricted share units to purchase a
maximum of 43,000,000 common shares, plus an annual increase of 20,000,000 common shares on the first day of each fiscal year,
beginning from 2013, or such smaller number of Class&nbsp;A common shares as determined by our board of directors. As of March
31, 2016, options to purchase 748,375 common shares, 10,519,032 restricted shares and 47,102,490 restricted share units were outstanding
under the 2009 Scheme and the 2011 Plan. As a result of these grants and potential future grants, we had incurred in the past and
expect to continue to incur significant share-based compensation expenses in the future. The amount of these expenses is based
on the fair value of the share-based awards. We account for compensation costs for certain share-based compensation awards granted
in the past using a graded-vesting method and recognize expenses in our consolidated statements of operations in accordance with
the relevant rules under U.S.&nbsp;GAAP. The expenses associated with share-based compensation materially increased our net losses
or reduced our net income in the past, and may reduce our net income in the future. In addition, any additional securities issued
under share-based compensation schemes will dilute the ownership interests of our shareholders, including holders of our ADSs.
However, if we limit the scope of the share-based compensation schemes, we may not be able to attract or retain key personnel who
expect to be compensated by options, restricted shares or restricted share units.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">The number of active users we
have may fluctuate and we may fail to attract more paying users, which may materially and adversely affect our revenues growth,
results of operations and financial condition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The number of our average monthly active
users increased by 25.1 million or 27.6% to 117.4&nbsp;million for the three months ended December&nbsp;31, 2014 and by 23.2 million
or 19.8% to 140.7million for the three months ended December&nbsp;31, 2015. The decline in growth rate was due to the increase
in the base number of the average monthly active users, and despite that, we continued to attract higher levels of new monthly
active users during such periods.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">However, the number of our monthly active
users may substantially fluctuate from time to time. If we are unable to attract new users and retain them as active users and
convert non-paying active users into paying users, our revenues may fail to grow and our results of operations and financial condition
may suffer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">We may not be able to keep our
users highly engaged, which may reduce our monetization opportunities and materially and adversely affect our revenues, profitability
and prospects.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our success depends on our ability to maintain
and grow our user base and keep our users highly engaged. In order to attract and retain users and remain competitive, we must
continue to innovate our products and services, implement new technologies and functionalities and improve the features of our
platform in order to entice users to use our products and services more frequently and for longer durations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The internet industry is characterized by
constant changes, including rapid technological evolution, continual shifts in customer demands, frequent introductions of new
products and services and constant emergence of new industry standards and practices. Thus our success will depend, in part, on
our ability to respond to these changes on a cost-effective and timely basis; failure to do so may cause our user base to shrink
and user engagement level to decline and our results of operations would be materially and adversely affected. For example, our
plan to more fully extend online video-enabled services across our real-time interactive social platform and retain the ability
to offer high quality delivery of voice and video data may cause us to incur significant additional costs and may not succeed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Because of the viral nature of online social
interactions, users may leave us for competitors' platforms more quickly than in other online sectors. A decrease in the number
of active YY users may reduce the diversity and vibrancy of our platform's online social ecosystem and affect our user-generated
channels, which may in turn reduce our monetization opportunities and have a material and adverse effect on our business, financial
condition and results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We cannot assure you that our platform will
continue to be sufficiently popular with our users to offset the costs incurred to operate and expand it. User satisfaction is
particularly difficult to predict as internet users in China may not be familiar with the concept of a real-time interactive social
platform such as ours which provides real-time voice, text and video online. We have historically relied on word of mouth referrals
to increase user awareness of our products and services and to expand our user base. If we decide to engage in more conventional
advertising or marketing campaigns, our sales and marketing expenses will increase, which could have an adverse effect on our results
of operations. Failure to maintain or grow our user base in a cost-effective manner, or at all, and keep our users highly engaged
would materially and negatively affect our results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">We face competition in several
major aspects of our business. If we fail to compete effectively, we may lose users and advertisers which could materially and
adversely affect our business, financial condition and results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We face competition in several major aspects
of our business, particularly from companies that provide social networking, online music and entertainment, online games and live
game broadcasting services. Some of our competitors may have longer operating histories and significantly greater financial, technical
and marketing resources than we do, and in turn may have an advantage in attracting and retaining users and advertisers. In addition,
competitors in some areas of our business may have significantly larger user bases and more established brand names than we do
and may be able to more effectively leverage their user bases and brand names to provide integrated social networking, internet
communication, online games and other products and services, and thereby increase their respective market shares. We may also face
potential competition from global online social networking service providers that seek to enter the China market, whether independently
or through the formation of alliances with, or acquisition of, PRC domestic internet companies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In relation to voice-enabled technology,
several internet voice communication service providers in China, including iSpeak, Tencent's QQtalk and NetEase&rsquo;s CC. In
the online music and entertainment market, we compete with several domestic companies that are more focused on live music show
or online KTVs, such as 9158.com, 6.cn and Changba.com. A number of PRC internet companies have recently entered or announced their
intention to enter into this market, such as NetEase&rsquo;s BoBo, Tencent&rsquo;s Qxiu, Youku&rsquo;s Laifeng, Yingke (Ingkee),
and Baidu. In the live game broadcasting market, competition has intensified since the second half of 2014 following an inflood
of venture capital investment. Our key competitors in live game broadcasting include DouyuTV.com, Panda.tv, Longzhu.com and Zhanqi.tv.
As to the online dating business, several leading internet companies in China have also launched their services, among which Tencent&rsquo;s
Huayang and NetEase&rsquo;s BoBo are our major competitors. For game hosting, our competitors include other major internet companies
that host games, such as 37.com, 4399.com, Tencent, Qihoo 360 and other private companies.We also have various competitors in the
online game media market in China. Duowan.com's primary competitor among game media websites is 17173.com. Furthermore, we compete
with other internet companies that provide voice and video services to Chinese internet users.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If we are not able to effectively compete
in any of our lines of business, our overall user base and level of user engagement may decrease, which could reduce our paying
users or make us less attractive to advertisers. We may be required to spend additional resources to further increase our brand
recognition and promote our products and services, and such additional spending could adversely affect our profitability. Furthermore,
if we are involved in disputes with any of our competitors that result in negative publicity to us, such disputes, regardless of
their veracity or outcome, may harm our reputation or brand image and in turn lead to reduced number of users and advertisers.
Any legal proceedings or measures we take in response to such disputes may be expensive, time-consuming and disruptive to our operations
and divert our management's attention.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our competitors may unilaterally decide
to adopt a wide range of measures targeted at us, including possibly designing their products to negatively impact our operations,
such as sending virus-like programs to attack elements of our platform. Some competitors may also make their applications incompatible
with ours, effectively requiring users to either stop using our competitors' products or uninstall our products, leading to a reduction
in our number of users. For example, in a widely publicized dispute between two of the largest companies providing user-end software
in China, one of the companies announced that it would disable its own software on computers that had installed its rival's products.
As a result, a significant number of users stopped using products from either or both of these companies. Due to the large number
of internet users that were affected, the Ministry of Industry and Information Technology of China, or the MIIT, ordered the parties
to ensure the compatibility of the relevant products. Similar events may occur in the future between our competitors and us, which
may reduce our market share, negatively affect our brand and reputation, and materially and adversely affect our business, financial
condition and results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Spammers and malicious applications
may affect user experience, which could reduce our ability to attract users and advertisers and materially and adversely affect
our business, financial condition and results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Spammers may use YY to send targeted and
untargeted spam messages to users, which may affect user experience. As a result, our users may use our products and services less
or stop using them altogether. In spamming activities, spammers typically create multiple user accounts for the purpose of sending
spam messages. Although we attempt to identify and delete accounts created for spamming purposes, we may not be able to effectively
eliminate all spam messages from our platform in a timely fashion. Any spamming activities could have a material and adverse effect
on our business, financial condition and results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">We use third party services and
technologies in connection with our business, and any disruption to the provision of these services and technologies to us could
result in adverse publicity and a slowdown in the growth of our users, which could materially and adversely affect our business,
financial condition and results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our business depends upon services provided
by, and relationships with, third parties. If we are unable to retain or attract popular talents such as performers, channel managers,
professional game players, commentators and hosts for online music and entertainment, live game broadcasting and online dating
businesses or if these talents cannot draw fans or participants, our results of operations may be adversely affected. Also, if
channel owners are unable to reach or maintain mutually satisfactory cooperation arrangements with the performers on their channels
on the online music and entertainment platform, we may lose popular performers and our business and operations may be adversely
affected. Furthermore, if we are unable to obtain or retain rights to host popular online games or popular in-game virtual items,
or if we are required to share a bigger portion of our revenues with third party game developers, we could be required to devote
greater resources and time to obtain hosting rights for new games and applications from other parties, and our results of operations
may be impacted. In addition, some third party software we use in our operations are currently publicly available without charge.
If the owner of any such software decides to charge users or no longer makes the software publicly available, we may need to incur
significant cost to license the software, find replacement software or develop it on our own. If we are unable to find or develop
replacement software at a reasonable cost, or at all, our business and operations may be adversely affected.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Some of the games offered on our platform
run on a complex network of servers located in and maintained by third party data centers throughout China and our overall network
relies on broadband connections provided by third party operators. We expect this dependence on third parties to continue. The
networks maintained and services provided by such third parties are vulnerable to damage or interruption, which could impact our
results of operations. See &quot;&mdash;System failure, interruptions and downtime can result in adverse publicity for our products
and result in net revenue losses, a slowdown in the growth of our registered user accounts and a decrease in the number of our
active users. If any of these system disruptions occurs, our business, financial condition and results of operations may be materially
and adversely affected.&quot;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Furthermore, we generate substantially all
of our online advertising revenues through agreements entered into with various third party advertising agencies that represent
advertisers. We do not have long-term cooperation agreements or exclusive arrangements with these agencies and they may elect to
direct business opportunities to other advertising service providers. If we fail to retain and enhance our business relationships
with these third party advertising agencies, we may suffer from a loss of advertisers and our business and results of operations
may be materially and adversely affected.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In addition, we sell a significant portion
of our products and services through third party online payment systems. If any of these third party online payment systems suffer
from security breaches, users may lose confidence in such payment systems and refrain from purchasing our virtual items online,
in which case our results of operations would be negatively impacted. See &quot;&mdash;The security of operations of, and fees
charged by, third party online payment platforms may have a material adverse effect on our business and results of operations.&quot;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We exercise no control over the third parties
with whom we have business arrangements. If such third parties increase their prices, fail to provide their services effectively,
terminate their service or agreements or discontinue their relationships with us, we could suffer service interruptions, reduced
revenues or increased costs, any of which may have a material adverse effect on our business, financial condition and results of
operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">System failure, interruptions
and downtime can result in adverse publicity for our products and result in net revenue losses, a slowdown in the growth of our
registered user accounts and a decrease in the number of our active users. If any of these system disruptions occurs, our business,
financial condition and results of operations may be materially and adversely affected.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Although we seek to reduce the possibility
of disruptions or other outages, our services may be disrupted by problems with our own technology and system, such as malfunctions
in our software or other facilities and network overload. Our systems may be vulnerable to damage or interruption from telecommunication
failures, power loss, computer attacks or viruses, earthquakes, floods, fires, terrorist attacks and similar events. We have experienced
system failures, including a partial system outage in 2009 caused by hackers hired by a competing business intending to maliciously
overwhelm and clog our servers and our routing system. Those responsible were subsequently found guilty and penalized by the PRC
courts and we have subsequently updated our system to make it more difficult for similar attacks to succeed in the future, but
we cannot assure you that there will be no similar failures in the future. Parts of our system are not fully redundant, and our
disaster recovery planning is not sufficient for all eventualities. Despite any precaution we may take, the occurrence of a natural
disaster or other unanticipated problems at our hosting facilities could result in lengthy interruptions in the availability of
our products and services. Any interruption in the ability of our users to use our products and services could reduce our future
revenues, harm our future profits, subject us to regulatory scrutiny and lead users to seek alternative forms of online social
interactions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our servers that process user payments experience
some downtime on a regular basis, which may negatively affect our brand and user perception of the reliability of our systems.
Any scheduled or unscheduled interruption in the ability of users to use our payment systems could result in an immediate, and
possibly substantial, loss of revenues.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Almost all internet access in China is maintained
through state-owned telecommunication operators under the control and supervision of the MIIT, and we use a limited number of telecommunication
service providers to provide us with data communications capacity through local telecommunications lines and internet data centers
to host our servers. Internet data centers in China are generally owned by telecommunication service providers with their own broadband
networks and are leased to various customers through third party agents. These third party agents negotiate the terms of the leases,
enter into lease agreements with end customers, handle customer interactions and manage the data centers on behalf of the data
center owners. In the past, we signed data center lease agreements with multiple third party agents. With the expansion of our
business, we may be required to purchase more bandwidth and upgrade our technology and infrastructure to keep up with the increasing
traffic on our websites and increasing user levels on our platform overall. We cannot assure&nbsp;you that the telecommunications
providers whose networks we lease or the third party agents&nbsp;that operate our data centers would be able to accommodate all
of our requests for more bandwidth or upgraded infrastructure or network, or that the internet infrastructure and the fixed telecommunications
networks in China will be able to support the demands associated with the continued growth in our internet usage.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our users may use our products or services
for critical transactions and communications, especially business communications. As a result, any system failures could result
in damage to such users' businesses. These users could seek significant compensation from us for their losses. Even if unsuccessful,
this type of claim would likely be time consuming and costly for us to address.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We have limited control over the prices
of the services provided by telecommunication service providers and may have limited access to alternative networks or services.
If the prices we pay for telecommunications and internet services rise significantly, our results of operations may be materially
and adversely affected. Furthermore, if internet access fees or other charges to internet users increase, our user traffic may
decline and our business may be harmed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">The respective number of our registered
user accounts, active users, paying users and unique visitors may overstate the number of unique individuals who register to use
our products and services, log on to our platform, purchase virtual items or other products and services on our platform or access
Duowan.com, respectively, and may therefore lead to an inaccurate interpretation of our average revenue per paying user metric
and of our business operations by our management and by investors, and may affect advertisers' decisions on the amount spent on
advertising with us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We do not operate our platform on a real-name
basis and therefore we cannot and do not track the number of unique paying users. Instead, we track the number of registered user
accounts, active users, paying users and unique visitors. We calculate certain operating metrics in the following ways: (a)&nbsp;the
number of registered user accounts is the cumulative number of user accounts at the end of the relevant period that have logged
onto our platform at least once after registration, (b)&nbsp;the number of active users is the cumulative number of user accounts
at the end of the relevant period that have signed onto our platform at least once during the relevant period, (c)&nbsp;the number
of paying users is the cumulative number of registered user accounts that have purchased virtual items or other products and services
on our platform at least once during the relevant period, and (d)&nbsp;the number of unique visitors is the number of visits to
Duowan.com from specific IP addresses for the relevant period, with each IP address counting as a separate unique visitor. The
actual number of unique individual users, however, is likely to be lower than that of registered user accounts, active users, paying
users and unique visitors, potentially significantly, for three primary reasons. First, each individual user may register more
than once and therefore have more than one account, and sign onto each of these accounts during a given period. For example, a
user may (a)&nbsp;create separate accounts for community and personal use and log onto each account at different times for different
activities or (b)&nbsp;if he or she lost his or her original username or password, he or she can simply register again and create
an additional account. Second, we experience irregular registration activities such as the creation of a significant number of
improper user accounts by a limited number of individuals, which may be in violation of our policies, including for the purpose
of clogging our network or posting spam to our channels. We believe that some of these accounts may also be created for specific
purposes such as to increase the number of votes for certain performers in various contests, but the number of registered user
accounts, paying users and active users do not exclude user accounts created for such purposes. We have limited ability to validate
or confirm the accuracy of information provided during the user registration process to ascertain whether a new user account created
was actually created by an existing user who is registering duplicative accounts. Third, each individual user may access Duowan.com
from more than one IP address; although subsequent visits from the same IP address do not add to our total unique visitors count,
each new IP address used by an individual would be counted as a different unique visitor to Duowan.com. For example, a user would
be counted as a unique visitor three times if he or she accessed Duowan.com from the user's home computer, office computer and
mobile phone. Thus, the respective number of our registered user accounts, active users, paying users and unique visitors may overstate
the number of unique individuals who register on our platform, sign onto our platform, purchase virtual items or other products
and services on our platform and access Duowan.com, respectively which may lead to an inaccurate interpretation of our average
revenue per paying user metric.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In addition, we may be unable to track whether
we are successfully converting registered users or active users into paying users since we do not track the number of unique individuals
or operate our platform on a real-name basis. If the growth in the number of our registered user accounts, active users, paying
users or unique visitors is lower than the actual growth in the number of unique individual registered, active or paying users
or unique visitors, our user engagement level, sales of IVAS and our business may not grow as quickly as we expect, and advertisers
may reduce the amount spent on advertising with us, which may harm our business, financial condition and results of operations.
In addition, such overstatement may cause inaccurate evaluation of our business operations by our management and by investors,
which may also materially and adversely affect our business and results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">If we are unable to continue to
successfully capture and retain the growing number of users that access internet services through mobile devices or successfully
monetize mobile users, our business, financial condition and results of operations may be materially and adversely affected.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">An increasing number of users are accessing
our platform through mobile devices, and we consider the rise of mobile-based business to be a general trend. We have been taking
measures to expand our success from PC-based products and services to the mobile platform. Mobile YY, our music and entertainment
mobile application introduced in 2010, has contributed 45.4% of the total revenue generated from our music and entertainment business
in the forth quarter of 2015, compared to 14.4% in the same period of 2014. The ARPU of Mobile YY has reached RMB387.6 (US$59.8)
in the fourth quarter of 2015, compared to RMB531.0 (US$82.0), the average ARPU of our whole music and entertainment business.
We have also developed numerous mobile applications for other parts of our business. An important element of our strategy is to
continue to develop and enhance mobile applications to capture a greater share of the growing number of mobile users.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Nevertheless, since the user experience
and user habits on mobile devices are significantly different from those on PCs, there can be no assurance that we can succeed
in adapting our products and services to the expectation of mobile users. If we are unable to attract and retain the increasing
number of mobile users, or if we are slower than our competitors in developing attractive services adaptable for mobile devices,
we may fail to capture a significant share of an increasingly important portion of the market or may lose existing users. In addition,
even if we are able to retain the increasing number of mobile users, we may not be able to successfully monetize them in the future.
For example, because of the inherent limitations of mobile devices, such as a smaller display screen space as compared to PCs,
we may not be able to provide as many kinds of virtual items on our mobile applications as we can on YY Client, which may limit
the monetization potential of mobile users.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Furthermore, as new mobile devices and operating
systems are continually being released, it is difficult to predict the problems we may encounter in developing and updating versions
of our products and services for use on these devices and operating systems, and we have devoted, and expect to continue to devote,
significant resources to create, support and maintain these services. Devices providing access to our products and services are
not manufactured and sold by us, and we cannot assure you that the companies manufacturing or selling these devices would always
ensure that their devices perform reliably and are maximally compatible with our systems. Any faulty connection between these devices
and our products and services may result in consumer dissatisfaction with us, which could damage our brand and have a material
and adverse effect on our financial results. In addition, the lower resolution, functionality and memory associated with some mobile
devices make the use of our products and services through such devices more difficult and the versions of our products and services
we develop for these devices may fail to attract users. Manufacturers or distributors may establish unique technical standards
for their devices and, as a result, our mobile applications may not work or be viewable on these devices. Meanwhile, new social
platforms or services may emerge which are specifically created to function on mobile operating systems, whereas our platform was
originally designed to be accessed from PCs. Such new entrants may operate more effectively on mobile devices than our mobile applications
do.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Due to the increasing importance of mobile-based
business, any of the above may have a material adverse effect on our business, financial condition and results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">The development of mobile technology
and applications as a substitute for PC-based technology and applications may adversely affect our existing business, and in turn
our revenues and financial performance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In recent years, the development of mobile
technology and application, such as increased speed and stability of mobile network and enhancement of mobile devices, allows performers,
content providers and other users to broadcast simply with a mobile device instead of relying on PC-based or other more complicated
devices. Due to the portability and affordability of mobile devices, mobile broadcasting is more diversified and spontaneous as
compared to online broadcasting on PC-based platforms. We believe that such innovation brings opportunities as well as challenges
for our business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We launched our mobile broadcasting application,
ME Live, in February 2016, which competes with a few other mobile broadcasting applications, such as Yingke (Ingkee) released in
2015. Although we believe that our mobile application has some unique features and is competitive in the market, the industry is
new and we expect the competition to be intensive. Since mobile broadcasting is more diversified and spontaneous, our experience
in content organization and interaction on PC platforms may not satisfy the mobile users, we may hence fail to attract or retain
such mobile users. There can be no assurance that we will be able to gain as significant a market share as we do on PC-based platform.
Meanwhile, since the way to monetize mobile users is different from the way to monetize PC users, even if we are able to attract
and retain a considerable number of mobile users, we may not generate as much revenue as we do on PCs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Although we believe that users, including
performers, are unlikely to entirely migrate to mobile applications and cease to use YY through PCs and that most of our mobile
users also access our YY platform through PCs, we cannot assure you that the increasing usage of mobile application will not cause
our users to cease accessing the YY platform from PCs. If a significant number of users migrate to mobile applications as a substitute
for accessing the YY platform through PCs, or even turn to use mobile applications developed by our competitors, our business,
results of operations and financial condition would be negatively affected.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Concerns about collection and
use of personal data could damage our reputation and deter current and potential users from using our products and services, which
could lead to lower advertising revenues or lower IVAS revenues.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Concerns about our practices with regard
to the collection, use or disclosure of personal information or other privacy-related matters, even if unfounded, could damage
our reputation and operating results. We apply strict management and protection for any information provided by users and, under
our privacy policy, without our users' prior consent, we will not provide any of our users' personal information to any unrelated
third party. While we strive to comply with our privacy guidelines as well as all applicable data protection laws and regulations,
any failure or perceived failure to comply may result in proceedings or actions against us by government entities or others, and
could damage our reputation. User and regulatory attitudes towards privacy are evolving, and future regulatory or user concerns
about the extent to which personal information is used or shared with advertisers or others may adversely affect our ability to
share certain data with advertisers, which may limit certain methods of targeted advertising. Concerns about the security of personal
data could also lead to a decline in general internet usage, which could lead to lower registered, active or paying user numbers
on our platform. For example, if the PRC government authorities require real-name registration for YY Client users, the growth
of our user numbers may slow and our business, financial condition and results of operations may be adversely affected. See &quot;&mdash;Risks
Related to Our Corporate Structure and Our Industry&mdash;We may be adversely affected by the complexity, uncertainties and changes
in PRC regulation of internet business and companies.&quot; A significant reduction in registered, active or paying user numbers
could lead to lower advertising revenues or lower IVAS revenues, which could have a material and adverse effect on our business,
financial condition and results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">The security of operations of,
and fees charged by, third party online payment platforms may have a material adverse effect on our business and results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Currently, we sell all of our IVAS to our
users through third party online payment systems. In the year ended December&nbsp;31, 2015, 96.0% of our total net revenues were
derived from IVAS. We expect that an increasing amount of our sales will be conducted over the internet as a result of the growing
use of online payment systems. In all these online payment transactions, secured transmission of confidential information such
as customers' credit card numbers and personal information over public networks is essential to maintain consumer confidence.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We do not have control over the security
measures of our third party online payment vendors, and security breaches of the online payment systems that we use could expose
us to litigation and possible liability for failing to secure confidential customer information and could, among other things,
damage our reputation and the perceived security of all of the online payment systems that we use. If a well-publicized internet
or mobile network security breach were to occur, users concerned about the security of their online financial transactions may
become reluctant to purchase our virtual items even if the publicized breach did not involve payment systems or methods used by
us. In addition, there may be billing software errors that would damage customer confidence in these online payment systems. If
any of the above were to occur and damage our reputation or the perceived security of the online payment systems we use, we may
lose paying users and users may be discouraged from purchasing our IVAS, which may have a material adverse effect on our business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In addition, there are currently only a
limited number of third party online payment systems in China. If any of these major payment systems decides to cease to provide
services to us, or significantly increase the percentage they charge us for using their payment systems for our virtual items and
other services, our results of operations may be materially and adversely affected.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Our core values of focusing on
user experience and satisfaction first and acting for the long-term may conflict with the short-term operating results of our business,
and also negatively impact our relationships with advertisers or other third parties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">One of our core values is to focus on user
experience and satisfaction, which we believe is essential to our success and serves the best, long-term interests of our company
and our shareholders. Therefore, we have made, and may make in the future, significant investments or changes in strategy that
we think will benefit our users, even if our decision negatively impacts our operating results in the short-term. For example,
in order to provide users of YY Client with uninterrupted entertainment options, we do not place significant advertising on YY
Client. While this decision adversely affects our operating results in the short-term, we believe it enables us to provide higher
quality user experience on YY Client, which will help us expand and maintain our current large user base and create better monetizing
potential in the long-term. In addition, this philosophy of putting our users first may also negatively impact our relationships
with advertisers or other third parties, and may not result in the long-term benefits that we expect, in which case the success
of our business and operating results could be harmed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Trademarks registered, internet
search engine keywords purchased and domain names registered by third parties that are similar to our trademarks, brands or websites
could cause confusion to our users, divert online customers away from our products and services or harm our reputation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Competitors and other third parties may
purchase (a)&nbsp;trademarks that are similar to our trademarks and (b)&nbsp;keywords that are confusingly similar to our brands
or websites in internet search engine advertising programs and in the header and text of the resulting sponsored links or advertisements
in order to divert potential customers from us to their websites. Preventing such unauthorized use is inherently difficult.<I>
</I> If we are unable to prevent such unauthorized use, competitors and other third parties may continue to drive potential online
customers away from our platform to competing, irrelevant or potentially offensive platforms, which could harm our reputation and
cause us to lose revenue.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">We may be held liable for information
or content displayed on, retrieved from or linked to our platform, or distributed to our users, and PRC authorities may impose
legal sanctions on us, including, in serious cases, suspending or revoking the licenses necessary to operate our platform.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our real-time interactive social platform
enables users to exchange information, generate content, advertise products and services, conduct business and engage in various
other online activities. However, our platform does not require real-name registration by our users and because a majority of the
communications on our platform is conducted in real time, we are unable to verify the sources of all information posted thereon
or examine the content generated by users before they are posted. Therefore, it is possible that users may engage in illegal, obscene
or incendiary conversations or activities, including the publishing of inappropriate or illegal content that may be deemed unlawful
under PRC laws and regulations on our platform. These issues exist on YY Client, YY.com, Duowan.com, 100.com and our other websites
and mobile applications. If any content on our platform is deemed illegal, obscene or incendiary, or if appropriate licenses and
third party consents have not been obtained, claims may be brought against us for defamation, libel, negligence, copyright, patent
or trademark infringement, other unlawful activities or other theories and claims based on the nature and content of the information
delivered on or otherwise accessed through our platforms. For example, we have occasionally received fines for certain inappropriate
materials placed by third parties on our platform, and may be subject to similar fines and penalties in the future. We also may
face liability for copyright or trademark infringement, fraud, and other claims based on the nature and content of the materials
that are delivered, shared or otherwise accessed through or published on our platform. Defending any such actions could be costly
and involve significant time and attention of our management and other resources. In addition, if they find that we have not adequately
managed the content on our platform, PRC authorities may impose legal sanctions on us, including, in serious cases, suspending
or revoking the licenses necessary to operate our platform. See &quot;Item&nbsp;4. Information on the Company&mdash;B. Business
Overview&mdash;PRC Regulation&mdash;Information Security and Censorship&quot; and &quot;Item&nbsp;4. Information on the Company&mdash;B.
Business Overview&mdash;PRC Regulation&mdash;Intellectual Property Rights.&quot;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">We may be subject to intellectual
property infringement claims or other allegations, which could result in our payment of substantial damages, penalties and fines,
removal of relevant content from our website or seeking license arrangements which may not be available on commercially reasonable
terms.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Third party owners or right holders of technology
patents, copyrights, trademarks, trade secrets and website content may assert intellectual property infringement or other claims
against us. In addition, content generated through our platform, including real-time content, may also potentially cause disputes
regarding content ownership or intellectual property. For example, we could face copyright infringement claims with respect to
songs performed live, recorded or made accessible on our music and entertainment platform, and online games being streamed live,
recorded or made accessible on our live game broadcasting platform. We generated approximately 56.3% and 6.0% of our total net
revenues in 2015 from online music and entertainment and live game broadcasting, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The validity, enforceability and scope of
protection of intellectual property rights in internet-related industries, particularly in China, are uncertain and still evolving.
As we face increasing competition and as litigation becomes a more common way to resolve disputes in China, we face a higher risk
of being the subject of intellectual property infringement claims. For example, Guangzhou NetEase Computer System Co., Ltd. has
initiated a lawsuit against us in Guangzhou in October 2014, claiming the infringement of its rights of reproduction concerning
the online game of <I>Fantasy Westward Journey</I> in the amount of RMB100 million. Although we believe that the claim is unjustified
and commercially motivated, if the outcome of the proceeding is unfavourable to us, we may suffer considerable damage to our financial
position and reputation. Under relevant PRC laws and regulations, online service providers which provide storage space for users
to upload works or links to other services or content could be held liable for copyright infringement under various circumstances,
including situations where an online service provider knows or should reasonably have known that the relevant content uploaded
or linked to on its platform infringes the copyrights of others and the provider realizes economic benefits from such infringement
activities. The &quot;knows or should reasonably have known&quot; element would be fulfilled under some statutorily specified circumstances.
For example, online service providers are subject to liability if they fail to take necessary measures, such as deletion, blocking
or disconnection, after receiving notification from the legal right holders. In particular, there have been cases in China in which
the courts have found an online service provider to be liable for the copyrighted content posted by users which were accessible
and stored on such provider's servers. On the other hand, to our knowledge, there is currently no precedent or settled court practice
which provides clear guidance as to whether or to what extent a real-time online platform such as YY would be held liable for the
unauthorized posting or live performances of copyrighted content by our users. See &quot;Item&nbsp;4. Information on the Company&mdash;B.
Business Overview&mdash;PRC Regulation&mdash;Intellectual Property Rights.&quot;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We have implemented procedures to reduce
the likelihood that we may use, develop or make available any content or applications without the proper licenses or necessary
third party consents; such procedures include requiring performers, channel owners and users to acknowledge and agree that they
would not perform or upload copyrighted content without proper authorization and that they will indemnify us for any relevant copyright
infringement claims. However, these procedures may not be effective in preventing unauthorized posting or use of copyrighted content
on our platform or the infringement of other third party rights. Specifically, such acknowledgments and agreements by performers,
channel owners and users are not enforceable against third parties who may nevertheless file claims of copyright infringement against
us. Furthermore, individual performers or channel owners who generate content that may infringe on copyrights of third parties
on our platform may not be easily traceable, if at all, by a plaintiff who may then choose to file&nbsp;a claim against us, and
these individual performers and channel owners may not have resources to fully indemnify us, if at all, for any such claims. In
addition, we have entered into revenue-sharing arrangements in the form of direct or indirect employment agreements with some of
the popular singers, performers or channel owners on our platform, and we cannot assure you that PRC courts will not view these
singers, performers or channel owners as our employees or agents, deem us to have control over their activities on our platform
and the content they upload or otherwise make available on our platform, determine that we have knowingly uploaded such infringing
content on our platform and hold us directly liable for their infringement activities on our platform. Separately, as our business
expands, the cost of carrying out these procedures and obtaining authorization and licenses for the growing content on our platform
may increase, which may potentially have material and adverse effects on our results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Although we have not been subject to claims
or lawsuits outside China, we cannot assure you that we will not become subject to intellectual property laws in other jurisdictions,
such as the United States, by virtue of our ADSs being listed on the Nasdaq Global Market, the ability of users to access our platform
in the United States and other jurisdictions, the performance of songs and other content which are subject to copyright and other
intellectual property laws of countries outside China, including the United States, the ownership of our ADSs by investors in the
United States and other jurisdictions, or the extraterritorial application of foreign law by foreign courts or otherwise. In addition,
as a publicly listed company, we may be exposed to increased risk of litigation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If an infringement claim brought against
us in China, the United States or any other jurisdiction is successful, we may be required to pay substantial statutory penalties
or other damages and fines, remove relevant content from our platform or enter into license agreements which may not be available
on commercially reasonable terms or at all. Litigation or other claims against us also subject us to adverse publicity which could
harm our reputation and affect our ability to attract and retain users, including channel owners, singers and other performers,
which could materially and adversely affect the popularity of our platform and therefore, our business, financial condition, results
of operations and prospects may be materially and adversely affected.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">We may not be able to successfully
halt the operations of platforms that aggregate our data as well as data from other companies, including social networks, or &quot;copycat&quot;
platforms that have misappropriated our data in the past or may misappropriate our data in the future. Those platforms may also
lure away some of our users or advertisers or reduce our market share, causing material and adverse effects on our business operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">From time to time, third parties have misappropriated
our data through scraping our platform, robots or other means and aggregated this data on their platforms with data from other
companies. In addition, &quot;copycat&quot; platforms or client applications have misappropriated data on our platform, implanted
Trojan viruses in user PCs to steal user data from YY Client and attempted to imitate our brand or the functionality of our platform.
When we became aware of such platforms, we employed technological and legal measures in an attempt to halt their operations. However,
we may not be able to detect all such platforms in a timely manner and, even if we could, technological and legal measures may
be insufficient to stop their operations. In those cases, our available remedies may not be adequate to protect us against such
platforms. Regardless of whether we can successfully enforce our rights against these platforms, any measures that we may take
could require significant financial or other resources from us. Those platforms may also lure away some of our users or advertisers
or reduce our market share, causing material and adverse effects to our business operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">We may not be able to prevent
others from unauthorized use of our intellectual property, which could harm our business and competitive position.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We regard our trademarks, service marks,
patents, domain names, trade secrets, proprietary technologies and similar intellectual property as critical to our success, and
we rely on trademark and patent law, trade secret protection and confidentiality and license agreements with our employees and
others to protect our proprietary rights. As of December&nbsp;31, 2015, we had registered 183 domain names, including YY.com, Duowan.com,
Huya.com, 100.com, Chinaduo.com, Edu24oL.com and Zhiniu8.com, 188 software copyrights, 38&nbsp;patents and 420&nbsp;trademarks
and service marks in China and overseas. In addition, as of December&nbsp;31, 2015, we had filed 542&nbsp;patent applications covering
certain of our proprietary technologies and 233&nbsp;trademark applications in China and overseas.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">It is often difficult to create and enforce
intellectual property rights in China. Patents, trademarks and service marks may also be invalidated, circumvented, or challenged.
Trade secrets are difficult to protect, and our trade secrets may be leaked or otherwise become known or be independently discovered
by others. Confidentiality agreements may be breached, and we may not have adequate remedies for any breach. Even where adequate,
relevant laws exist in China, it may not be possible to obtain swift and equitable enforcement of such laws, or to obtain enforcement
of a court judgment or an arbitration award delivered in another jurisdiction, and accordingly, we may not be able to effectively
protect our intellectual property rights or enforce agreements in China. Policing any unauthorized use of our intellectual property
is difficult and costly and the steps we have taken may be inadequate to prevent the misappropriation of our technologies. <I>
</I>Given the potential cost, effort, risks and downsides of obtaining patent protection, in some cases we have not and do not
plan to apply for patents or other forms of formal intellectual property protection for certain key technologies. If some of these
technologies are later proven to be important to our business and are used by third parties without our authorization, especially
for commercial purposes, our business and competitive position may be harmed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">As our patents may expire and
may not be extended, our patent applications may not be granted and our patent rights may be contested, circumvented, invalidated
or limited in scope, our patent rights may not protect us effectively. In particular, we may not be able to prevent others from
developing or exploiting competing technologies, which could have a material and adverse effect on our business operations, financial
condition and results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In China, the valid period of utility model
patent right or design patent right is ten years and is not extendable. Currently, we have patent applications pending in China,
but we cannot assure you that we will be granted patents pursuant to our pending applications. Even if our patent applications
succeed and we are issued patents in accordance with them, it is still uncertain whether these patents will be contested, circumvented
or invalidated in the future. The rights granted under any issued patents may not provide us with proprietary protection or competitive
advantages. Further, the claims under any patents that issue from our patent applications may not be broad enough to prevent others
from developing technologies that are similar or that achieve results similar to ours. It is also possible that the intellectual
property rights of others will bar us from licensing and from exploiting any patents that issue from our pending applications.
Numerous U.S. and foreign issued patents and pending patent applications owned by others exist in the fields in which we have developed
and are developing our technology. These patents and patent applications might have priority over our patent applications and could
subject our patent applications to invalidation. Finally, in addition to those who may claim priority, any of our existing or pending
patents may also be challenged by others on the basis that they are otherwise invalid or unenforceable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">If we fail to maintain and enhance
our brands, or if we incur excessive expenses in this effort, our business, results of operations and prospects may be materially
and adversely affected.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We believe that maintaining and enhancing
our brands is of significant importance to the success of our business. Well-recognized brands are important to increasing the
number of users and the level of engagement of our users and enhancing our attractiveness to advertisers. Since we operate in a
highly competitive market, brand maintenance and enhancement directly affect our ability to maintain our market position.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Although we have developed YY mostly through
word of mouth referrals, as we expand, we may conduct various marketing and brand promotion activities using various methods to
continue promoting our brands. We cannot assure you, however, that these activities will be successful or that we will be able
to achieve the brand promotion effect we expect. In addition, any negative publicity in relation to our products or services, regardless
of its veracity, could harm our brands and reputation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We have sometimes received, and expect to
continue to receive, complaints from users regarding the quality of the products and services we offer. Negative publicity or public
complaints by users may harm our reputation and affect our ability to attract new users and retain existing users. If our users'
complaints are not addressed to their satisfaction, our reputation and our market position could be significantly harmed, which
may materially and adversely affect our business, results of operations and prospects.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Our business depends substantially
on the continuing efforts of our executive officers and key employees, and our business operations may be severely disrupted if
we lose their services.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our future success depends substantially
on the continued efforts of our executive officers and key employees. If one or more of our executive officers or key employees
were unable or unwilling to continue their services with us, we might not be able to replace them easily, in a timely manner, or
at all. In addition, our executive officers and key employees hold the equity interests in Beijing Tuda Science and Technology
Co., Ltd., or Beijing Tuda, Guangzhou Huaduo Network Technology Co., Ltd., or Guangzhou Huaduo, and Beijing Bilin Online Information
Technology Co., Ltd., or Bilin Online, our PRC consolidated affiliated entities. In particular, Mr.&nbsp;David Xueling Li, our
co-founder, chief executive officer and director, owns 97.7% of Beijing Tuda's equity interests and 100% of Bilin Online&rsquo;s
equity interests. Mr.&nbsp;Li and Beijing Tuda also own approximately 0.5% and 99.0% of Guangzhou Huaduo's equity interests, respectively,
with 0.44% owned by Mr.&nbsp;Jun Lei, our co-founder and chairman. If any of these executive officers and key employees terminates
their services with us, we have the contractual right to appoint designees to hold the PRC consolidated affiliated entities' equity
interests. However, our business may be severely disrupted, our financial condition and results of operations may be materially
and adversely affected and we may incur additional expenses to recruit, train and retain personnel. If any of our executive officers
or key employees joins a competitor or forms&nbsp;a competing company, we may lose customers, know-how and key professionals and
staff members. Each of our executive officers and key employees has entered into an employment agreement and a non-compete agreement
with us. However, as advised by our PRC counsel, Fangda Partners, certain provisions under the non-compete agreement may not be
deemed valid or enforceable under PRC laws. If any dispute arises between our executive officers and key employees and us, we cannot
assure you that we would be able to enforce these non-compete agreements in China, where these executive officers reside, in light
of uncertainties with China's legal system. See &quot;&mdash;Risks Related to Doing Business in China&mdash;Uncertainties in the
interpretation and enforcement of Chinese laws and regulations could limit the legal protections available to you and us.&quot;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">If we are unable to attract, train
and retain qualified personnel, our business may be materially and adversely affected.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our future success depends, to a significant
extent, on our ability to attract, train and retain qualified personnel, particularly management, technical and marketing personnel
with expertise in the internet industry; inability to do so may materially and adversely affect our business. Since the internet
industry is characterized by high demand and intense competition for talent, we cannot assure you that we will be able to attract
or retain qualified staff or other highly skilled employees. As our company is relatively young, our ability to train and integrate
new employees into our operations may not meet the growing demands of our business which may materially and adversely affect our
ability to grow our business and hence our results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Our results of operations are
subject to substantial quarterly and annual fluctuations due to seasonality.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We experience seasonality in our business,
reflecting seasonal fluctuations in internet usage. As a result, comparing our operating results on a period-to-period basis may
not be meaningful. For example, online user numbers tend to be lower during school holidays and certain parts of the school year,
and advertising revenues tend to be lower during the Chinese New Year season, which negatively affects our cash flow for those
periods. We may also experience a reduction in active users in the third quarter of each year because a significant portion of
our users are students, and as the new school year begins, student access to computers and the internet are affected. Internet
usage and the rate of internet growth may also be expected to decline during the summer school holidays as some students lose regular
internet access. Furthermore, the number of paying users of our online music and entertainment platform correlates with the marketing
campaigns and promotional activities we conduct which coincide with popular western or Chinese festivals celebrated by young Chinese
people, many of which are in the fourth quarter and ending with the Chinese New Year holidays which typically fall in the first
quarter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">As a result, our operating results in future
quarters or years may fall below the expectations of securities analysts and investors. In such event, the trading price of our
ADSs would likely be materially and adversely affected. See &quot;Item&nbsp;4. Information on the Company&mdash;B. Business Overview&mdash;Seasonality&quot;
for additional details regarding the effects of seasonality on our cash flow, operating performance and financial results.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Our business is sensitive to global
economic conditions. A severe or prolonged downturn in the global or Chinese economy could materially and adversely affect our
business, financial condition and results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The global macroeconomic environment is
facing challenges, including the escalation of the European sovereign debt crisis since 2011, the end of quantitative easing by
the U.S. Federal Reserve and the economic slowdown in the Eurozone in 2014. The Chinese economy has slowed down since 2012 and
such slowdown may continue. There is considerable uncertainty over the long-term effects of the expansionary monetary and fiscal
policies adopted by the central banks and financial authorities of some of the world&rsquo;s leading economies, including the United
States and China. There have been concerns over unrest and terrorist threats in the Middle East, Europe and Africa, which have
resulted in volatility in oil and other markets, and over the conflicts involving Ukraine and Syria. There have also been concerns
on the relationship among China and other Asian countries, which may result in or intensify potential conflicts in relation to
territorial disputes. Economic conditions in China are sensitive to global economic conditions, as well as changes in domestic
economic and political policies and the expected or perceived overall economic growth rate in China. Any sever or prolonged slowdown
in the global or Chinese economy may materially and adversely affect our business, results of operations and financial condition.
In addition, continued turbulence in the international markets may adversely affect our ability to access capital markets to meet
liquidity needs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Future strategic alliances or
acquisitions may have a material and adverse effect on our business, reputation and results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We may enter into strategic alliances, including
joint ventures or minority equity investments, with various third parties to further our business purpose from time to time. These
alliances could subject us to a number of risks, including risks associated with sharing proprietary information, non-performance
by the third party and increased expenses in establishing new strategic alliances, any of which may materially and adversely affect
our business. We may have limited ability to monitor or control the actions of these third parties and, to the extent any of these
strategic third parties suffers negative publicity or harm to their reputation from events relating to their business, we may also
suffer negative publicity or harm to our reputation by virtue of our association with any such third party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In addition, although we have no current
acquisition plans, if appropriate opportunities arise, we may acquire additional assets, products, technologies or businesses that
are complementary to our existing business.<I> </I>For example, in the first quarter of 2015, we acquired 70% of the equity interests
in Shanghai Beifu Culture Communication Co., Ltd., or Shanghai Beifu, which principally engages in providing e-commerce platform
to professional game teams and commentators, and we believe such acquisition could enrich our live game broadcasting business.
Past and future acquisitions and the subsequent integration of new assets and businesses into our own require significant attention
from our management and could result in a diversion of resources from our existing business, which in turn could have an adverse
effect on our business operations. Acquired assets or businesses may not generate the financial results we expect. Acquisitions
could result in the use of substantial amounts of cash, potentially dilutive issuances of equity securities, the occurrence of
significant goodwill impairment charges, amortization expenses for other intangible assets and exposure to potential unknown liabilities
of the acquired business. Moreover, the costs of identifying and consummating acquisitions may be significant. In addition to possible
shareholders' approval, we may also have to obtain approvals and licenses from relevant government authorities for the acquisitions
and to comply with any applicable PRC laws and regulations, which could result in increased delay and costs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">If we fail to maintain an effective
system of internal control over financial reporting, we may be unable to accurately report our financial results or prevent fraud,
and investor confidence in our company and the market price of our ADSs may be adversely affected.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The SEC, as required by Section&nbsp;404
of the Sarbanes-Oxley Act of 2002, or the Sarbanes-Oxley Act, adopted rules requiring most public companies to include a management
report on such company's internal control over financial reporting in its annual report, which contains management's assessment
of the effectiveness of the company's internal control over financial reporting. In addition, when a company meets the SEC's criteria,
an independent registered public accounting firm must report on the effectiveness of the company's internal control over financial
reporting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our management and independent registered
public accounting firm have concluded that our internal control over financial reporting was effective as of December&nbsp;31,
2015. However, we cannot assure you that in the future our management or our independent registered public accounting firm will
not identify material weaknesses during the Section&nbsp;404 of the Sarbanes-Oxley Act audit process or for other reasons. In addition,
because of the inherent limitations of internal control over financial reporting, including the possibility of collusion or improper
management override of controls, material misstatements due to error or fraud may not be prevented or detected on a timely basis.
As a result, if we fail to maintain effective internal control over financial reporting or should we be unable to prevent or detect
material misstatements due to error or fraud on a timely basis, investors could lose confidence in the reliability of our financial
statements, which in turn could harm our business, results of operations and negatively impact the market price of our ADSs, and
harm our reputation. Furthermore, we have incurred and expect to continue to incur considerable costs and to use significant management
time and the other resources in an effort to comply with Section&nbsp;404 and other requirements of the Sarbanes-Oxley Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Some of our users may make sales
or purchases through unauthorized third party platforms of virtual items we offer for free on our platform, which may affect our
revenue-generating opportunities and exert downward pressure on the prices we charge for our virtual items.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We, from time to time, offer virtual items
free of charge to attract users or encourage user participation in channels. Some of our users may sell or purchase such free virtual
items through unauthorized third party sellers in exchange for real currency. For example, fans of a performer may pay other users
to send flowers or gifts the latter have accumulated on our platform to the performer, in order to show support and raise the popularity
ranking of the performer of their choice. These unauthorized transactions are usually arranged on third party platforms which we
do not and are unable to track or monitor. Accordingly, these unauthorized purchases and sales from third party sellers may affect
our revenue-generating opportunities and may impede our revenue and profit growth by, among other things, reducing the revenues
we could have generated and exerting downward pressure on the prices we charge for our virtual items.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">We have limited business insurance
coverage, so that any uninsured occurrence of business disruption may result in substantial costs to us and the diversion of our
resources, which could have an adverse effect on our results of operations and financial condition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Insurance companies in China currently do
not offer as extensive an array of insurance products as insurance companies do in more developed economies. We do not have any
business liability or disruption insurance to cover our operations. We have determined that the costs of insuring for these risks
and the difficulties associated with acquiring such insurance on commercially reasonable terms make it impractical for us to have
such insurance. Any uninsured occurrence may disrupt our business operations, require us to incur substantial costs and divert
our resources, which could have an adverse effect on our results of operations and financial condition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Risks Related to Our Corporate Structure
and Our Industry<FONT STYLE="font-weight: normal"><I> </I></FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">If the PRC government finds that
the structure we have adopted for our business operations does not comply with PRC laws and regulations, or if these laws or regulations
or interpretations of existing laws or regulations change in the future, we could be subject to severe penalties, including the
shutting down of our platform and our business operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Foreign ownership of internet-based businesses
is subject to significant restrictions under current PRC laws and regulations. The PRC government regulates internet access, the
distribution of online information and the conduct of online commerce through strict business licensing requirements and other
government regulations. These laws and regulations also limit foreign ownership in PRC companies that provide internet information
distribution services. Specifically, foreign ownership in an internet information provider or other value-added telecommunication
service providers may not exceed 50%. In addition, according to the Several Opinions on the Introduction of Foreign Investment
in the Cultural Industry promulgated by the Ministry of Culture, or the MOC, the State Administration of Radio, Film and Television,
or the SARFT, the General Administration of Press and Publication, or the GAPP, currently known as the State Administration of
Press Publication, Radio, Film and Television after combination of SARFT and GAPP, the National Development and Reform Commission
and the Ministry of Commerce, or the MOFCOM, in July 2005, foreign investors are prohibited from investing in or operating, among
others, any internet cultural operating entities and from engaging in the business of transmitting audio-visual programs through
information networks.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We are a Cayman Islands company and our
PRC subsidiaries, Guangzhou Huanju Shidai Information Technology Co., Ltd., or Guangzhou Huanju Shidai, and Huanju Shidai Technology
(Beijing)&nbsp;Co., Ltd., or Beijing Huanju Shidai, are each considered a wholly foreign owned enterprise. We conduct our operations
in China primarily through a series of contractual arrangements entered into among our PRC subsidiary, Beijing Huanju Shidai, our
major PRC consolidated affiliated entities, Guangzhou Huaduo and Beijing Tuda, and Guangzhou Huaduo and Beijing Tuda's shareholders.
As a result of these contractual arrangements, we exert control over our major PRC consolidated affiliated entities and consolidate
each of their operating results in our financial statements under U.S.&nbsp;GAAP. All of the equity (net assets) or deficit (net
liabilities) and net income (loss) of the consolidated affiliated entities are attributed to us. In addition, we conduct the Bilin
business, a mobile instant communication application and its related business line, through contractual arrangements among our
PRC subsidiary, Bilin Changxiang, our PRC consolidated affiliated entity, Bilin Online, and Bilin Online&rsquo;s shareholder. For
a detailed description of these contractual arrangements, see &quot;Item&nbsp;7. Major Shareholders and Related Party Transactions&mdash;B.
Related Party&mdash;Contractual Arrangements with Beijing Tuda.&quot;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On September&nbsp;28, 2009, the GAPP, the
National Copyright Administration and the National Office of Combating Pornography and Illegal Publications, jointly issued a Notice
on Further Strengthening the Administration of Pre-examination and Approval of Online Games and the Examination and Approval of
Imported Online Games, or Circular 13. Circular 13 restates that foreign investors are not permitted to invest in online game-operating
businesses in China via wholly owned, equity joint venture or cooperative joint venture investments and expressly prohibits foreign
investors from gaining control over or participating in domestic online game operators through indirect ways such as establishing
other joint venture companies or entering into contractual or technical arrangements such as the variable interest entity structural
arrangements we adopted for our consolidated affiliated entities. We are not aware of any companies that have adopted a corporate
structure that is the same as or similar to ours having been penalized or terminated under Circular 13 since the effective date
of the circular. Furthermore, the enforcement of Circular 13 is still subject to substantial uncertainty, including possible subsequent
joint actions by relevant authorities in charge, such as the MOC. The Regulation on Three Provisions stipulates that the MOC is
authorized to regulate the online game industry, while the GAPP is authorized to approve the publication of online games before
their launch on the internet. The Interpretation on Three Provisions further provides that once an online game is launched on the
internet, it will be completely under the regulation of the MOC, and that if an online game is launched on the internet without
obtaining prior approval from the GAPP, the MOC, instead of the GAPP, is directly responsible for investigating the game. In the
event that we, our PRC subsidiaries or PRC consolidated affiliated entities are found to be in violation of the prohibition under
Circular 13, the GAPP, in conjunction with the relevant regulatory authorities in charge, may impose applicable penalties, which
in the most serious cases may include suspension or revocation of relevant licenses and registrations. In addition, various media
sources have reported that the CSRC prepared a report proposing pre-approval by a competent central government authority of offshore
listings by China-based companies with variable interest entity structures, such as ours, that operate in industry sectors subject
to foreign investment restrictions. However, it is unclear whether the CSRC officially issued or submitted such a report to a higher
level government authority or what any such report provides. Furthermore, on January 19, 2015, the MOFCOM issued a discussion draft
of the proposed Foreign Investment Law, which may place restrictions on variable interest entity structures adopted by us, but
the enactment timetable, interpretation, implementation and influence thereof remain unclear. See &quot;&mdash;Risks Related to
Doing Business in China&mdash;Substantial uncertainties exist with respect to the enactment timetable, interpretation and implementation
of draft PRC Foreign Investment Law and how it may impact the viability of our current corporate structure, corporate governance
and business operations.&quot;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Based on understanding of current PRC laws,
rules and regulations of our PRC legal counsel, Fangda Partners, our current ownership structure for our business operations, the
ownership structure of our PRC subsidiaries and our PRC consolidated affiliated entities, the contractual arrangements among our
PRC subsidiaries, our PRC consolidated affiliated entities and their shareholders, as described in this annual report on Form&nbsp;20-F,
are in compliance with existing PRC laws, rules and regulations. However, we were further advised by Fangda Partners that there
is substantial uncertainty regarding the interpretation and application of current or future PRC laws and regulations and these
laws or regulations or interpretations of these laws or regulations may change in the future. Furthermore, the relevant government
authorities have broad discretion in interpreting these laws and regulations. Accordingly, we cannot assure you that PRC government
authorities will not ultimately take a view contrary to the opinion of our PRC legal counsel.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If our ownership structure, contractual
arrangements and businesses of our company, our PRC subsidiaries or our PRC consolidated affiliated entities are found to be in
violation of any existing or future PRC laws or regulations, the relevant governmental authorities would have broad discretion
in dealing with such violation, including levying fines, confiscating our income or the income of our PRC subsidiaries or PRC consolidated
affiliated entities, revoking or suspending the business licenses or operating licenses of our PRC subsidiaries or PRC consolidated
affiliated entities, shutting down our servers or blocking our platform, discontinuing or placing restrictions or onerous conditions
on our operations, requiring us to discontinue our operations, requiring us to undergo a costly and disruptive restructuring, restricting
or prohibiting our use of proceeds from our initial public offering to finance our business and operations in China, and taking
other regulatory or enforcement actions that could be harmful to our business. Any of these actions could cause significant disruption
to our business operations and severely damage our reputation, which would in turn materially and adversely affect our business,
financial condition and results of operations. In addition, if the imposition of any of these penalties causes us to lose the rights
to direct the activities of our PRC consolidated affiliated entities or our right to receive their economic benefits, we would
no longer be able to consolidate such entities. Our PRC consolidated affiliated entities contributed substantially all of our consolidated
net revenues in the years ended December&nbsp;31, 2013, 2014 and 2015.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">We rely on contractual arrangements
with our PRC consolidated affiliated entities and their shareholders for the operation of our business, which may not be as effective
as direct ownership. If our PRC consolidated affiliated entities and their shareholders fail to perform their obligations under
these contractual arrangements, we may have to resort to litigation to enforce our rights, which may be time-consuming, unpredictable,
expensive and damaging to our operations and reputation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Because of PRC restrictions on foreign ownership
of internet-based businesses in China, we depend on contractual arrangements with our PRC consolidated affiliated entities in which
we have no ownership interest to conduct our business. These contractual arrangements are intended to provide us with effective
control over these entities and allow us to obtain economic benefits from them. Our PRC consolidated affiliated entities are owned
directly by Messrs.&nbsp;David Xueling Li and Jun Lei, between whom certain shareholders are our co-founders and chief executive
officer.<I> </I>For additional details on these ownership interests, see &quot;&mdash;Risks Related to Our Business&mdash;Our business
depends substantially on the continuing efforts of our executive officers and key employees, and our business operations may be
severely disrupted if we lose their services&quot; and &quot;Item&nbsp;4. Information on the Company&mdash;A. History and Development
of the Company.&quot; However, these contractual arrangements may not be as effective in providing control as direct ownership.
For example, each of our PRC consolidated affiliated entities and their shareholders could breach their contractual arrangements
with us by, among other things, failing to operate our business in an acceptable manner or taking other actions that are detrimental
to our interests. If we were the controlling shareholder of these PRC consolidated affiliated entities with direct ownership, we
would be able to exercise our rights as shareholders to effect changes to their board of directors, which in turn could implement
changes at the management and operational level. However, under the current contractual arrangements, as a legal matter, if our
PRC consolidated affiliated entities or their shareholders fail to perform their obligations under these contractual arrangements,
we may have to incur substantial costs to enforce such arrangements, and rely on legal remedies under PRC law, including contract
remedies, which may not be sufficient or effective. In particular, the contractual arrangements provide that any dispute arising
from these arrangements will be submitted to the China International Economic and Trade Arbitration Commission for arbitration
in Beijing, the ruling of which will be final and binding. The legal framework and system in China, particularly those relating
to arbitration proceedings, is not as developed as other jurisdictions such as the United States. As a result, significant uncertainties
relating to the enforcement of legal rights through arbitration, litigation and other legal proceedings remain in China, which
could limit our ability to enforce these contractual arrangements and exert effective control over our consolidated affiliated
entities. If we are unable to enforce these contractual arrangements, or if we suffer significant delay or other obstacles in the
process of enforcing these contractual arrangements, our business and operations could be severely disrupted, which could materially
and adversely affect our results of operations and damage our reputation. See &quot;&mdash;Risks Related to Doing Business in China&mdash;Uncertainties
in the interpretation and enforcement of Chinese laws and regulations could limit the legal protections available to you and us.&quot;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Our existing shareholders have
substantial influence over our company and their interests may not be aligned with the interests of our other shareholders, which
may discourage, delay or prevent a change in control of our company, which could deprive our shareholders of an opportunity to
receive a premium for their securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">As of March 31, 2016, our management group&mdash;including
Mr.&nbsp;David Xueling Li, our co-founder, chief executive officer and director, Mr.&nbsp;Jun Lei, our co-founder and chairman,
and Mr.&nbsp;Rongjie Dong, our executive vice president,&mdash;and their respective affiliates, beneficially own an aggregate of
35.8% of our outstanding shares and 84.1% of the total voting power. Messrs.&nbsp;Li and Lei and Beijing Tuda together hold 99.94%
of the equity interest in Guangzhou Huaduo and Mr.&nbsp;Li holds 97.7% of the equity interest in Beijing Tuda. Guangzhou Huaduo
and Beijing Tuda are our major variable interest entities. Our management group has substantial influence over our business, including
decisions regarding mergers, consolidations and the sale of all or substantially all of our assets, election of directors and other
significant corporate actions. This concentration of ownership may discourage, delay or prevent a change in control of our company,
which could deprive our shareholders of an opportunity to receive a premium for their shares as part of any contemplated sale of
our company and may reduce the price of our ADSs. In addition, Messrs.&nbsp;Li and Dong could violate the terms of their non-compete
or employment agreements with us or their legal duties by diverting business opportunities from us, resulting in our loss of corporate
opportunities. These actions may take place even if they are opposed by our other shareholders. Additionally, Mr.&nbsp;Jun Lei,
our co-founder, chairman and shareholder who owned 17.5% of our outstanding shares as of March 31, 2016, is active in making investments
in internet companies in China. Mr.&nbsp;Lei currently holds direct and indirect interests in Xiaomi and iSpeak, which competes
with certain of our lines of business, and other entities which may have businesses that compete with ours. Xiaomi is a mobile
phone and smart appliances manufacturer and internet value-added service provider directly invested by Mr.&nbsp;Lei, which has
started offering online performance and live broadcasting services recently. iSpeak is owned by Mr.&nbsp;Lei in part through Kingsoft
Corporation Limited, which is engaged in the research, development operation and distribution of online games, mobile games, casual
game services and internet software.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">He may, in the future, acquire additional
interests in businesses that directly or indirectly compete with some of our lines of business or that are our suppliers or customers.
Furthermore, Mr.&nbsp;Lei may pursue acquisitions or make further investments in our industries which may conflict with our interests.
Although we adopted a code of business conduct and ethics to help restrict conflicts of interest involving directors and officers,
any violation of this code by our existing officers or directors such as Mr.&nbsp;Lei may materially and adversely affect our business
operations. For more information regarding the beneficial ownership of our company by our principal shareholders, see &quot;Item&nbsp;6.
Directors, Senior management and Employees&mdash;E. Share Ownership.&quot;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">We may lose the ability to use
and enjoy assets held by our PRC consolidated affiliated entities that are important to the operation of our business if such entities
go bankrupt or become subject to a dissolution or liquidation proceeding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">As part of our contractual arrangements
with our major PRC consolidated affiliated entities, Guangzhou Huaduo and Beijing Tuda, such entities hold certain assets, such
as patents for the proprietary technology that are essential to the operations of our platform and important to the operation of
our business. If either Guangzhou Huaduo or Beijing Tuda goes bankrupt and all or part of its assets become subject to liens or
rights of third party creditors, we may be unable to continue some or all of our business activities, which could materially and
adversely affect our business, financial condition and results of operations. If Guangzhou Huaduo or Beijing Tuda undergoes a voluntary
or involuntary liquidation proceeding, the unrelated third party creditors may claim rights to some or all of these assets, thereby
hindering our ability to operate our business, which could materially and adversely affect our business, financial condition and
results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Our ability to enforce the equity
pledge agreements between us and our PRC variable interest entities' shareholders may be subject to limitations based on PRC laws
and regulations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Pursuant to the equity interest pledge agreements
between Beijing Huanju Shidai, our wholly owned subsidiary in China, and the shareholders of Guangzhou Huaduo, Beijing Tuda and
Bilin Online, our variable interest entities, or VIEs, each shareholders of each variable interest entities agrees to pledge its
equity interests in the VIE to our subsidiary to secure the relevant VIE's performance of their obligations under the relevant
contractual arrangements. The equity interest pledges of shareholders of VIEs under these equity pledge agreements have been registered
with the relevant local branch of the SAIC. In addition, in the registration forms of the local branch of State Administration
for Industry and Commerce for the pledges over the equity interests under the equity interest pledge agreements, the aggregate
amount of registered equity interests pledged to Beijing Huanju Shidai represents 100% of the registered capital of Guangzhou Huaduo
and Beijing Tuda, and those pledged to Bilin Changxiang represents 100% of the registered capital of Bilin Online. The equity interest
pledge agreements with each of the VIEs' shareholders provide that the pledged equity interest shall constitute continuing security
for any and all of the indebtedness, obligations and liabilities under all of the principal service agreements and the scope of
pledge shall not be limited by the amount of the registered capital of that VIE. However, it is possible that a PRC court may take
the position that the amount listed on the equity pledge registration forms represents the full amount of the collateral that has
been registered and perfected. If this is the case, the obligations that are supposed to be secured in the equity interest pledge
agreements in excess of the amount listed on the equity pledge registration forms could be determined by the PRC court as unsecured
debt, which takes last priority among creditors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Our contractual arrangements with
our PRC consolidated affiliated entities may result in adverse tax consequences to us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">As a result of our corporate structure and
the contractual arrangements among our PRC subsidiaries, our PRC consolidated affiliated entities and their shareholders, we are
effectively subject to PRC turnover tax on revenues generated by our subsidiaries from our contractual arrangements with our PRC
consolidated affiliated entities. Such tax generally includes the PRC value added tax (&quot;VAT&quot;) at a rate of 6% or 17%
along with related surcharges. The applicable turnover tax is determined by the nature of the transaction generating the revenues
subject to taxation. The PRC enterprise income tax law requires every enterprise in China to submit its annual enterprise income
tax return together with a report on transactions with its affiliates or related parties to the relevant tax authorities. These
transactions may be subject to audit or challenge by the PRC tax authorities within ten years after the taxable year during which
the transactions are conducted. We may be subject to adverse tax consequences if the PRC tax authorities were to determine that
the contracts between us and our PRC consolidated affiliated entities were not on an arm's length basis and therefore constitute
a favorable transfer pricing arrangements. If this occurs, the PRC tax authorities could request that either of our PRC consolidated
affiliated entities adjust its taxable income upward for PRC tax purposes. Such a pricing adjustment could adversely affect us
by reducing expense deductions recorded by either PRC consolidated affiliated entities and thereby increasing these entities' tax
liabilities, which could subject these entities to late payment fees and other penalties for the underpayment of taxes. Our consolidated
net income may be materially and adversely affected if our PRC consolidated affiliated entities' tax liabilities increase or if
it becomes subject to late payment fees or other penalties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">If our PRC consolidated affiliated
entities fail to obtain and maintain the requisite licenses and approvals required under the complex regulatory environment for
internet-based businesses in China, our business, financial condition and results of operations may be materially and adversely
affected.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The internet industry in China is highly
regulated. See &quot;Item&nbsp;4. Information on the Company&mdash;B.&nbsp;Business Overview&mdash;PRC Regulation.&quot; Guangzhou
Huaduo, as our PRC consolidated affiliated entity, is required to obtain and maintain applicable licenses or approvals from different
regulatory authorities in order to provide its current services. For example, an internet information service provider shall obtain
an operating license, or the ICP License, from MIIT or its local counterparts before engaging in any commercial internet information
services. An online game operator must also obtain an Internet Culture Operation License from the MOC and an Internet Publishing
License from the GAPP to distribute online games, in addition to filing its online games with the GAPP and the MOC. Prior to February
2016, an educational website operator shall obtain approvals from the local education authorities. Prior to July 2010, specific
approvals on online bulletin board services were also required for the provision of BBS services. Guangzhou Huaduo has obtained
a valid ICP License for provision of internet and mobile network information services, an Internet Culture Operation License for
online games and music products, and an Internet Publishing License for publication of online games and mobile phone games. In
addition, Guangzhou Huaduo holds a valid License for Online Transmission of Audio-Visual Programs under the business classification
of converging and play-on-demand service for certain kinds of internet audio-visual programs&mdash;literary, artistic and entertaining&mdash;as
prescribed in the newly issued provisional categories. On October&nbsp;8, 2011, Guangzhou Huaduo was granted a License for Production
and Operation of Radio and TV Programs, covering the production, reproduction and publication of broadcasting plays, TV dramas,
cartoons (excluding production), special subjects, special columns (excluding current political news category) and entertainment
programs. On January&nbsp;17, 2013 and January&nbsp;16, 2014, we were granted permission by relevant authorities to provide online
education content on edu.YY.com and 100.com, respectively<I>. </I>In the fourth quarter of 2014, we acquired Beijing Huanqiu Xingxue
Technology Development Co., Ltd., or Beijing Xingxue, and Beijing Huanqiu Chuangzhi Software Co., Ltd., or Beijing Chuangzhi, which
operate Edu24oL.com, an online education website that is an online vocational training and language training platform, and Beijing
Xingxue holds an ICP License and a Publication Operating License for the operation of Edu24oL.com. These licenses or permits are
essential to the operation of our business and are generally subject to annual government review. However, we cannot assure you
that we can successfully renew these licenses annually or that these licenses are sufficient to conduct all of our present or future
business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">As we further develop and expand our video
capabilities and functions, we will need to obtain additional qualifications, permits, approvals or licenses. In addition, with
respect to specific services offered online, we or the service or content providers may be subject to additional separate qualifications,
permits, approvals or licenses. For financial-related content offered on our channels, we are tightening our internal review of
the relevant qualifications of the content providers as instructed by the competent authorities, while complying with other statutory
requirements. We cannot assure you that we or the service or content providers will be granted such qualifications, permits, approvals
or licenses in a timely manner or at all. Prior to the receipt of such qualifications, permits, approvals or licenses, we may be
deemed as being in violation of relevant laws or regulations and be subject to penalties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">As the internet industry in China is still
at a relatively early stage of development, new laws and regulations may be adopted from time to time to address new issues that
come to the authorities' attention. In the interpretation and implementation of existing and future laws and regulations governing
our business activities, considerable uncertainties still exist. We cannot assure you that we will not be found in violation of
any future laws and regulations or any of the laws and regulations currently in effect due to changes in the relevant authorities'
interpretation of these laws and regulations. In addition, we may be required to obtain additional license or approvals, and we
cannot assure you that we will be able to timely obtain or maintain all the required licenses or approvals or make all the necessary
filings in the future. If we fail to obtain or maintain any of the required licenses or approvals or make the necessary filings,
we may be subject to various penalties, such as confiscation of the net revenues that were generated through the unlicensed internet
activities, the imposition of fines and the discontinuation or restriction of our operations. Any such penalties may disrupt our
business operations and materially and adversely affect our business, financial condition and results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">The shareholders of our PRC variable
interest entities may have potential conflicts of interest with us, and if any such conflicts of interest are not resolved in our
favor, our business may be materially and adversely affected.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Guangzhou Huaduo and Beijing Tuda are our
major variable interest entities. Messrs.&nbsp;David Xueling Li, Jun Lei, and Beijing Tuda, together hold 99.94% of the equity
interest in Guangzhou Huaduo and Mr.&nbsp;Li holds 97.7% of the equity interest in Beijing Tuda. Besides Guangzhou Huaduo and Beijing
Tuda, Bilin Online is also our variable interest entity, which was acquired in August 2015 and is currently 100% held by Mr. Li.
Messrs. Li and Lei are co-founders and shareholders of our company. The interests of Messrs.&nbsp;Li and Lei as the controlling
shareholders of the VIEs may differ from the interests of our company as a whole, as what is in the best interests of our VIEs
may not be in the best interests of our company. We cannot assure you that when conflicts of interest arise, Messrs.&nbsp;Li and
Lei will act in the best interests of our company or that conflicts of interests will be resolved in our favor. In addition, Messrs.&nbsp;Li
and Lei may breach or cause Guangzhou Huaduo, Beijing Tuda and Bilin Online and their respective subsidiaries to breach or refuse
to renew the existing contractual arrangements with us. Currently, we do not have existing arrangements to address potential conflicts
of interest Messrs.&nbsp;Li and Lei may encounter in his capacity as a shareholder or director of our VIEs, on the one hand, and
as a beneficial owner or director of our company, on the other hand; <I>provided</I> that we could, at all times, exercise our
option under the exclusive option agreement with Messrs.&nbsp;Li and Lei to cause them to transfer all of their equity ownership
in Guangzhou Huaduo, Beijing Tuda or Bilin Online to a PRC entity or individual designated by us, and this new shareholder of Guangzhou
Huaduo, Beijing Tuda or Bilin Online could then appoint a new director of Guangzhou Huaduo, Beijing Tuda or Bilin Online to replace
the existing directors. In addition, if such conflicts of interest arise, Beijing Huanju Shidai, our wholly owned PRC subsidiary,
could also, in the capacity of attorney-in-fact for Messrs.&nbsp;Li and Lei as provided under the relevant powers of attorney,
directly appoint a new director of Guangzhou Huaduo or Beijing Tuda to replace the existing directors. The same mechanism is also
applicable to Bilin Online. We rely on Messrs.&nbsp;Li and Lei to comply with the laws of China, which protect contracts and provide
that co-founders and chief executive officer owe a duty of loyalty to our company and require them to avoid conflicts of interest
and not to take advantage of their positions for personal gains. We also rely on Messrs.&nbsp;Li and Lei to abide by the laws of
the Cayman Islands, which provide that directors have a duty of care and a duty of loyalty to act honestly in good faith with a
view toward our best interests. However, the legal frameworks of China and the Cayman Islands do not provide guidance on resolving
conflicts in the event of a conflict with another corporate governance regime. If we cannot resolve any conflicts of interest or
disputes between us and Messrs.&nbsp;Li and Lei, we would have to rely on legal proceedings, which could result in disruption of
our business and subject us to substantial uncertainty as to the outcome of any such legal proceedings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Implementation of the new labor
laws and regulations in China may adversely affect our business and results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Pursuant to the labor contract law that
took effect in January 2008, its implementation rules that took effect in September 2008 and its amendment that took effect in
July 2013, employers are subject to stricter requirements in terms of signing labor contracts, minimum wages, paying remuneration,
determining the term of employees' probation and unilaterally terminating labor contracts. Due to the limited period of time since
its effectiveness, and lack of detailed interpretative rules and uniform implementation practices and possible penalties, it is
uncertain as to how they it will affect our current employment policies and practices. Our employment policies and practices may
violate the labor contract law or its implementation rules, and we may thus be subject to related penalties, fines or legal fees.
Compliance with the labor contract law and its implementation rules may increase our operating expenses, in particular our personnel
expenses. In the event that we decide to terminate some of our employees or otherwise change our employment or labor practices,
the labor contract law and its implementation rules may also limit our ability to effect those changes in a desirable or cost-effective
manner, which could adversely affect our business and results of operations. On October&nbsp;28, 2010, the Standing Committee of
the National People's Congress promulgated the PRC Social Insurance Law, or the Social Insurance Law, which became effective on
July&nbsp;1, 2011. According to the Social Insurance Law, employees must participate in pension insurance, work-related injury
insurance, medical insurance, unemployment insurance and maternity insurance and the employers must, together with their employees
or separately, pay the social insurance premiums for such employees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We expect our labor costs to increase due
to the implementation of these new laws and regulations. As the interpretation and implementation of these new laws and regulations
are still evolving, we cannot assure you that our employment practice will at all times be deemed in full compliance with labor-related
laws and regulations in China, which may subject us to labor disputes or government investigations. If we are deemed to have violated
relevant labor laws and regulations, we could be required to provide additional compensation to our employees and our business,
financial condition and results of operations could be materially and adversely affected.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Further, labor disputes, work stoppages
or slowdowns at our laboratories, patient service centers or any of our clients or suppliers could significantly disrupt our daily
operation or our expansion plans and have a material adverse effect on our business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Currently there is no law or regulation
specifically governing virtual asset property rights and therefore it is not clear what liabilities, if any, online game operators
may have for virtual assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">While playing online games or participating
on YY Client activities, players acquire and accumulate some virtual assets, such as special equipment and other accessories. Such
virtual assets can be important to online game players and have monetary value and, in some cases, are sold for actual money. In
practice, virtual assets can be lost for various reasons, often through unauthorized use of the game account of one user by other
users and occasionally through data loss caused by a delay of network service, a network crash or hacking activities. Currently,
there is no PRC law or regulation specifically governing virtual asset property rights. As a result, there is uncertainty as to
who the legal owner of virtual assets is, whether and how the ownership of virtual assets is protected by law, and whether an operator
of online games such as us would have any liability to game players or other interested parties (whether in contract, tort or otherwise)
for loss of such virtual assets. Based on recent PRC court judgments, the courts have typically held online game operators liable
for losses of virtual assets by game players, and ordered online game operators to return the lost virtual items to game players
or pay damages and losses. In case of a loss of virtual assets, we may be sued by our game players or users and held liable for
damages, which may negatively affect our reputation and business, financial condition and results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Compliance with the laws or regulations
governing virtual currency may result in us having to obtain additional approvals or licenses or change our current business model.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The issuance and use of &quot;virtual currency&quot;
in the PRC has been regulated since 2007 in response to the growth of the online game industry in China. On January 25, 2007, the
Ministry of Public Security, the MOC, the MIIT and the GAPP jointly issued a circular regarding online gambling which has implications
for the use of virtual currency. To curtail online games that involve online gambling, as well as address concerns that virtual
currency could be used for money laundering or illicit trade, the circular (a)&nbsp;prohibits online game operators from charging
commissions in the form of virtual currency in relation to winning or losing of games; (b)&nbsp;requires online game operators
to impose limits on use of virtual currency in guessing and betting games; (c)&nbsp;bans the conversion of virtual currency into
real currency or property; and (d)&nbsp;prohibits services that enable game players to transfer virtual currency to other players.
On June&nbsp;4, 2009, the MOC and the MOFCOM jointly issued a notice regarding strengthening the administration of online game
virtual currency, or the Virtual Currency Notice. The MOC issued the Provisional Administrative Measures of Online Games, or the
Online Games Measures, on June 3, 2010, which provides, among other things, that virtual currency issued by online game operators
may be only used to exchange its own online game products and services and may not be used to pay for the products and services
of other entities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We issue virtual currency and prepaid game
tokens to game players on our platform for them to purchase various items to be used in online games and channels, including music
channels. We are in the process of adjusting the content of our platform but we cannot assure you that our adjustments will be
sufficient to comply with the Virtual Currency Notice. Moreover, although we believe we do not offer online game virtual currency
transaction services, we cannot assure you that the PRC regulatory authorities will not take a view contrary to ours. For example,
certain virtual items we issue to users based on in-game milestones they achieve or time spent playing games are transferable and
exchangeable for our virtual currency or the other virtual items we issue to users. If the PRC regulatory authorities deem such
transfer or exchange to be a virtual currency transaction, then in addition to being deemed to be engaging in the issuance of virtual
currency, we may also be deemed to be providing transaction platform services that enable the trading of such virtual currency.
Simultaneously engaging in both of these activities is prohibited under the Virtual Currency Notice. In that event, we may be required
to cease either our virtual currency issuance activities or such deemed &quot;transaction service&quot; activities and may be subject
to certain penalties, including mandatory corrective measures and fines. The occurrence of any of the foregoing could have a material
adverse effect on our business, financial condition and results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In addition, the Virtual Currency Notice
prohibits online game operators from setting game features that involve the direct payment of cash or virtual currency by players
for the chance to win virtual items or virtual currency based on random selection through a lucky draw, wager or lottery. The notice
also prohibits game operators from issuing currency to game players through means other than purchases with legal currency. It
is unclear whether these restrictions would apply to certain aspects of our online games. Although we believe that we have rectified
and ceased such prohibited activities and have taken adequate measures to prevent any of the above-mentioned prohibited activities,
we cannot assure you that the PRC regulatory authorities will not take a view contrary to ours and deem such feature as prohibited
by the Virtual Currency Notice, thereby subjecting us to penalties, including mandatory corrective measures and fines. For example,
we were previously fined by a local authority in Guangzhou found that our games contained lucky draws. The occurrence of any of
the foregoing could materially and adversely affect our business and results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Non-compliance on the part of
third parties with which we conduct business could restrict our ability to maintain or increase our number of users or the level
of traffic to our YY platform.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our third party game developers or other
business partners may be subject to regulatory penalties or punishments because of their regulatory compliance failures, which
may disrupt our business. Although we conduct a rigid review of legal formalities and certifications before entering into contractual
relationship with other businesses such as third party game developers and landlords, we cannot be certain whether such third party
has or will infringe any third parties' legal rights or violate any regulatory requirements. We regularly identify irregularities
or noncompliance in the business practices of any parties with whom we pursue existing or future cooperation and we cannot assure
you that any of these irregularities will be corrected in a prompt and proper manner. The legal liabilities and regulatory actions
on our commercial partners may affect our business activities and reputation and in turn, our results of operations. For example,
according to PRC regulations, all lease agreements are required to be registered with the local housing authorities. We presently
lease properties at approximately 36 different locations for daily operations and certain other properties serving as dormitories
and canteens in China, and the landlords of some of these properties are still completing the registration of their ownership rights
or the registration of our leases with the relevant authorities. Failure to complete these required registrations may expose our
landlords, lessors and us to potential monetary fines. Some of our lessors have not provided us with appropriate title certificates,
which may adversely affect the validity of the leases if the lessors do not have proper title. We cannot assure you that such certificates
or registration will be obtained in a timely manner or at all, and in case of failures, we may be subject to monetary fines, have
to relocate our offices and suffer economic losses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We allow providers of some online services,
such as online education and financial services, to establish channels on our platform. The online service providers and the producers
of content on our platform may be required to meet specific qualifying standards, evidenced by approvals, permits or certificates,
and to comply with various requirements when conducting business. We cannot predict if any noncompliance on the part of such commercial
partners may cause potential liabilities to us and in turn disrupt our operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Intensified government regulation
of the internet industry in China could restrict our ability to maintain or increase our user level or the level of user traffic
to our YY platform.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The PRC government has, in recent years,
intensified regulation on various aspects of the internet industry in China. For example, the PRC government adopted more stringent
policies to monitor the online game industry due to adverse public reaction to perceived addiction to online games, particularly
in children and minors. On April&nbsp;15, 2007, eight PRC government authorities, including the GAPP, the Ministry of Education,
the Ministry of Public Security and the MIIT issued a notice requiring all Chinese online game operators to adopt an &quot;anti-fatigue
system&quot; in an effort to curb addiction to online games by minors. To help game operators identify which game players are minors,
online game players in China are now required to register their names and identity card numbers before playing an online game,
which information was to be submitted to and verified by the National Citizen Identity Information Center, a subordinate public
institution of the Ministry of Public Security, as of October&nbsp;1, 2011. These restrictions could limit our ability to increase
our online game business among minors. See &quot;Item&nbsp;4. Information on the Company&mdash;B.&nbsp;Business Overview&mdash;PRC
Regulation&mdash;Anti-fatigue Compliance System and Real-name Registration System.&quot; In order to comply with these anti-fatigue
rules, we set up our system so that after three hours of playing our online games, minors only receive half of the virtual items
or other in-game benefits they would otherwise earn, and after playing for more than five hours, receive no in-game benefits. Failure
to implement these restrictions, if detected by the relevant government agencies, may result in fines and other penalties for us,
including the shutting down of our online game operations and license revocation. Furthermore, if these restrictions were expanded
to apply to adult game players in the future, our online game business could be materially and adversely affected.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In addition, on February 25, 2007, 14 PRC
regulatory authorities jointly promulgated a circular to further strengthen the oversight of internet cafes, one of the primary
venues from which our platform is accessed. In recent years, a large number of unlicensed internet cafes have been closed, and
the PRC government has imposed higher capital and facility requirements for the establishment of internet cafes. Governmental authorities
may from time to time impose stricter requirements on internet cafes, such as customer age limits and regulated hours of operation.
Since a substantial portion of our users access our platform from internet cafes, any reduction in the number, or slowdown in the
growth, of internet cafes in China, or any new regulatory restrictions on their operations, could limit our ability to maintain
or increase our revenues.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">More stringent governmental regulations
such as the ones outlined above may discourage game players from playing our games and have a material effect on our business operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Risks Related to Doing Business in China</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Uncertainties in the interpretation
and enforcement of Chinese laws and regulations could limit the legal protections available to you and us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The PRC legal system is based on written
statutes and prior court decisions have limited value as precedents. Each of our PRC subsidiaries, Beijing Huanju Shidai and Guangzhou
Huanju Shidai, is a foreign-invested enterprise and is subject to laws and regulations applicable to foreign-invested enterprises
as well as various Chinese laws and regulations generally applicable to companies incorporated in China. However, since these laws
and regulations are relatively new and the PRC legal system continues to rapidly evolve, the interpretations of many laws, regulations
and rules are not always uniform and enforcement of these laws, regulations and rules involves uncertainties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">From time to time, we may have to resort
to administrative and court proceedings to enforce our legal rights. However, since PRC administrative and court authorities have
significant discretion in interpreting and implementing statutory and contractual terms, it may be more difficult to evaluate the
outcome of administrative and court proceedings and the level of legal protection we enjoy than in more developed legal systems.
Furthermore, the PRC legal system is based in part on government policies and internal rules (some of which are not published in
a timely manner or at all) that may have retroactive effect. As a result, we may not be aware of our violation of these policies
and rules until some time after the violation. Such uncertainties, including uncertainty over the scope and effect of our contractual,
property (including intellectual property) and procedural rights, could materially and adversely affect our business and impede
our ability to continue our operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Changes in China's economic, political
or social conditions or government policies could have a material adverse effect on our business, financial condition and results
of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Substantially all of our assets and almost
all of our customers are located in China. Accordingly, our business, financial condition, results of operations and prospects
may be influenced to a significant degree by political, economic and social conditions in China generally and by continued economic
growth in China as a whole.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Chinese economy differs from the economies
of most developed countries in many respects, including the level of government involvement, level of development, growth rate,
control of foreign exchange and allocation of resources. Although the Chinese government has implemented measures emphasizing the
utilization of market forces for economic reform, the reduction of state ownership of productive assets, and the establishment
of improved corporate governance in business enterprises, a substantial portion of productive assets in China is still owned by
the Chinese government. In addition, the Chinese government continues to play a significant role in regulating industry development
by imposing industrial policies. The Chinese government also exercises significant control over the Chinese economic growth through
allocating resources, controlling payment of foreign currency-denominated obligations, setting monetary policy, and providing preferential
treatment to particular industries or companies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">While the Chinese economy has experienced
significant growth over the past decades, growth has been uneven, both geographically and among various sectors of the economy.
The Chinese government has implemented various measures to encourage economic growth and guide the allocation of resources. Some
of these measures benefit the overall Chinese economy, but may also have a negative effect on us. The Chinese government has implemented
certain measures, including interest rate increases, to control the pace of economic growth. These measures may cause decreased
economic activity in China, which could in turn reduce the demand for our products and services and adversely affect our business,
financial condition and results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">We may be adversely affected by
the complexity, uncertainties and changes in PRC regulation of internet business and companies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The PRC government extensively regulates
the internet industry, including foreign ownership of, and the licensing and permit requirements pertaining to, companies in the
internet industry. These internet-related laws and regulations are relatively new and evolving, and their interpretation and enforcement
involve significant uncertainty. As a result, in certain circumstances it may be difficult to determine what actions or omissions
may be deemed to be in violations of applicable laws and regulations. Issues, risks and uncertainties relating to PRC regulation
of the internet business include, but are not limited to, the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>We only have contractual control over our platform. Guangzhou Huaduo, our PRC consolidated affiliated entity, owns our platform
due to the restriction of foreign investment in businesses providing value-added telecommunication services in China, including
internet content provision services. If Guangzhou Huaduo breaches its contractual arrangements with us and no longer remains under
our control, this may significantly disrupt our business, subject us to sanctions, compromise enforceability of related contractual
arrangements, or have other harmful effects on us.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>There are uncertainties relating to the regulation of the internet business in China, including evolving licensing practices
and the requirement for real-name registrations. Permits, licenses or operations at some of our subsidiaries and PRC consolidated
affiliated entities levels may be subject to challenge, or we may fail to obtain permits or licenses that may be deemed necessary
for our operations or we may not be able to obtain or renew certain permits or licenses. See &quot;&mdash;Risks Related to Our
Corporate Structure and Our Industry&mdash;If our PRC consolidated affiliated entities fail to obtain and maintain the requisite
licenses and approvals required under the complex regulatory environment for internet-based businesses in China, our business,
financial condition and results of operations may be materially and adversely affected&quot; and &quot;Item&nbsp;4. Information
on the Company&mdash;B. Business Overview&mdash;PRC Regulation.&quot; In addition, although we currently have a real-name registration
system in place for our online games in strict compliance with the relevant PRC regulations, we are currently not required by PRC
law to ask users for their real name and personal information when they register for a YY user account. We cannot assure you that
PRC regulators would not require us to implement compulsory real-name registration on our platform in the future. In late 2011,
for example, the Beijing municipal government required microbloggers in China to implement real-name registration for all of their
registered users. If we were required to implement real-name registration on YY, we may lose large numbers of registered user accounts
for various reasons, because users may no longer maintain multiple accounts and users who dislike giving out their private information
may cease to use our products and services altogether.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>The evolving PRC regulatory system for the internet industry may lead to the establishment of new regulatory agencies. For
example, in May 2011, the State Council announced the establishment of a new department, the State Internet Information Office
(with the involvement of the State Council Information Office, or the SCIO, the MIIT and the Ministry of Public Security). The
primary role of this new agency is to facilitate the policy-making and legislative development in this field to direct and coordinate
with the relevant departments in connection with online content administration and to deal with cross-ministry regulatory matters
in relation to the internet industry. We are unable to determine what policies this new agency or any new agencies to be established
in the future may have or how they may interpret existing laws, regulations and policies and how they may affect us. Further, new
laws, regulations or policies may be promulgated or announced that will regulate internet activities, including online video and
online advertising businesses. If these new laws, regulations or policies are promulgated, additional licenses may be required
for our operations. If our operations do not comply with these new regulations after they become effective, or if we fail to obtain
any licenses required under these new laws and regulations, we could be subject to penalties.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On July 13, 2006, the MIIT issued the Notice
of the Ministry of Information Industry on Intensifying the Administration of Foreign Investment in Value-added Telecommunications
Services. This notice prohibits domestic telecommunication service providers from leasing, transferring or selling telecommunication
business operating licenses to any foreign investor in any form, or providing any resources, sites or facilities to any foreign
investor for their illegal operation of a telecommunication business in China. According to this notice, either the holder of a
value-added telecommunication business operating license or its shareholders must be the registered holders of the domain names
and trademarks used by such license holders in their provision of value-added telecommunication services. The notice also requires
each license holder to have the necessary facilities, including servers, for its approved business operations and to maintain such
facilities in the regions covered by its license. Currently, all contracts with telecommunication carriers and other service providers
to host the servers used in our business were entered into by Guangzhou Huaduo, our PRC consolidated affiliated entity, and such
arrangements are in compliance with this notice. Guangzhou Huaduo also owns the related domain names and trademarks, and holds
the ICP License necessary to conduct our operations in China.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On June 3, 2010, the MOC promulgated the
Provisional Administration Measures of Online Games, or the Online Games Measures, which became effective on August&nbsp;1, 2010.
The Online Games Measures provide that any entity engaging in online game operation activities shall obtain the Internet Culture
Operation License and must meet certain requirements such as minimum registered capital. Online game developers are generally involved
in the purchase of servers and bandwidth, the control and management of game data, the maintenance of game systems and certain
other maintenance tasks in our operation of online games. The Guangzhou branch of the MOC has confirmed that such outsourcing and
cooperation activities are not considered conducting online game operation activities, and that online game developers do not have
to obtain the Internet Culture Operation License in accordance with the Online Games Measures. However, because of the limited
time in which these measures have been in effect, there are still uncertainties on the MOC's interpretation and implementation
of these measures. If the MOC determines in the future that such qualifications or requirements apply to the online game developers
for their involvement in the online game operations, we may have to terminate our revenue-sharing arrangements with certain unqualified
online game developers and may even be subject to various penalties, which may negatively impact our results of operations and
financial condition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The interpretation and application of existing
PRC laws, regulations and policies and possible new laws, regulations or policies relating to the internet industry have created
substantial uncertainties regarding the legality of existing and future foreign investments in, and the businesses and activities
of, internet businesses in China, including our business. There are also risks that we may be found to violate the existing or
future laws and regulations given the uncertainty and complexity of China's regulation of internet business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Content posted or displayed on
our platform may be found objectionable by PRC regulatory authorities and may subject us to penalties and other severe consequences.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The PRC government has adopted regulations
governing internet access and the distribution of information over the internet. Under these regulations, internet content providers
and internet publishers are prohibited from posting or displaying over the internet content that, among other things, violates
PRC laws and regulations, impairs the national dignity of China or the public interest, or is obscene, superstitious, fraudulent
or defamatory. Furthermore, internet content providers are also prohibited from displaying content that may be deemed by relevant
government authorities as &quot;socially destabilizing&quot; or leaking &quot;state secrets&quot; of the PRC. Failure to comply
with these requirements may result in the revocation of licenses to provide internet content and other licenses, the closure of
the concerned platforms and reputational harm. The operator may also be held liable for such censored information displayed on
or linked to their platform. For a detailed discussion, see &quot;Item&nbsp;4. Information on the Company&mdash;B. Business Overview&mdash;PRC
Regulation.&quot;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We allow visitors to our portal websites
to upload written materials, images, pictures, and other content on the forums on our websites, and also allow users to share,
link to and otherwise access audio, video, games and other content from third parties through our platform. For a description of
how content can be accessed on or through our real-time interactive social platform, and what measures we take to lessen the likelihood
that we will be held liable for the nature of such content, see &quot;Item&nbsp;4. Information on the Company&mdash;B. Business
Overview&mdash;Technology,&quot; &quot;Item&nbsp;4. Information on the Company&mdash;B. Business Overview&mdash;Intellectual Property,&quot;
and &quot;&mdash;Risks Related to Our Business&mdash;We may be subject to intellectual property infringement claims or other allegations,
which could result in our payment of substantial damages, penalties and fines, removal of relevant content from our website or
seeking license arrangements which may not be available on commercially reasonable terms.&quot;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Since our inception, we have worked closely
with relevant government authorities to monitor the content on our platform and to make the utmost effort in complying with relevant
laws and regulations. However, it may not be possible to determine in all cases the types of content that could result in our liability
as an internet operator, and if any of our internet content is deemed by the PRC government to violate any content restrictions,
we would not be able to continue to display such content and could become subject to penalties, including confiscation of income,
fines, suspension of business and revocation of required licenses, which could materially and adversely affect our business, financial
condition and results of operations. We may also be subject to potential liability for any unlawful actions of our users or third
party service providers on our platform or for content we distribute that is deemed inappropriate. For example, we have previously
been subject to a few warnings and fines each of RMB40,000 or less for having inappropriate content on our platform. Although we
corrected these non-compliances and undertook measures to prevent the recurrence of such instances, it may be difficult to determine
the type of content or actions that may result in liability to us, and if we are found to be liable, we may be prevented from operating
our business in China. Moreover, the costs of compliance with these regulations may continue to increase as a result of more content
being uploaded or made available by an increasing number of users and third party partners and developers, which may adversely
affect our results of operations. Although we have adopted internal procedures to monitor content uploaded to our website and to
remove offending content once we become aware of any potential or alleged violation, we may not be able to identify all the content
that may violate relevant laws and regulations or third party intellectual property rights and even if we manage to identify and
remove offending content, we may still be held liable for such third-party content. Users may upload content or images containing
copyright violations and other illegal content and we may be subject to claims or become involved in litigation proceedings. As
a result, our reputation, business and results of operations may be materially and adversely affected.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Advertisements shown on our platform
may subject us to penalties and other administrative actions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Under PRC advertising laws and regulations,
we are obligated to monitor the advertising content shown on our platform to ensure that such content is true and accurate and
in full compliance with applicable laws and regulations. In addition, where a special government review is required for specific
types of advertisements prior to internet posting, such as advertisements relating to pharmaceuticals, medical instruments, agrochemicals
and veterinary pharmaceuticals, we are obligated to confirm that such review has been performed and approval has been obtained.
Violation of these laws and regulations may subject us to penalties, including fines, confiscation of our advertising income, orders
to cease dissemination of the advertisements and orders to publish an announcement correcting the misleading information. In circumstances
involving serious violations by us, PRC governmental authorities may force us to terminate our advertising operations or revoke
our licenses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">While we have made significant efforts to
ensure that the advertisements shown on our platform are in full compliance with applicable PRC laws and regulations, we cannot
assure you that all the content contained in such advertisements or offers is true and accurate as required by the advertising
laws and regulations, especially given the uncertainty in the interpretation of these PRC laws and regulations. If we are found
to be in violation of applicable PRC advertising laws and regulations, we may be subject to penalties and our reputation may be
harmed, which may have a material adverse effect on our business, financial condition, results of operations and prospects.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Under the PRC enterprise income
tax law, we may be classified as a PRC &quot;resident enterprise,&quot; which could result in unfavorable tax consequences to us
and our shareholders and have a material adverse effect on our results of operations and the value of your investment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Under the PRC enterprise income tax law
that became effective on January&nbsp;1, 2008, an enterprise established outside the PRC with &quot;de facto management bodies&quot;
within the PRC is considered a &quot;resident enterprise&quot; for PRC enterprise income tax purposes and is generally subject
to a uniform 25% enterprise income tax rate on its worldwide income. On April&nbsp;22, 2009, the State Administration of Taxation,
or the SAT, issued the Notice Regarding the Determination of Chinese-Controlled Overseas Incorporated Enterprises as PRC Tax Resident
Enterprise on the Basis of De Facto Management Bodies, or SAT Circular 82, which provides certain specific criteria for determining
whether the &quot;de facto management body&quot; of a PRC-controlled enterprise that is incorporated offshore is located in China.
Further to SAT Circular 82, on August&nbsp;3, 2011, the SAT issued the Administrative Measures of Enterprise Income Tax of Chinese-Controlled
Offshore Incorporated Resident Enterprises (Trial), or SAT Bulletin 45, to provide more guidance on the implementation of SAT Circular
82; the bulletin became effective on September&nbsp;1, 2011. SAT Bulletin 45 clarified certain issues in the areas of resident
status determination, post-determination administration and competent tax authorities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">According to SAT Circular 82, an offshore
incorporated enterprise controlled by a PRC enterprise or a PRC enterprise group will be considered as a PRC tax resident enterprise
by virtue of having its &quot;de facto management body&quot; in China and will be subject to PRC enterprise income tax on its worldwide
income only if all of the following conditions are met: (a)&nbsp;the senior management and core management departments in charge
of its daily operations function have their presence mainly in the PRC; (b)&nbsp;its financial and human resources decisions are
subject to determination or approval by persons or bodies in the PRC; (c)&nbsp;its major assets, accounting books, company seals,
and minutes and files of its board and shareholders' meetings are located or kept in the PRC; and (d)&nbsp;more than half of the
enterprise's directors or senior management with voting rights habitually reside in the PRC. SAT Bulletin 45 further clarifies
the resident status determination, post-determination administration, as well as competent tax authorities. It also specifies that
when provided with a copy of Chinese tax resident determination certificate from a resident Chinese controlled offshore incorporated
enterprise, the payer should not withhold 10% income tax when paying the Chinese-sourced dividends, interest, royalties, etc. to
the Chinese controlled offshore incorporated enterprise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Although SAT Circular 82 and SAT Bulletin
45 only apply to offshore incorporated enterprises controlled by PRC enterprises or PRC enterprise group instead of those controlled
by PRC individuals or foreigners, the determination criteria set forth therein may reflect SAT's general position on how the term
&quot;de facto management body&quot; could be applied in determining the tax resident status of offshore enterprises, regardless
of whether they are controlled by PRC enterprises, individuals or foreigners.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We do not meet all of the conditions above;
therefore, we believe that we should not be treated as a &quot;resident enterprise&quot; for PRC tax purposes even if the standards
for &quot;de facto management body&quot; prescribed in the SAT Circular 82 are applicable to us. For example, our minutes and files
of the resolutions of our board of directors and the resolutions of our shareholders are maintained outside the PRC. In addition,
we are not aware of any offshore holding companies with a corporate structure similar to ours ever having been deemed to be a PRC
&quot;resident enterprise&quot; by the PRC tax authorities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">However, it is possible that the PRC tax
authorities may take a different view. If the PRC tax authorities determine that our Cayman Islands holding company is a PRC resident
enterprise for PRC enterprise income tax purposes, then our world-wide income could be subject to PRC tax at a rate of 25%, which
could materially reduce our net income. In addition, we will also be subject to PRC enterprise income tax reporting obligations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Although dividends paid by one PRC tax resident
to another PRC tax resident should qualify as &quot;tax-exempt income&quot; under the enterprise income tax law, we cannot assure
you that dividends by our PRC subsidiaries to our Cayman Islands holding company will not be subject to a 10% withholding tax,
as the PRC foreign exchange control authorities, which enforce the withholding tax on dividends, and the PRC tax authorities have
not yet issued guidance with respect to the processing of outbound remittances to entities that are treated as resident enterprises
for PRC enterprise income tax purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Foreign ADS holders may also be subject
to PRC withholding tax on dividends payable by us and gains realized on the sale or other disposition of ADSs or common shares,
if such income is sourced from within the PRC. Although our holding company is incorporated in the Cayman Islands, it remains unclear
whether dividends received and gains realized by our foreign ADS holders will be regarded as income from sources within the PRC
if we are classified as a PRC resident enterprise. Any such tax will reduce the returns on your investment in our ADSs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Finally, we face uncertainties on the reporting
and consequences on private equity financing transactions, private share transfers and share exchange involving the transfer of
shares in our company by non-resident investors. According to the Notice on Strengthening Administration of Enterprise Income Tax
for Share Transfers by Non-PRC Resident Enterprises issued by the PRC State Administration of Taxation on December 10, 2009, with
retroactive effect from January 1, 2008, or SAT Circular 698, and the Notice on Several Issues Concerning Enterprise Income Tax
for Indirect Share Transfer by Non-PRC Resident Enterprises, issued by the PRC State Administration of Taxation on February 3,
2015, or SAT Circular 7, an &quot;indirect transfer&quot; of assets of a PRC resident enterprise, including equity interests in
a PRC resident enterprise, by non-PRC resident enterprises may be re-characterized and treated as a direct transfer of PRC taxable
properties, if such transaction arrangement lacks reasonable commercial purpose and was established for the purpose of reducing,
avoiding or deferring PRC enterprise income tax. As a result, gains derived from such indirect transfer may be subject to PRC enterprise
income tax, and tax filing or withholding obligations may be triggered, depending on the nature of the PRC taxable properties being
transferred. According to SAT Circular 7, &ldquo;PRC taxable properties&rdquo; include assets of a PRC establishment or place of
business, real properties in the PRC, and equity investments in PRC resident enterprises, in respect of which gains from their
transfer by a direct holder, being a non-PRC resident enterprise, would be subject to PRC enterprise income taxes. When determining
if there is a &quot;reasonable commercial purpose&quot; of the transaction arrangement, features to be taken into consideration
include: whether the main value of the equity interest of the relevant offshore enterprise derives from PRC taxable properties;
whether the assets of the relevant offshore enterprise mainly consists of direct or indirect investment in China or if its income
mainly derives from China; whether the offshore enterprise and its subsidiaries directly or indirectly holding PRC taxable properties
have real commercial nature which is evidenced by their actual function and risk exposure; the duration of existence of the business
model and organizational structure; the replicability of the transaction by direct transfer of PRC taxable properties; and the
tax situation of such indirect transfer and applicable tax treaties or similar arrangements. In respect of an indirect offshore
transfer of assets of a PRC establishment or place of business of a foreign enterprise, the resulting gain is to be included with
the annual enterprise filing of the PRC establishment or place of business being transferred, and would consequently be subject
to PRC enterprise income tax at a rate of 25%. Where the underlying transfer relates to PRC real properties or to equity investments
in a PRC resident enterprise, which is not related to a PRC establishment or place of business of a non-resident enterprise, a
PRC enterprise income tax at 10% would apply, subject to available preferential tax treatment under applicable tax treaties or
similar arrangements, and the party who is obligated to make the transfer payments has the withholding obligation. Where the payor
fails to withhold any or sufficient tax, the transferor shall declare and pay such tax to the competent tax authority by itself
within the statutory time limit. Late payment of applicable tax will subject the transferor to default interest. Currently, neither
SAT Circular 698 nor SAT Circular 7 applies to the sale of shares by investors through a public stock exchange where such shares
were acquired from a transaction through a public stock exchange.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We cannot assure you that the PRC tax authorities
will not, at their discretion, adjust any capital gains and impose tax return filing and withholding or tax payment obligations
on the transferors and transferees, while our PRC subsidiaries may be requested to assist in the filing. Any PRC tax imposed on
a transfer of our shares or any adjustment of such gains would cause us to incur additional costs and may have a negative impact
on the value of your investment in our company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">If our preferential tax treatments
are revoked or become unavailable or if the calculation of our tax liability is successfully challenged by the PRC tax authorities,
we may be required to pay tax, interest and penalties in excess of our tax provisions, and our financial condition and results
of operations could be materially and adversely affected.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Chinese government has provided various
tax incentives to our subsidiaries in China. These incentives include reduced enterprise income tax rates. For example, under the
PRC Enterprise Income Tax Law, or the EIT Law, which became effective on January&nbsp;1, 2008, the statutory enterprise income
tax rate is 25%. However, Guangzhou Huaduo, our PRC consolidated affiliated entity in the PRC, renewed its qualification as a high
and new technology enterprise, or HNTE, as of December&nbsp;3, 2013 and, subject to the approval of an annual review by competent
tax authorities in Guangdong, would be entitled to enjoy a preferential enterprise income tax rate of 15% for three years, from
2013 through 2015. Guangzhou Huaduo has applied for and obtained the preferential tax treatment with Guangzhou State Tax Bureau,
but the high and new technology enterprise qualification was only effective until December&nbsp;03, 2016. Guangzhou Huaduo will
be subject to apply for the renewal of HNTE in 2016. In addition, Guangzhou Huanju Shidai has been recognized as a software enterprise
since 2013, and is therefore entitled to a two-year exemption from enterprise income tax followed by three years at 50% of the
standard enterprise income tax rate starting from 2014, the first profit-making year. However, if either Guangzhou Huaduo or Guangzhou
Huanju Shidai fails to maintain its qualification for preferential tax treatments, its applicable enterprise income tax rate may
increase to 25%, which could materially and adversely affect our financial condition and results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">China&rsquo;s M&amp;A Rules and
certain other PRC regulations establish complex procedures for certain acquisitions of Chinese companies by foreign investors,
which could make it more difficult for us to pursue growth through acquisitions in China.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Six PRC regulatory agencies promulgated
regulations effective on September&nbsp;8, 2006, subsequently amended, that are commonly referred to as the M&amp;A Rules. See
&quot;Item&nbsp;4. Information on the Company&mdash;B. Business Overview&mdash;PRC Regulation&mdash;New M&amp;A Regulations and
Overseas Listings.&quot; The M&amp;A Rules establish procedures and requirements that could make some acquisitions of Chinese companies
by foreign investors more time-consuming and complex, including requirements in some instances that the MOFCOM be notified in advance
of any change-of-control transaction in which a foreign investor takes control of a Chinese domestic enterprise or a foreign company
with substantial PRC&nbsp;operations, if certain thresholds under the Provisions on Thresholds for Prior Notification of Concentrations
of Undertakings, issued by the State Council on August&nbsp;3, 2008, are triggered. Moreover, the Anti-Monopoly Law promulgated
by the Standing Committee of the National People's Congress on August&nbsp;30, 2007 which became effective on August&nbsp;1, 2008
requires that transactions which are deemed concentrations and involve parties with specified turnover thresholds (for example,
during the previous fiscal year, (i)&nbsp;the total global turnover of all operators participating in the transaction exceeds RMB10&nbsp;billion
(US$1.5&nbsp;billion) and at least two of these operators each had a turnover of more than RMB400&nbsp;million (US$61.7&nbsp;million)
within China, or (ii)&nbsp;the total turnover within China of all the operators participating in the concentration exceeded RMB2&nbsp;billion
(US$0.3&nbsp;billion) and at least two of these operators each had a turnover of more than RMB400&nbsp;million (US$61.7&nbsp;million)
within China) must be cleared by the MOFCOM before they can be completed. In addition, on February&nbsp;3, 2011, the General Office
of the State Council promulgated a Notice on Establishing the Security Review System for Mergers and Acquisitions of Domestic Enterprises
by Foreign Investors, or the Circular No.&nbsp;6, which officially established a security review system for mergers and acquisitions
of domestic enterprises by foreign investors. Under Circular No.&nbsp;6, a security review is required for mergers and acquisitions
by foreign investors having &quot;national defense and security&quot; concerns and mergers and acquisitions by which foreign investors
may acquire the &quot;de facto control&quot; of domestic enterprises with &quot;national security&quot; concerns.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In the future, we may grow our business
by acquiring complementary businesses. Complying with the requirements of the above-mentioned regulations and other relevant rules
to complete such transactions could be time consuming, and any required approval processes, including obtaining approval from the
MOFCOM or its local counterparts, may delay or inhibit our ability to complete such transactions. It is unclear whether our business
would be deemed to be in an industry that raises &quot;national defense and security&quot; or &quot;national security&quot; concerns.
However, MOFCOM or other government agencies may publish explanations in the future determining that our business is in an industry
subject to the security review, in which case our future acquisitions in the PRC, including those by way of entering into contractual
control arrangements with target entities, may be closely scrutinized or prohibited. Our ability to expand our business or maintain
or expand our market share through future acquisitions would as such be materially and adversely affected.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">PRC regulations relating to offshore
investment activities by PRC residents may limit our PRC subsidiaries' ability to increase their registered capital or distribute
profits to us or otherwise expose us to liability and penalties under PRC law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The PRC State Administration of Foreign
Exchange, or SAFE, has promulgated regulations, including the Notice on Relevant Issues Relating to Domestic Residents' Investment
and Financing and Round-Trip Investment through Special Purpose Vehicles, or SAFE Circular No. 37, effective on July 4, 2014, and
its appendixes, that require PRC residents, including PRC institutions and individuals, to register with local branches of SAFE
in connection with their direct establishment or indirect control of an offshore entity, for the purpose of overseas investment
and financing, with such PRC residents' legally owned assets or equity interests in domestic enterprises or offshore assets or
interests, referred to in SAFE Circular No. 37 as a &quot;special purpose vehicle.&quot; SAFE Circular No. 37 further requires
amendment to the registration in the event of any significant changes with respect to the special purpose vehicle, such as increase
or decrease of capital contributed by PRC individuals, share transfer or exchange, merger, division or other material event. In
the event that a PRC shareholder holding interests in a special purpose vehicle fails to fulfill the required SAFE registration,
the PRC subsidiaries of that special purpose vehicle may be prohibited from making profit distributions to the offshore parent
and from carrying out subsequent cross-border foreign exchange activities, and the special purpose vehicle may be restricted in
their ability to contribute additional capital into its PRC subsidiary. Further, failure to comply with the various SAFE registration
requirements described above could result in liability under PRC law for foreign exchange evasion, including (i) the requirement
by SAFE to return the foreign exchange remitted overseas within a period specified by SAFE, with a fine of up to 30% of the total
amount of foreign exchange remitted overseas and deemed to have been evasive and (ii) in circumstances involving serious violations,
a fine of no less than 30% of and up to the total amount of remitted foreign exchange deemed evasive. Furthermore, the persons-in-charge
and other persons at our PRC subsidiaries who are held directly liable for the violations may be subject to criminal sanctions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our PRC resident shareholders, Messrs.&nbsp;David
Xueling Li and Jun Lei, had registered with the local SAFE branch in relation to our existing private placement financings by the
end of 2011 as required by the SAFE regulations, and had subsequently filed amendments to update their registrations reflecting
shareholding changes in our company resulting from our initial public offering in March 2015. Since SAFE Circular No. 37 was recently
issued, there remains uncertainty with respect to its interpretation and implementation, and we cannot predict how such SAFE regulations
will affect our business operations. For example, our present and prospective PRC subsidiaries' ability to conduct foreign exchange
activities, such as the remittance of dividends and foreign currency-denominated borrowings, may be subject to compliance with
the SAFE regulations by our PRC resident shareholders. In addition, in some cases, we may have little control over either our present
or prospective direct or indirect PRC resident shareholders or the outcome of such registration procedures. A failure by our current
or future PRC resident shareholders to comply with the SAFE regulations, including but not limited to any delay in subsequent filings,
could subject us to fines or other legal sanctions, restrict our cross-border investment activities, limit our subsidiary's ability
to make distributions or pay dividends or affect our ownership structure, which could adversely affect our business and prospects.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On February&nbsp;15, 2012, SAFE promulgated
the Notices on Issues Concerning the Foreign Exchange Administration for Domestic Individuals Participating in Stock Incentive
Plans of Overseas Publicly-Listed Companies, or the Stock Option Rules, which replaced the Application Procedures of Foreign Exchange
Administration for Domestic Individuals Participating in Employee Stock Ownership Plans or Stock Option Plans of Overseas Publicly-Listed
Companies issued by SAFE on March&nbsp;28, 2007. Under the Stock Option Rules and other relevant rules and regulations, PRC residents
who participate in stock incentive plan in an overseas publicly-listed company are required to register with SAFE or its local
branches and complete certain other procedures. Participants of a stock incentive plan who are PRC residents must retain a qualified
PRC agent, which could be a PRC subsidiary of such overseas publicly listed company or another qualified institution selected by
such PRC subsidiary, to conduct the SAFE registration and other procedures with respect to the stock incentive plan on behalf of
its participants. Such participants must also retain an overseas entrusted institution to handle matters in connection with their
exercise of stock options, the purchase and sale of corresponding stocks or interests and fund transfers. In addition, the PRC
agent is required to amend the SAFE registration with respect to the stock incentive plan if there is any material change to the
stock incentive plan, the PRC agent or the overseas entrusted institution or other material changes. We and our PRC employees who
have been granted stock options, restricted shares and restricted share units are subject to these regulations, and are preparing
to complete such SAFE registrations. Failure of our PRC stock option holders, restricted shareholders or restricted share units
holders to complete their SAFE registrations may subject these PRC residents to fines and legal sanctions and may also limit our
ability to contribute additional capital into our PRC subsidiaries, limited our PRC subsidiaries' ability to distribute dividends
to us, or otherwise materially and adversely affect our business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">PRC regulation of direct investment
and loans by offshore holding companies to PRC entities may delay or limit us from using the proceeds of our initial public offering
to make additional capital contributions or loans to our PRC subsidiaries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We are an offshore holding company conducting
our operations in China through our PRC subsidiaries and variable interest entities. We may make loans to our PRC subsidiaries
and variable interest entities, or we may make additional capital contributions to our PRC subsidiaries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Any capital contributions or loans that
we, as an offshore entity, make to our PRC subsidiaries, including from the proceeds of our initial public offering, are subject
to PRC regulations. For example, none of our loans to a PRC subsidiary can exceed the difference between its total amount of investment
and its registered capital approved under relevant PRC laws, and the loans must be registered with the local branch of SAFE. Our
capital contributions to our PRC subsidiaries must be approved by the MOFCOM or its local counterpart.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In August 2008, SAFE issued the Circular
on the Relevant Operating Issues Concerning the Improvement of the Administration of the Payment and Settlement of Foreign Currency
Capital of Foreign-Invested Enterprises, or SAFE Circular 142, regulating the conversion by a foreign-invested enterprise of foreign
currency-registered capital into RMB by restricting how the converted RMB may be used. In addition, SAFE promulgated Circular 45
on November 9, 2011 in order to clarify the application of SAFE Circular 142. Under SAFE Circular 142 and Circular 45, the RMB
capital converted from foreign currency registered capital of a foreign-invested enterprise may only be used for purposes within
the business scope approved by the applicable government authority and may not be used for equity investments within the PRC. In
addition, SAFE strengthened its oversight of the flow and use of the RMB capital converted from foreign currency registered capital
of foreign-invested enterprises. The use of such RMB capital may not be changed without SAFE's approval, and such RMB capital may
not in any case be used to repay RMB loans if the proceeds of such loans have not been used.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Since SAFE Circular 142 has been in place
for more than five years, in 2014, SAFE decided to further reform the foreign exchange administration system in order to satisfy
and facilitate the business and capital operations of foreign invested enterprises, and issued the Circular on the Relevant Issues
Concerning the Launch of Reforming Trial of the Administration Model of the Settlement of Foreign Currency Capital of Foreign-Invested
Enterprises in Certain Areas on July 4, 2014, or SAFE Circular 36. SAFE Circular 36 suspends the application of SAFE Circular 142
in certain areas and allows a foreign-invested enterprise registered in such areas to use the RMB capital converted from foreign
currency registered capital for equity investments within the PRC, which will be regarded as the reinvestment of foreign-invested
enterprise. On March 30, 2015, SAFE issued the Circular on the Reforming of the Management Method of the Settlement of Foreign
Currency Capital of Foreign-Invested Enterprises, or SAFE Circular 19, took effect on June 1, 2015, and replaced SAFE Circular
142 and SAFE Circular 36. Under SAFE Circular 19, a foreign-invested enterprise may also choose to convert its registered capital
from foreign currency to RMB on a discretionary basis, and the RMB capital so converted can be used for equity investments within
PRC, which will be regarded as the reinvestment of foreign-invested enterprise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In light of the various requirements imposed
by PRC regulations on loans to and direct investment in PRC entities by offshore holding companies, we cannot assure you that we
will be able to complete the necessary registration or obtain the necessary approval on a timely basis, or at all. If we fail to
complete the necessary registration or obtain the necessary approval, our ability to make loans or equity contributions to our
PRC subsidiaries may be negatively affected, which could adversely affect our PRC subsidiaries' liquidity and their ability to
fund their working capital and expansion projects and meet their obligations and commitments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Our PRC subsidiaries and PRC consolidated
affiliated entities are subject to restrictions on paying dividends or making other payments to us, which may restrict our ability
to satisfy our liquidity requirements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We are a holding company incorporated in
the Cayman Islands. We rely on dividends from our PRC subsidiaries as well as consulting and other fees paid to us by our PRC consolidated
affiliated entities for our cash and financing requirements, such as the funds necessary to pay dividends and other cash distributions
to our shareholders, including holders of our ADSs, and service any debt we may incur. Current PRC regulations permit our PRC subsidiaries
to pay dividends to us only out of their accumulated after-tax profits upon satisfaction of relevant statutory condition and procedures,
if any, determined in accordance with Chinese accounting standards and regulations. In addition, each of our PRC subsidiaries is
required to set aside at least 10% of its accumulated profits each year, if any, to fund certain reserve funds until the total
amount set aside reaches 50% of its registered capital. As of December&nbsp;31, 2015, appropriations to statutory reserves amounting
to RMB56.5&nbsp;million were made by five of our PRC consolidated affiliated entities. These reserves are not distributable as
cash dividends. Furthermore, if our PRC subsidiaries and PRC consolidated affiliated entities incur debt on their own behalf in
the future, the instruments governing the debt may restrict their ability to pay dividends or make other payments to us, which
may restrict our ability to satisfy our liquidity requirements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In addition, the EIT Law, and its implementation
rules provide that withholding tax rate of 10% will be applicable to dividends payable by Chinese companies to non-PRC-resident
enterprises unless otherwise exempted or reduced according to treaties or arrangements between the PRC central government and governments
of other countries or regions where the non-PRC-resident enterprises are incorporated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Fluctuations in exchange rates
could have a material adverse effect on our results of operations and the value of your investment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The value of the RMB against the U.S. dollar
and other currencies is affected by changes in China&rsquo;s political and economic conditions and by China&rsquo;s foreign exchange
policies, among other things. In July 2005, the PRC government changed its decades-old policy of pegging the value of the RMB to
the U.S. dollar, and the RMB appreciated more than 20% against the U.S. dollar over the following three years. Between July 2008
and June 2010, this appreciation halted and the exchange rate between the RMB and the U.S. dollar remained within a narrow band.
Since June 2010, the RMB has fluctuated against the U.S. dollar, at times significantly and unpredictably. It is difficult to predict
how market forces or PRC or U.S. government policy may impact the exchange rate between the RMB and the U.S. dollar in the future.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">There remains significant international
pressure on the Chinese government to adopt a flexible currency policy to allow the Renminbi to appreciate against the U.S. dollar.
Significant revaluation of the Renminbi may have a material adverse effect on your investment. Substantially all of our revenues
and costs are denominated in Renminbi. Any significant revaluation of Renminbi may materially and adversely affect our revenues,
earnings and financial position, and the value of, and any dividends payable on, our ADSs in U.S. dollars. To the extent that we
need to convert U.S. dollars into RMB for capital expenditures and working capital and other business purposes, appreciation of
the RMB against the U.S. dollar would have an adverse effect on the RMB amount we would receive from the conversion. Conversely,
a significant depreciation of the Renminbi against the U.S. dollar may significantly reduce the U.S. dollar equivalent of our earnings,
which in turn could adversely affect the price of our ADSs, and if we decide to convert RMB into U.S. dollars for the purpose of
making payments for dividends on our common shares or ADSs, strategic acquisitions or investments or other business purposes, appreciation
of the U.S. dollar against the RMB would have a negative effect on the U.S. dollar amount available to us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Very limited hedging options are available
in China to reduce our exposure to exchange rate fluctuations. To date, we have not entered into any hedging transactions in an
effort to reduce our exposure to foreign currency exchange risk. While we may decide to enter into hedging transactions in the
future, the availability and effectiveness of these hedges may be limited and we may not be able to adequately hedge our exposure
or at all. In addition, our currency exchange losses may be magnified by PRC exchange control regulations that restrict our ability
to convert Renminbi into foreign currency. As a result, fluctuations in exchange rates may have a material adverse effect on your
investment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Governmental control of currency
conversion may limit our ability to utilize our revenues effectively and affect the value of your investment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The PRC government imposes control on the
convertibility of the Renminbi into foreign currencies and, in certain cases, the remittance of currency out of China. We receive
substantially all of our revenues in Renminbi. Under existing PRC foreign exchange regulations, payments of current account items,
including profit distributions, interest payments and trade and service-related foreign exchange transactions, can be made in foreign
currencies without prior SAFE approval by complying with certain procedural requirements. Therefore, our PRC subsidiaries are able
to pay dividends in foreign currencies to us without prior approval from SAFE. However, approval from or registration with appropriate
government authorities is required where Renminbi is to be converted into foreign currency and remitted out of China to pay capital
expenses such as the repayment of loans denominated in foreign currencies. The PRC government may also at its discretion restrict
access to foreign currencies for current account transactions in the future. If the foreign exchange control system prevents us
from obtaining sufficient foreign currencies to satisfy our foreign currency demands, we may not be able to pay dividends in foreign
currencies to our shareholders, including holders of our ADSs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Recently enacted regulations in
the PRC may make it more difficult for us to pursue growth through acquisitions, adversely affecting our plans to expand our business
or maintain our market share.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Among other things, the M&amp;A Rules established
additional procedures and requirements that could make merger and acquisition activities by foreign investors more time-consuming
and complex. Such regulation requires, among other things, that the MOFCOM be notified in advance of any change-of-control transaction
in which a foreign investor takes control of a PRC domestic enterprise or a foreign company with substantial PRC operations, if
certain thresholds under the Provisions on Thresholds for Prior Notification of Concentrations of Undertakings, issued by the State
Council on August&nbsp;3, 2008, are triggered.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We may grow our business in part by directly
acquiring complementary businesses in China. Complying with the requirements of these regulations to complete such transactions
could be time-consuming, and any required approval processes, including obtaining approval from the MOFCOM, may delay or inhibit
our ability to complete such transactions, which could affect our ability to expand our business or maintain our market share.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">If the custodians or authorized
users of controlling non-tangible assets of our company, including our corporate chops and seals, fail to fulfill their responsibilities,
or misappropriate or misuse these assets, our business and operations could be materially and adversely affected.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Under PRC law, legal documents for corporate
transactions, including contracts such as revenue-sharing contracts with online game developers which are important to our business,
are executed using the chops or seal of the signing entity or with the signature of a legal representative whose designation is
registered and filed with the relevant branch of the Administration of Industry and Commerce.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Although we usually utilize chops to enter
into contracts, the designated legal representatives of each of our PRC subsidiaries and consolidated affiliated entities have
the apparent authority to enter into contracts on behalf of such entities without chops and bind such entities. All designated
legal representatives of our PRC subsidiaries and consolidated affiliated entities are members of our senior management team who
have signed employment agreements with us or our PRC subsidiaries and consolidated affiliated entities under which they agree to
abide by various duties they owe to us. In order to maintain the physical security of our chops and chops of our PRC entities,
we generally store these items in secured locations accessible only by the authorized personnel in the legal or finance department
of each of our subsidiaries and consolidated affiliated entities. Although we monitor such authorized personnel, there is no assurance
such procedures will prevent all instances of abuse or negligence. Accordingly, if any of our authorized personnel misuse or misappropriate
our corporate chops or seals, we could encounter difficulties in maintaining control over the relevant entities and experience
significant disruption to our operations. If a designated legal representative obtains control of the chops in an effort to obtain
control over any of our PRC subsidiaries or consolidated affiliated entities, we or our PRC subsidiary and consolidated affiliated
entity would need to pass a new shareholder or board resolution to designate a new legal representative and we would need to take
legal action to seek the return of the chops, apply for new chops with the relevant authorities, or otherwise seek legal redress
for the violation of the representative's fiduciary duties to us, which could involve significant time and resources and divert
management attention away from our regular business. In addition, the affected entity may not be able to recover corporate assets
that are sold or transferred out of our control in the event of such a misappropriation if a transferee relies on the apparent
authority of the representative and acts in good faith.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Our auditor, like other independent
registered public accounting firms operating in China, is not permitted to be subject to inspection by Public Company Accounting
Oversight Board, and as such, investors may be deprived of the benefits of such inspection.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The independent registered public accounting
firm that issues the audit reports included in this annual report, as an auditor of companies that are traded publicly in the United
States and a firm registered with PCAOB, is required by the laws of the United States to undergo regular inspections by PCAOB to
assess its compliance with the laws of the United States and professional standards. Because our auditor is located in China, a
jurisdiction where PCAOB is currently unable to conduct inspections without the approval of the PRC authorities, our auditor, like
other independent registered public accounting firms operating in China, is currently not inspected by PCAOB. On May&nbsp;24, 2013,
PCAOB announced that it had entered into a Memorandum of Understanding on Enforcement Cooperation with the China Securities Regulatory
Commission, or the CSRC, and the Ministry of Finance which establishes a cooperative framework between the parties for the production
and exchange of audit documents relevant to investigations in the United States and China. PCAOB continues to be in discussions
with the CSRC and the Ministry of Finance to permit joint inspections in the PRC of audit firms that are registered with PCAOB
and audit Chinese companies that trade on U.S. exchanges.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Inspections of other firms that PCAOB has
conducted outside of China have identified deficiencies in those firms' audit procedures and quality control procedures, and such
deficiencies may be addressed as part of the inspection process to improve future audit quality.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The inability of PCAOB to conduct inspections
of independent registered public accounting firms operating in China makes it more difficult to evaluate the effectiveness of our
auditor's audit procedures or quality control procedures, and to the extent that such inspections might have facilitated improvements
in our auditor's audit procedures and quality control procedures, investors may be deprived of such benefits.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Additional remedial measures could
be imposed on certain PRC-based accounting firms, including our independent registered public accounting firm, in administrative
proceedings instituted by the SEC, as a result of which our financial statements may be determined to not be in compliance with
the requirements of the Exchange Act, if at all.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In December 2012, the SEC brought administrative
proceedings against the PRC-based affiliates of the Big Four accounting firms, including our independent registered public accounting
firm, alleging that they had violated U.S. securities laws by failing to provide audit work papers and other documents related
to certain other PRC-based companies under investigation by the SEC. On January 22, 2014, an initial administrative law decision
was issued, censuring and suspending these accounting firms from practicing before the SEC for a period of six months. The decision
was neither final nor legally effective until reviewed and approved by the SEC, and on February 12, 2014, the PRC-based accounting
firms appealed to the SEC against this decision. In February 2015, each of the four PRC-based accounting firms agreed to a censure
and to pay a fine to the SEC to settle the dispute and avoid suspension of their ability to practice before the SEC. The settlement
requires the firms to follow detailed procedures to seek to provide the SEC with access to such firms' audit documents via the
CSRC. If the firms do not follow these procedures or if there is a failure in the process between the SEC and the CSRC, the SEC
could impose penalties such as suspensions, or it could restart the administrative proceedings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In the event that the SEC restarts the administrative
proceedings, depending upon the final outcome, listed companies in the United States with major PRC operations may find it difficult
or impossible to retain auditors in respect of their operations in the PRC, which could result in financial statements being determined
to not be in compliance with the requirements of the Exchange Act, including possible delisting. Moreover, any negative news about
the proceedings against these audit firms may cause investor uncertainty regarding PRC-based, United States-listed companies and
the market price of our ADSs may be adversely affected.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If our independent registered public accounting
firm were denied, even temporarily, the ability to practice before the SEC and we were unable to timely find another registered
public accounting firm to audit and issue an opinion on our financial statements, our financial statements could be determined
not to be in compliance with the requirements of the Exchange Act. Such a determination could ultimately lead to the delisting
of our common shares from the Nasdaq Global Market or deregistration from the SEC, or both, which would substantially reduce
or effectively terminate the trading of our ADSs in the United States.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><B><I>Substantial uncertainties exist with
respect to the enactment timetable, interpretation and implementation of the draft PRC Foreign Investment Law and how it may impact
the viability of our current corporate structure, corporate governance and business operations.</I> </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The MOFCOM published a discussion draft
of the proposed Foreign Investment Law in January 2015 aiming to, upon its enactment, replace the trio of existing laws regulating
foreign investment in China, namely, <I>the Sino-foreign Equity Joint Venture Enterprise Law, the Sino-foreign Cooperative Joint
Venture Enterprise Law </I>and<I> the Wholly Foreign-invested Enterprise Law</I>, together with their implementation rules and
ancillary regulations. The draft Foreign Investment Law embodies an expected PRC regulatory trend to rationalize its foreign investment
regulatory regime in line with prevailing international practice and the legislative efforts to unify the corporate legal requirements
for both foreign and domestic investments. The MOFCOM is currently soliciting comments on this draft and substantial uncertainties
exist with respect to its enactment timetable, interpretation and implementation. The draft Foreign Investment Law, if enacted
as proposed, may materially impact the viability of our current corporate structure, corporate governance and business operations
in many aspects.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Among other things, the draft Foreign Investment
Law expands the definition of foreign investment and introduces the principle of &quot;actual control&quot; in determining whether
a company is considered a foreign-invested enterprise, or an FIE. The draft Foreign Investment Law specifically provides that entities
established in China but &quot;controlled&quot; by foreign investors will be treated as FIEs, whereas an entity set up in a foreign
jurisdiction would nonetheless be, upon market entry clearance by the Ministry of Commerce, treated as a PRC domestic investor
provided that the entity is &quot;controlled&quot; by PRC entities and/or citizens. In this connection, &quot;control&quot; is
broadly defined in the draft law to cover the following summarized categories: (i) holding 50% of more of the voting rights of
the subject entity; (ii) holding less than 50% of the voting rights of the subject entity but having the power to secure at least
50% of the seats on the board or other equivalent decision making bodies, or having the voting power to exert material influence
on the board, the shareholders' meeting or other equivalent decision making bodies; or (iii) having the power to exert decisive
influence, via contractual or trust arrangements, over the subject entity's operations, financial matters or other key aspects
of business operations. Once an entity is determined to be an FIE and its investment amount exceeds certain thresholds or its business
operation falls within a &quot;negative list,&quot; to be separately issued by the State Council in the future, market entry clearance
by the MOFCOM or its local counterparts will be required. Otherwise, all foreign investors may make investments on the same terms
as domestic investors without being subject to additional approval from the government authorities as mandated by the existing
foreign investment legal regime.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The &quot;variable interest entity&quot;
structure, or VIE structure, has been adopted by many PRC-based companies, including us, to obtain necessary licenses and permits
in the industries that are currently subject to foreign investment restrictions in China. See &quot;&mdash;Risks Relating to Our
Corporate Structure&mdash;If the PRC government finds that the structure we have adopted for our business operations does not comply
with PRC laws and regulations, or if these laws or regulations or interpretations of existing laws or regulations change in the
future, we could be subject to severe penalties, including the shutting down of our platform and our business operations&quot;,
&quot;&mdash;Risks Relating to Our Corporate Structure&mdash;If our PRC consolidated affiliated entities fail to obtain and maintain
the requisite licenses and approvals required under the complex regulatory environment for internet-based businesses in China,
our business, financial condition and results of operations may be materially and adversely affected&quot;, and &quot;Item 4. Information
on the Company&mdash;C. Organizational Structure.&quot; Under the draft Foreign Investment Law, variable interest entities that
are controlled via contractual arrangement would also be deemed as FIEs, if they are ultimately &quot;controlled&quot; by foreign
investors. Therefore, for any companies with a VIE structure in an industry category that is on the &quot;negative list,&quot;
the VIE structure may be deemed legitimate only if the ultimate controlling person(s) is/are of PRC nationality (either PRC companies
or PRC citizens). Conversely, if the actual controlling person(s) is/are of foreign nationalities, then the variable interest entities
will be treated as FIEs and any operation in the industry category on the &quot;negative list&quot; without market entry clearance
may be considered as illegal.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">It is likely that we would be considered
ultimately controlled by Chinese parties, as our management group, including Mr.&nbsp;David Xueling Li, our co-founder, chief executive
officer and director, Mr.&nbsp;Jun Lei, our co-founder and chairman, Mr.&nbsp;Rongjie Dong, our executive vice president, and their
respective affiliates, together beneficially own an aggregate of 35.8% of our outstanding shares and 84.1% of the total voting
power of our company as of March 31, 2016. However, the draft Foreign Investment Law has not taken a position on what actions shall
be taken with respect to the existing companies with a VIE structure, whether or not these companies are controlled by Chinese
parties, while it is soliciting comments from the public on this point. Moreover, it is uncertain whether the Internet content
and other Internet value-added service industry, in which our variable interest entities operate, will be subject to the foreign
investment restrictions or prohibitions set forth in the &quot;negative list&quot; to be issued. If the enacted version of the
Foreign Investment Law and the final &quot;negative list&quot; mandate further actions, such as MOFCOM market entry clearance,
to be completed by companies with existing VIE structure like us, we face uncertainties as to whether such clearance can be timely
obtained, or at all, and our business and financial condition may be materially and adversely affected.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The draft Foreign Investment Law, if enacted
as proposed, may also materially impact our corporate governance practice and increase our compliance costs. For instance, the
draft Foreign Investment Law imposes stringent ad hoc and periodic information reporting requirements on foreign investors and
the applicable FIEs. Aside from investment implementation report and investment amendment report that are required at each investment
and alteration of investment specifics, an annual report is mandatory, and large foreign investors meeting certain criteria are
required to report on a quarterly basis. Any company found to be non-compliant with these information reporting obligations may
potentially be subject to fines and/or administrative or criminal liabilities, and the persons directly responsible may be subject
to criminal liabilities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Risks Related to Our ADSs</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">There can be no assurance that the proposed going-private
transaction will continue to be pursued, approved by our shareholders or successfully consummated. Potential uncertainty involving
the proposed going private transaction may adversely affect our business and the market price of our ADSs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On July 9, 2015, our board of
directors received a non-binding proposal letter from Mr. Jun Lei, the chairman of our board of directors, and Mr. David
Xueling Li, our director and chief executive officer (together, the &ldquo;Buyer Group&rdquo;), proposing a
&ldquo;going-private&rdquo; transaction to acquire all of our outstanding common shares not already beneficially owned by the
Buyer Group for US$68.50 in cash per ADS. The proposed purchase price represents a premium of approximately 17.4% to the
closing trading price of our ADS on July 8, 2015, the last trading day prior to the date of the going-private proposal. Our
board of directors has formed a special committee consisting of three independent and disinterested directors, Mr. Peter
Andrew Schloss, Mr. David Tang and Mr. Peng Tsing Ong, to consider the &ldquo;going-private&rdquo; proposal. There can be no
assurance that the going private transaction will continue to be pursued, approved by sufficient affirmative vote or
consummated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">As of March 31, 2016, the Buyer Group
beneficially owned approximately 34.9% of all our issued and outstanding shares, representing approximately 83.6% of the
aggregate voting power. The going private
transaction, whether or not pursued or consummated, presents a risk of diverting management focus, employee attention and
resources from other strategic opportunities and from operational matters. In addition, if we sign any definitive agreement
with the buyer group, we may be subject to various restrictions under those agreements on the conduct of our business prior
to the completion of the transaction, which may delay or prevent us from undertaking business opportunities that may arise
pending completion of the transaction. Also, any development of the transaction, such as entering into or termination of any
definitive agreement, may increase volatility of the trading price of our ADSs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><B>The trading prices of our
ADSs are likely to be volatile, which could result in substantial losses to investors.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The daily closing trading prices of our
ADSs ranged from US$51.44 to US$80.66 in 2015. The trading price of our ADSs is likely to be volatile and could fluctuate widely
due to factors beyond our control. This may happen because of broad market and industry factors, like the performance and fluctuation
in the market prices or the underperformance or deteriorating financial results of other similarly situated companies in China
that have listed their securities in the United States in recent years. The securities of some of these companies have experienced
significant volatility since their initial public offerings, including, in some cases, substantial price declines in the trading
prices of their securities. The trading performances of these Chinese companies' securities after their offerings, including companies
in internet and social networking businesses, may affect the attitudes of investors toward Chinese companies listed in the United
States, which consequently may impact the trading performance of our ADSs, regardless of our actual operating performance. In addition,
any negative news or perceptions about inadequate corporate governance practices or fraudulent accounting or other practices at
other Chinese companies may also negatively affect the attitudes of investors towards Chinese companies in general, including us,
regardless of whether we have engaged in such practices. Furthermore, securities markets may from time to time experience significant
price and volume fluctuations that are not related to our operating performance, which may have a material adverse effect on the
market price of our ADSs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In addition to market and industry factors,
the price and trading volume for our ADSs may be highly volatile due to specific factors, including the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>variations in our net revenues, earnings and cash flow;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>announcements of new investments, acquisitions, strategic partnerships, or joint ventures;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>announcements of new services and expansions by us or our competitors;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>changes in financial estimates by securities analysts;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>changes in the number of our registered or active users;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>fluctuations in the number of paying users or other operating metrics;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>failure on our part to realize monetization opportunities as expected;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>additions or departures of key personnel;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>release of lock-up or other transfer restrictions on our outstanding equity securities or sales of additional equity securities;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>detrimental negative publicity about us, our competitors or our industry;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>potential litigation or regulatory proceedings or changes: and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">the proposed acquisition of all of our outstanding shares not already
beneficially owned by the Buyer Group in a proposed going private transaction.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Any of these factors may result in large
and sudden changes in the volume and price at which our ADSs will trade.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><B><I>Provisions of our convertible senior
notes could discourage an acquisition of us by a third party.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In March 2014, we issued an aggregate of
US$400 million <FONT STYLE="font-family: Times New Roman, Times, Serif">2.25</FONT>% convertible senior notes due in 2019. Certain
provisions of our convertible senior notes could make it more difficult or more expensive for a third party to acquire us. The
indentures for these convertible notes define a &quot;fundamental change&quot; to include, among other things: (1) any person or
group gaining control of our company; (2) any recapitalization, reclassification or change of our Class A common shares or ADSs
as a result of which these securities would be converted into, or exchanged for, stock, other securities, other property or assets
or any share exchange, consolidation or merger or similar transaction pursuant to which our Class A common shares or ADSs will
be converted into cash, securities or other property; (3) the adoption of any plan relating to the liquidation or dissolution of
our company; (4) our ADSs ceasing to be listed on The New York Stock Exchange, The NASDAQ Global Select Market or The NASDAQ Global
Market; or (5) any change in or amendment to the laws, regulations and rules in China that prohibits us from operating substantially
all of our business operations and prevents us from continuing to derive substantially all of the economic benefits from our business
operations. Upon the occurrence of a fundamental change, holders of these notes will have the right, at their option, to require
us to repurchase all of their notes or any portion of the principal amount of such notes in integral multiples of US$1,000. In
the event of a fundamental change, we may also be required to issue additional ADSs upon conversion of our convertible notes.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">If securities or industry analysts
do not publish research or reports about our business, or if they adversely change their recommendations regarding our ADSs, the
market price for our ADSs and trading volume could decline.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The trading market for our ADSs will be
influenced by research or reports that industry or securities analysts publish about our business. If one or more analysts who
cover us downgrade our ADSs, the market price for our ADSs would likely decline. If one or more of these analysts cease to cover
us or fail to regularly publish reports on us, we could lose visibility in the financial markets, which, in turn, could cause the
market price or trading volume for our ADSs to decline.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">The sale or availability for sale,
or perceived sale or availability for sale, of substantial amounts of our ADSs could adversely affect their market price.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Sales of substantial amounts of our ADSs
in the public market, or the perception that these sales could occur, could adversely affect the market price of our ADSs and could
materially impair our ability to raise capital through equity offerings in the future. Our ADSs are freely tradable by persons
other than our affiliates without restriction or further registration under the Securities Act of 1933, as amended, or the Securities
Act, and shares held by our existing shareholders may also be sold in the public market in the future subject to the restrictions
in Rule&nbsp;144 and Rule&nbsp;701 under the Securities Act. In addition, common shares subject to our outstanding share-based
awards, including options, restricted shares and restricted share units, are eligible for sale in the public market to the extent
permitted by the provisions of various vesting agreements, Rules&nbsp;144 and 701 under the Securities Act. We may also issue additional
options in the future which may be exercised for additional common shares and additional restricted shares and restricted share
units which may vest. As of March 31, 2016, we had 1,098,859,244 common shares outstanding. We cannot predict what effect, if any,
market sales of securities held by our significant shareholders or any other shareholder or the availability of these securities
for future sale will have on the market price of our ADSs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">We may be classified as a passive
foreign investment company, or PFIC, for United States federal income tax purposes, which could subject United States holder
of our ADSs or common shares to significant adverse United States income tax consequences.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We will be classified as a &quot;passive
foreign investment company,&quot; or &quot;PFIC&quot; for United States federal income tax purposes for any taxable year, if either
(a)&nbsp;75% or more of our gross income for such year consists of certain types of &quot;passive&quot; income or (b)&nbsp;50%
or more of the average quarterly value of our assets (as determined on the basis of fair market value) during such year produce
or are held for the production of passive income. Although the law in this regard is unclear, we treat Guangzhou Huaduo, Beijing
Tuda and Bilin Online as being owned by us for United States federal income tax purposes, not only because we exercise effective
control over the operation of such entities but also because we are entitled to substantially all of their economic benefits, and,
as a result, we consolidate their operating results in our consolidated financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Assuming that we are treated as owning
Guangzhou Huaduo, Beijing Tuda and Bilin Online for United States federal income tax purposes, we do not believe
that we were a PFIC for United States federal income tax purposes for the taxable year ended December&nbsp;31, 2015, and do
not anticipate becoming a PFIC in future taxable years. However, because PFIC status is a factual determination made annually after the close of each taxable year on the basis
of the composition of our income and assets, there can be no assurance that we will not be a PFIC for the current taxable
year or any future taxable year. The value of our
assets for purposes of the PFIC test will generally be determined by reference to the market price of our ADSs. Accordingly,
fluctuations in the market price of our ADSs may cause us to become a PFIC for the current taxable year or future taxable
years. The determination of whether we will be or become a PFIC will also be affected by how, and how quickly, we use our
liquid assets. Under circumstances where we determine not to deploy significant amounts of cash for active purposes our risk
of being classified as a PFIC may substantially increase. It is also possible that the Internal Revenue Service may challenge
our classification or valuation of our goodwill and other unbooked intangibles, which may result in our company being or,
becoming classified as, a PFIC for the current or future taxable years. The determination of whether we will be or become a
PFIC will also depend, in part, upon the nature of our income and assets over time, which are subject to change from year to
year. There can be no assurance our business plans will not change in a manner that will affect our PFIC status.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If we are classified as a PFIC in any
taxable year, a U.S.&nbsp;holder (as defined in &quot;Item&nbsp;10. Additional Information&mdash;E. Taxation&mdash;United
States Federal Income Tax Considerations&quot;) may incur significantly increased United States income tax on gain recognized
on the sale or other disposition of the ADSs or common shares and on the receipt of distributions on the ADSs or common
shares to the extent such gain or distribution is treated as an &quot;excess distribution&quot; under the United States
federal income tax rules. Further, if we are classified as a PFIC for any year during which a U.S.&nbsp;holder holds our ADSs
or common shares, we generally will continue to be treated as a PFIC for all succeeding years during which such
U.S.&nbsp;holder holds our ADSs or common shares. Alternatively, U.S. holders of PFIC shares can sometimes avoid the rules
described above by making certain elections, including a &quot;mark-to-market&quot; election or electing to treat a PFIC as a
&quot;qualified electing fund.&quot; However, U.S. holders will not be able to make an election to treat us as a
&quot;qualified electing fund&quot; because, even if we were to be or become a PFIC, we do not intend to comply with the
requirements necessary to permit U.S. holders to make such election. Each U.S.&nbsp;holder is urged to consult its tax
advisor concerning the United States federal income tax considerations relating to the ownership and disposition of our ADSs
or common shares if we are treated as a PFIC for our current taxable year ending December 31, 2016 or any future taxable
year (including the possibility of making a &quot;mark-to-market&quot; election and the unavailability of an election to
treat us as a qualified electing fund). For more information see &quot;Item&nbsp;10. Additional Information&mdash;E.
Taxation&mdash; United States Federal Income Tax Considerations&mdash;Passive Foreign Investment Company Rules.&quot;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Our dual class common share structure
with different voting rights will limit your ability to influence corporate matters and could discourage others from pursuing any
change of control transactions that holders of our Class&nbsp;A common shares and ADSs may view as beneficial.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our common shares are divided into Class&nbsp;A
common shares and Class&nbsp;B common shares. Holders of Class&nbsp;A common shares are entitled to one vote per share, while holders
of Class&nbsp;B common shares are entitled to ten votes per share, voting together as one class on all matters requiring a shareholders'
vote. Each Class&nbsp;B common share is convertible into one Class&nbsp;A common share at any time by the holder thereof. Class&nbsp;A
common shares are not convertible into Class&nbsp;B common shares under any circumstances. Upon any transfer of Class&nbsp;B common
shares by a holder thereof to any person or entity that is not an affiliate of such holder, such Class&nbsp;B common shares will
be automatically and immediately converted into an equal number of Class&nbsp;A common shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Due to the disparate voting powers attached
to these two classes of common shares, as of March 31, 2016, our management group, including Messrs.&nbsp;David Xueling Li, Jun
Lei and Rongjie Dong and their respective affiliates, beneficially own an aggregate of 35.8% of our outstanding shares representing
84.1% of the total voting power and have considerable influence over all matters requiring a shareholders' vote, including election
of directors and significant corporate transactions, such as a merger or sale of our company or our assets. This concentrated control
will limit your ability to influence corporate matters and could discourage others from pursuing any potential merger, takeover
or other change of control transactions that holders of Class&nbsp;A common shares and ADSs may view as beneficial.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Our articles of association contain
anti-takeover provisions that could have a material adverse effect on the rights of holders of our common shares and ADSs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our articles of association contain provisions
to limit the ability of others to acquire control of our company or cause us to engage in change-of-control transactions. These
provisions could have the effect of depriving our shareholders of an opportunity to sell their shares at a premium over prevailing
market prices by discouraging third parties from seeking to obtain control of our company in a tender offer or similar transaction.
For example, our board of directors has the authority, without further action by our shareholders, to issue preferred shares in
one or more series and to fix their designations, powers, preferences, privileges, and relative participating, optional or special
rights and the qualifications, limitations or restrictions, including dividend rights, conversion rights, voting rights, terms
of redemption and liquidation preferences, any or all of which may be greater than the rights associated with our common shares,
in the form of ADSs or otherwise. Preferred shares could be issued quickly with terms calculated to delay or prevent a change in
control of our company or make removal of management more difficult. If our board of directors decides to issue preferred shares,
the price of our ADSs may fall and the voting and other rights of the holders of our common shares and ADSs may be materially and
adversely affected.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">You may face difficulties in protecting
your interests, and your ability to protect your rights through U.S.&nbsp;courts may be limited, because we are incorporated under
Cayman Islands law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We are a company limited by shares incorporated
under the laws of the Cayman Islands. Our corporate affairs are governed by our amended and restated memorandum and articles of
association, the Companies Law, Cap. 22 (Law 3 of 1961, as consolidated and revised) of the Cayman Islands and the common law of
the Cayman Islands. The rights of shareholders to take action against the directors, actions by minority shareholders and the fiduciary
responsibilities of our directors to us under Cayman Islands law are to a large extent governed by the common law of the Cayman
Islands. The common law of the Cayman Islands is derived in part from comparatively limited judicial precedent in the Cayman Islands
as well as from the common law of England, the decisions of whose courts are of persuasive authority, but are not binding, on a
court in the Cayman Islands. The rights of our shareholders and the fiduciary responsibilities of our directors under Cayman Islands
law are not as clearly established as they would be under statutes or judicial precedent in some jurisdictions in the United States.
In particular, the Cayman Islands has a less developed body of securities laws than the United States. Some U.S. states, such as
Delaware, have more fully developed and judicially interpreted bodies of corporate law than the Cayman Islands. In addition, shareholders
of a Cayman Islands company may not have standing to initiate a shareholder derivative action in a federal court of the United
States.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Unlike many jurisdictions in the United
States, Cayman Islands law does not generally provide for shareholder appraisal rights on an approved arrangement and reconstruction
of a company. This may make it more difficult for you to assess the value of any consideration you may receive in a merger or consolidation
or to require that the offeror give you additional consideration if you believe the consideration offered is insufficient. Moreover,
holders of our ADSs are not entitled to appraisal rights under Cayman Islands law. ADS holders that wish to exercise their appraisal
or dissentient rights must convert their ADSs into our Class&nbsp;A common shares by surrendering their ADSs to the depositary
and paying the ADS depositary fee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Shareholders of Cayman Islands exempted
companies like us have no general rights under Cayman Islands law to inspect corporate records or to obtain copies of lists of
shareholders of these companies. Our directors have discretion under our existing articles of association to determine whether
or not, and under what conditions, our corporate records may be inspected by our shareholders, but are not obliged to make them
available to our shareholders. This may make it more difficult for you to obtain the information needed to establish any facts
necessary for a shareholder motion or to solicit proxies from other shareholders in connection with a proxy contest.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">As a result of all of the above, public
shareholders may have more difficulty in protecting their interests in the face of actions taken by management, members of the
board of directors or controlling shareholders than they would as public shareholders of a company incorporated in the United States.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Judgments obtained against us
by our shareholders may not be enforceable in our home jurisdiction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We are a Cayman Islands company and all
of our assets are located outside of the United States. Substantially all of our current operations are conducted in China. In
addition, a significant majority of our current directors and officers are nationals and residents of countries other than the
United States and substantially all of their assets are located outside the United States. As a result, it may be difficult or
impossible for you to bring an action against us or against these individuals in the United States in the event that you believe
that your rights have been infringed under the United States federal securities laws or otherwise. Even if you are successful in
bringing an action of this kind, the laws of the Cayman Islands and of China may render you unable to enforce a judgment against
our assets or the assets of our directors and officers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">There are uncertainties as to whether Cayman
Islands courts would:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>recognize or enforce against us judgments of courts of the United States based on certain civil liability provisions of U.S.
securities laws; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>impose liabilities against us, in original actions brought in the Cayman Islands, based on certain civil liability provisions
of U.S. securities laws that are penal in nature.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">There is no statutory recognition in the
Cayman Islands of judgments obtained in the United States, although the courts of the Cayman Islands will in certain circumstances
recognize and enforce a non-penal judgment of a foreign court of competent jurisdiction without retrial on the merits.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">The voting rights of holders of
ADSs are limited by the terms of the deposit agreement, and you may not be able to exercise your right to vote your Class&nbsp;A
common shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">As a holder of our ADSs, you will only be
able to exercise the voting rights with respect to the underlying Class&nbsp;A common shares in accordance with the provisions
of the deposit agreement. Under the deposit agreement, you must vote by giving voting instructions to the depositary. Upon receipt
of your voting instructions, the depositary will vote the underlying Class&nbsp;A common shares in accordance with these instructions.
You will not be able to directly exercise your right to vote with respect to the underlying shares unless you withdraw the shares
from the depositary. Under our second amended and restated memorandum and articles of association, the minimum notice period required
for convening a general meeting is at least ten clear days. When a general meeting is convened, you may not receive sufficient
advance notice to withdraw the shares underlying your ADSs to allow you to vote with respect to any specific matter. If we ask
for your instructions, the depositary will notify you of the upcoming vote and will arrange to deliver our voting materials to
you. We cannot assure you that you will receive the voting materials in time to ensure that you can instruct the depositary to
vote your shares. In addition, the depositary and its agents are not responsible for failing to carry out voting instructions or
for their manner of carrying out your voting instructions. This means that you may not be able to exercise your right to vote and
you may have no legal remedy if the shares underlying your ADSs are not voted as you requested.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">The depositary for our ADSs will
give us a discretionary proxy to vote our Class&nbsp;A common shares underlying your ADSs if you do not vote at shareholders' meetings,
except in limited circumstances, which could adversely affect your interests.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Under the deposit agreement for the ADSs,
if you do not vote, the depositary will give us a discretionary proxy to vote our Class&nbsp;A common shares underlying your ADSs
at shareholders' meetings unless:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>we have failed to timely provide the depositary with notice of meeting and related voting materials;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>we have instructed the depositary that we do not wish a discretionary proxy to be given;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>we have informed the depositary that there is substantial opposition as to a matter to be voted on at the meeting;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>a matter to be voted on at the meeting would have a material adverse impact on shareholders; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the voting at the meeting is to be made on a show of hands.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The effect of this discretionary proxy is
that if you do not vote at shareholders' meetings, you cannot prevent our Class&nbsp;A common shares underlying your ADSs from
being voted, except under the circumstances described above. This may make it more difficult for shareholders to influence the
management of our company. Holders of our common shares are not subject to this discretionary proxy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">You may not receive dividends
or other distributions on our common shares and you may not receive any value for them, if it is illegal or impractical to make
them available to you.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The depositary of our ADSs has agreed to
pay to you the cash dividends or other distributions it or the custodian receives on Class&nbsp;A common shares or other deposited
securities underlying our ADSs, after deducting its fees and expenses. You will receive these distributions in proportion to the
number of Class&nbsp;A common shares your ADSs represent. However, the depositary is not responsible if it decides that it is unlawful
or impractical to make a distribution available to any holders of ADSs. For example, it would be unlawful to make a distribution
to a holder of ADSs if it consists of securities that require registration under the Securities Act but that are not properly registered
or distributed under an applicable exemption from registration. The depositary may also determine that it is not feasible to distribute
certain property through the mail. Additionally, the value of certain distributions may be less than the cost of mailing them.
In these cases, the depositary may determine not to distribute such property. We have no obligation to register under U.S. securities
laws any ADSs, common shares, rights or other securities received through such distributions. We also have no obligation to take
any other action to permit the distribution of ADSs, common shares, rights or anything else to holders of ADSs. This means that
you may not receive distributions we make on our common shares or any value for them if it is illegal or impractical for us to
make them available to you. These restrictions may cause a material decline in the value of our ADSs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">You may be subject to limitations
on transfer of your ADSs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Your ADSs are transferable on the books
of the depositary. However, the depositary may close its books at any time or from time to time when it deems expedient in connection
with the performance of its duties. The depositary may close its books from time to time for a number of reasons, including in
connection with corporate events such as a rights offering, during which time the depositary needs to maintain an exact number
of ADS holders on its books for a specified period. The depositary may also close its books in emergencies, and on weekends and
public holidays. The depositary may refuse to deliver, transfer or register transfers of our ADSs generally when our share register
or the books of the depositary are closed, or at any time if we or the depositary thinks that it is advisable to do so because
of any requirement of law or of any government or governmental body, or under any provision of the deposit agreement, or for any
other reason in accordance with the terms of the deposit agreement. As a result, you may be unable to transfer your ADSs when you
wish to.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.75in; text-align: left">ITEM 4.</TD><TD STYLE="text-align: justify"><A NAME="a_007"></A>INFORMATION ON THE COMPANY</TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.75in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>A. History and Development of the Company</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We commenced operations in April 2005 with
the establishment of Guangzhou Huaduo in China. Guangzhou Huaduo later became one of our PRC consolidated affiliated entities through
the contractual arrangements described below.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We established Dokhi Investments Limited
in the British Virgin Islands, or BVI, in July 2006 and changed its name to Duowan Limited in September 2006. In August 2006, we
established Double Top Limited, which is wholly owned by Dokhi Investments Limited, in Hong Kong and changed its name to Duowan
(Hong Kong) Limited in September 2006. In April 2007, we established Guangzhou Duowan Information Technology Co., Ltd., or Guangzhou
Duowan, which was wholly owned by Duowan (Hong Kong) Limited. Guangzhou Duowan entered into a series of contractual arrangements
with Guangzhou Huaduo and its shareholders, which were subsequently amended solely to reflect updated shareholder equity interests
in Guangzhou Huaduo, through which Guangzhou Duowan exercised effective control over the operations of Guangzhou Huaduo.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In November 2007, we established Duowan
Entertainment Corporation, or Duowan BVI, in the BVI. In March 2008, we established Huanju Shidai Technology (Beijing) Co., Ltd., formerly
known as Duowan Entertainment Information Technology (Beijing) Co., Ltd., or Beijing Huanju Shidai, which is wholly owned by Duowan
BVI. Beijing Huanju Shidai purchased all the equity interests in Guangzhou Duowan from Duowan (Hong Kong) Limited in August 2008,
and entered into a series of contractual arrangements with Guangzhou Huaduo and its shareholders through which Beijing Huanju Shidai
exercises effective control over the operations of Guangzhou Huaduo. Duowan (Hong Kong) Limited was deregistered as a company and
ceased to operate in May 2010.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In December 2008, Duowan BVI entered into
an agreement with Morningside Technology Investments Limited and two individuals, through which Duowan BVI purchased all the equity
interests in NeoTasks&nbsp;Inc. from Morningside Technology Investments Limited.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In March 2009, Beijing Huanju Shidai entered
into an agreement with NeoTasks New Age International Media Technology (Beijing) Co., Ltd., or NeoTasks Beijing, through which
NeoTasks Beijing was merged into Beijing Huanju Shidai. After the merger and additional capital contribution, Beijing Huanju Shidai
became 96.5% held by Duowan BVI, and 3.5% held by NeoTasks Limited (formerly known as Enlight Online Entertainment Limited), a
Hong Kong company, which in turn was the shareholder of NeoTasks Beijing before the merger. NeoTasks Limited is 100% owned by NeoTasks&nbsp;Inc.,
a Cayman Islands company. In August 2009, Guangzhou Duowan was renamed Zhuhai Duowan Information Technology Co., Ltd.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In December 2009, Beijing Huanju Shidai
entered into a series of contractual agreements with Beijing Tuda and its shareholders, which were subsequently amended solely
to reflect updated shareholder equity interests in Beijing Tuda, through which agreements Beijing Huanju Shidai exercises effective
control over the operations of Beijing Tuda.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In December 2010, we established Guangzhou
Huanju Shidai, formerly known as Zhuhai Duowan Technology Co., Ltd., which is 100% directly owned by Duowan BVI.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our current holding company, YY Inc., was
incorporated in July 2011 as a limited liability company in the Cayman Islands. The corporate affairs of YY Inc. are governed by
the memorandum and articles of association, the Companies Law, Cap. 22 (Law 3 of 1961, as consolidated and revised) of the Cayman
Islands and the common law of the Cayman Islands. Through a share exchange on September 6, 2011, the shareholders of Duowan BVI
exchanged all of their outstanding common and preferred shares in Duowan BVI for common and preferred shares of YY Inc. on a pro
rata basis. No additional consideration was paid in connection with the share exchange. As a result, Duowan BVI became a wholly
owned subsidiary of YY Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In October 2013, we established Guangzhou
Juhui Information Technology Co., Ltd., which is 100% directly owned by Guangzhou Huaduo.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In November 2013, we established Zhuhai
Huanju Shidai, which is 100% directly owned by NeoTasks Limited.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In April 2014, we established Guangzhou
Huanju Media Co., Ltd., which is 100% directly owned by Guangzhou Huaduo.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In September of 2014, Guangzhou Huaduo acquired
100% of the equity interests in Guangzhou Zhuque Information Technology Co., Ltd., which engages in online game development.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In the fourth quarter of 2014, Guangzhou
Huaduo acquired 100% of the equity interests in Beijing Huanqiu Xingxue Technology Development Co., Ltd, or Beijing Xingxue, and
Beijing Huanqiu Chuangzhi Software Co., Ltd., which operate the online education website Edu24oL.com, an online vocational training
and language training platform. In addition, we acquired 100% of the equity interests in Zhengrenqiang and His Partners Education
Technology (Beijing) Co., Ltd., which was later renamed 100-Online Education Technology (Beijing) Co., Ltd., a company specializing
in providing preparation courses for the International English Language Testing System, or IELTS, which is an English language
proficiency test, and Beijing Dubooker Culture Communication Co., Ltd., a language education publisher.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In the first quarter of 2015, Guangzhou
Huaduo acquired 70% of the equity interests in Shanghai Beifu Culture Communication Co., Ltd., or Shanghai Beifu, which principally
engages in providing e-commerce platform to professional game teams and commentators. Shanghai Beifu established two wholly-owned
subsidiaries, Shanghai Lanyu Trading Co., Ltd. and Shanghai Fulan Electronic Technology Co., Ltd., in August 2015, to expand and
assist the e-commerce business of Shanghai Beifu.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In the first quarter of 2015, Duowan BVI
established and became a limited partner holding 93.5% equity interests of, Engage Capital Partners I, L.P., which is a private
equity fund registered in the Cayman Islands. In June 2015, as a limited partner holding 93.5% equity interests, Guangzhou Huaduo
established Shanghai Yilian Equity Investment Partnership (Limited Partnership), a private equity fund registered in China.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In May 2015, we established Zhuhai Huanju
Interactive Entertainment Technology Co., Ltd., which is 100% directly owned by Guangzhou Huaduo.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In July 2015, we established Guangzhou Huanju
Electronic Commerce Co., Ltd., which aims to engage in e-commerce business as a wholly owned subsidiary of Guangzhou Huaduo.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In August 2015, Duowan BVI acquired 55.05%
of the equity interests in BiLin Information Technology Co., Ltd., or BiLin Cayman, a company incorporated in the Cayman Islands
that develops and operates instant voice chatting applications for mobile devices. BiLin Cayman is the sole shareholder of BiLin
Information Technology Co., Limited, which is in turn the sole shareholder of Beijing Bilin Changxiang Information Technology Co.,
Ltd., or Bilin Changxiang. Bilin Changxiang entered into a series of contractual arrangements with Beijing Bilin Online Information
Technology Co., Ltd., or Bilin Online, and its shareholders, through which Bilin Changxiang exercises effective control over the
operations of Bilin Online.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Through a series of share transfer transactions
in the third quarter of 2015, Beijing Xingxue acquired 100% of the equity interests in Beijing Yunke Online Technology Development
Co., Ltd., a company in the online education industry.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Zhuhai Huanju Shidai ceased to operate in
2015 and was deregistered as a company in March 2016.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We currently own the domain names of YY.com,
Duowan.com, 100.com, Huya.com, Edu24ol.com and Zhiniu8.com. Our YY platform, including YY.com, is jointly operated by personnel
from Guangzhou Huaduo and Zhuhai Duowan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">YY&nbsp;Inc. completed an initial public
offering of 7,800,000 ADSs, representing 156,000,000 Class&nbsp;A common shares, in November 2012. On November&nbsp;21, 2012, our
ADSs were listed on The NASDAQ Stock Market under the symbol &quot;YY.&quot; In December 2012, in connection with the initial public
offering, we also completed the over-allotment offering of an additional 1,170,000 ADSs, representing 23,400,000 Class&nbsp;A common
shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In March 2014, we issued an aggregate of
US$400 million 2.25% convertible senior notes due in 2019. Proceeds from the sale of the notes are expected to be used for general
corporate purposes, including working capital needs and potential acquisitions of complementary businesses. The notes were offered
to qualified institutional buyers pursuant to Rule 144A under the Securities Act and certain non-U.S. persons in compliance with
Regulation S under the Securities Act. The notes will be convertible into our ADSs based on an initial conversion rate of 9.0334
of our ADSs per $1,000 principal amount of notes (which is equivalent to an initial conversion price of approximately US$110.7
per ADS and represents an approximately 35% conversion premium over the closing trading price of our ADSs on March 18, 2014, which
was US$82.00 per ADS). The conversion rate is subject to adjustment upon the occurrence of certain events. The notes bear interest
at a rate of 2.25% per year, payable semiannually in arrears on April 1 and October 1 of each year, beginning on October 1, 2014.
The notes will mature on April 1, 2019, unless earlier converted, redeemed for certain tax-related events or repurchased in accordance
with their terms.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On May 4, 2014 and March 5, 2015,
respectively, our board of directors approved two share repurchase programs, or the Share Repurchase Programs, pursuant to
which we may repurchase from time to time at management&rsquo;s discretion, at prevailing market prices in the open market in
accordance with Rule 10b-18 under the Securities Exchange Act of 1934, up to US$100 million for each share repurchase program
in total of the our outstanding ADSs for a period not exceeding twelve (12) months from the date of approval by board
of directors. For the year ended December 31, 2015, we had repurchased under the Share Repurchase Program an aggregate of
3.1 million ADSs, representing 61.9 million Class A common shares at an average price of US$54.8 per ADS, or US$2.7 per Class
A common share, for aggregate consideration of US$169.5 million.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On July 9, 2015, our board of
directors received a non-binding proposal letter from Mr. Jun Lei, the chairman of our board of directors, and Mr. David
Xueling Li, our director and chief executive officer (together, the &ldquo;Buyer Group&rdquo;), proposing a
&ldquo;going-private&rdquo; transaction to acquire all of our outstanding common shares not already beneficially owned by the
Buyer Group for US$68.50 in cash per ADS. The proposed purchase price represents a premium of approximately 17.4% to the
closing trading price of our ADS on July 8, 2015, the last trading day prior to the date of the going-private proposal. Our
board of directors has formed a special committee consisting of three independent and disinterested directors, Mr. Peter
Andrew Schloss, Mr. David Tang and Mr. Peng Tsing Ong, to consider the &ldquo;going-private&rdquo; proposal.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In late November 2015, our principal executive
offices moved to our previously purchased offices located at Building B-1, North Block of Wanda Plaza, No. 79 Wanbo Er Road, Nancun
Town, Panyu District, Guangzhou 511442, the People's Republic of China. Our telephone number at this address is +(86 20)&nbsp;8212
0000. Our registered office in the Cayman Islands is located at Codan Trust Company (Cayman) Limited of Cricket Square, Hutchins
Drive, P.O.&nbsp;Box&nbsp;2681, Grand Cayman, KYI-1111, Cayman Islands. Our agent for service of process in the United States is
Law Debenture Corporate Services&nbsp;Inc., 400 Madison Avenue, 4th&nbsp;Floor, New York, New York 10017.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">See &quot;Item&nbsp;5. Operating and Financial
Review and Prospects&mdash;B. Liquidity and Capital Resources&mdash;Capital Expenditures&quot; for a discussion of our capital
expenditures and divestitures.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>B. Business Overview </U></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Overview</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">YY is a revolutionary interactive social
platform that engages users in real-time online group activities through voice, video and text on PCs and mobile devices. YY also
empowers users to create and organize groups of varying sizes to discover and participate in a wide range of online activities,
including music shows, online games, dating shows, live game broadcasting and e-learning. With a capacity to support over one million
participants concurrently, YY offers users a more immersive, enriching and engaging entertainment experience through its large
social community. YY attracted 140.7 million average monthly active users in the three months ended December 2015.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Founded as an online game web portal in
2005, our company has transformed into a multifaceted social platform in the past decade. In July 2008, YY launched its core product
YY Client, a PC-based free software that allows users to create individual channels for any online live social gathering that covers
a broad range of interests and topics. To increase the accessibility and usage of YY Client, we introduced a mobile application,
Mobile YY, in September 2010 and a browser-based version of our services in October 2012. To accelerate the monetization of our
mobile platform, we introduced virtual item purchase functions on Mobile YY in October 2013. In February 2014, we expanded our
original education business by launching a dedicated education platform, 100&nbsp;Education. In the fourth quarter of 2014, we
acquired two education businesses, respectively focusing on online professional training and English language test preparation,
to further expand our educational services offerings. Since the beginning of 2015, we have been operating our live game broadcasting
business under a stand-alone brand, Huya, which includes Huya.com and its corresponding mobile application Huya Live. In August
2015, we launched a new brand, Zhiniu, with its own domain name Zhiniu8.com and mobile application Zhiniu Finance, for the finance
channel of our platform. In February 2016, we released our mobile broadcasting application, ME Live, which allows users to perform
and make broadcasts with a single mobile device. We also operate Duowan.com, a leading game media website in China that provides
access to and interactive resources for online games.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our operations rely on proprietary technology
and industry know-how. YY is supported by our highly scalable infrastructure throughout China and our proprietary algorithms enabling
low latency, low jitter and low loss rates in delivering voice and video data.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">While the basic use of our platform is currently
free, we monetize our user base through IVAS and online advertising. Currently, we primarily generate IVAS revenues through sales
of virtual items for online music and entertainment, online dating and live game broadcasting, and game token for online games.
We also generate IVAS revenues through our membership program whereby users pay a fixed fee to enjoy certain privileges and regular
bonus packages. We primarily generate online advertising revenues from sales of various forms of advertising on Duowan.com and
YY Client. We believe that we will be able to capitalize on the large and highly engaged user base of our platform by exploring
additional monetization opportunities and diversifying our revenue sources.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our total net revenues were RMB1,823.5&nbsp;million,
RMB3,678.4&nbsp;million and RMB5,897.2 million (US$910.4 million) in 2013, 2014 and 2015 respectively. We had a net income of
RMB477.7&nbsp;million, RMB1,064.5 million and RMB998.3 million (US$154.1 million) in 2013, 2014 and 2015 respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">The YY Platform</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our YY platform integrates YY Client, web-based
YY, and related mobile applications. Our users can access contents on the YY platform by using any of the aforementioned products.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">YY Client</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our core product, YY Client, enables users
to engage in live interactions online, and we continue to develop and upgrade it to address evolving user needs. YY Client provides
access to user-created online social activities groups, which we refer to as channels. YY Client is compatible with most internet-enabled
systems, including PCs and mobile interfaces. YY Client is available to download for free from YY.com, Duowan.com and other internet
software download centers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The first version of YY Client, launched
in July 2008, had voice-enabled features that allowed online game players to communicate with large groups of fellow gamers on
a real-time basis. Game players typically organize various guilds for players to discuss gaming strategies and communicate with
each other in a team setting. Such online guilds, which can consist of up to thousands of players, built their own channels on
YY Client to communicate with fellow guild members in real time when playing games online. Gradually, we further developed and
tailored YY Client in response to the market need for a platform enabling large groups to gather, meet and socialize in real time
online, and turned it into the rich communication social platform that it is today. We introduced live video-enabled channels beginning
in late 2011 and have since applied video features to all our channels.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">All of the basic social interface features
enabled by our YY Client, such as the ability to engage in multi-party voice- and video-enabled communications, are currently available
to our users free of charge. In addition, some IVAS are free to users up to a certain threshold. We currently earn revenues from
YY Client through sales of IVAS paid through online third party payment systems.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">Game Center on YY Client</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The game center on YY Client currently primarily
consists of a game lobby and VIP game access. The game lobby enables users to access various online games without downloading any
additional client software. The VIP game access provide our users with access to new games being developed or tested by third party
game developers, and afford game developers an opportunity to promote their games among our users as well as solicit user feedback
on new games.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We conduct market research regarding trends
and demand for online games and various types of in-game virtual items, and often work with third party game developers to develop
and offer a wide range of in-game virtual items. We intend to continue to source popular online games to users on YY Client.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Web-based YY</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We extended our platform to web browsers
in October 2012. Web-based YY enables users to conduct real-time interactions through web browsers without requiring any downloads
or installations. Web-based YY optimizes YY technology for the web, transcending the limitations of operational systems and enabling
real-time communications on the web by simply clicking on a link. To date, users can visit YY.com, Huya.com and Zhiniu8.com to
browse and watch various categories of live broadcasts and other contents on the YY platform.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Mobile Applications</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We develop mobile applications to capture
a greater share of the growing number of users that access live online social platforms, internet communications and other internet
services through mobile operating systems. While we continue to develop and upgrade our platform, a key focus of our research and
development is on Mobile YY, our first and main mobile application that primarily provides users access to our music and entertainment
content. To accelerate monetization of our mobile platform, we introduced virtual item purchase functions to Mobile YY in October
2013.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">To better accommodate the increasing demands
of our users to access more content on our platform, we developed a number of mobile applications, each of which dedicates to a
specific type of content. For instance, we launched YY broadcasting application, which was rebranded to Huya, for live game broadcasting
in 2014, Xunhuan application for online dating in January 2015, Zhiniu Finance application for finance in November 2015. Users
can access the YY platform through all these mobile applications, and retrieve contents most suitable to individual preferences
and interests. We will continue to focus on developing enhanced features for our mobile applications going forward.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Contents on the YY Platform</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Channels on the YY Platform</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">By using any of the YY Client, web-based
YY or related mobile applications, users can create individual channels for any live social gathering covering a broad range of
interests and topics. YY platform enables users to create channels to cover new topics and interests, gain a fast growing audience
base and emerge as the popular channels.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Currently, the most popular channel topics
include the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><B><I>Music and Entertainment.</I></B>&nbsp;&nbsp;Users gather on YY channels to participate in a range of music and entertainment
activities, such as singing, dancing and talk shows. Beginning in March 2011, we started offering various virtual items for sale
in our online music and entertainment channels. We have expanded our virtual item offerings, and in turn, revenues, from online
music and entertainment. Currently, music and entertainment is the largest contributor to our total revenues. In early 2015, we
introduced i-Fun, a new mode of music and entertainment activity in which we invite popular celebrities to sing, chat and play
party games with both scene audience and online fans in a real-time manner.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><B><I>Games.</I></B>&nbsp;&nbsp;YY channels are a popular live online communication tool for several major types of online
games, such as massive multiplayer online games, first person shooter games and real-time strategy games. Game players gather on
YY channels for in-game real-time exchanges and to share game-playing tips, discuss strategies, game walk-throughs and guides,
and organize guild-related social events.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><B><I>Dating. </I></B>Users host and participate dating shows on a virtual stage through live video and audio communication,
during which the participants and the audience can purchase and give virtual gifts to the host or other participants. The format
of our online dating is based on a popular dating TV show in China. Launched in November 2013, it has already become the third
largest contributor to our revenues in 2014.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><B><I>Game Broadcasting. </I></B>Users livestream playthroughs of online games in a casual environment or during competitions.
Professional game teams and commentators often attract more viewers, who may show support and appreciation by purchasing and giving
virtual items to the commentators.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><B><I>Education.</I></B>&nbsp;&nbsp;Our users host and participate in live lectures or personal tutoring sessions on a range
of subjects using a wide variety of teaching tools we provide, including video, PowerPoint, white board, screen shots and Q&amp;A
sessions. The most popular subjects include foreign language education, professional certificate training, such as construction
engineering, finance and accounting, and medical training.</TD></TR></TABLE>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><B><I>Finance.</I></B>&nbsp;&nbsp;Users interested in finance and investment can interact with other users, including financial
experts on YY channels. YY channels allow users to discuss investment-related topics, including stock market trends and investment
basics.</TD></TR></TABLE>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Organization and Management of Channels</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">To help our users navigate and explore the
channels on YY platform, we created online catalogs grouped by topics and common interests for users to browse. Within each group,
the channels are then ranked by popularity. These online catalogs are also searchable by keywords, which makes it easier for users
looking to explore social groups beyond their usual channels to find and join other channels that touch upon different interest
areas.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Each YY channel is set up by one user, who
becomes the channel's owner. We provide management tools to each channel owner to tailor such channel to his or her own specific
interests, establish housekeeping rules, manage hierarchies and manage daily operations of the channel. Channel owners are usually
engaged in the active promotion of their channels, often recruiting like-minded users to help manage, monitor and maintain order
within their channels.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We work closely with channel owners and
managers by considering and implementing some of their suggestions and feedback and providing them with the tools they require
to manage and promote their channels. We also monitor channels for levels of user activity and periodically shut down inactive
ones.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Online Portals</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Duowan.com is a dedicated game media website
that provides comprehensive information on online games and other resources for users and online game players. Duowan.com provides
comprehensive gaming resources such as updated news and announcements of gaming events and the launch or release of new games,
and hosts a text-based discussion forum in which users can discuss their game-playing strategies and interact socially through
postings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Branding and Marketing</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Branding Strategy</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We consider the branding of our products
and services a crucial task. We use YY as the general brand for our company and for our core product. At the same time, we also
set up stand-alone brands for those products and services which have good potential in their vertical area. Each of our stand-alone
brands, such as Huya, 100 Education and Zhiniu, has its dedicated branding team to promote the brand in a way most suitable to
the related business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Marketing Activities</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Historically, we have incurred minimal marketing
expenses for our platform and have built a large community of users primarily through viral marketing, with word of mouth referrals
and repeat user visits ultimately driven by user experience. Nowadays, we employ a variety of marketing activities to further promote
our platform, including advertising on news and social network media, search engines and web portals, cooperating with application
distributors and hardware manufacturers, as well as participating and sponsoring offline exhibitions and industry summits.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Seasonality</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our results of operations of various products
and services are subject to seasonal fluctuations. However, seasonal fluctuations have not posed material operational and financial
challenges to us, as such periods tend to be brief and predictable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Competition</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We face competition in several major aspects
of our business, particularly from companies that provide online social networking, internet communication and online games. We
also compete for online advertising revenues with other internet companies that sell online advertising services in China.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>Social connectivity and communications.</I></B>&#9;In
relation to voice-enabled communication tools, there are several internet voice communication service providers in China, including
iSpeak, Tencent's QQtalk and NetEase&rsquo;s CC. We also face potential competition from global social networking service providers
that seek to enter the China market, whether independently or through the formation of alliances with, or acquisition of, PRC domestic
internet companies. We compete with other internet companies that provide real-time voice and video services to Chinese internet
users, as well.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>Online music and entertainment</I></B>.&#9;We
compete with several domestic companies in the online music and entertainment market, including 9158.com, 6.cn and Changba.com.
Additionally, a number of Chinese internet companies have recently entered or announced their intention to enter into the music
and entertainment market, such as NetEase&rsquo;s BoBo, Tencent&rsquo;s Qxiu, Youku&rsquo;s Laifeng, Yingke (Ingkee), and Baidu.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>Live game broadcasting.</I></B>&#9;
Game broadcasting is a relatively new market. We were one of the first platforms that offered this service in early 2013 and have
become the market leader in terms of number of users soon after. However competition in this market has intensified since the second
half of 2014 following an inflood of venture capital investment. In order to maintain our market-leading position, we expect to
invest heavily in enhancing our product offerings and user experience in this area. Our key competitors in this market are DouyuTV.com,
Panda.tv, Longzhu.com and Zhanqi.tv.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>Online dating business.</I></B> We
were one of the earliest providers of this type of service. Since then, several leading internet companies in China have also launched
their services, among which Tencent&rsquo;s Huayang and NetEase&rsquo;s BoBo are our major competitors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>Online game media and hosting.</I></B>&#9;We
have various competitors in the online game media market in China. Duowan.com's primary competitor among game media websites is
17173.com. For game hosting, our competitors include other major internet companies that host games, such as 37.com, 4399.com,
Tencent, Qihoo 360 and other private companies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Technology</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We believe we are an industry leader in
providing large-scale quality multi-user voice- and video-enabled online services in China, and we intend to continue to update
our technology to maintain this leadership position.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Features and Advantages</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">QoS for online multi-media communications</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Quality of Service, or QoS, assurance is
a key element of any high quality delivery of voice and video data over the internet. For live voice- or video-enabled communications,
any data packet loss and jitter, or delay in transmission, is often immediately noticeable to users. We devote significant resources
to maintain and develop a creative combination of multiple voice- and voice-over internet protocol, or VOIP, quality assurance
mechanisms to minimize data loss and jitter. The mechanisms we employ include but not limited to cloud-based intelligence routing,
low-bitrate redundant solution, upstream-forward error correction and adaptive jitter. A special intelligent routing algorithm
we designed automatically seeks optimal ways of delivering voice and video data across our cloud-based network, enabling us to
provide better QoS even when the QoS levels are lower on certain routes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We employ computer programs and design and
implement a standardized set of measurements to help monitor our service quality. Our system periodically collects, and our team
of experts analyzes, data from each of our data centers to evaluate the voice- and video-quality for each user using a systematic
standard. We have set up formal procedures to handle different levels of server breakdowns and network-related emergencies, and
our team can remotely discover issues and access any server to promptly resolve issues.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Large, dedicated cloud-based network
infrastructure</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our team of experts developed a cloud-based
network infrastructure specifically designed to handle multi-party voice- and video-enabled real-time online interactions. We own
over 21,000 servers which are hosted in the data centers we lease from third parties throughout the country as of December&nbsp;31,
2015. Our cloud-based network infrastructure provides quality data delivery and allows multiple users to interact online from anywhere
in China with ease and speed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our system is designed for scalability and
reliability to support growth in our user base. The number of our servers contributes significantly to our fast streaming speed
and reliable services, and can be expanded with comparative ease, given the low cost of renting data centers to host additional
servers in any high traffic regions in our network. We believe that our current network facilities and broadband capacity provide
us with sufficient capacity to carry out our current operations, and can be expanded to meet additional capacity relatively quickly.
The amount of bandwidth we lease is continually expanded to reflect increased peak concurrent user numbers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Content management and monitoring</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">YY platform and Duowan.com all contain user-generated
content, which we are required to monitor for compliance with PRC laws and regulations. A team within our data security department
helps in enforcing our internal procedures to ensure that the content in our system are in compliance with applicable laws and
regulations. They are aided by a program designed to periodically sweep our platform and the data being conveyed in our system
for sensitive key words or questionable materials. Content that contains certain keywords are automatically filtered by our program
and cannot be successfully posted on our platform. Thus we are able to minimize offending materials on our platform and to remove
such materials promptly after they are discovered. See &quot;Item&nbsp;3. Key Information&mdash;D.&nbsp;Risk Factors&mdash;Risks
Related to Our Business&mdash;We may be held liable for information or content displayed on, retrieved from or linked to our platform,
or distributed to our users, and PRC authorities may impose legal sanctions on us, including, in serious cases, suspending or revoking
the licenses necessary to operate our platform.&quot;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Accumulated experience and data for
a proprietary technology platform</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Significant time and efforts are required
to build and operate an infrastructure such as ours. The technological difficulties which a platform that hosts 10,000 concurrent
users faces differ greatly from the difficulties a platform with 100,000 and 1,000,000 concurrent users faces, including many issues
to be considered when programming for the platform and planning the infrastructure. Over the years, we have gradually developed
an effective system to identify, study and resolve issues that we encounter every day. In addition, our team members have been
trained over the years to anticipate and resolve any issues, having gained significant knowledge from building and maintaining
our platform over time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Research and Development Team</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We believe that our ability to develop internet
and mobile online applications and services tailored to respond to the needs of our user base has been a key factor for the success
of our business. As of December&nbsp;31, 2015, our research and development team consisted of 1,739 members. All of our service
programs are designed and developed internally, including various interactive technologies. We expect to continue to develop all
of our core technologies in-house.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our research and development team currently
works on both back-end and front-end development of our products and services, including (a)&nbsp;the continuous improvement of
our core audio and video data processing and streaming technologies, (b) the enhancement of network and server structures, data
distribution and transfer technologies to achieve lower latency and reduce interruptions, and (c) the creation of new features
and functions to meet the demand of our users in various business lines, including but not limited to PC-desktop, web and mobile
applications, channel templates and virtual items.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Operation and Maintenance Team</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">As of December&nbsp;31, 2015, approximately
149 technicians are dedicated to monitoring and maintaining our network infrastructure 24&nbsp;hours a day, seven days a week.
Our operation and maintenance team checks the voice and video data quality received by various users, the quality of user experience
on our platform and the proper functioning of our server equipment in our network, as well as contacting internet data center hosts
to fix any issues located through such checks. Having launched more diversified and complex products and services for an increasing
number of users, we raised new challenges to our operation and maintenance team, and rely on them to continue to provide full voice-
and video-enabled live social interactions to our users.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Intellectual Property</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We regard our patents, trademarks, domain
names, copyrights, trade secrets, proprietary technologies and similar intellectual property as critical to our success. We seek
to protect our intellectual property rights through a combination of patent, trademark, copyright and trade secret protection laws
in the PRC and other jurisdictions, as well as through confidentiality agreements and procedures with our employees, partners and
others. As of December&nbsp;31, 2015, we had registered 183 domain names, including YY.com, Duowan.com, Huya.com, 100.com, Chinaduo.com,
Edu24oL.com and Zhiniu8.com, 188 software copyrights, 38&nbsp;patents and 420&nbsp;trademarks and service marks in China and overseas.
In addition, as of December&nbsp;31, 2015, we had filed 542&nbsp;patent applications covering certain of our proprietary technologies
and 233&nbsp;trademark applications in China and overseas.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">PRC Regulation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Certain areas related to the internet, such
as telecommunications, internet information services, connections to the international information networks, internet information
security and censorship and online game operations, are covered extensively by a number of existing laws and regulations issued
by various PRC governmental authorities, including:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the Ministry of Industry and Information Technology, or the MIIT;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the Ministry of Culture, or the MOC;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the General Administration of Press and Publication, or the GAPP;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the State Administration for Radio, Film and Television, or the SARFT;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the National Copyright Administration, or the NCA;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the State Administration for Industry and Commerce, or the SAIC;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the State Council Information Office, or the SCIO;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the Ministry of Commerce, or the MOFCOM;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the Bureau of Protection of State Secrets;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the Ministry of Public Security; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the State Administration of Foreign Exchange, or the SAFE.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">As the online social platform and online
game industries are still at an early stage of development in China, new laws and regulations may be adopted from time to time
to require new licenses and permits in addition to those we currently have. There are substantial uncertainties on the interpretation
and implementation of any current and future Chinese laws and regulations, including those applicable to the online social platform
and online game industries. See &quot;D. Risk Factors&mdash;Risks Related to Doing Business in China&mdash;Uncertainties in the
interpretation and enforcement of Chinese laws and regulations could limit the legal protections available to you and us.&quot;
This section sets forth the most important laws and regulations that govern our current business activities in China and that affect
the dividends payment to our shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><I>Regulation on Telecommunications Services
and Foreign Ownership Restrictions </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Telecommunications Regulations, which
became effective on September&nbsp;25, 2000 and have been subsequently amended respectively on July 29, 2014 and February 6, 2016,
are the core regulations on telecommunications services in China. The Telecommunications Regulations set out basic guidelines on
different types of telecommunications business activities, including the distinction between &quot;basic telecommunications services&quot;
and &quot;value-added telecommunications services.&quot; According to the Catalog of Telecommunications Business (2015 Amendment),
implemented on March 1, 2016 attached to the Telecommunications Regulations, internet information services are deemed a type of
value-added telecommunications services. The Telecommunications Regulations require the operators of value-added telecommunications
services to obtain value-added telecommunications business operation licenses from MIIT or its provincial delegates prior to the
commencement of such services. Under these regulations, if the value-added telecommunications services offered include mobile network
information services, the operation license for value-added telecommunications business must include the provision of such services
in its covered scope. We currently, through Guangzhou Huaduo, our PRC&nbsp;consolidated affiliated entity, hold an ICP license,
a sub-category of the value-added telecommunications business operation license, covering the provision of internet and mobile
network information services, issued by the Guangdong branch of the MIIT on February&nbsp;10, 2012.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Regulations for the Administration of
Foreign-Invested Telecommunications Enterprises, or the FITE Regulations, which took effect on January&nbsp;1, 2002 and were amended
on September&nbsp;10, 2008, are the key regulations that regulate foreign direct investment in telecommunications companies in
China. The FITE Regulations stipulate that the foreign investor of a telecommunications enterprise is prohibited from holding more
than 50% of the equity interest in a foreign-invested enterprise that provides value-added telecommunications services, including
provision of internet content. Moreover, such foreign investor shall demonstrate a good track record and experience in operating
value-added telecommunications services when applying for the value-added telecommunications business operation license from the
MIIT.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On July&nbsp;13, 2006, the MIIT issued the
Circular on Strengthening the Administration of Foreign Investment in Value-added Telecommunications Services, or the MIIT Circular
2006, which requires that (a)&nbsp;foreign investors can only operate a telecommunications business in China through establishing
a telecommunications enterprise with a valid telecommunications business operation license; (b)&nbsp;domestic license holders are
prohibited from leasing, transferring or selling telecommunications business operation licenses to foreign investors in any form,
or providing any resource, sites or facilities to foreign investors to facilitate the unlicensed operation of telecommunications
business in China; (c)&nbsp;value-added telecommunications service providers or their shareholders must directly own the domain
names and registered trademarks they use in their daily operations; (d)&nbsp;each value-added telecommunications service provider
must have the necessary facilities for its approved business operations and maintain such facilities in the geographic regions
covered by its license; and (e)&nbsp;all value-added telecommunications service providers should improve network and information
security, enact relevant information safety administration regulations and set up emergency plans to ensure network and information
safety. The provincial communications administration bureaus, as local authorities in charge of regulating telecommunications services,
(a)&nbsp;are required to ensure that existing qualified value-added telecommunications service providers will conduct a self-assessment
of their compliance with the MIIT Circular 2006 and submit status reports to the MIIT before November&nbsp;1, 2006; and (b)&nbsp;may
revoke the value-added telecommunications business operation licenses of those that fail to comply with the above requirements
or fail to rectify such non-compliance within specified time limits. Due to the lack of any additional interpretation from the
regulatory authorities, it remains unclear what impact MIIT Circular 2006 will have on us or the other PRC internet companies with
similar corporate and contractual structures.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">To comply with such foreign
ownership restrictions, we operate our online social platform and online game businesses in China through Guangzhou Huaduo,
which is owned by several PRC citizens and Beijing Tuda. Beijing Tuda is owned by Mr.&nbsp;David Xueling Li. Guangzhou Huaduo
and Beijing Tuda are both controlled by Beijing Huanju Shidai through a series of contractual arrangements. Similarly, we
operate our Bilin business  through contractual arrangement among Bilin Changxiang, Bilin Online and
its shareholder. See &quot;Item&nbsp;7. Major Shareholders and Related Party Transactions&mdash;B. Related Party Transactions&mdash;Contractual Arrangements.&quot; Moreover, Guangzhou Huaduo is the registered holder of a majority of the domain
names, trademarks and facilities necessary for daily operations in compliance with the MIIT Circular 2006. Based on our PRC
legal counsel Fangda Partners' understanding of the current PRC laws, rules and regulations, our corporate structure complies
with all existing PRC laws and regulations. However, we were further advised by our PRC legal counsel that there are
substantial uncertainties with respect to the interpretation and application of existing or future PRC laws and regulations
and thus there is no assurance that Chinese governmental authorities would take a view consistent with the opinions of our
PRC legal counsel.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><I>Internet Information Services </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Administrative Measures on Internet
Information Services, or the ICP Measures, issued by the State Council on September&nbsp;25, 2000 and amended on January&nbsp;8,
2011, regulate the provision of internet information services. According to the ICP Measures, &quot;internet information services&quot;
refer to services that provide internet information to online users, and are categorized as either commercial services or non-commercial
services. Pursuant to the ICP Measures, internet information commercial service providers shall obtain an ICP license, from the
relevant local authorities before engaging in the providing of any commercial internet information services in China. In addition,
if the internet information services involve provision of news, publication, education, medicine, health, pharmaceuticals, medical
equipment and other services that statutorily require approvals from other additional governmental authorities, such approvals
must be obtained before applying for the ICP&nbsp;license. Guangzhou Huaduo presently holds the ICP license on internet and mobile
network information services issued by the Guangdong branch of the MIIT on February&nbsp;10, 2012.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Besides, the ICP Measures and other relevant
measures also ban the internet activities that constitute publication of any content that propagates obscenity, pornography, gambling
and violence, incite the commission of crimes or infringe upon the lawful rights and interests of third parties, among others.
If an internet information service provider detects information transmitted on their system that falls within the specifically
prohibited scope, such provider must terminate such transmission, delete such information immediately, keep records and report
to the governmental authorities in charge. Any provider's violation of these prescriptions will lead to the revocation of its ICP
license and, in serious cases, the shutting down of its internet systems.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><I>Internet Publication and Cultural
Products </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Tentative Measures for Internet Publication
Administration, or Internet Publication Measures, were jointly promulgated by the GAPP and the MIIT on June&nbsp;27, 2002 and became
effective on August&nbsp;1, 2002. The Internet Publication Measures imposed a license requirement for any company that engages
in internet publishing, which means any act by an internet information service provider to select, edit and process content or
programs and to make such content or programs publicly available on the internet. The provision of online games is deemed an internet
publication activity; therefore, an online game operator must (i)&nbsp;obtain an Internet Publishing License so that it can directly
offer its online games to the public in the PRC, or (ii)&nbsp;publish its online games through a qualified press entity by entering
into an entrustment agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Since the Internet Publication Measures
has been in place for more than thirteen years, on February 4, 2016, the State Administration of Press, Publication, Radio, Film
and Television and the MIIT decided to further regulate order in network publication services management, and issued the Measures
for Network Publication Service Administration, or Network Publication Measures, which took effect on March 10, 2016 and replaced
the Internet Publication Measures. According to the Network Publication Measures, engagement in network publication services must
be approved by the competent administrative department for publications and a Network Publication Services Permit must be obtained.
Pursuant to the Network Publication Measures, network publication services refer to the use of information networks to provide
the public with network publications, and network publications refer to digital works provided to the public through the use of
information networks that have characteristics of publication such as editing, creation, or processing. In addition, before online
games are published to the public, an application must be put forward with the competent administrative departments for publication,
and upon verification and consent, such online games are to be reported to the State Administration of Press, Publication, Radio,
Film and Television.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Rules for the Administration of Electronic
Publication, or the Electronic Publication Rules, was issued by the GAPP on February&nbsp;21, 2008 and became effective on April&nbsp;15,
2008. Under the Electronic Publication Rules and other regulations issued by the GAPP, online games are classified as a kind of
electronic publication, and publishing of online games is required to be conducted by licensed electronic publishing entities that
have been issued standard publication codes. Pursuant to the Electronic Publication Rules, if a PRC company is contractually authorized
to publish foreign electronic publications, it must obtain the approval of, and register the copyright license contract with, the
GAPP.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We, through Guangzhou Huaduo, obtained an
Internet Publishing License for the publication of online games and mobile phone games on November&nbsp;7, 2011. For more information
on the pre-approval by the GAPP, see &quot;&mdash;Regulation on Online Games and Foreign Ownership Restrictions.&quot;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><I>Regulation on Online Games and Foreign
Ownership Restrictions </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On June&nbsp;3, 2010, the MOC promulgated
the Provisional Administration Measures of Online Games, or the Online Game Measures, which came into effect on August&nbsp;1,
2010. The Online Game Measures governs the research, development and operation of online games and the issuance and trading services
of virtual currency. It specifies that the MOC is responsible for the censorship of imported online games and the filing of records
of domestic online games. The procedures for the filing of records of domestic online games must be conducted with the MOC within
30&nbsp;days after the commencement date of the online operation of such online games or the occurrence date of any material alteration
of such online games.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">All operators of online games, issuers of
virtual currencies and providers of virtual currency trading services, or Online Game Business Operators, are required to obtain
Internet Culture Operation Licenses. An Internet Culture Operation License is valid for three years and in case of renewal, the
renewal application should be submitted 30&nbsp;days prior to the expiry date of such license. An Online Game Business Operator
should request the valid identity certificate of game users for registration, and notify the public 60&nbsp;days ahead of the termination
of any online game operations or the transfer of online game operational rights. Online Game Business Operators are also prohibited
from (a)&nbsp;setting compulsory matters in the online games without game users' consent; (b)&nbsp;advertising or promoting the
online games that contain prohibited content, such as anything that compromise state security or divulges state secrets; and (c)&nbsp;inducing
game users to input legal currencies or virtual currencies to gain online game products or services, by way of random draw or other
incidental means. It also states that the state cultural administration authorities will formulate the compulsory clauses of a
standard online game service agreement, which have been promulgated on July&nbsp;29, 2010 and are required to be incorporated into
the service agreement entered into between the Online Game Business Operators, with no conflicts with the rest of clauses in such
service agreements. Guangzhou Huaduo holds a valid Internet Culture Operation License that was last updated in December 2013.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On July&nbsp;11, 2008, the General Office
of the State Council promulgated the Regulation on Main Functions, Internal Organization and Staffing of the GAPP, or the Regulation
on Three Provisions. On September&nbsp;7, 2009, the Central Organization Establishment Commission issued the corresponding interpretations,
or the Interpretations on Three Provisions. The Regulation on Three Provisions and the Interpretation on Three Provisions granted
the MOC overall jurisdiction to regulate the online gaming industry, and granted the GAPP the authority to issue approvals for
the internet publication of online games. Specifically, (a)&nbsp;the MOC is empowered to administrate online games (other than
the pre-examination and approval before internet publication of online games); (b)&nbsp;subject to the MOC's overall administration,
GAPP is responsible for the pre-examination and approval of the internet publication of online games; and (c)&nbsp;once an online
game is launched, the online game will be only administrated and regulated by the MOC. On July&nbsp;11, 2013, the General Office
of the State Council promulgated the Provisions on the Main Responsibilities, Internal Institutions and Staffing of GAPP, or the
Three-Decision Provisions, which reiterates the restrictions stipulated in the Regulation on Three Provisions. On November&nbsp;7,
2011, Guangzhou Huaduo obtained an Internet Publishing License for the publication of online games and mobile phone games. The
online games we currently offer are domestically produced games, and are published by third parties qualified to publish online
games. As of March 31, 2016, approximately 46% of the online games available on YY Client were filed with the GAPP as electronic
publications, and the others were still undergoing the filing process.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On September&nbsp;28, 2009, the GAPP, the
NCA and the National Working Group to Eliminate Pornography and Illegal Publications jointly issued the Circular on Consistent
Implementation of the Stipulation on the Three Determinations of the State Council and the Relevant Interpretations of the State
Commission for Public Sector Reform and the Further Strengthening of the Pre-approval of Online Games and the Approval and Examination
of Imported Online Games, or Circular&nbsp;13. Circular&nbsp;13 explicitly prohibits foreign investors from directly or indirectly
engaging in online gaming business in China, including through variable interest entity structures, or VIE Structures. Foreign
investors are not allowed to indirectly control or participate in PRC operating companies' online game operations, whether (a)&nbsp;by
establishing other joint ventures, entering into contractual arrangements or providing technical support for such operating companies;
or (b)&nbsp;in a disguised form such as by incorporating or directing user registration, user account management or game card consumption
into online gaming platforms that are ultimately controlled or owned by foreign companies. Circular&nbsp;13 reiterates that the
GAPP is responsible for the examination and approval of the import and publication of online games and states that downloading
from the internet is considered a publication activity, which is subject to approval from the GAPP. Violations of Circular&nbsp;13
will result in severe penalties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">For detailed analysis, see &quot;D. Risk
Factors&mdash;Risks Related to Our Corporate Structure and Our Industry&mdash;We may be adversely affected by the complexity, uncertainties
and changes in PRC regulation of internet business and companies.&quot;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><I>Anti-fatigue Compliance System and
Real-name Registration System </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On April&nbsp;15, 2007, in order to curb
addictive online game-playing by minors, eight PRC government authorities, including the GAPP, the Ministry of Education, the Ministry
of Public Security and the MIIT, jointly issued a circular requiring the implementation of an anti-fatigue compliance system and
a real-name registration system by all PRC online game operators. Under the anti-fatigue compliance system, three hours or less
of continuous playing by minors, defined as game players under 18&nbsp;years of age, is considered to be &quot;healthy&quot;, three
to five hours is deemed &quot;fatiguing&quot;, and five hours or more is deemed &quot;unhealthy.&quot; Game operators are required
to reduce the value of in-game benefits to a game player by half if it discovers that the amount of a time a game player spends
online has reached the &quot;fatiguing&quot; level, and to zero in the case of the &quot;unhealthy&quot; level.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">To identify whether a game player is a minor
and thus subject to the anti-fatigue compliance system, a real-name registration system should be adopted to require online game
players to register their real identity information before playing online games. Pursuant to a notice issued by the relevant eight
government authorities on July 1, 2011, online game operators must submit the identity information of game players to the National
Citizen Identity Information Center, a subordinate public institution of the Ministry of Public Security, for verification as of
October&nbsp;1, 2011.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We have developed and implemented an anti-fatigue
and compulsory real-name registration system in all our online games, and will cooperate with the National Citizen Identity Information
Center to launch the identity verification system upon the issuance of relevant implementing rules. For game players who do not
provide verified identity information, we assume that they are minors under 18&nbsp;years of age. In order to comply with the anti-fatigue
rules, we set up our system so that after three hours of playing our online games, minors only receive half of the virtual items
or other in-game benefits they would otherwise earn, and after playing for more than five hours, minors would receive no in-game
benefits. These restrictions could limit our ability to increase our online games business among minors. Furthermore, if these
restrictions were expanded to apply to adult game players in the future, our online games business could be materially and adversely
affected. See &quot;D. Risk Factors&mdash;Risks Related to Our Corporate Structure and Our Industry&mdash;Intensified government
regulation of the internet industry in China could restrict our ability to maintain or increase our user level or the level of
user traffic to our YY platform.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><I>Virtual Currency </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On January&nbsp;25, 2007, the Ministry of
Public Security, the MOC, the MIIT and the GAPP jointly issued a circular regarding online gambling which has implications for
the issuance and use of virtual currency. To curtail online games that involve online gambling while addressing concerns that virtual
currency might be used for money laundering or illicit trade, the circular (a)&nbsp;prohibits online game operators from charging
commissions in the form of virtual currency in connection with winning or losing of games; (b)&nbsp;requires online game operators
to impose limits on use of virtual currency in guessing and betting games; (c)&nbsp;bans the conversion of virtual currency into
real currency or property; and (d)&nbsp;prohibits services that enable game players to transfer virtual currency to other players.
To comply with the relevant section of the circular that bans the conversion of virtual currency into real currency or property,
in relation to online music and entertainment, our virtual currency currently can only be used by users to exchange into virtual
items to be used to show support for performers or gain access to privileges and special features in the channels which are services
in nature instead of &quot;real currency or property.&quot; Once the virtual currency is exchanged by users for virtual items or
the relevant privileged services, the conversion transaction is completed and we immediately cancel the virtual item in our internal
system. In the case of virtual items used as gifts to performers, we cancel the virtual items and record corresponding points for
the benefit of the performers and the channel owners, which are then used as basis for the revenue-sharing calculation pursuant
to arrangements among us, certain popular performers and channel owners.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In February 2007, 14 PRC regulatory authorities
jointly issued a circular to further strengthen the oversight of internet cafes and online games. In accordance with the circular,
the People's Bank of China, or PBOC, has the authority to regulate virtual currency, including: (a)&nbsp;setting limits on the
aggregate amount of virtual currency that can be issued by online game operators and the amount of virtual currency that can be
purchased by an individual; (b)&nbsp;stipulating that virtual currency issued by online game operators can only be used for purchasing
virtual products and services within the online games and not for purchasing tangible or physical products; (c)&nbsp;requiring
that the price for redemption of virtual currency shall not exceed the respective original purchase price; and (d)&nbsp;banning
the trading of virtual currency.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On June&nbsp;4, 2009, the MOC and the MOFCOM
jointly issued a notice to strengthen the administration of online game virtual currency. The Virtual Currency Notice requires
businesses that (a)&nbsp;issue online game virtual currency (in the form of prepaid cards and/or pre-payment or prepaid card points),
or (b)&nbsp;offer online game virtual currency transaction services to apply for approval from the MOC through its provincial branches
within three months after the issuance of the notice. The Virtual Currency Notice prohibits businesses that issue online game virtual
currency from providing services that would enable the trading of such virtual currency. Any business that fails to submit the
requisite application will be subject to sanctions, including, without limitation, mandatory corrective measures and fines.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Under the Virtual Currency Notice, an online
game virtual currency transaction service provider means a business providing platform services relating to trading of online game
virtual currency among game users. The Virtual Currency Notice further requires an online game virtual currency transaction service
provider to comply with relevant e-commerce regulations issued by the MOFCOM. According to the Guiding Opinions on Online Trading
(Interim) issued by the MOFCOM on March&nbsp;6, 2007, online platform services are trading services provided to online buyers and
sellers through a computer information system operated by the service provider.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Virtual Currency Notice regulates, among
others, the amount of virtual currency a business can issue, the retention period of user records, the function of virtual currency
and the return of unused virtual currency upon the termination of online services. It prohibits online game operators from distributing
virtual items or virtual currency to players based on random selection through lucky draw, wager or lottery which involves cash
or virtual currency directly paid by the players. The Virtual Currency Notice bans the issuance of virtual currency by game operators
to game players through means other than purchases with legal currency. Any business that does not provide online game virtual
currency transaction services is required to adopt technical measures to restrict the transfer of online game virtual currency
among accounts of different game players.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In addition, the Online Game Measures promulgated
in June 2010 further provide that (i)&nbsp;virtual currency may only be used to purchase services and products provided by the
online service provider that issues the currency; (ii)&nbsp;the purpose of issuing virtual currency shall not be malicious appropriation
of the user's advance payment; (iii)&nbsp;the storage period of online gamers' purchase record shall not be shorter than 180&nbsp;days;
(iv)&nbsp;the types, price and total amount of virtual currency shall be filed with the cultural administration department at the
provincial level. The Online Game Measures stipulate that virtual currency service providers may not provide virtual currency transaction
services to minors or for online games that fail to obtain the necessary approval or filings, and that such providers should keep
transaction records, accounting records and other relevant information for its users for at least 180&nbsp;days.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><I>Online Music and Entertainment </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On November&nbsp;20, 2006, the MOC issued
Several Suggestions of the MOC on the Development and Administration of Internet Music, or the Suggestions, which became effective
on the same date. The Suggestions, among other things, reiterate the requirement for an internet service provider to obtain an
Internet Culture Operation License to carry out any business relating to internet music products. In addition, foreign investors
are prohibited from operating internet culture businesses. However, the laws and regulations on internet music products are still
evolving, and there have not been any provisions clarifying whether music products will be regulated by the Suggestions or how
such regulation would be carried out.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On August&nbsp;18, 2009, the MOC promulgated
the Notice on Strengthening and Improving the Content Review of Online Music, or the Online Music Notice. According to the Online
Music Notice, only &quot;internet culture operating entities&quot; approved by the MOC may engage in the production, release, dissemination
(including providing direct links to music products) and importation of online music products. The content of online music shall
be reviewed by or filed with the MOC. Internet culture operating entities should establish a strict self-monitoring system of online
music content and set up a special department in charge of such monitoring. On October 23, 2015, the MOC promulgated the Notice
on Further Strengthening and Improving the Content Management of Online Music, which stiputed that operating entities shall carry
out self-examination in respect of the content management of online music, which shall be regulated by the cultural administration
departments in process or afterwards.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Guangzhou Huaduo holds a valid Internet
Culture Operation License covering our provision of online music. More than 99% of the music offered on our websites is sung by
grassroots performers along with recorded music. If any music provided through our platform is found to lack necessary filings
and/or approvals, we could be requested to cease providing such music or be subject to claims from third parties or penalties from
the MOC or its local branches. See &quot;D. Risk Factors&mdash;Risks Related to Our Corporate Structure and Our Industry&mdash;If
our PRC consolidated affiliated entities fail to obtain and maintain the requisite licenses and approvals required under the complex
regulatory environment for internet-based businesses in China, our business, financial condition and results of operations may
be materially and adversely affected.&quot; Moreover, the unauthorized posting of online music on our platform by third parties
may expose us to the risk of administrative penalties and intellectual property infringement lawsuits. See &quot;D. Risk Factors&mdash;Risks
Related to Our Business&mdash;We may be held liable for information or content displayed on, retrieved from or linked to our platform,
or distributed to our users, and PRC authorities may impose legal sanctions on us, including, in serious cases, suspending or revoking
the licenses necessary to operate our platform&quot; and &quot;PRC Regulation&mdash;Intellectual Property Rights&mdash;Copyright
Law.&quot;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In 2011, the MOC greatly intensified its
regulation of the provision of online music products. According to the series of Notices on Clearing Online Music Products that
are in Violation of Relevant Regulations promulgated by the MOC since January&nbsp;7, 2011, entities that provide any the following
will be subject to relevant penalties or sanctions imposed by the MOC: (a)&nbsp;online music products or relevant services without
obtaining corresponding qualifications, (b)&nbsp;imported online music products that have not passed the content review of the
MOC or (c)&nbsp;domestically developed online music products that have not been filed with the MOC. Thus far, we believe that we
have eliminated from our platform any online music products that may fall into the scope of those prohibited online music products
thereunder.</P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><I>Online Transmission of Audio-Visual
Programs </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Measures for the Administration of Publication
of Audio-Visual Programs through Internet or Other Information Network, or the Audio-Visual Measures, promulgated by the SARFT
on July&nbsp;6, 2004 and put into effect on October&nbsp;11, 2004, apply to the activities relating to the opening, broadcasting,
integration, transmission or download of audio-visual programs using internet or other information network. Under the Audio-Visual
Measures, to engage in the business of transmitting audio-visual programs, a license issued by SARFT is required. Foreign invested
enterprises are not allowed to carry out such business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On April&nbsp;13, 2005, the State Council
promulgated the Certain Decisions on the Entry of the Non-state-owned Capital into the Cultural Industry. On July&nbsp;6, 2005,
five PRC governmental authorities, including the MOC, the SARFT, the GAPP, the CSRC and the MOFCOM, jointly adopted the Several
Opinions on Canvassing Foreign Investment into the Cultural Sector. According to these regulations, non-state-owned capital and
foreign investors are not allowed to engage in the business of transmitting audio-visual programs through information networks.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">To further regulate the provision of audio-visual
program services to the public via the internet, including through mobile networks, within the territory of the PRC, the SARFT
and the MIIT jointly promulgated the Administrative Provisions on Internet Audio-Visual Program Service, or the Audio-Visual Program
Provisions, on December&nbsp;20, 2007, which came into effect on January&nbsp;31, 2008. Providers of internet audio-visual program
services are required to obtain a License for Online Transmission of Audio-Visual Programs issued by SARFT, or complete certain
registration procedures with SARFT. In general, providers of internet audio-visual program services must be either state-owned
or state-controlled entities, and the business to be carried out by such providers must satisfy the overall planning and guidance
catalog for internet audio-visual program service determined by SARFT. In a press conference jointly held by SARFT and MIIT to
answer questions relating to the Audio-Visual Program Provisions in February 2008, SARFT and MIIT clarified that providers of internet
audio-visual program services who engaged in such services prior to the promulgation of the Audio-Visual Program Provisions are
eligible to register their business and continue their operation of internet audio-visual program services so long as those providers
did not violate the relevant laws and regulations in the past. On May&nbsp;21, 2008, SARFT issued a Notice on Relevant Issues Concerning
Application and Approval of License for the Online Transmission of Audio-Visual Programs, which further sets out detailed provisions
concerning the application and approval process regarding the License for Online Transmission of Audio-Visual Programs. The notice
also states that providers of internet audio-visual program services that engaged in such services prior to the promulgation of
the Audio-Visual Program Provisions are eligible to apply for the license so long as their violation of the laws and regulations
is minor in scope and can be rectified in a timely manner and they have no records of violation during the last three months prior
to the promulgation of the Audio-Visual Program Provisions. Further, on March&nbsp;31, 2009, SARFT promulgated the Notice on Strengthening
the Administration of the Content of Internet Audio-Visual Programs, which reiterates the pre-approval requirements for the audio-visual
programs transmitted via the internet, including through mobile networks, where applicable, and prohibits certain types of internet
audio-visual programs containing violence, pornography, gambling, terrorism, superstition or other similarly prohibited elements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On March 17, 2010, the SARFT issued the
Internet Audio-visual Program Services Categories (Provisional), or the Provisional Categories, which classified internet audio-visual
program services into four categories.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Guangzhou Huaduo holds a valid License for
Online Transmission of Audio-Visual Programs with the business classification of converging and play-on-demand service for certain
kinds of audio-visual programs&mdash;literary, artistic and entertaining&mdash;as prescribed in the Provisional Categories.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><I>Production of Radio and Television
Programs </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On July&nbsp;19, 2004, the SARFT issued
the Regulations on the Administration of Production of Radio and Television Programs, or the Radio and TV Programs Regulations,
which become effective on August&nbsp;20, 2004. The Radio and TV Programs Regulations require any entities engaging in the production
of radio and television programs to obtain a license for such businesses from the SARFT or its provincial branches. Entities with
the License for Production and Operation of Radio and TV&nbsp;Programs must conduct their business operations strictly in compliance
with the approved scope of production and operations and these entities (except radio and TV stations) must not produce radio and
TV&nbsp;programs regarding current political news or similar subjects.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Guangzhou Huaduo holds an effective License
for Production and Operation of Radio and TV&nbsp;Programs, issued on October&nbsp;8, 2011, covering the production, reproduction
and publication of broadcasting plays, TV dramas, cartoons (excluding production), special subjects, special columns (excluding
current political news category) and entertainment programs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><I>Regulation on Internet Bulletin Board
Services </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On November&nbsp;6, 2000, the MIIT promulgated
the Administrative Measures on Internet Bulletin Board Services, or BBS Measures, which required commercial internet information
service providers which provide bulletin boards, discussion forums, chat rooms or similar services, or BBS services, to obtain
specific approval from the competent telecommunications authorities. Commercial internet information service providers are also
required to conspicuously display their ICP license numbers and the rules of the BBS and inform users of the possible legal liabilities
and consequences for posting improper comments. Although the BBS Measures were abandoned in July 2010 by the State Council, certain
telecommunication authorities still require online bulletin board services be itemized in ICP license if an ICP license holder
intends to provide such services.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><I>Online Education Services </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On July&nbsp;5, 2000, the Ministry of Education
promulgated the Measures for the Administration of Educational Websites and Online Schools, or Educational Websites Measures. Accordingly,
an entity that operates educational websites and online schools is required to obtain prior approval from the competent administrative
educational authorities. Educational websites are defined as institutions which establish online information databases by collecting,
editing and storing educational information or establish online platform and search tools for educational purposes, and which provide
public educational information to website visitors or users through the internet or educational TV stations. These measures also
include specific provisions regarding the qualifications and procedures for obtaining the approval for operating educational websites.
We currently offer some education-related services on our platform and have obtained approval from relevant authorities to provide
online education content on edu.YY.com and 100.com, on January&nbsp;17, 2013 and January&nbsp;16, 2014, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On February 3, 2016, the State Council promulgated
the Decision on Cancelling the Second Group of 152 Administrative Approval Items Designated by the Central Government for Implementation
by Local Governments, which cancelled the approval for educational websites and online schools required under Educational Websites
Measures.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><I>Regulation on Advertising Business
and Conditions on Foreign Investment </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The SAIC is the primary governmental authority
regulating advertising activities in China. Regulations that apply to advertising business primarily include:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Advertisement Law of the People's Republic of China, promulgated by the Standing Committee of the National People's Congress
on October&nbsp;27, 1994 and amended on April 24, 2015 and effective since September&nbsp;1, 2015;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Administrative Regulations for Advertising, promulgated by the State Council on October&nbsp;26, 1987 and effective since December&nbsp;1,
1987; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Implementation Rules for the Administrative Regulations for Advertising, promulgated by the State Council on January&nbsp;9,
1988 and amended on December&nbsp;3, 1998, December&nbsp;1, 2000 and November&nbsp;30, 2004, respectively.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">According to the above regulations, companies
that engage in advertising activities must each obtain, from the SAIC or its local branches, a business license which specifically
includes operating an advertising business in its business scope. An enterprise engaging in advertising business within the specifications
in its business scope does not need to apply for an advertising operation license, provided that such enterprise is not a radio
station, television station, newspaper or magazine publisher or any other entity otherwise specified in the relevant laws or administrative
regulations. Enterprises conducting advertising activities without such a license may be subject to penalties, including fines,
confiscation of advertising income and orders to cease advertising operations. The business license of an advertising company is
valid for the duration of its existence, unless the license is suspended or revoked due to a violation of any relevant laws or
regulations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">PRC advertising laws and regulations set
certain content requirements for advertisements in China, including, among other things, prohibitions on false or misleading content,
superlative wording, socially destabilizing content or content involving obscenities, superstition, violence, discrimination or
infringement of the public interest. Advertisers, advertising agencies, and advertising distributors are required to ensure that
the content of the advertisements they prepare or distribute is true and in complete compliance with applicable laws. In providing
advertising services, advertising operators and advertising distributors must review the supporting documents provided by advertisers
for advertisements and verify that the content of the advertisements complies with applicable PRC laws and regulations. Prior to
distributing advertisements that are subject to government censorship and approval, advertising distributors are obligated to verify
that such censorship has been performed and approval has been obtained. Violation of these regulations may result in penalties,
including fines, confiscation of advertising income, orders to cease dissemination of the advertisements and orders to publish
an advertisement correcting the misleading information. Where serious violations occur, the SAIC or its local branches may revoke
such offenders' licenses or permits for their advertising business operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Under the Administrative Regulations on
Foreign-Invested Advertising Enterprises, promulgated in 2008, there is no longer any maximum foreign shareholding percentage restriction
applicable to foreign-invested advertising enterprises. However, foreign investors are required to have at least three years prior
experience of operating an advertising business outside of China as their main business before receiving approval to directly own
a 100% interest in an advertising company in China. Foreign investors with at least two years prior experience of operating an
advertising business outside China as their main business are allowed to establish a joint venture with domestic advertising enterprises
to operate an advertising business in China.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><I>Intellectual Property Rights </I></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-weight: normal">Software
Registration </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The State Council and the NCA have promulgated
various rules and regulations and rules relating to protection of software in China. According to these rules and regulations,
software owners, licensees and transferees may register their rights in software with the SCB or its local branches and obtain
software copyright registration certificates. Although such registration is not mandatory under PRC law, software owners, licensees
and transferees are encouraged to go through the registration process and registered software rights may be entitled to better
protections. For the number of software programs for which we had registered rights as of December&nbsp;31, 2015, see &quot;Item&nbsp;4.
Information on the Company&mdash;B. Business Overview&mdash;Intellectual Property.&quot;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-weight: normal">Patents
</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The National People's Congress adopted the
Patent Law of the People's Republic of China in 1984 and amended it in 1992, 2000 and 2008, respectively. A patentable invention,
utility model or design must meet three conditions: novelty, inventiveness and practical applicability. Patents cannot be granted
for scientific discoveries, rules and methods for intellectual activities, methods used to diagnose or treat diseases, animal and
plant breeds or substances obtained by means of nuclear transformation. The Patent Office under the State Intellectual Property
Office is responsible for receiving, examining and approving patent applications. A patent is valid for a twenty-year term for
an invention and a ten-year term for a utility model or design, starting from the application date. Except under certain specific
circumstances provided by law, any third party user must obtain consent or a proper license from the patent owner to use the patent,
or else the use will constitute an infringement of the rights of the patent holder. For the number of patents we had and the number
of patent applications we made as of December&nbsp;31, 2015, see &quot;Item&nbsp;4. Information on the Company&mdash;B. Business
Overview&mdash;Intellectual Property.&quot;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-weight: normal">Copyright
Law </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Copyright Law of the People's Republic
of China, promulgated in 1990 and amended in 2001 and 2010, or the Copyright Law, and its related implementing regulations, promulgated
in 2002 and amended in 2013, are the principal laws and regulations governing the copyright related matters. The amended Copyright
law covers internet activities, products disseminated over the internet and software products, among the subjects entitled to copyright
protections. Registration of copyright is voluntary, and is administrated by the China Copyright Protection Center.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">To further clarify some key internet copyright
issues, on December&nbsp;27, 2012, the PRC Supreme People's Court promulgated the Regulation on Several Issues Concerning Applicable
Laws on Trial of Civil Disputes over the Infringement of Information Network Transmission Right, or the 2013 Regulation. The 2013
Regulation took effect on January&nbsp;1, 2013, and replaced the Interpretations on Some Issues Concerning Applicable Laws for
Trial of Disputes over Internet Copyright that was initially adopted in 2000 and subsequently amended in 2004 and 2006. Under the
2013 Regulation, where an internet information service provider work in cooperation with others to jointly provide works, performances,
audio and video products of which the right holders have information network transmission right, such behavior will constitute
joint infringement of third parties' information network transmission right, and the PRC court shall order such internet information
service provider to assume join liability for such infringement. If an internet information service provider can prove that it
has only provided network services through automatic access, automatic transmission, data storage space, search functions, links,
document sharing technology, etc., and thereby argues that it has not been involved in any alleged joint infringement, the PRC
court shall find in favor of such internet information service provider. If an internet information service provider fails to delete,
block, disconnect or take other necessary measures, or if it provides technological support or other aid when it knows or should
have known of the network user's infringement on the information network transmission right, the PRC court shall find that such
aid constitutes contributory infringement. The PRC court shall determine whether an internet information service provider is liable
for abetting or contributory infringement according to its findings on the degree of fault of the internet information service
provider. The fault of the internet information service provider is determined according to various criteria, including situations
where such provider knew or should have known of the network user's infringement against third party's information network transmission
right. If an internet information service provider can prove it has adopted fairly reasonable and effective technological measures,
and yet still finds it difficult to discover infringement against information network transmission conducted by the network user,
the PRC court shall find such provider to be not at fault. Where an internet information service provider promotes popular video
and films through setting up a list, directory, index, descriptive paragraph, briefing or other means of recommendation, and the
public can download, browse or acquire them through other methods directly from the internet information service provider's webpage,
the PRC court may find that such provider knew of the network user's infringement on the information network transmission right
of others.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Under the Copyright Law and its implementation
rules, anyone infringing upon the copyrights of others is subject to various civil liabilities, which include stopping the infringement,
eliminating the damages, apologizing to the copyright owners and compensating the copyright owners for such owners' actual and
other losses resulting from such infringement. If the actual loss of the copyright owner is difficult to calculate, the income
received by the offender as a result of the copyright infringement shall be deemed to be the actual loss; or if such income is
in itself difficult to calculate, the relevant PRC court may decide the amount of the actual loss up to RMB500,000 for each infringement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">To address the problem of copyright infringement
related to content posted or transmitted on the internet, the PRC National Copyright Administration and MIIT jointly promulgated
the Measures for Administrative Protection of Copyright Related to Internet on April&nbsp;29, 2005. These measures, which became
effective on May&nbsp;30, 2005, apply to acts of automatically providing services such as uploading, storing, linking or searching
works, audio or video products, or other contents through the internet based on the instructions of internet users who publish
contents on the internet, or the Internet Content Providers, without editing, amending or selecting any stored or transmitted content.
When imposing administrative penalties upon the act which infringes upon any users' right of communication through information
networks, the Measures for Imposing Copyright Administrative Penalties, promulgated in 2009, shall be applied.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Where a copyright holder finds that certain
internet content infringes upon its copyright and sends a notice to the relevant internet information service operator, the relevant
internet information service operator is required to (i)&nbsp;immediately take measures to remove the relevant contents, and (ii)&nbsp;retain
all infringement notices for six months and to record the content, display time and IP addresses or the domain names related to
the infringement for 60&nbsp;days. After any content is removed by an internet information service operator according to the notice
of a copyright holder, the content provider may deliver a counter-notice to both the internet information service operator and
the copyright holder, stating that the removed content does not infringe upon the copyright of other parties. After the delivery
of such counter-notice, the internet information service operator may immediately reinstate the removed contents and shall not
bear administrative legal liability for such reinstatement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">An internet information service operator
may be subject to cease-and-desist orders and other administrative penalties such as confiscation of illegal income and fines,
if it is clearly aware of a copyright infringement through the internet or, although not aware of such infringement, it fails to
take measures to remove relevant content upon receipt of the copyright owner's notice of infringement and, as a result, damages
public interests. Where there is no evidence to indicate that an internet information service operator is clearly aware of the
existence of copyright infringement, or the internet information service operator has taken measures to remove relevant contents
upon receipt of the copyright owner's notice, the internet information service provider shall not bear the relevant administrative
legal liabilities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On May&nbsp;18, 2006, the State Council
issued the Protection of the Right of Communication through Information Network, which took effect on July&nbsp;1, 2006 and amended
on January&nbsp;30, 2013. Under this regulation, an internet information service provider may be exempt from indemnification liabilities
under the following circumstances:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>any internet information service provider that provides automatic internet access service upon instructions from its users
or provides automatic transmission service for works, performances and audio-visual products provided by its users are not required
to assume indemnification liabilities if (a)&nbsp;it has not chosen or altered the transmitted works, performance and audio-visual
products and (b)&nbsp;it provides such works, performances and audio-visual products to the designated users and prevents any person
other than such designated users from obtaining access.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>any internet information service provider that, for the sake of improving network transmission efficiency, automatically stores
and provides to its own users the relevant works, performances and audio-visual products obtained from any other internet information
service providers, are not required to assume the indemnification liabilities if (a)&nbsp;it has not altered any of the works,
performance or audio-visual products that are automatically stored; (b)&nbsp;it has not affected such original internet information
service provider in holding the information about where the users obtain the relevant works, performance and audio-visual products;
and (c)&nbsp;when the original internet information service provider revises, deletes or shields the works, performances and audio-visual
products, it will automatically revise, delete or shield the same.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>any internet information service provider that provides its users with information memory space for such users to provide the
works, performances and audio-visual products to the general public via an informational network are not required to assume the
indemnification liabilities if (a)&nbsp;it clearly indicates that the information memory space is provided to the users and publicizes
its own name, contact person and web address; (b)&nbsp;it has not altered the works, performance and audio-visual products that
are provided by the users; (c)&nbsp;it is not aware of or has no reason to know that the works, performances and audio-visual products
provided by the users infringe upon the copyrights of others; (d)&nbsp;it has not directly derived any economic benefit from the
providing of the works, performances and audio-visual products by its users; and (e)&nbsp;after receiving a notice from the copyright
holder, it promptly deletes the allegedly infringing works, performances and audio-visual products pursuant to the relevant regulation.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Since 2005, the NCA, together with certain
other PRC governmental authorities, have jointly launched annual campaigns specifically aimed to crack down on internet copyright
infringement and piracy in China; these campaigns normally last for three to four months every year. According to the Notice of
2010 Campaign to Crack Down on Internet Infringement and Piracy promulgated by the NCA, the Ministry of Public Security and the
MIIT on July&nbsp;19, 2010, the 2010 campaign mainly targeted internet audio and video programs, literature websites, online games,
animation, software and art works related to Shanghai World Expo and Guangzhou Asian Games. During the 2010 campaign, starting
from late July to the end of October 2010, the local branches of NCA focused on popular movies and TV series, newly published books,
online games and animation, music and software and various illegal activities, including, for example, illegal uploading or transmission
of a thirty party's works without proper license or permission, sales of pirated audio-video and software through e-commerce platforms,
providing search links, information storage, web hosting or internet access services for third parties engaging in copyright infringement
or piracy of copyrighted works and the infringement by use of mobile media. In serious cases, the operating permits of the websites
engaging illegal activities were revoked, and such websites were ordered to shut down.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We have adopted measures to mitigate copyright
infringement risks. For instance, we have established a routine reporting and registration system that is updated on a monthly
basis, and we require performers, channel owners and users to acknowledge and agree that (a)&nbsp;they would not perform or upload
copyrighted content without proper authorization and (b)&nbsp;that they will indemnify us for any relevant copyright infringement
claims in relation to their activities on our platform.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If, despite these precautions, such procedures
fail to effectively prevent unauthorized posting or use of copyrighted content or the infringement of other third party rights
on YY platform, and the PRC courts find that certain safe harbor exemptions under PRC laws are not applicable to us because, for
instance, a court finds that we knew or should have known about such infringement or that we have directly derived economic benefits
from allowing such infringement activities on our platform, we may be held jointly and severally liable with the performers, channel
owners or other infringement parties in lawsuits initiated by the relevant third party copyright holders or authorized users. Moreover,
we may be held directly liable for the infringement activities of such performers or channel owners on YY platform, if the PRC
courts view them as our employees or agents, deem us to have control over their activities on our platform and the content they
upload or otherwise make available on our platform, and determine that we have knowingly uploaded such infringing contents on our
platform. See &quot;D.&nbsp;Risk Factors&mdash;Risks Related to Our Business&mdash;We may be subject to intellectual property infringement
claims or other allegations, which could result in our payment of substantial damages, penalties and fines, removal of relevant
content from our website or seeking license arrangements which may not be available on commercially reasonable terms.&quot;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-weight: normal">Domain
Name </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In September 2002, the CNNIC issued the
Implementing Rules for Domain Name Registration setting forth detailed rules for registration of domain names, which was amended
on May 29, 2012. On November&nbsp;5, 2004, the MIIT promulgated the Measures for Administration of Domain Names for the Chinese
Internet, or the Domain Name Measures. The Domain Name Measures regulate the registration of domain names, such as the first tier
domain name &quot;.cn.&quot; On May 28, 2012, the CNNIC issued the Measures on Domain Name Dispute Resolution and relevant implementing
rules, pursuant to which the CNNIC can authorize a domain name dispute resolution institution to decide disputes. For the number
of domain names we registered as of December&nbsp;31, 2015, see &quot;Item&nbsp;4. Information on the Company&mdash;B. Business
Overview&mdash;Intellectual Property.&quot;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-weight: normal">Trademark
</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The PRC Trademark Law, adopted in 1982 and
amended in 1993, 2001and 2013, with its implementation rules adopted in 2014, protects registered trademarks. The Trademark Office
of the SAIC handles trademark registrations and grants a protection term of ten years to registered trademarks. Trademark license
agreements must be filed with the Trademark Office for record. For the number of trademarks we had and trademark applications we
had made as of December&nbsp;31, 2015, see &quot;Item&nbsp;4. Information on the Company&mdash;B. Business Overview&mdash;Intellectual
Property.&quot;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><I>Internet Infringement </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On December&nbsp;26, 2009, the Standing
Committee of National People's Congress promulgated the Tort Law of the People's Republic of China, or the Tort Law, which became
effective on July&nbsp;1, 2010. Under the Tort Law, an internet user or an internet service provider that infringes upon the civil
rights or interests of others through using the internet assumes tort liability. If an internet user infringes upon the civil rights
or interests of another through using the internet, the person being infringed upon has the right to notify and request the internet
service provider whose internet services are facilitating the infringement to take necessary measures including the deletion, blocking
or disconnection of an internet link. If, after being notified, the internet service provider fails to take necessary measures
in a timely manner to end the infringement, it will be jointly and severally liable for any additional harm caused by its failure
to act. According to the Tort Law, civil rights and interests include the personal rights and rights of property, such as the right
to life, right to health, right to name, right to reputation, right to honor, right of portraiture, right of privacy, right of
marital autonomy, right of guardianship, right to ownership, right to usufruct, right to security interests, copyright, patent
right, exclusive right to use trademarks, right to discovery, right to equity interests and right of heritage, among others.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><I>Regulation of Internet Content </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The PRC government has promulgated measures
relating to internet content through a number of governmental agencies, including the MIIT, the MOC and the GAPP. These measures
specifically prohibit internet activities, such as the operation of online games, that result in the publication of any content
which is found to contain, among others, propagate obscenity, gambling or violence, instigate crimes, undermine public morality
or the cultural traditions of the PRC, or compromise state security or secrets. If an ICP license holder violates these measures,
its ICP license may be revoked and its websites may be shut down by the relevant government agencies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Moreover, according to the Notice on the
Work of Purification of Online Games jointly issued by the MOC, the MIIT and other governmental authorities in June 2005, online
games in China are required to be registered and filed as software products in accordance with the Administrative Measures on Software
Products, promulgated in 2000, and amended in 2009. In addition, pursuant to the Notice on Enhancing the Content Review Work of
Online Game Products promulgated by the MOC in 2004, imported online games are subject to content review by the MOC prior to being
offered to Chinese internet users.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><I>Information Security and Censorship
</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Internet content in China is regulated and
restricted from a state security standpoint. Internet companies in China are required to complete security filing procedures and
regularly update information security and censorship systems for their websites with local public security bureau. The PRC Law
on Preservation of State Secrets, which became effective on October 1, 2010 requires an internet information services providers
to discontinue disseminating any information that may be deemed to be leaked state secrets and to report such incidents in a timely
manner to the state security and public security authorities. Failure to do so in a timely and adequate manner may subject the
internet information services providers to liability and certain penalties given by the Ministry of State Security, the Ministry
of Public Security and/or the MIIT or their respective local branches.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On December 13, 2005, the Ministry of Public
Security promulgated Provisions on Technological Measures for Internet Security Protection, or the Internet Protection Measures,
which took effect on March 1, 2006. The Internet Protection Measures requires all internet information services operators to take
proper measures including anti-virus, data back-up and other related measures, and keep records of certain information about their
users (including user registration information, log-in and log-out time, IP address, content and time of posts by users) for at
least 60 days and submit the above information as required by laws and regulations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The National People's Congress, China's
national legislative body, enacted the Decisions on the Maintenance of Internet Security on December&nbsp;28, 2000, that may subject
persons to criminal liabilities in China for any attempt to: (i)&nbsp;gain improper entry to a computer or system of strategic
importance; (ii)&nbsp;disseminate politically disruptive information; (iii)&nbsp;leak state secrets; (iv)&nbsp;spread false commercial
information or (v)&nbsp;infringe upon intellectual property rights.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In 1997, the Ministry of Public Security
issued the Administration Measures on the Security Protection of Computer Information Network with Internationally Connections
(2011 amendment), which prohibit using the internet in ways which, among others, result in a leakage of state secrets or a spread
of socially destabilizing content. The Ministry of Public Security has supervision and inspection powers in this regard, and relevant
local security bureaus may also have jurisdiction. If an ICP license holder violates these measures, the PRC government may revoke
its ICP license and shut down its websites.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On December&nbsp;28, 2012, the Standing
Committee of the National People's Congress reiterated relevant rules on the protection of internet information by issuing the
Decision on Strengthening the Protection of Network Information, or the 2012&nbsp;Decision. The 2012&nbsp;Decision distinctly clarified
certain relevant obligations of the internet information service provider. For example, the 2012&nbsp;Decision specifies that the
internet information service provider should take relevant technical measures and other necessary actions to prevent the leakage,
damage or loss of each user's personal information collected in the internet information service provider's operation activities,
and shall take remedial measures when the leakage, damage or loss of the citizen's personal information occurs or may possibly
occur. Once it discovers any transmission or disclosure of information prohibited by the relevant laws and regulations, the internet
information service provider shall stop transmission of such information, take measures such as elimination, keeping relevant record,
and reporting to relevant authorities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">To comply with the above laws and regulations,
we have established an internet information security department to implement measures on information filtering. For example, we
have adopted a voice monitor system, and installed on our platform various alerts on sensitive words or abnormal activities of
users, channels or groups. We also have a dedicated team that maintains 24-hour surveillance on the information posted on our platform,
with different categories for monitoring purposes, according to subject and content. We have also established and follow a strict
review process and storage system of relevant records which, in combination with various information security measures, have effectively
prevented the public dissemination of statutory prohibited information through our websites in the past. We intend to continue
to further update our measurements and system and work closely with relevant authorities to avoid any violation of relevant laws
and regulations in the future.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><I>Privacy Protection </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">PRC laws and regulations do not prohibit
internet content providers from collecting and analyzing their users' personal information if appropriate authorizations are obtained.
We require our users to accept a user agreement whereby they agree to provide certain personal information to us. PRC laws and
regulations prohibit internet content providers from disclosing any information transmitted by users through their networks to
any third parties without their authorization unless otherwise permitted by law. If an internet content provider violates these
regulations, the MIIT or its local bureaus may impose penalties and the internet content provider may be liable for damages caused
to its users.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><I>Regulation of Foreign Currency Exchange
and Dividend Distribution </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>Foreign Currency Exchange.</I></B>&#9;&nbsp;&nbsp;&nbsp;&nbsp;The
core regulations governing foreign currency exchange in China are the Foreign Exchange Administration Regulations, as amended in
August 2008, or the FEA Regulations. Under the FEA Regulations, the Renminbi is freely convertible for current account items, including
the distribution of dividends, interest payments, trade- and service-related foreign exchange transactions, but not for capital
account items, such as direct investments, loans, repatriation of investments and investments in securities outside of China, unless
the prior approval of the SAFE is obtained and prior registration with the SAFE is made. On August&nbsp;29, 2008, SAFE promulgated
Circular 142 to regulate the conversion of foreign currency into Renminbi by a foreign-invested enterprise by restricting the ways
in which the converted Renminbi may be used. Circular 142 stipulates that the registered capital of a foreign-invested enterprise
that has been settled in Renminbi converted from foreign currencies may only be used for purposes within the business scope approved
by the applicable governmental authority and cannot be used for equity investments within the PRC. Meanwhile, the SAFE strengthened
its oversight of the flow and use of the registered capital of a foreign-invested enterprise settled in Renminbi converted from
foreign currencies. The use of such Renminbi capital may not be changed without the SAFE's approval, and may not in any case be
repayment of Renminbi loans if the proceeds of such loans have not been used.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Since SAFE Circular 142 has been in place
for more than five years, in 2014, SAFE decided to further reform the foreign exchange administration system in order to satisfy
and facilitate the business and capital operations of foreign invested enterprises, and issued the Circular on the Relevant Issues
Concerning the Launch of Reforming Trial of the Administration Model of the Settlement of Foreign Currency Capital of Foreign-Invested
Enterprises in Certain Areas on July 4, 2014, or SAFE Circular 36. SAFE Circular 36 suspends the application of SAFE Circular 142
in certain areas and allows a foreign-invested enterprise registered in such areas to use the RMB capital converted from foreign
currency registered capital for equity investments within the PRC, which will be regarded as the reinvestment of foreign-invested
enterprise. On March 30, 2015, SAFE issued the Circular on the Reforming of the Management Method of the Settlement of Foreign
Currency Capital of Foreign-Invested Enterprises, or SAFE Circular 19, which took effect on June 1, 2015, and replaced SAFE Circular
142 and SAFE Circular 36. Under SAFE Circular 19, a foreign-invested enterprise may also choose to convert its registered capital
from foreign currency to RMB on a discretionary basis, and the RMB capital so converted can be used for equity investments within
PRC, which will be regarded as the reinvestment of foreign-invested enterprise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>Dividend Distribution.</I></B>&#9;&nbsp;&nbsp;&nbsp;&nbsp;The
Foreign Investment Enterprise Law, promulgated in 1986 and amended in 2000, and the Administrative Rules under the Foreign Investment
Enterprise Law, promulgated in 2001, are the key regulations governing distribution of dividends of foreign-invested enterprises.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Under these regulations, a wholly foreign-invested
enterprise in China, or a WFOE, may pay dividends only out of its accumulated profits, if any, determined in accordance with PRC
accounting standards and regulations. In addition, a WFOE is required to allocate at least 10% of its accumulated profits each
year, if any, to statutory reserve funds unless its reserves have reached 50% of the registered capital of the enterprises. These
reserves are not distributable as cash dividends. The proportional ratio for withdrawal of rewards and welfare funds for employees
shall be determined at the discretion of the WFOE. Profits of a WFOE shall not be distributed before the losses thereof before
the previous accounting years have been made up. Any undistributed profit for the previous accounting years may be distributed
together with the distributable profit for the current accounting year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>Circular 37.</I></B>&#9; &nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to SAFE's Notice on Relevant Issues Relating to Domestic Residents' Investment and Financing and Round-Trip Investment through
Special Purpose Vehicles, or SAFE Circular 37, issued and effective on July 4, 2014, and its appendixes, PRC residents, including
PRC institutions and individuals, must register with local branches of SAFE in connection with their direct establishment or indirect
control of an offshore entity, for the purpose of overseas investment and financing, with such PRC residents' legally owned assets
or equity interest in domestic enterprises or offshore assets or interests, referred to in SAFE Circular 37 as a &quot;special
purpose vehicle.&quot; SAFE Circular&nbsp;37 further requires amendment to the registration in the event of any significant changes
with respect to the special purpose vehicle, such as increase or decrease of capital contributed by PRC individuals, share transfer
or exchange, merger, division or other material event.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In the event that a PRC shareholder holding
interests in a special purpose vehicle fails to fulfill the required SAFE registration, the PRC subsidiaries of that special purpose
vehicle may be prohibited from making distributions of profit to the offshore parent and from carrying out subsequent cross-border
foreign exchange activities and the special purpose vehicle may be restricted in their ability to contribute additional capital
into its PRC subsidiary. Further, failure to comply with the various SAFE registration requirements described above could result
in liability under PRC law for foreign exchange evasion. These regulations apply to our direct and indirect shareholders who are
PRC residents and may apply to any offshore acquisitions and share transfer that we make in the future if our shares are issued
to PRC residents. &nbsp;See &quot;Item 3. Key Information&mdash;D. Risk Factors&mdash;Risks Related to Doing Business in China&mdash;PRC
regulations relating to offshore investment activities by PRC residents may limit our PRC subsidiaries' ability to increase their
registered capital or distribute profits to us or otherwise expose us to liability and penalties under PRC law.&quot;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We have completed the foreign exchange registration
of PRC resident shareholders of Guangzhou Huaduo, as required by SAFE Circular 37, for our financings that were completed before
the end of 2010. The SAFE Circular 37 registration in relation to the issuance of common shares to Tiger Global Six YY Holdings
was completed on February&nbsp;6, 2012. Our PRC resident shareholders further updated their SAFE Circular 37 registrations in March
2015 to reflect shareholding changes in our company resulting from our initial public offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>Stock Option Rules.</I></B>&#9;&nbsp;&nbsp;&nbsp;&nbsp;The
Administration Measures on Individual Foreign Exchange Control were promulgated by the PBOC on December&nbsp;25, 2006, and their
Implementation Rules, issued by the SAFE on January&nbsp;5, 2007, became effective on February&nbsp;1, 2007. Under these regulations,
all foreign exchange matters involved in employee stock ownership plans and stock option plans participated in by onshore individuals,
among others, require approval from the SAFE or its authorized branch. Furthermore, the Notices on Issues concerning the Foreign
Exchange Administration for Domestic Individuals Participating in Stock Incentive Plans of Overseas Publicly-Listed Companies,
or the Stock Option Rules, were promulgated by SAFE on February&nbsp;15, 2012, that replaced the Application Procedures of Foreign
Exchange Administration for Domestic Individuals Participating in Employee Stock Ownership Plans or Stock Option Plans of Overseas
Publicly-Listed Companies issued by SAFE on March&nbsp;28, 2007. Pursuant to the Stock Option Rules, PRC residents who are granted
shares or stock options by companies listed on overseas stock exchanges based on the stock incentive plans are required to register
with SAFE or its local branches, and PRC residents participating in the stock incentive plans of overseas listed companies shall
retain a qualified PRC agent, which could be a PRC subsidiary of such overseas publicly-listed company or another qualified institution
selected by such PRC subsidiary, to conduct the SAFE registration and other procedures with respect to the stock incentive plans
on behalf of these participants. Such participants must also retain an overseas entrusted institution to handle matters in connection
with their exercise of stock options, purchase and sale of corresponding stocks or interests, and fund transfer. In addition, the
PRC agents are required to amend the SAFE registration with respect to the stock incentive plan if there is any material change
to the stock incentive plan, the PRC agents or the overseas entrusted institution or other material changes. The PRC agents shall,
on behalf of the PRC residents who have the right to exercise the employee share options, apply to SAFE or its local branches for
an annual quota for the payment of foreign currencies in connection with the PRC residents' exercise of the employee share options.
The foreign exchange proceeds received by the PRC residents from the sale of shares under the stock incentive plans granted and
dividends distributed by the overseas listed companies must be remitted into the bank accounts in the PRC opened by the PRC agents
before distribution to such PRC residents. In addition, the PRC agents shall file each quarter the form for record-filing of information
of the Domestic Individuals Participating in the Stock Incentive Plans of Overseas Listed Companies with SAFE or its local branches.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We and our PRC citizen employees who have
been granted share options, restricted shares or restricted share units, or PRC optionees, are subject to the Stock Option Rules.
If we or our PRC optionees fail to comply with the Individual Foreign Exchange Rule and the Stock Option Rules, we and/or our PRC
optionees may be subject to fines and other legal sanctions. See &quot;D.&nbsp;Risk Factors&mdash;Risks Related to Doing Business
in China&mdash;PRC regulations relating to offshore investment activities by PRC residents may limit our PRC subsidiaries' ability
to increase their registered capital or distribute profits to us or otherwise expose us to liability and penalties under PRC law.&quot;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In addition, the State Administration for
Taxation has issued circulars concerning employee share options, under which our employees working in the PRC who exercise share
options will be subject to PRC individual income tax. Our PRC subsidiaries have obligations to file documents related to employee
share options with relevant tax authorities and to withhold individual income taxes of those employees who exercise their share
options. If our employees fail to pay or if we fail to withhold their income taxes as required by relevant laws and regulations,
we may face sanctions imposed by the PRC tax authorities or other PRC government authorities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><I>Regulation on Tax </I></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-weight: normal">PRC
Enterprise Income Tax </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The PRC enterprise income tax is calculated
based on the taxable income determined under the applicable EIT Law and its implementation rules. On March&nbsp;16, 2007, the National
People's Congress of China enacted the New EIT Law, which became effective on January&nbsp;1, 2008. On December&nbsp;6, 2007, the
State Council promulgated the implementation rules to the New EIT Law, which also became effective on January&nbsp;1, 2008. The
New EIT Law imposes a uniform enterprise income tax rate of 25% on all resident enterprises in China, including foreign-invested
enterprises and domestic enterprises, unless they qualify for certain exceptions, and terminates most of the tax exemptions, reductions
and preferential treatment available under the previous tax laws and regulations. According to the New EIT Law and relevant regulations,
subject to the approval of competent tax authorities, the income tax of an enterprise that has been determined to be a high and
new technology enterprise shall be reduced to a preferential rate of 15%.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Moreover, under the New EIT Law, enterprises
organized under the laws of jurisdictions outside China with their &quot;de facto management bodies&quot; located within China
may be considered PRC resident enterprises and are therefore subject to PRC enterprise income tax at the rate of 25% on their worldwide
income. Though the implementation rules of the EIT Law define &quot;de facto management bodies&quot; as &quot;establishments that
carry out substantial and overall management and control over the manufacturing and business operations, personnel, accounting,
properties, etc. of an enterprise,&quot; the only detailed guidance currently available for the definition of &quot;de facto management
body&quot; as well as the determination of offshore incorporated PRC tax resident status and its administration are set forth in
the Notice Regarding the Determination of Chinese-Controlled Overseas Incorporated Enterprises as PRC Tax Resident Enterprise on
the Basis of De Facto Management Bodies, or Circular 82, and the Administrative Measures for Enterprise Income Tax of Chinese-Controlled
Offshore Incorporated Resident Enterprises (Trial) or SAT Bulletin No. 45, both issued by the SAT, which provide guidance on the
administration as well as determination of the tax residency status of a Chinese-controlled offshore-incorporated enterprise, defined
as an enterprise that is incorporated under the law of a foreign country or territory and that has a PRC company or PRC corporate
group as its primary controlling shareholder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="background-color: white">According
to Circular 82, a Chinese-controlled offshore-incorporated enterprise will be regarded as a PRC tax resident by virtue of having
its &quot;de facto management body&quot; in China and will be subject to PRC enterprise income tax on its global income only if
all of the following conditions set forth in Circular 82 are met:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="background-color: white">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; background-color: white">&middot;</FONT></TD><TD><FONT STYLE="background-color: white">the primary location of the day-to-day operational management is in the PRC;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in"><FONT STYLE="background-color: white">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; background-color: white">&middot;</FONT></TD><TD><FONT STYLE="background-color: white">decisions relating to the enterprise&rsquo;s financial and human resource matters are
made or are subject to approval by organizations or personnel in the PRC;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in"><FONT STYLE="background-color: white">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; background-color: white">&middot;</FONT></TD><TD><FONT STYLE="background-color: white">the enterprise&rsquo;s primary assets, accounting books and records, company seals and
board and shareholder resolutions are located or maintained in the PRC; and</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in"><FONT STYLE="background-color: white">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; background-color: white">&middot;</FONT></TD><TD><FONT STYLE="background-color: white">50% or more of voting board members or senior executives habitually reside in the PRC.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="background-color: white">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="background-color: white">In
addition, Bulletin No. 45 provides clarification on the resident status determination, post-determination administration, and competent
tax authorities. It also specifies that when provided with a copy of PRC resident determination certificate from a resident Chinese-controlled
offshore-incorporated enterprise, the payer should not withhold 10% income tax when paying certain PRC-sourced income such as dividends,
interest and royalties to the Chinese-controlled offshore-incorporated enterprise.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; color: blue"><FONT STYLE="text-underline-style: double; background-color: white">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; color: blue"><FONT STYLE="text-underline-style: double; background-color: white">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Although we do not believe that our company
should be treated as a PRC resident enterprise for PRC tax purposes, substantial uncertainty exists as to whether we will be deemed
to be such by the relevant authorities. In the event that we are considered a PRC resident enterprise, we would be subject to the
PRC enterprise income tax at the rate of 25% on our worldwide income. See &quot;D.&nbsp;Risk Factors&mdash;Risks Related to Doing
Business in China&mdash;Under the PRC enterprise income tax law, we may be classified as a PRC &quot;resident enterprise,&quot;
which could result in unfavorable tax consequences to us and our shareholders and have a material adverse effect on our results
of operations and the value of your investment.&quot;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In addition, although the New EIT Law provides
that dividend income between &quot;qualified resident enterprises&quot; is exempted income, and the Implementation Rules refer
to &quot;qualified resident enterprises&quot; as enterprises with &quot;direct equity interest&quot;, it is unclear whether dividends
we receive from our PRC subsidiaries are eligible for exemption.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">According to the Notice on Strengthening
Administration of Enterprise Income Tax for Share Transfers by Non-PRC Resident Enterprises issued by the PRC State Administration
of Taxation on December 10, 2009, with retroactive effect from January 1, 2008, or SAT Circular 698, and the Notice on Several
Issues Concerning Enterprise Income Tax for Indirect Share Transfer by Non-PRC Resident Enterprises, issued by the PRC State Administration
of Taxation on February 3, 2015, or SAT Circular 7, an &quot;indirect transfer&quot; of assets of a PRC resident enterprise, including
equity interests in a PRC resident enterprise, by non-PRC resident enterprises may be re-characterized and treated as a direct
transfer of PRC taxable properties, if such transaction arrangement lacks of reasonable commercial purpose and was established
for the purpose of reducing, avoiding or deferring PRC enterprise income tax. As a result, gains derived from such indirect transfer
may be subject to PRC enterprise income tax, and tax filing or withholding obligations may be triggered, depending on the nature
of the PRC taxable properties being transferred. According to SAT Circular 7, &quot;PRC taxable properties&quot; include assets
of a PRC establishment or place of business, real properties in the PRC, and equity investments in PRC resident enterprises, in
respect of which gains from their transfer by a direct holder, being a non-PRC resident enterprise, would be subject to PRC enterprise
income taxes. When determining if there is a &quot;reasonable commercial purpose&quot; of the transaction arrangement, features
to be taken into consideration include: whether the main value of the equity interest of the relevant offshore enterprise derives
from PRC taxable properties; whether the assets of the relevant offshore enterprise mainly consists of direct or indirect investment
in China or if its income mainly derives from China; whether the offshore enterprise and its subsidiaries directly or indirectly
holding PRC taxable properties have real commercial nature which is evidenced by their actual function and risk exposure; the duration
of existence of the business model and organizational structure; the replicability of the transaction by direct transfer of PRC
taxable properties; and the tax situation of such indirect transfer and applicable tax treaties or similar arrangements. In respect
of an indirect offshore transfer of assets of a PRC establishment or place of business of a foreign enterprise, the resulting gain
is to be included with the annual enterprise filing of the PRC establishment or place of business being transferred, and would
consequently be subject to PRC enterprise income tax at a rate of 25%. Where the underlying transfer relates to PRC real properties
or to equity investments in a PRC resident enterprise, which is not related to a PRC establishment or place of business of a non-resident
enterprise, a PRC enterprise income tax at 10% would apply, subject to available preferential tax treatment under applicable tax
treaties or similar arrangements, and the party who is obligated to make the transfer payments has the withholding obligation.
Where the payor fails to withhold any or sufficient tax, the transferor shall declare and pay such tax to the competent tax authority
by itself within the statutory time limit. Late payment of applicable tax will subject the transferor to default interest. Currently,
neither SAT Circular 698 nor SAT Circular 7 applies to transactions of sale of shares by investors through a public stock exchange
where such shares were acquired from a transaction through a public stock exchange.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We cannot assure you that the PRC tax authorities
will not, at their discretion, adjust any capital gains and impose tax return filing and withholding or tax payment obligations
on the transferors and transferees, while our PRC subsidiaries may be requested to assist in the filing. Any PRC tax imposed on
a transfer of our shares or any adjustment of such gains would cause us to incur additional costs and may have a negative impact
on the value of your investment in us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-weight: normal">PRC
Business Tax </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Pursuant to applicable PRC tax regulations,
any entity or individual conducting business in the service industry is generally required to pay a business tax at the rate of
5% on the revenues generated from providing services prescribed in the aforesaid regulations, transferring intangible assets or
selling immovable properties. However, if the services provided are related to technology development and transfer, such business
tax may be exempted with approvals from the competent tax authorities. In addition, certain businesses, such as mobile game and
online education, are subject to a 3% to 5% business tax on gross revenues generated from providing services and related surcharges
before the VAT Pilot Program.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-weight: normal">Value
Added Tax </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On January&nbsp;1, 2012, the State Administration
of Taxation officially launched a pilot VAT reform program (&quot;Pilot Program&quot;), applicable to businesses in selected industries.
Taxable income derived from the businesses in the Pilot Program is subject to VAT in lieu of business tax. The Pilot Program initially
applied only to transportation industry and &quot;modern service industries&quot; (&quot;Pilot Industries&quot;) in Shanghai in
2011 and expanded to eight trial regions (including Beijing and Guangdong province) and nationwide progressively from August to
December 2012. The Pilot Industries in Shanghai included industries involving the leasing of tangible movable property, transportation
services, research and development and technical services, information technology services, cultural and creative services, logistics
and ancillary services, certification and consulting services. Revenues generated by advertising services, a type of &quot;cultural
and creative services&quot;, are subject to the VAT tax rate of 6%. According to official announcements made by competent authorities
in Beijing and Guangdong province, Beijing launched the same Pilot Program on September&nbsp;1, 2012, and Guangdong province launched
it on November&nbsp;1, 2012. In addition, the Supplementary Notice on Several Tax Policies in Relation to the Scope of VAT-able
and Other Matters in the Transportation and Selected Modern Service Sectors under the VAT Reform Pilot Program, Caishui [2012]
No.&nbsp;86, or Circular 86, which was issued in December 2012, further defines the application scope of relevant industries and
specifies that, starting from December&nbsp;1, 2012, website operation services provided by website owners for non-self-owned online
games are taxed as &ldquo;Information System Services,&rdquo; and therefore would also be subject to the VAT tax rate as 6%. Going
forward, in Guangdong province, we will pay the pilot VAT instead of business taxes for our advertising activities, operating services
for online games not owned by us and for any other parts of our business that are deemed by the competent state tax authorities
to be in the scope of the Pilot Industries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On December 12, 2013, the Ministry of
Finance and the SAT issued the Circular on Including the Railway Transportation and Postal Industries in the Pilot Program of
Replacing Business Tax with Value-Added Tax, or the Pilot Collection Circular. The scope of certain modern services
industries under the Pilot Collection Circular is expanded to cover research and development and technical services, cultural
and creative services, and radio, film and television services. In addition, according to the Notice on Including the
Telecommunications Industry in the Pilot Program of Levying Value-added Tax in Lieu of Business Tax, which became effective
on June 1, 2014, the scope of certain modern services industries under the Pilot Collection Circular is further expanded to
cover the telecommunications industry. Except for online games revenues, IVAS revenues became subject to VAT from June 1,
2014, at a rate of 6%, while they were subject to business taxes at a rate of 3% prior to June 1, 2014. Other revenues,
including online games revenues, are subject to VAT for the years ended December 31, 2013, 2014 and 2015.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-weight: normal">Cultural
Development Fee </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: left">According to applicable PRC tax regulations
or rules, advertising service providers are generally required to pay a cultural development fee at the rate of 3% on the revenues
(a)&nbsp;which are generated from providing advertising services and (b)&nbsp;which are also subject to VAT after the VAT reform
program.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-weight: normal">Dividends
Withholding Tax </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Under the Old EIT Law that was effective
prior to January&nbsp;1, 2008, dividends paid to foreign investors by foreign-invested enterprises, such as dividends paid to us
by Beijing Huanju Shidai or Guangzhou Huanju Shidai, our PRC subsidiaries, were exempt from PRC withholding tax. We are a Cayman
Islands holding company and substantially all of our income may come from dividends we receive from our subsidiaries located in
the PRC. Pursuant to the New EIT Law and its implementation rules, dividends generated after January&nbsp;1, 2008 and distributed
to us by our PRC&nbsp;subsidiaries are subject to withholding tax at a rate of 10%.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">As uncertainties remain regarding the interpretation
and implementation of the New EIT Law and its implementation rules, we cannot assure you that, if we are deemed a PRC resident
enterprise, any dividends to be distributed by us to our non-PRC shareholders and ADS holders would not be subject to any PRC withholding
tax. See &quot;D.&nbsp;Risk Factors&mdash;Risks Related to Doing Business in China&mdash;Under the PRC enterprise income tax law,
we may be classified as a PRC &quot;resident enterprise,&quot; which could result in unfavorable tax consequences to us and our
shareholders and have a material adverse effect on our results of operations and the value of your investment.&quot;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><I>Labor Laws and Social Insurance </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The principle laws that govern employment
include:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Labor Law of the People's Republic of China, promulgated by the Standing Committee of the National People's Congress on July&nbsp;5,
1994, effective since January&nbsp;1, 1995 and amended on August&nbsp;27, 2009; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Labor Contract Law of the People's Republic of China, promulgated by the Standing Committee of the National People's Congress
on June&nbsp;29, 2007 and amended on December 28, 2012.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">According to the Labor Law and Labor Contract
Law, employers must execute written labor contracts with full-time employees. All employers must compensate their employees with
wages equal to at least the local minimum wage standards. All employers are required to establish a system for labor safety and
sanitation, strictly comply with state rules and standards and provide employees with workplace safety training. Violations of
the PRC Labor Contract Law and the PRC Labor Law may result in the imposition of fines and other administrative penalties. For
serious violations, criminal liability may arise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In addition, employers in China are required
to provide employees with welfare schemes covering pension insurance, unemployment insurance, maternity insurance, work-related
injury insurance, medical insurance and housing funds.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We have caused all of our full-time employees
to enter into written labor contracts with us and have provided and currently provide our employees with the proper welfare and
employment benefits.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><I>New M&amp;A Regulations and Overseas
Listings </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On August&nbsp;8, 2006, six PRC governmental
agencies jointly promulgated the Regulations on Mergers and Acquisitions of Domestic Enterprises by Foreign Investors, or the New
M&amp;A Rule, which became effective on September&nbsp;8, 2006, and amended on June 22, 2009. The New M&amp;A Rule requires offshore
special purpose vehicles formed to pursue overseas listing of equity interests in PRC companies and controlled directly or indirectly
by PRC companies or individuals to obtain the approval of the Chinese Securities Regulatory Commission, or the CSRC, prior to the
listing and trading of such special purpose vehicle's securities on any stock exchange overseas.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The application of the M&amp;A Rules remains
unclear. Based on the understanding on the current PRC laws, rules and regulations and the M&amp;A Rules of our PRC Legal Counsel,
Fangda Partners, prior approval from the CSRC is not required under the M&amp;A Rules for the listing and trading of our ADSs on
the Nasdaq Global Market because (a)&nbsp;our PRC subsidiaries, Beijing Huanju Shidai and Guangzhou Huanju Shidai, are foreign-invested
enterprises established by foreign enterprises, (b)&nbsp;we did not acquire any equity interest or assets of a PRC domestic company
owned by PRC companies or individuals as defined under the M&amp;A Rules, and (c)&nbsp;there is no provision that clearly classifies
the contractual arrangements among our PRC subsidiary, Beijing Huanju Shidai, our PRC consolidated affiliated entities and their
shareholders as a transaction regulated by the M&amp;A Rules. However, as there has been no official interpretation or clarification
of the M&amp;A Rules, we are also advised by our PRC legal counsel that there is uncertainty as to how this regulation will be
interpreted or implemented.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Considering the uncertainties that exist
with respect to the issuance of new laws, regulations or interpretation and implementing rules, the opinion of Fangda Partners,
summarized above, is subject to change. If the CSRC or another PRC regulatory agency subsequently determines that prior CSRC approval
was required, we may face regulatory actions or other sanctions from the CSRC or other PRC regulatory agencies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>C. Organizational Structure</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The following diagram illustrates our corporate
structure:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><IMG SRC="yygroupchartuptdated.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 25%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Beijing
Tuda is our PRC consolidated affiliated entity. Mr.&nbsp;David Xueling Li, our co-founder, chief executive officer and director,
owns 97.7% of Beijing Tuda's equity interests, as of the date of this annual report. For a detailed description of the contractual
arrangements, see &ldquo;Item 7. Major Shareholders and Related Party Transactions&mdash;B. Related Party Transactions&mdash;Contractual
Arrangements with Beijing Tuda.&rdquo;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Guangzhou Huaduo is our
    PRC consolidated affiliated entity. Mr.&nbsp;Jun Lei, our co-founder and chairman, Mr.&nbsp;David Xueling Li and Beijing Tuda
    own approximately 0.44%, 0.5% and 99.0% of Guangzhou Huaduo's equity interests, respectively, as of the date of this annual
    report. For a detailed description of the contractual arrangements, see &ldquo;Item 7. Major Shareholders and Related Party
    Transactions&mdash;B. Related Party Transactions&mdash;Contractual Arrangements with Guangzhou Huaduo.&rdquo;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">(3)</TD><TD STYLE="text-align: justify">Bilin Online is our PRC consolidated affiliated entity.
Mr.&nbsp;David Xueling Li owns 100.0% of Bilin Online 's equity interests, as of the date of this annual report. For a detailed
description of the contractual arrangements, see &ldquo;Item 7. Major Shareholders and Related Party Transactions&mdash;B. Related
Party Transactions&mdash;Contractual Arrangements with Bilin Online.&rdquo;</TD>
</TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(4)</TD><TD>Duowan BVI and Guangzhou Huaduo is the limited partner of Engage L.P. and Shanghai Yilian, respectively.</TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>D. Property and Equipment</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In November 2015, our principal executive
offices were relocated to our previously purchased commercial premises in Panyu District, Guangzhou, China, which comprise approximately
30,574 square meters. This facility currently accommodates our management headquarters, principal development, engineering, sales
and marketing, human resources and administrative activities. We also have a branch office in Beijing focusing on research and
development, a branch office in Zhuhai focusing on games related businesses, and a representative office in Shanghai that handles
advertising-related matters. We lease these relatively small premises under lease agreements from unrelated third parties, and
we plan to renew these leases from time to time as needed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In August 2015, we acquired the use right
of a parcel of land located at Pazhou, Haizhu District, Guangzhou, China. This land and its adjacent areas are designated by the
Guangzhou municipal government to be a new center for e-commerce companies. We expect to use this land to support future development
of our company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our servers are hosted in leased internet
data centers in different geographic regions in China. The data centers in our network are owned and maintained for us by major
domestic internet data center providers. We typically enter into leasing and hosting service agreements that are renewable annually.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We believe that our existing facilities
are sufficient for our current needs and we will obtain adequate facilities, principally through leasing, to accommodate our future
expansion plans.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">See Notes 11 and 12 to our financial
statements for further information about our property and equipment and intangible assets.<I> </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.75in"><A NAME="a_008"></A>ITEM 4A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UNRESOLVED
STAFF COMMENTS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">None.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.75in"><A NAME="a_009"></A>ITEM 5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OPERATING AND
FINANCIAL REVIEW AND PROSPECTS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.75in">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">You should read the following discussion
and analysis of our financial condition and results of operations in conjunction with our consolidated financial statements and
the related notes included elsewhere in this annual report. This discussion contains forward-looking statements that involve risks
and uncertainties. Our actual results and the timing of selected events could differ materially from those anticipated in these
forward-looking statements as a result of various factors, including those set forth under &quot;Item&nbsp;3. Key Information&mdash;D.
Risk Factors&quot; and elsewhere in this annual report.</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>A. Operating Results</U></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Overview</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We began our operations in 2005 by launching
Duowan.com, a popular online web portal hosting game media content. We have grown significantly in recent years, developing and
introducing YY&nbsp;Client in 2008 and extending our services into mobile devices in September 2010 and onto web browsers in October
2012. Our business has also expanded from focusing on providing voice communication services to becoming a multifaceted social
entertainment platform. We offer a variety of interactive content on our platform, such as online music shows, live online game
streaming, and online dating shows, which give our users a more diverse, immersive, engaging and enriching experience.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We derive our revenues primarily from IVAS
and online advertising. We derived 91.0%, 96.0% and 96.0% of our total net revenues from IVAS in 2013, 2014 and 2015, respectively,
with online education revenue, online advertising revenue and e-commerce revenue accounting for the remainder of our revenues.
Revenues from IVAS are primarily generated through online music and entertainment, online games, online dating, live game broadcasting
and other services on our platform. Online education revenues are primarily generated from our online education platform, 100 Education,
and online advertising revenues are primarily generated from sales of different forms of advertising on Duowan.com. As we continue
to expand our IVAS offerings and our user engagement and spending levels increase, our revenue sharing fees and content costs have
increased significantly in recent years, resulting in lower gross margin. We have been exploring additional monetization opportunities
and diversifying our revenue sources in order to capitalize on the large and highly engaged user base of our platform.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">An increasing number of users are accessing
our platform through mobile devices, and we consider the rise of mobile-based business to be a general trend. Mobile YY, our music
and entertainment mobile application, has contributed 45.4% of the total revenue generated from our music and entertainment business
in the fourth quarter of 2015, compared to 14.4% in the same period of 2014. The ARPU of Mobile YY has reached RMB387.6 (US$59.8)
in the fourth quarter of 2015, compared to RMB531.0 (US$82.0), the average ARPU of our whole music and entertainment business.
We have been taking measures to expand our success from PC-based products and services to the mobile platform. In October 2013,
we introduced virtual item purchase functions on Mobile YY to accelerate the monetization of our mobile platform. In February 2016,
we released our mobile broadcasting application, ME Live, which allows users to perform and make broadcasts with a single mobile
device. We have also developed numerous mobile applications for other parts of our business. An important element of our strategy
is to continue to develop and enhance mobile applications to capture a greater share of the growing number of mobile users.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our total net revenues increased from RMB1,823.5&nbsp;million
in 2013 to RMB3,678.4&nbsp;million in 2014 and to RMB5,897.2&nbsp;million (US$910.4&nbsp;million) in 2015. We had a net income
of RMB477.7&nbsp;million, RMB1,064.5 million and RMB998.3&nbsp;million (US$154.1&nbsp;million) in 2013, 2014 and 2015, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Discussion of Selected Statements of
Operations Items</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Revenues</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In the years ended December&nbsp;31, 2013,
2014 and 2015, we had derived our revenues from IVAS and other revenues. Our IVAS revenues are primarily comprised of revenues
from online music and entertainment, online games, online dating, and, to a lesser degree, live game broadcasting and our membership
subscriptions. Other revenues, mainly include revenues from our online education platform, 100 Education, online advertising revenues
from Duowan.com and e-commerce. We expect that in the future, as is the case in 2015, an increasing portion of our revenues will
be derived from non-game IVAS revenues, including revenues from in-channel virtual items sold on our platform, such as virtual
flowers and gifts for use in various channels, as well as other online products and services.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The following table sets forth the principal
components of our total net revenues by amount and as a percentage of our total net revenues for the periods presented.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="26" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">For the Year Ended December&nbsp;31,</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2013</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2014</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="10" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2015</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">RMB</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>% of</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>total net</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>revenues</B></P></TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">RMB</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>% of</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>total net</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>revenues</B></P></TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">RMB</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">US$</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>% of</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>total net</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>revenues</B></P></TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="26" STYLE="font-weight: bold; text-align: center">(in thousands, except for percentages)</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt"><B>Total net revenues</B>:<SUP>(1)</SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>IVAS:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 23%; text-align: left">Online music and entertainment</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">852,885</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">46.8</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">2,109,503</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">57.3</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">3,320,052</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">512,528</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">56.3</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Online games</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">602,111</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">33.0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">811,699</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">22.1</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">771,882</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">119,158</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13.1</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Online dating</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">661</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">194,134</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5.3</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">651,019</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">100,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11.0</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Other IVAS</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">204,551</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11.2</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">415,689</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11.3</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">918,006</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">141,716</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15.6</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Other revenues</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">163,260</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9.0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">147,343</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4.0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">236,290</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">36,477</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4.0</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Total</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,823,468</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">100.0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,678,368</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">100.0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,897,249</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">910,379</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">100.0</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(1)</TD><TD>Revenues are presented net of rebates and discounts.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>IVAS revenues.</I>&nbsp;&nbsp;&nbsp;&nbsp;We
generate IVAS revenues from (i)&nbsp;the sales of in-channel virtual items used on our online music and entertainment channels,
(ii)&nbsp;the sales of in-game virtual items used for games developed by us or by third parties under revenue-sharing arrangements
on our platform and (iii)&nbsp;other revenues, including in-channel virtual items used for online dating and live game broadcasting
and membership subscription fees. Users access channels and play online games free of charge, but are charged for purchases of
virtual items.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The most significant factors that directly
affect our IVAS revenues include the increase in the number of our paying users and ARPU:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><I>The number of paying users.</I>&nbsp;&nbsp;We had approximately 3.2&nbsp;million, 4.9&nbsp;million and 7.2&nbsp;million
paying users in 2013, 2014 and 2015, respectively. We calculate the number of paying users during a given period as the cumulative
number of registered user accounts that have purchased virtual items or other products and services on our platform at least once
during the relevant period. We were able to achieve an increase in the number of paying users primarily due to a larger active
user base and a higher conversion ratio of active users to paying users, and we expect that the number of our paying users will
continue to grow in the future as we expand our services and products offerings and further monetize our existing platform.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><I>ARPU.</I>&nbsp;&nbsp;Our ARPU for IVAS was approximately RMB525.2, RMB726.0 and RMB783.3 (US$120.9) in 2013, 2014 and 2015,
respectively. ARPU is calculated by dividing our total revenues from IVAS during a given period by the number of paying users for
that period. As we begin to generate revenues from an increasing variety of IVAS, our ARPU may fluctuate from period to period
due to the mix of IVAS purchased by our paying users.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Other significant factors that directly
or indirectly affect our IVAS revenues include:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>our ability to increase our popularity by offering new and attractive products and services that allow us to monetize our platform;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>our ability to attract and retain a large and engaged user base; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>our ability to attract and retain third party game developers, third party licensee operators, service providers and certain
popular performers and channel owners.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We expect that the portion of our revenues
from IVAS derived from the sales of non-game virtual items and services will continue to increase as we capitalize on monetization
opportunities. We create and offer to users virtual items that can be used on various channels. Users can purchase consumable virtual
items from us to show support for their favorite performers or time-based virtual items that provide users with recognized status,
such as priority speaking rights or special symbols on the music and entertainment channels. The percentage of our total net revenues
attributable to virtual items sold on our online music and entertainment channels was 46.8%, 57.3%, and 56.3% in 2013, 2014 and
2015.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The online games we currently offer are
primarily web games that can be run from an internet browser and require an internet connection to play. We have historically derived
a significant portion of our revenues from a number of popular online games, primarily through selling in-game virtual items for
these games. A majority of our popular online games are developed by third party game developers under revenue-sharing arrangements
that typically last one to two years. We derive an increasingly lower percentage of our revenues from online games as a whole,
as we expect to monetize other non-game aspects of the YY platform, such as online music and entertainment, online dating and live
game broadcasting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>Other revenues.</I>&nbsp;&nbsp;&nbsp;&nbsp;We
generated other revenues from our online education platform, 100 Education, online advertising revenues from Duowan.com and e-commerce.
Online education services consist of vocational training and language training courses. Revenue is recognized over the period the
online course is available to the students, which generally is from the enrolment date to the completion of the relevant professional
examination date. We enter into advertising contracts with both advertisers and advertising agencies. In 2013, 2014 and 2015, a
vast majority of our online advertising revenues were derived from pay-for-time arrangements under which we charge advertisers
depending on the duration of display for an advertisement or a series of advertisements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Cost of Revenues</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Cost of revenues consists primarily of
(i)&nbsp;revenue sharing fees and content costs including payments to various channel owners and performers,  and
content providers, (ii)&nbsp;bandwidth costs, (iii)&nbsp;salary and welfare, (iv)&nbsp;depreciation and amortization expense
for servers, other equipment and intangibles directly related to operating the platform, (v)&nbsp;payment handling costs,
(vi)&nbsp;business tax and surcharges, (vii)&nbsp;share-based compensation, and (viii) other costs. We anticipate that revenue
sharing fees and content costs paid to performers, channel owners and content providers will increasingly contribute to our
cost of revenues. We expect that our cost of revenues will increase in absolute amount as we further grow our user base
and expand our revenue-generating services.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>Revenue sharing fees and content costs.</I>&nbsp;&nbsp;&nbsp;&nbsp;Our
revenue sharing fees and content costs paid to performers, channel owners and content providers increased from RMB444.1&nbsp;million
in 2013 to RMB1,134.0&nbsp;million in 2014 and further increased to RMB2,343.2&nbsp;million (US$361.7&nbsp;million) in 2015. We
expect our revenue sharing fees and content costs to continue to increase as we continue to expand our IVAS offerings, our user
engagement and spending levels increase, as well as our investments in expanding the amount of new and innovative content provided
to users.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>Bandwidth costs.</I>&nbsp;&nbsp;&nbsp;&nbsp;Our
bandwidth costs increased from RMB203.2&nbsp;million in 2013, to RMB345.9&nbsp;million in 2014 and further increased to RMB570.2&nbsp;million
(US$88.0&nbsp;million) in 2015. We expect bandwidth costs to continue to increase as our user base continues to expand and as online
music and entertainment and other video-related services, such as live game broadcasting, become more popular in the future.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>Salary and welfare.</I>&nbsp;&nbsp;&nbsp;&nbsp;Our
salary and welfare costs increased from RMB88.5&nbsp;million in 2013 to RMB131.8&nbsp;million in 2014, and further increased to
RMB198.2&nbsp;million (US$30.6&nbsp;million) in 2015. We expect our salary and welfare costs to increase as we continue to hire
additional employees in line with the expansion of our business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>Depreciation and amortization.</I>&nbsp;&nbsp;&nbsp;&nbsp;Our
depreciation and amortization increased from RMB37.1&nbsp;million in 2013 to RMB59.8&nbsp;million in 2014, and further increased
to RMB145.1&nbsp;million (US$22.4&nbsp;million) in 2015. We expect depreciation and amortization to increase as we continue to
expand our operations and purchase servers and other equipment or intangibles directly related to the operating of our platform
and business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>Payment handling costs.</I>&nbsp;&nbsp;&nbsp;&nbsp;Our
payment handling costs increased from RMB25.0&nbsp;million in 2013 to RMB55.1&nbsp;million in 2014, and further increased to RMB104.8&nbsp;million
(US$16.2&nbsp;million) in 2015. We expect payment handling costs to increase as we continue to grow our paying users base and expand
our paid service offerings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>Business tax and surcharges.</I>&nbsp;&nbsp;&nbsp;&nbsp;Our
business tax and surcharges increased from RMB47.8&nbsp;million in 2013 to RMB49.2&nbsp;million in 2014, but decreased to RMB27.8&nbsp;million
(US$4.3&nbsp;million) in 2015. We expect we don&rsquo;t need to pay business tax to decrease because our revenues are now subject
to VAT instead of business tax, and we expect the payment of surcharges to increase due to the expansion of our business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>Share-based compensation.</I>&nbsp;&nbsp;&nbsp;&nbsp;Our
share-based compensation allocated to the cost of revenues increased from RMB9.9&nbsp;million in 2013 to RMB18.0&nbsp;million in
2014 and further increased to RMB24.0&nbsp;million (US$3.7&nbsp;million) in 2015, primarily due to our business expansion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Operating Expenses</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our operating expenses consist of
(i)&nbsp;research and development expenses, (ii)&nbsp;sales and marketing expenses, (iii)&nbsp;general and administrative
expenses, (iv) goodwill impairment, and (v) fair value change of contingent consideration. The following table sets forth the
components of our operating expenses for the years indicated, both in absolute amounts and as percentages of our total net
revenues. We expect our operating expenses to generally increase in absolute amount and decrease as percentage of total net
revenues in the near future.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="26" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">For the Year Ended December&nbsp;31,</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2013</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2014</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="10" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2015</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">RMB</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>% of</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>total net</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>revenues</B></P></TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">RMB</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>% of</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>total net</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>revenues</B></P></TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">RMB</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">US$</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>% of</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>total net</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>revenues</B></P></TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="26" NOWRAP STYLE="font-weight: bold; text-align: center">(in thousands, except for percentages)</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left">Operating expenses:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 30%; text-align: left; text-indent: -0.125in; padding-left: 0.125in">Research and development expenses</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; text-align: right">267,005</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; text-align: right">14.6</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; text-align: right">431,188</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; text-align: right">11.7</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; text-align: right">548,799</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; text-align: right">84,720</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; text-align: right">9.3</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -0.125in; padding-left: 0.125in">Sales and marketing expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">24,955</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.4</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">102,527</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.8</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">312,870</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">48,299</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5.3</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -0.125in; padding-left: 0.125in">General and administrative expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">200,554</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11.0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">223,019</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6.1</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">358,474</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">55,339</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6.1</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -0.125in; padding-left: 0.125in">Goodwill impairment</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">310,124</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">47,875</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5.3</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -0.125in; padding-left: 0.125in">Fair value change of contingent consideration</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(292,471</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(45,150</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(5.0</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Total operating expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">492,514</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">27.0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">756,734</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">20.6</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,237,796</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">191,083</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">21.0</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">Research and Development
Expenses</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Research and development expenses consist
primarily of salaries and benefits and share-based compensation expenses for research and development personnel and rental expenses
and depreciation of office premises and servers utilized by the research and development personnel. Research and development expenses
generally increased in the past three years ended December&nbsp;31, 2015, due to the need for additional research and development
personnel to accommodate the growth of our business. We expect our research and development expenses in absolute amount to increase
as we intend to retain existing research and development personnel and also hire new ones to, among other things, develop new series
of applications for our platform, improve technology infrastructure to further enhance user experience, and further develop enhanced
features for mobile devices to reach more users. However, we also expect to be able to leverage on the expertise of our established
research and development team and achieve better efficiency.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">Sales and Marketing Expenses</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Sales and marketing expenses consist
primarily of (i)&nbsp;advertising and promotion expenses, (ii) salary and welfare for sales and marketing personnel, and
(iii)&nbsp;rental expenses. Our sales and marketing expenses generally increased over the past three
years ended December&nbsp;31, 2015, primarily reflecting increased marketing and promotional activities and increased numbers
of sales and marketing staff. We expect that our sales and marketing expenses will increase in absolute amount as well as a
percentage of the total revenue in the near term as we expect to increase our spending on promotional activities,
particularly relating to mobile applications and new business initiatives.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">General and Administrative
Expenses</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">General and administrative
expenses consist primarily of (i) salary and welfare general and administrative personnel, (ii)&nbsp;share based compensaton
for management and administrative personnel, and (iii)&nbsp;impairment charges of intangibles in relation to acquisitions. Our general and administrative expenses generally increased over the past three years ended
December&nbsp;31, 2015 as our business expanded, primarily due to the general growth of our business and an increase in the
intangible assets impairment charge. We expect our general and administrative expenses to increase in the future as our
business grows.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">Goodwill impairment and
Fair value change of contingent consideration</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">It was noted that 100 Online and
Beifu&rsquo;s financial and operational performance in 2015 was behind the original budget resulting from unexpected fierce
market competition and the resignation of a number of key personnel. Based on the result of the annual impairment assessment,
for 100 Online, an impairment charge of RMB182.1 million (US$ 28.1 million) was recognised and correspondingly, long-term
payable amounting to RMB185.2 million (US$ 28.6 million) in relation to the contingent consideration was reversed, for Beifu,
an impairment charge of RMB128.0 million (US$19.8 million) was recognised and correspondingly, long-term payable amounting to
RMB107.3 million (US$ 16.6 million) in relation to the contingent consideration was reversed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">Share-based Compensation
Expenses</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our operating expenses include share-based
compensation expenses as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="14" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">For the Year Ended December&nbsp;31,</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2013</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2014</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2015</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">RMB</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">RMB</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">RMB</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">US$</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="14" NOWRAP STYLE="font-weight: bold; text-align: center">(in thousands, except for percentages)</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 48%; text-align: left">Research and development expenses</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">39,587</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">54,141</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">70,951</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">10,953</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Sales and marketing expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,318</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,807</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,283</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">507</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">General and administrative expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">66,331</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">59,647</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">87,175</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13,458</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>Total</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">107,236</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">116,595</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">161,409</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">24,918</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We grant stock-based award such as, but
not limited to, share options, restricted shares, restricted share units and warrants to eligible employees, officers, directors,
and non-employee consultants. Awards granted to employees, officers, and directors are initially accounted for as equity-classified
awards, which are measured at the grant date fair value of the award and are recognized using the graded vesting method, net of
estimated forfeitures, over the requisite service period, which is generally the vesting period. Awards granted to non-employees
are initially measured at fair value on the grant date and periodically re-measured thereafter until the earlier of the performance
commitment date or the date the service is completed and recognized over the period in which the service is provided.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Taxation</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">Cayman Islands</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">According to our Cayman Islands counsel,
Conyers Dill&nbsp;&amp; Pearman, Cayman Islands currently levies no taxes on individuals or corporations based upon profits, income,
gains or appreciations and there is no taxation in the nature of inheritance tax or estate duty. There are no other taxes likely
to be material to us levied by the government of the Cayman Islands except for stamp duties which may be applicable on instruments
executed in, or after execution brought within the jurisdiction of, the Cayman Islands. There are no exchange control regulations
or currency restrictions in the Cayman Islands.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Pursuant to Section&nbsp;6 of the Tax Concessions
Law (1999 Revision) of the Cayman Islands, we have obtained an undertaking from the Governor-in-Cabinet:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(1)</TD><TD>that no law which is enacted in the Cayman Islands imposing any tax to be levied on profits or income or gains or appreciations
shall apply to us or our operations; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(2)</TD><TD>that the aforesaid tax or any tax in the nature of estate duty or inheritance tax shall not be payable (i) on or in respect
of our shares, debentures or other obligations, or (ii) by way of withholding in whole or in part of any relevant payment as defined
in section 6(3) of the Tax Concessions Law (1999 Revision).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The undertaking is for a period of twenty
years from August&nbsp;2, 2011.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">British Virgin Islands</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Duowan BVI is our wholly owned subsidiary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">As Duowan BVI is a BVI business company
subject to the provisions of the BVI Business Companies Act 2004 (as amended), it is exempt from all provisions of the Income Tax
Act of the BVI (including with respect to all dividends, interests, rents, royalties, compensation and other amounts payable by
Duowan BVI to persons who are not persons resident in the&nbsp;BVI).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Capital gains realized with respect to any
shares, debt obligations or other securities of Duowan BVI by persons who are not persons resident in the BVI are also exempt from
all provisions of the Income Tax Act of the&nbsp;BVI.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">No estate, inheritance, succession or gift
tax, rate, duty, levy or other charge is payable by persons who are not persons resident in the BVI with respect to any shares,
debt obligations or other securities of Duowan BVI, save for interest payable to or for the benefit of an individual resident in
the European Union.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">Hong Kong</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our subsidiary registered in Hong
Kong is subject to Hong Kong Profits Tax on the taxable income as reported in its respective statutory financial statements adjusted
in accordance with relevant Hong Kong tax laws. The applicable tax rate is 16.5% in Hong Kong.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">PRC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Current taxation primarily represented the
provision for a state and local corporate income tax, or EIT, for subsidiaries and consolidated affiliated entities operating in
the PRC. Prior to January&nbsp;1, 2008, companies established in the PRC were generally subject to EIT at statutory rates of 30%
and 3% respectively. On March&nbsp;16, 2007, the PRC National People's Congress promulgated the New EIT Law, which became effective
on January&nbsp;1, 2008. These subsidiaries and VIEs are subject to new EIT on their taxable income as reported in their respective
statutory financial statements adjusted in accordance with the relevant tax laws and regulations in the PRC. All our PRC entities
are subject to EIT at a rate of 25%, with the exception of any preferential treatments they may receive, such as the 15% preferential
tax rate that Guangzhou Huaduo can enjoy for the periods reported as a result of its qualification as a high and new technology
enterprise. Furthermore, Guangzhou Huanju Shidai has been qualified as a software enterprise since 2013, and is entitled to a two-year
exemption from EIT followed by three years at 50% tax reduction starting from 2014, the first profit-making year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">According to a policy promulgated by the
state tax bureau of the PRC and effective from 2008 onwards, enterprises engaged in research and development activities are entitled
to claim 150% of the research and development expenses so incurred in a year as tax deductible expenses in determining its tax
assessable profits for that year, or Super Deduction. Guangzhou Huaduo, Zhuhai Duowan, Guangzhou Huanju Shidai and Beijing Huanju
Shidai have claimed such Super Deduction for the period reported. In addition, Guangzhou Juhui started to claim such Super Deduction
since 2015.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In addition, according to the New EIT Law
and its implementation rules, foreign enterprises, which have no establishment or place in the PRC but derive dividends, interest,
rents, royalties and other income (including capital gains) from sources in the PRC is subject to PRC withholding tax, or WHT,
at 10% (a further reduced WHT rate may be available according to the applicable double tax treaty or arrangement). The 10% WHT
is applicable to any dividends to be distributed from our PRC subsidiaries and consolidated affiliated entities to us and our subsidiaries
outside the PRC. We do not have any present plan to pay out the retained earnings in the PRC subsidiaries and PRC consolidated
affiliated entities in the foreseeable future. We currently intend to retain our available funds and any future earnings to operate
and expand our business. Accordingly, no such WHT has been accrued.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our PRC subsidiaries and PRC
consolidated affiliated entities are subject to business taxes or value added tax and related surcharges. Except for online
games revenues, IVAS revenues became subject to VAT from June 1, 2014, at a rate of 6%, while they were subject to business
taxes at a rate of 3% prior to June 1, 2014. Other revenues, including online games revenues, are subject to VAT for the year
ended December 31, 2013, 2014 and 2015. Surcharges are calculated based on 12% of the monthly business taxes and VAT payable
for 2013, 2014 and 2015. Business taxes and related surcharges during 2013, 2014 and 2015 were
RMB47.8&nbsp;million, RMB49.2&nbsp;million and RMB27.8&nbsp;million (US$4.3&nbsp;million), respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">For more information on PRC tax regulations,
see &quot;PRC Regulation&mdash;Regulation on Tax.&quot;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Critical Accounting Policies</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We prepare our financial statements in conformity
with U.S.&nbsp;GAAP, which requires us to make estimates and assumptions that affect our reporting of, among other things, assets
and liabilities, revenues and expenses. We regularly evaluate these estimates and assumptions based on the most recently available
information, our own historical experiences and other factors that we believe to be relevant under the circumstances. Since our
financial reporting process inherently relies on the use of estimates and assumptions, our actual results could differ from these
estimates. This is especially true with some accounting policies that require higher degrees of judgment than others in their application.
We consider the policies discussed below to be critical to an understanding of our audited consolidated financial statements because
they involve the greatest reliance on our management's judgment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Revenue Recognition and Deferred
Revenue</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We generate revenues from IVAS, online education,
online advertising and others. Revenues from IVAS are generated from online music and entertainment, online games, online dating,
Huya broadcasting, membership subscription fees and other IVAS. Online education services consist of vocational training and language
training courses.Online advertising revenues are primarily generated from sales of different forms of advertising on Duowan.com.
Revenue is recognized when persuasive evidence of an arrangement exists, service has been rendered, the price is fixed or determinable
and collection is reasonably assured. Revenue is deferred until these criteria are met as describe below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">IVAS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We operate a virtual currency system under
which the users can directly purchase virtual currency and virtual items on YY Client&rsquo;s online community channels or pay
membership subscription fees via online payment systems provided by third parties including payments using mobile phone, internet
debit/credit card and other third party payment systems. The virtual currency can be converted into game tokens that can be used
to purchase virtual items in online games (both developed by third parties and self-developed), or used directly to purchase virtual
items on YY Client&rsquo;s online community channels or used to pay membership subscription fees. Virtual currency sold but not
yet consumed by the purchaser is recorded as &ldquo;advances from customers&rdquo; and, upon conversion or being used, is recognized
as revenue according to the respective prescribed revenue recognition policies addressed below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">Online music and entertainment
revenue</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We create and offer virtual items to be
used by users on our online music and entertainment channels that we operate and maintain. The virtual items are offered free of
charge or sold to users at different specified prices as pre-determined by us. Online music and entertainment revenue consists
of sales of virtual items. Users purchase consumable virtual items from us and present them to performers to show support for their
favorite performers or time-based virtual items which provide users with recognized status, such as priority speaking rights or
special symbols on the music channels for a specific period of time. In order to attract user traffic, we share a portion of the
revenues we derive from such in-channel virtual item sales on online music and entertainment channels with certain popular performers
and channel owners, who have entered into revenue sharing arrangements with us. We account for such shared revenues as cost of
revenues. Performers and channel owners who do not have such revenue sharing arrangements with us are not entitled to share any
revenue derived from the virtual items sold. We do not recognize any revenue from offering free virtual items and do not share
any revenue with performers or channel owners when free virtual items are presented to performers by our users. Accordingly, online
music and entertainment revenue is recognized for the sale of virtual items sold in online music and entertainment channels immediately
if the virtual item is a consumable or, in the case of time-based virtual items, recognized ratably over the period each virtual
item is made available to the user, which does not exceed one year. We do not have further obligations to the user after the virtual
items are consumed. Virtual items may be sold individually or bundled into one arrangement. When our users purchase multiple virtual
items bundled within the same arrangement, we evaluate such arrangements under ASC 605-25 <I>Multiple-Element Arrangements</I>.
We identify individual elements under the arrangement and determine if such elements meet the criteria to be accounted for as separate
units of accounting. We allocate the arrangement consideration to separate units of accounting based on their relative selling
price. The following hierarchy has been followed when determining the relative selling price for each element: (1)&nbsp;vendor
specific objective evidence, or VSOE, (2)&nbsp;third party evidence, or TPE, and (3)&nbsp;best estimate of selling price, or BESP.
Given that the VSOE of the selling price cannot be determined, we have adopted a policy to allocate the consideration of the whole
arrangement to different virtual item elements based on the TPE of selling price or the BESP for each virtual item element. We
determine the fair values of virtual items sold in a bundle based on similar products sold separately on the YY platform based
on the TPE of selling price and determine the fair values of virtual items without similar products sold separately on the YY platform
based on the BESP. The BESP is generally based on the selling prices of the various elements of a similar nature when they are
sold to users on a stand-alone basis. The BESP may also be based on the estimated stand-alone pricing when the element has not
previously been sold on a stand-alone basis. These estimates are generally determined based on pricing strategies, market factors
and strategic objectives. We recognize revenue for each virtual item element in accordance with the applicable revenue recognition
method.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">Online game revenue</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 23pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 23pt">We generate revenues
from offering virtual items in online games developed by third parties or our self-developed online games to game players. Historically,
the majority of online games revenues for the three years ended December&nbsp;31, 2013, 2014 and 2015 were derived from third party-developed
games.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 23pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 23pt">Users play games through
our platform free of charge and are charged for purchases of virtual items including consumable and perpetual items, which can
be utilized in the online games to enhance their game-playing experience. Consumable items represent virtual items that can be
consumed by a specific user within a specified period of time. Perpetual items represent virtual items that are accessible to the
users&rsquo; accounts over the life of the online games.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 23pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 23pt">We recognize revenue
when recognition criteria defined under US&nbsp;GAAP are satisfied. For purposes of determining when the service has been provided
to the paying player, we have determined that an implied obligation exists to the paying player to continue providing access to
the games such that the users can utilize the virtual items purchased. Game players need to log on and access the games through
our platform because their game tokens, virtual items, and game history are specific to our game accounts and non-transferable
to other platforms. To purchase in-game virtual items, players can either charge their game accounts by purchasing game tokens
or virtual currency from our platform, which are convertible into game tokens based on a predetermined exchange rate agreed among
the relevant game developers and us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 23pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 23pt">The proceeds from the
purchase of our virtual currency is recorded as &ldquo;advances from customers&rdquo;, representing prepayments received from users
in the form of our virtual currency not yet converted into game specific tokens. Upon the conversion into a game token from our
virtual currency or upon the direct purchase of a game token, whichever is applicable, the proceeds will be shared between the
relevant game developer and us based on a predetermined contractual ratio. Game tokens are non-refundable and non-exchangeable
among different games. Our portion, net of the game developer&rsquo;s entitled consideration, is recorded as deferred revenue and
amortized according to the prescribed revenue recognition policies described below. Users typically do not convert the virtual
currency into game tokens or purchase the game tokens unless they plan to purchase in-game virtual items soon.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 23pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 23pt">There are two types
of third party-developed online games:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 23pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 23pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Non-exclusive third party-developed games; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 41pt; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 41pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 23pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Exclusive third party-developed games</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 23pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 23pt">Under the non-exclusive
arrangement, game developers license the games to various platforms and we are only one of the platforms. Game developers will
receive only revenue shared from us pursuant to the mutually agreed sharing percentage.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 23pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 23pt">Under the exclusive arrangement, game developers
only license the game to us as the exclusive licensee. We can sub-license the games to other platforms and receive a portion of
revenue shared from sub-licensees. In addition to the revenue shared to the game developers, we also pay an exclusive license
fee to the game developers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 23pt">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">Non-exclusive third party-developed
games</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 23pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 23pt">Pursuant to contracts
signed between the game developers and us, revenues from the sale or conversion of game tokens for the purchase of in-game virtual
items from online games developed by third parties are shared between the game developers and us based on a pre-agreed ratio for
each game. These revenue-sharing contracts typically last one to two years.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 23pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 23pt">The third party-developed
games under non-exclusive licensing contracts are maintained and updated by the game developers. We view the game developers to
be our customers and consider our responsibilities under our agreements with the game developers to offer certain standard promotions
that include providing access to the platform, announcing the new games to users on the platform, and occasional advertising on
the YY platform. The determination of whether to record these revenues using gross or net method is based on an assessment of various
factors. The primary factors are whether we are acting as the principal in offering services to the game players or as the agent
in the transaction, and the specific requirement of each contract. We determined that for third party-developed games, the third
party game developers are the principal given the game developers design and develop the online game services offered, have reasonable
latitude to establish prices of game tokens, and are responsible for maintaining and upgrading the game contents and virtual items.
Accordingly, We record online games revenue, net of the pre-agreed portion of sharing of the revenues with the game developers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 23pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 23pt">Given that third party-developed
games under non-exclusive licensing contracts are managed and administered by the third party game developers, we do not have access
to the data on the consumption details such as when the game token is spent on the virtual items or the types of virtual items
(consumable or perpetual items) purchased by each individual game player. However, we maintain historical data on timing of the
conversion of its virtual currency into game specific tokens and the amount of purchases of game tokens. We believe that our performance
for, and obligation to, the game developers correspond to the game developers&rsquo; services to the users. We have adopted a policy
to recognize revenues relating to game tokens for third party developed games over the estimated user relationship with us on a
game-by-game basis, which is approximately one to six months for the periods presented. Future usage patterns may differ from historical
usage patterns and therefore the estimated user relationship with us may change in the future.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 23pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 23pt">When we launch a new
game, we estimate the user relationship based on other similar types of games in the market until the new game establishes its
own history. We consider the game&rsquo;s profile, attributes, target audience, and its appeal to players of different demographics
groups in estimating the user relationship period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 23pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 23pt">The estimated user relationship
period is based on data collected from those users who have acquired game tokens. To estimate the user relationship period, we
maintain a software system that captures the following information for each user: (a)&nbsp;the frequency that users log into each
game via our platform, and (b)&nbsp;the amount and the timing of when the users convert or charge his or her game tokens. We estimate
the user relationship period for a particular game to be the date a player purchases or converts from virtual currency to a game
token through the date we estimate the user plays the game for the last time. This computation is completed on a user by user basis.
Then, the results for all analyzed users are averaged to determine an estimated end user relationship period for each game. Revenues
from in-game payments of each month are recognized over the user relationship period estimated for that game.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The consideration of user relationship with
each online game is based on our best estimate that takes into account all known and relevant information at the time of assessment.
We assess the estimated user relationships on a quarterly basis. Any adjustments arising from changes in the user relationship
as a result of new information will be accounted as a change in accounting estimate in accordance with ASC 250 Accounting Changes
and Error Corrections.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">Exclusive third party developed
games</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 23pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 23pt">Under certain exclusive
arrangements, we pay additional license fees to the game developers as we are entitled to an exclusive right to operate third party
developed games in specified geographic areas. Based on ASC 350-30-35-6, we have adopted an accounting policy to recognize the
exclusive license fee as an intangible asset upon the commercial launch of the related online games. This intangible asset is amortized
on a straight-line basis over the shorter of the economic life or license period of the relevant online game.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 23pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 23pt">Pursuant to the exclusive
licensing contracts signed between the third party game developers and us, our responsibilities in operating the licensed games
vary game-by-game. The determination of whether to record these revenues using gross or net method is based on an assessment of
various factors, including but not limited to whether we (i) are the primary obligor in the arrangement; (ii) have latitude in
establishing the selling price; (iii) change the product or performs part of the service, (iv) have involvement in the determination
of product and service specifications.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 23pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 23pt">For the game license
arrangements under which we take primary responsibilities of game operation, including determining distribution and payment channels,
providing customer services, hosting game servers, if needed, and controlling game and services specifications and pricing, we
consider ourselves to be the principal in these arrangements. Accordingly, we record online games revenues from these third party
licensed games on a gross basis. Commission fees paid to distribution channels and payment channels and content fees paid to third
party game developers are recorded as cost of revenues.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 23pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 23pt">For the game license
arrangements under which our responsibilities are limited to publishing, providing payment solutions and game operating advice,
we view the game developers to be our customers and consider ourselves to be the agent in the arrangements. Accordingly, we record
online games revenues from these third party licensed games, net of fees paid to third parties upon the provision of service.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 23pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 23pt">Pursuant to the terms
and conditions of certain online game exclusive license agreement entered into between the game developers and us, we, as the exclusive
licensee, could sublicense a non-exclusive, non-transferable and limited license to any third party without the prior formal consent
of game developers. Under the non-exclusive and non-transferable limited license, the sub-licensee cannot further license the game
to other platforms. We received monthly revenue-based royalty payments from all sub-licensees. We view the third-party licensee
operators as our customers and recognize revenues on a net basis, as we do not have the primary responsibility for fulfillment
and acceptability of the game services.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 23pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 23pt">Similar to other online games, the exclusive
third party developed games are free to play and players can pay for virtual items for better in-game experience. For exclusive
third party games, the consumption details can be provided by third party developers or we have access to such data. Therefore,
we recognize revenues based on item-based model: (1) for consumable items, the revenue is recognized immediately upon consumption;
(2) for perpetual items, the revenue is recognized ratably over the user relationship period of a specific game as described. The
determination of user relationship period is the same as what is described in &ldquo;Non-exclusive third party developed games&rdquo;
above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 23pt">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">Self-developed games</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Revenues derived from self-developed games
are recorded on a gross basis as we act as a principal to fulfill all obligations. Considering that revenues derived from self-developed
games were immaterial to us for the years presented,we do not maintain information on consumption details of in-game virtual items,
and only have limited information related to the frequency of log-ons for our self-developed games. Given that certain historical
data is not available, we use the user relationship of third party games with similar popularity, gaming experience and sales to
determine the estimated period of user relationship for our self-developed games.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">Other IVAS revenue</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Other IVAS revenue mainly represents
revenue from sales of virtual items in various channels in YY platform, such as online dating and Huya broadcasting channels
etc.,
membership subscription revenue,  and other miscellaneous sales in YY platform.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Revenue from sales of virtual items in various channels, including online dating and Huya broadcasting,
is recognized on item basis, which is consistent with the revenue recognition policies for online music and entertainment revenue
stream. We operate a membership subscription program
where subscription members can have enhanced user privileges when using YY Client. The membership fee is collected up-front from
subscribers. The receipt of the revenue is initially recorded as deferred revenue and revenue is recognized ratably over the period
of the subscription when services are rendered. Unrecognized portion beyond 12 months from balance sheet date is classified as
long-term deferred revenue. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0in">Online education revenues </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Educational programs and services consist of
vocational training and language training courses. The course fee is generally paid in advance and is initially recorded as deferred
revenue. Revenue for regular courses is recognized proportionately as the classes are attended, and is reported net of scholarships
and course fee refunds. Students are entitled to one trial class of the purchased course and course fee is fully refundable if
a student decides not to take the remaining course after the trial class. No refund will be provided to a student who withdraws
from a course after the trial period, and revenue is recognized for the amount collected. Course fee refunds were insignificant
over the period presented.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In addition to regular courses, we also provide
a package of several regular courses to students, which have individual fair value in the market. Pursuant to the applicable accounting
guidance, we have accounted for these course packages as a multiple-element arrangement because each individual course qualifies
as a single unit of accounting, and allocated the course fee from the course package to each individual course in the package
based on its relative fair value. We recognize revenue equal to the fair value allocated to individual courses proportionately
as the classes are attended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Students are granted a right to retake the
courses at a substantial discount in the circumstances where the students fail to achieve certain score targets for some specific
courses. The discount arrangement has a stand-alone value and qualifies as a separate unit of accounting under U.S. GAAP. Therefore,
we have accounted for those courses as a multiple-element arrangement and allocated a portion of the initial course fee to the
substantial discount based on a breakage rate. The breakage rate is determined based on our historical data. The amount allocated
to the substantial discount is deferred and recognized as revenue upon the expiration of the retaking right, which is generally
six months after the end of the initial course term.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We also sell pre-paid cards primarily to distributors.
Pre-paid card sales represent prepaid service fees received from students for online courses. The prepaid service fee is recorded
as deferred revenue upon receiving the upfront cash payment. Revenue is recognised on a gross basis based on the selling price
of the distributors to the students and is recognized over the period the online course is available to the students, which generally
is from the enrolment date to the completion of the relevant professional examination date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0in">Advertising revenues</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Advertising revenues are derived principally
from advertising arrangements where the advertisers pay to place their advertisements on Duowan.com in different formats over
a particular period of time. Such formats generally include but are not limited to banners, text-links, videos, logos, and buttons.
Advertisements on our platform are generally charged on the basis of duration, and advertising contracts are signed to establish
the fixed price and the advertising services to be provided. Where collectability is reasonably assured, advertising revenues
from advertising contracts are recognized ratably over the contract period of display.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We enter into advertising contracts directly
with advertisers or third party advertising agencies that represent advertisers. Contract terms generally range from one to three
months. Both third party advertising agencies and direct advertisers are generally billed at the end of the display period and
payments are due usually within six months.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Where our customers purchase multiple advertising
spaces with different display periods in the same contract, we allocate the total consideration to the various advertising elements
based on relative selling price method and recognize revenue for the different elements over their respective display periods.
The following hierarchy should be followed when determining the appropriate selling price for each element: (1) vendor specific
objective evidence (&ldquo;VSOE&rdquo;), (2) third party evidence (&ldquo;TPE&rdquo;), and (3) best estimate of selling price
(&ldquo;BESP&rdquo;). Given that the VSOE or TPE of the selling price cannot be determined, we have adopted a policy to allocate
the fair values of different advertising elements based on the best estimate selling prices of each advertisement within the contract
taking into consideration the standard price list and historical discounts granted. We recognize revenue on the elements delivered
and defers the recognition of revenue for the fair value of the undelivered elements until the remaining obligations have been
satisfied. Where all of the elements within an arrangement are delivered uniformly over the agreement period, the revenues are
recognized on a straight line basis over the contract period. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0in">Transactions with third party
advertising agencies</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">For contracts entered into with third party
advertising agencies, the third party advertising agencies will in turn sell the advertising services to advertisers. Revenue
is recognized ratably over the contractual period of display based on the following criteria:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>there is persuasive
                                         evidence that an arrangement exists&mdash;we enter into framework and execution agreements
                                         with the advertising agencies, specifying price, advertising content, format and timing;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>price is fixed
                                         or determinable&mdash;the price charged to the advertising agencies are specified in
                                         the agreements, including relevant discount and rebate rates;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>services are
                                         rendered&mdash;we recognize revenue ratably as the elements are delivered over the contract
                                         period of display; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>collectability
                                         is reasonably assured&mdash;we assess the credit history of each advertising agency before
                                         entering into any framework and execution agreements. If the collectability from the
                                         agencies is assessed as not reasonably assured, we recognize revenue only when the cash
                                         is received and all the other revenue criteria are met.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We provide sales incentives in the forms of
discounts and rebates to third party advertising agencies based on purchase volume. As the advertising agencies are viewed as
the customers in these transactions, revenue is recognized based on the price charged to the agencies, net of sales incentives
provided to the agencies. Sales incentives are estimated and recorded at the time of revenue recognition based on the contracted
rebate rates and estimated sales volume based on historical experience.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0in">Transactions with advertisers</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We also enter into advertisement contracts
directly with advertisers. Similar to transactions with third party advertising agencies, we recognize revenue ratably as the
elements are delivered over the contractual periods of display. The terms and conditions, including price, are fixed according
to the contract between the advertisers and us. We also perform a credit assessment of all advertisers prior to entering into
contracts. Revenue is recognized based on the amount charged to the advertisers, net of discounts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0in">Advances from customers and
deferred revenue</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Advances from customers primarily consist of
(i)&nbsp;prepayments from users in the form of our virtual currency that are not yet consumed or converted into game tokens, and
upon the consumption or conversion, are recognized as revenue according to the prescribed revenue recognition policies described
above, (ii)&nbsp;prepayments from sub-licensees for obtaining operation rights of certain online games over a period of time,
and (iii)&nbsp;prepayments from advertising agencies and advertisers. Deferred revenue primarily consists of the unamortized revenue
from game tokens, prepaid subscriptions under the membership program and unamortized revenue from virtual items in our various
channels on the YY platform, where there is still an implied obligation to be provided by us which will be recognized as revenue
when all of the revenue recognition criteria are met.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0in">Accounts receivable, net</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Accounts receivable are presented net of allowance
for doubtful accounts. We use specific identification in providing for bad debts when facts and circumstances indicate that collection
is doubtful and a loss is probable and estimable. If the financial condition of its customers were to deteriorate, resulting in
an impairment of their ability to make payments, additional allowance would be required.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We maintain an allowance for doubtful accounts
which reflects our best estimate of amounts that potentially will not be collected. We determine the allowance for doubtful accounts
on an individual basis taking into consideration various factors, including, but not limited to, historical collection experience,
credit-worthiness of the debtors and the age of the individual receivables balance. Additionally, we make specific bad debt provisions
based on any specific knowledge we have acquired that might indicate that an account is uncollectible. The facts and circumstances
of each account may require us to use substantial judgment in assessing its collectability.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">Consolidation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Our consolidated financial statements include
the financial statements of our company, our subsidiaries, variable interest entities (&quot;VIEs&quot;) and VIE's subsidiaries
for which we or our subsidiaries are the primary beneficiaries. All transactions and balances among our company, subsidiaries,
VIEs and VIE's subsidiaries have been eliminated upon consolidation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">A subsidiary is an entity in which our company,
directly or indirectly, controls more than one half of the voting power, has the power to appoint or remove the majority of the
members of the board of directors or to cast a majority vote at each meeting of directors, or has the power to govern the financial
and operating policies of the investee under a statute or agreement among the entity's shareholders or equity holders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">A VIE is an entity in which our company, or
our subsidiary, through contractual agreements, bears the risks of, and enjoys the rewards normally associated with ownership
of the entity, and therefore our company or our subsidiary is the primary beneficiary of the entity. In determining whether our
company or our subsidiaries are the primary beneficiary, we considered whether we have the power to direct activities that are
significant to the VIE's economic performance, and also our obligation to absorb losses of the VIE that could potentially be significant
to the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE. Beijing Huanju Shidai,
Bilin Changxiang and ultimately we hold all the variable interests of the VIEs and VIE&rsquo;s subsidiaries and have been determined
to be the primary beneficiary of the VIEs and VIE&rsquo;s subsidiaries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Foreign ownership of internet-based businesses
is subject to significant restrictions under current PRC laws and regulations. We conduct our operations in China primarily through
a series of contractual arrangements entered into among Beijing Huanju Shidai, our PRC subsidiary, Guangzhou Huaduo and Beijing
Tuda, as well as Guangzhou Huaduo and Beijing Tuda's shareholders. Based on our evaluations of the relationships between us and
Beijing Tuda and Guangzhou Huaduo, the economic benefit flow of contractual arrangements made with them, as well as the controls
conferred to us through these contractual arrangements enacted, we consider, through Beijing Huanju Shidai, we exercise effective
control over Guangzhou Huaduo and Beijing Tuda, receive substantially all of their economic benefits and residual returns, and
absorb substantially all the risks and expected losses from these two companies as if we were their sole shareholder. We also
have an exclusive option to purchase all of the equity interests in each of Beijing Tuda and Guangzhou Huaduo when and if PRC
law permits so and also the exclusive right to require any nominee shareholder of Beijing Tuda or Guangzhou Huaduo to transfer
its interest in them to any person designated by us. A similar mechanism exists among Bilin Changxiang, Bilin Online and its shareholder.
For a detailed description of these contractual arrangements, see &quot;Item&nbsp;7. Major Shareholders and Related Party Transactions&mdash;B.
Related Party&mdash;Contractual Arrangements with Beijing Tuda.&quot; Based on our evaluation, we consider each of Beijing Tuda,
Guangzhou Huaduo and Bilin Online to be our VIE. Beijing Huanju Shidai, our wholly owned subsidiary in China, is the primary beneficiary
of our VIEs, Beijing Tuda and Guangzhou Huaduo, while Bilin Changxiang is the primary beneficiary of Bilin Online; therefore, we
consolidate the results of Beijing Tuda and Guangzhou Huaduo in our consolidated financial statements under U.S.&nbsp;GAAP. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">As advised by our PRC counsel, Fangda Partners,
the contractual arrangements among Beijing Huanju Shidai and Beijing Tuda and its shareholders, the contractual arrangements among
Beijing Huanju Shidai and Guangzhou Huaduo and its shareholders and the contractual arrangements among Bilin Changxiang and Bilin
Online and its shareholder, governed by PRC law, are valid, binding and enforceable, and do not violate PRC laws currently in
effect. However, as advised by our PRC legal counsel, because of the substantial uncertainties involved, if such contracts are
held to be unenforceable, or if there are changes in PRC laws and regulations that affect our ability to control Beijing Tuda,
Guangzhou Huaduo and Bilin Online, we may be precluded from consolidating these companies in the future. See &quot;Item 3. Key
Information&mdash;D. Risk Factors&mdash;Substantial uncertainties exist with respect to the enactment timetable, interpretation
and implementation of draft PRC Foreign Investment Law and how it may impact the viability of our current corporate structure,
corporate governance and business operations.&quot; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We established two funds entities, namely Engage
L.P. and Shanghai Yilian, (collectively, the &ldquo;Funds&rdquo;), in March and June 2015, respectively.We hold 93.5% of interests
in the Funds. We assesse that we exercise controls and are entitled to the various returns of the Funds and therefore the Funds
have been accounted for as subsidiaries of and have been consolidated by us in accordance with ASC 810.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">Share-based compensation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We awarded a number of share-based compensation
to our employees and non-employees (such as consultants), which include share options, restricted shares and restricted share
units granted to employees and non-employees, share-based awards granted to our chief executive officer and chairman and share-based
awards granted in relation to our acquisition of NeoTasks&nbsp;Inc. The details of these share-based awards and the respective
terms and conditions are described in &quot;Share-based compensation&quot; in Note&nbsp;23 to our audited consolidated financial
statements for the years ended December&nbsp;31, 2013, 2014 and 2015, which are included elsewhere in this annual report on Form&nbsp;20-F.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0in">Share options</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Options were initially accounted for as equity-classified
awards because there are no explicit repurchase rights specified in the award documents and the number of shares of our common
shares issued under these awards are fixed and determined at the time of grants. All options to employees and non-employees are
measured based on the grant date fair value of the award and recognized as compensation expense based on the graded-vesting method,
net of estimated forfeitures, over the requisite service period, with a corresponding impact reflected in additional paid-in capital.
The options to non-employees are re-measured at each reporting date using the fair value as at each period end. The compensation
expense is recognized using the graded-vesting method. Upon the completion of the initial public offering, the share options granted
to a non-employee were remeasured at the stock price of our common share. All share options granted to the non-employee were exercised
in 2013.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0in">Restricted shares</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Restricted shares issued to our employees are
measured based on the grant date fair value of the award and recognized as compensation expense based on the graded-vesting method,
net of estimated forfeitures, over the requisite service period, with a corresponding impact reflected in additional paid-in capital.
The fair value of restricted shares was based on the fair value of our underlying common shares on the grant date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We account for restricted shares issued to
non-employees are measured at fair value at the date the services are completed. These awards are re-measured at each reporting
date using the fair value as at each period end until the measurement date. The compensation expenses is recognized using the
graded vesting method.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We are required to estimate forfeiture at the
time of grant and revise those estimated in subsequent periods if actual forfeitures differ from those estimates. Historical data
was used to estimate pre-vesting forfeitures and record share-based compensation expenses only for those awards that we expect
to vest.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The following table sets forth certain information
regarding the restricted shares granted to our employees and non-employees at different dates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid">Grant Date</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Restricted Shares</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Granted</B></P></TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Fair Value Per Common</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Share as of the</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Grant Date</B></P></TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Type/Methodology</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>of Valuation</B></P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center">(US$)</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="8" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>January&nbsp;1, 2010</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">23,686,542</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">0.1590</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Retrospective/ GTM<SUP>(1)</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 38%">February&nbsp;1, 2010</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 15%; text-align: right">4,257,335</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 15%; text-align: right">0.1875</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 25%"><FONT STYLE="font-size: 10pt">Retrospective/ GTM<SUP>(1)</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>April&nbsp;1, 2010</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,000,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.2721</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Retrospective/ GTM<SUP>(1)</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>July&nbsp;1, 2010</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">20,060,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.4666</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Retrospective/ GTM<SUP>(1)</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>October&nbsp;1, 2010</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">500,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.6988</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Retrospective/ GTM<SUP>(1)</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>January&nbsp;1, 2011</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,846,800</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.9362</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Retrospective/ Backsolve<SUP>(2)</SUP>&nbsp;</FONT></TD></TR>
</TABLE>






<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(1)</TD><TD>GTM denotes the guideline transaction method under the market
                                         approach based on the enterprise value to revenue multiples of our own equity transactions
                                         close to the valuation date.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(2)</TD><TD>Backsolve denotes the back solve method under the market approach
                                         based on our own equity transactions as of the valuation date.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0in">Restricted share units</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Restricted share units issued to our employees
are measured based on the grant date fair value of the award and recognized as compensation expense based on the graded-vesting
method, net of estimated forfeitures, over the requisite service period, with a corresponding impact reflected in additional paid-in
capital. The fair value of restricted shares was based on the fair value of our underlying common shares on the grant date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We are required to estimate forfeiture at the
time of grant and to revise those estimates in subsequent periods if actual forfeitures differ with those estimates. Historical
data was used to estimate pre-vesting forfeitures and record share-based compensation expenses only for those awards that we expect
to vest.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The following table sets forth certain information
regarding the restricted share units granted to our employees in 2013, 2014 and 2015 with share and per share information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid">Grant Date</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Restricted Shares</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Granted</B></P></TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Fair Value Per Common</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Share as of the</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Grant Date</B></P></TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Type/Methodology</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>of Valuation</B></P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center"><B>(US$)</B></TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 38%">March&nbsp;31, 2013</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 15%; text-align: right">1,009,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 15%; text-align: right">0.8450</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 25%; text-align: left"><FONT STYLE="font-size: 10pt">Contemporaneous/ Stock price<SUP>(1)</SUP> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>April&nbsp;18, 2013</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">43,489</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.7855</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Contemporaneous/ Stock price<SUP>(1)</SUP> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>April&nbsp;30, 2013</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">26,943,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.8720</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Contemporaneous/ Stock price<SUP>(1)</SUP> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>May&nbsp;23, 2013</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">120,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.2065</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Contemporaneous/ Stock price<SUP>(1)</SUP> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>July&nbsp;19, 2013</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,802,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.8090</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Contemporaneous/ Stock price<SUP>(1)</SUP> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>October&nbsp;1, 2013</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">50,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.4045</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Contemporaneous/ Stock price<SUP>(1)</SUP> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>November&nbsp;1, 2013</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">48,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.4875</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Contemporaneous/ Stock price<SUP>(1)</SUP> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>February&nbsp;1, 2014</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">330,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3.1230</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Contemporaneous/Stock price<SUP>(1)</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>April&nbsp;1, 2014</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">660,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4.0920</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Contemporaneous/Stock price<SUP>(1)</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>April&nbsp;30, 2014</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">220,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.8680</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Contemporaneous/Stock price<SUP>(1)</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>May&nbsp;1, 2014</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">800,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3.0110</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Contemporaneous/Stock price<SUP>(1)</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>June&nbsp;16, 2014</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">292,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3.5035</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Contemporaneous/Stock price<SUP>(1)</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>June&nbsp;20, 2014</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,009,695</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3.5560</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Contemporaneous/Stock price<SUP>(1)</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>October&nbsp;30, 2014</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,600,400</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3.9525</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Contemporaneous/Stock price<SUP>(1)</SUP> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>April 30,2015</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">455,400</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3.1780</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Contemporaneous/Stock price<SUP>(1)</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>May 1, 2015</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">400,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3.3665</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Contemporaneous/Stock price<SUP>(1)</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>June 30, 2015</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">829,200</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3.4760</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Contemporaneous/Stock price<SUP>(1)</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>July 1, 2015</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13,621,544</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3.3515</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Contemporaneous/Stock price<SUP>(1)</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>August 6, 2015</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">90,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3.0620</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Contemporaneous/Stock price<SUP>(1)</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>October 30, 2015</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">180,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.8470</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Contemporaneous/Stock price<SUP>(1)</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>November 7, 2015</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">292,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.9180</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Contemporaneous/Stock price<SUP>(1)</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>December 30, 2015</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">140,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3.1465</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Contemporaneous/Stock price<SUP>(1)</SUP></FONT></TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin: 1pt 4.5in 1pt 0in"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in">Upon the completion of the initial
public offering, the fair values of restricted share units are based on stock price of our company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">Acquisition</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We apply the purchase method of accounting
to account for our acquisitions. We determine the acquisition date based on the date at which all required licenses are transferred
to us and we obtained control of the acquiree.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Purchase consideration generally consists of
cash, contingent consideration and equity securities. In estimating the fair value of equity compensation, we consider both income
and market approach and selected the methodology that is most indicative of our fair value in an orderly transaction between market
participants as of the measurement date. Under the market approach, we utilize publicly-traded comparable company information
to determine the revenue and earnings multiples that are used to value our equity securities. Under the income approach, we determine
the fair value of our equity securities based on the estimated future cash flow discounted by an estimated weighted-average cost
of capital, which reflects the overall level of inherent risk and the rate of return an outside investor would expect to earn.
We base the cash flow projections on forecasted cash flows derived from the most recent annual financial forecast using a terminal
value based on the perpetuity growth model.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In estimating the fair value of the contingent
consideration recognized on the acquisition date, we consider the trinomial tree model. Under this model, we perform a scenario
analysis and calculate the fair value of the contingent consideration based on the net present value of the total contingent payments
under each scenario and the expected probability of each scenario.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The identifiable assets acquired and liabilities
and contingent liabilities assumed in a business acquisition are measured initially at the fair value at the acquisition date.
The excess of the cost of acquisition over the fair value of the identifiable net assets acquired is recorded as goodwill.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We are responsible for determining the fair
value of the equity issued, assets acquired, liabilities assumed and intangibles identified as of the relevant acquisition date.
Post-acquisition expenses are charged to general and administrative expenses directly.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">Goodwill</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Goodwill represents the amount by which the
cost of acquired net assets in a business acquisition exceeds the fair value of the net identifiable assets on the date of purchase.
Goodwill is carried at cost less accumulated impairment losses. Goodwill is allocated to the reporting units that are expected
to benefit from the business combination in which the goodwill arises for the purpose of impairment testing. If the carrying value
of the reporting unit exceeds its fair value, an impairment loss is recorded to the extent that the carrying value of goodwill
exceeds its fair value. We have determined that the reporting units for testing goodwill impairment are the operating segments
that constitute a business for which discrete financial information is available and for which management regularly reviews the
operating results.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Estimating fair value is performed by utilizing
various valuation techniques, with the primary technique being the discounted cash flow method. There are inherent limitations
in any estimation technique and a minor change in the assumption could result in a significant change in its estimate of fair
value, thereby increasing or decreasing the amounts of our consolidated assets, shareholders' equity and net income or loss.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We perform an impairment test on October&nbsp;1
of each year or whenever events or changes in circumstances indicate that the carrying value of the asset may not be recoverable.
RMB310.1&nbsp;million (US$47.9 million) of impairment of goodwill was recognized for the year ended December&nbsp;31, 2015,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">Intangible assets</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Intangible assets that are acquired in business
acquisitions are recognized apart from goodwill if the intangible assets arise from contractual or other legal rights, or are
separately identifiable if the intangible assets do not arise from contractual or other legal rights.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The costs of determinable-lived intangible
assets are amortized to expense over their estimated life and stated at cost (fair value at acquisition) less accumulated amortization.
The value of indefinite-lived intangible assets is not amortized, but tested for impairment annually on October&nbsp;1 of each
year, or whenever events or changes in circumstances indicate that the carrying value of the assets may not be recoverable. We
reassess indefinite-lived intangible assets at each reporting period to determine whether events or circumstances continue to
support an indefinite useful life.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">Impairment of investment, long-lived
assets and intangible assets</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The carrying amounts of investment, long-lived
assets and intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying
amount of an asset may not be recoverable. Recoverability of assets to be held and used is evaluated by a comparison of the carrying
amount of assets to future undiscounted net cash flows expected to be generated by the assets. Such assets are considered to be
impaired if the sum of the expected undiscounted cash flow is less than carrying amount of the assets. The impairment to be recognized
is measured by the amount by which the carrying amounts of the assets exceed the fair value of the assets. RMB0.9&nbsp;million
of impairment of an investment was recognized for the year ended December&nbsp;31, 2013, RMB4.0&nbsp;million of impairment of
an investment and RMB5.7 million of impairment of intangible assets were recognized for the year ended December 31, 2014, and
RMB6.0 million (US$0.9 million) of impairment of an investment and RMB57.2 million (US$8.8 million) of impairment of intangible
assets were recognized for the year ended December 31, 2015.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">Taxation and uncertain tax positions</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Current income tax is provided on the basis
of income for financial reporting purposes, adjusted for income and expense items which are not assessable or deductible for income
tax purposes. In accordance with the regulations of the relevant tax jurisdictions, deferred income taxes are accounted for using
an asset and liability method. Under this method, deferred income taxes are recognized for the tax consequences of temporary differences
by applying enacted statutory rates applicable to future years to differences between the financial statement carrying amounts
and the tax bases of existing assets and liabilities. The tax base of an asset or liability is the amount attributed to that asset
or liability for tax purpose. The effect on deferred taxes of a change in tax rates is recognized in statement of operations and
comprehensive income in the period of change. A valuation allowance is provided to reduce the amount of deferred tax assets if
it is considered more likely than not that some portion of, or all of the deferred tax assets will not be realized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We currently have deferred tax assets resulting
from net operating loss carryforwards and deductible temporary differences, all of which are available to reduce future tax payable
in our significant tax jurisdictions. The largest component of our deferred assets are the temporary differences generated by
our PRC subsidiary and VIE due to recognition of the deferred revenue. In assessing whether such deferred tax assets can be realized
in the future, we need to make judgments and estimates on the ability of each of our PRC subsidiary and VIE to generate taxable
income in the future years. To the extent that we believe it is more likely than not that some portion or the entire amount of
deferred tax assets will not be realized, we established a total valuation allowance to offset the deferred tax assets. As of
December&nbsp;31, 2013, 2014 and 2015, a total valuation allowance of RMB22.2&nbsp;million, RMB24.4&nbsp;million and RMB53.3 million
(US$8.2&nbsp;million), respectively, was recognized against deferred tax assets. If we subsequently determine that all or a portion
of the temporary differences are more like than not to be realized, the valuation allowance will be released, which will result
in a tax benefit in our consolidated statements of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We adopted the guidance on accounting for uncertainty
in income taxes on January&nbsp;1, 2008. The guidance prescribes a more likely than not threshold for financial statement recognition
and measurement of a tax position taken or expected to be taken in a tax return. Guidance was also provided on derecognition of
income tax assets and liabilities, classification of current and deferred income tax assets and liabilities, accounting for interest
and penalties associated with tax positions, accounting for income taxes in interim periods, and income tax disclosures. Significant
judgment is required in evaluating our uncertain tax positions and determining the relevant provision for income taxes. The adjustment
to the opening balance of retained earnings as of January&nbsp;1, 2008 as a result of the implementation of the guidance was zero.
The interest and penalties associated with tax positions for the years ended December&nbsp;31, 2013, 2014 and 2015 was zero. As
of December&nbsp;31, 2013, 2014 and 2015, we had no significant unrecognized uncertain tax positions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">Foreign currency</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We use Renminbi as our reporting currency.
The functional currency of our company and our subsidiaries, incorporated in the Cayman Islands, British Virgin Islands and Hong
Kong is U.S. dollars, while the functional currency of the other entities is Renminbi, which is their respective local currency.
In the consolidated financial statements, the financial information of our company and our subsidiaries which use U.S.&nbsp;dollars
as their functional currency have been translated into Renminbi. Assets and liabilities are translated at the exchange rates on
the balance sheet date, equity amounts are translated at historical exchange rates, and revenues, expenses, gains and losses are
translated using the average rate for the period. Translation adjustments arising from these are reported as foreign currency
translation adjustments and are shown as a component of other comprehensive income or loss in the statement of operations and
comprehensive income.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Foreign currency transactions denominated in
currencies other than functional currency are translated into the functional currency using the exchange rates prevailing at the
dates of the transactions. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are re-measured
at the applicable rates of exchange in effect at that date. Foreign exchange gains and losses resulting from the settlement of
such transactions and from re-measurement at year-end are recognized in foreign currency exchange gains (losses), net in the consolidated
statements of operations and comprehensive income.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">Convertible Bonds</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In accordance with ASC subtopic 470-20, the
convertible debts are initially carried at the principal amount of the convertible debts. Related debts issuance cost, are subsequently
amortized using effective interest method as adjustments to interest expense from the debt issuance date to its first put date.
Convertible debts are classified as a current liability if they are or will be callable by us or puttable by the debt holders
within one year from the balance sheet date, even though liquidation may not be expected within that period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">Results of Operations</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The following table sets forth a summary of
our consolidated results of operations for the years indicated. Our business has grown rapidly since our inception, and our limited
operating history makes it difficult to predict future operating results. We believe that period-to-period comparisons of results
of operations should not be relied upon as indicative of future performance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="26" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">For the Year Ended December&nbsp;31,</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2013</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2014</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2015</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">RMB</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">% of<BR> total<BR> net<BR> revenues</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">RMB</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">% of<BR> total net<BR> revenues</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">RMB</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">US$</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">% of total<BR> net<BR> revenues</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 30%; text-align: left; text-indent: -13.7pt; padding-left: 13.7pt"><FONT STYLE="font-size: 10pt">Total net revenues<SUP>(1)</SUP></FONT></TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; text-align: right">1,823,468</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; text-align: right">100.0</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; text-align: right">3,678,368</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; text-align: right">100.0</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; text-align: right">5,897,249</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; text-align: right">910,379</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; text-align: right">100.0</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -13.7pt; padding-left: 13.7pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -13.7pt; padding-left: 13.7pt">IVAS:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -13.7pt; padding-left: 13.7pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 9pt">Online music and entertainment</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">852,885</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">46.8</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,109,503</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">57.3</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,320,052</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">512,528</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">56.3</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 9pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 9pt">Online games</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">602,111</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">33.0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">811,699</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">22.1</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">771,882</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">119,158</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13.1</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 9pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 9pt">Online dating</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">661</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">194,134</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5.3</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">651,019</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">100,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11.0</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 9pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 9pt">Others</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">204,551</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11.2</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">415,689</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11.3</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">918,006</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">141,716</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15.6</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 9pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -13.7pt; padding-left: 13.7pt">Other revenues</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">163,260</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9.0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">147,343</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4.0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">236,290</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">36,477</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4.0</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -13.7pt; padding-left: 13.7pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 1pt; text-indent: -13.7pt; padding-left: 13.7pt">Cost of revenues</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(881,999</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(48.4</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(1,849,149</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(50.3</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(3,579,744</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(552,617</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(60.7</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -13.7pt; padding-left: 13.7pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -13.7pt; padding-left: 13.7pt">Gross profit</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">941,469</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">51.6</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,829,219</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">49.7</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2,317,505</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">357,762</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">39.3</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -13.7pt; padding-left: 13.7pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -13.7pt; padding-left: 13.7pt">Operating expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -13.7pt; padding-left: 13.7pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 9pt">Research and development expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(267,005</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(14.6</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(431,188</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(11.7</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(548,799</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(84,720</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(9.3</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 9pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 9pt">Sales and marketing expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(24,955</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1.4</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(102,527</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2.8</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(312,870</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(48,299</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(5.3</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 9pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 9pt">General and administrative expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(200,554</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(11.0</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(223,019</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(6.1</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(358,474</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(55,339</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(6.1</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 9pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 9pt">Goodwill impairment</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(310,124</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(47,875</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(5.3</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 0.25in; text-indent: -0.125in">Fair value change of contingent consideration</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">292,471</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">45,150</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">5.0</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -13.7pt; padding-left: 13.7pt">Total operating expenses</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(492,514</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(27.0</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(756,734</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(20.6</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(1,237,796</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(191,083</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(21.0</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -13.7pt; padding-left: 13.7pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -13.7pt; padding-left: 13.7pt">Other income</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">27,078</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1.5</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">6,319</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">0.2</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">82,300</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">12,705</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1.4</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -13.7pt; padding-left: 13.7pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -13.7pt; padding-left: 13.7pt">Operating income</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">476,033</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">26.1</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,078,804</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">29.3</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,162,009</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">179,384</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">19.7</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -13.7pt; padding-left: 13.7pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -13.7pt; padding-left: 13.7pt">Other non-operating income (expense)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">36,714</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1.0</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(2,165</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(334</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">0.0</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -13.7pt; padding-left: 13.7pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -13.7pt; padding-left: 13.7pt">Gain on disposal of an equity investment</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">999</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -13.7pt; padding-left: 13.7pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -13.7pt; padding-left: 13.7pt">Foreign currency exchange gains/(losses), net</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">29,555</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.6</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(10,399</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(0.3</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(38,099</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(5,881</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(0.6</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -13.7pt; padding-left: 13.7pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -13.7pt; padding-left: 13.7pt">Interest expense</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(56,607</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1.5</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(97,125</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(14,994</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1.6</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -13.7pt; padding-left: 13.7pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -13.7pt; padding-left: 13.7pt">Interest income</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">60,221</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">3.3</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">164,969</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">4.5</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">137,892</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">21,287</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2.3</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -13.7pt; padding-left: 13.7pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -13.7pt; padding-left: 13.7pt">Income before income tax expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">565,809</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">31.0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,214,480</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">33.0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,162,512</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">179,462</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">19.7</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -13.7pt; padding-left: 13.7pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -13.7pt; padding-left: 13.7pt">Income tax expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(89,951</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(4.9</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(154,283</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(4.2</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(178,327</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(27,529</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(3.0</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -13.7pt; padding-left: 13.7pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -0.1in; padding-left: 0.1in">Income before share of income in equity method investments, net of income taxes</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">475,858</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">26.1</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,060,197</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">28.8</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">984,185</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">151,933</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">16.7</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -0.1in; padding-left: 0.1in">Share of income in equity method investment, net of income taxes</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,869</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">0.1</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">4,275</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">0.1</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">14,120</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2,180</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">0.2</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -0.1in; padding-left: 0.1in">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -13.7pt; padding-left: 13.7pt">Net income</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">477,727</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">26.2</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,064,472</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">28.9</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">998,305</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">154,113</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">16.9</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -13.7pt; padding-left: 13.7pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -0.1in; padding-left: 0.1in">Less: Net loss attributable to the non-controlling interest shareholders and the mezzanine classified non-controlling interest shareholders</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(34,938</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(5,393</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(0.6</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -13.7pt; padding-left: 13.7pt">Net income attributable to YY&nbsp;Inc.</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">477,727</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">26.2</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,064,472</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">28.9</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,033,243</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">159,506</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">17.5</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin: 1pt 4.5in 1pt 0in"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(1)</TD><TD>Net of rebates and discounts.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">Year Ended December&nbsp;31, 2015
Compared to Year Ended December&nbsp;31, 2014</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>Net Revenues.</I></B>&nbsp;&nbsp;&nbsp;&nbsp;Our
net revenues increased by 60.3% from RMB3,678.4&nbsp;million in 2014 to RMB5,897.2 &nbsp;million (US$910.4&nbsp;million) in 2015.
This increase was primarily due to the increased contribution of revenues from online music and entertainment and our online dating
revenues as well as other sources including Huya broadcasting and membership program, partially offset by a decrease in our online
game revenues.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>IVAS revenues.</I>&nbsp;&nbsp;&nbsp;&nbsp;Our
IVAS revenues, which consisted of revenues from online music and entertainment, online games, online dating as well as other sources,
increased by 60.3% from RMB3,531.0&nbsp;million in 2014 to RMB5,661.0&nbsp;million (US$873.9&nbsp;million) in 2015. The overall
increase primarily reflected an increase in the number of paying users and, to a lesser extent, an increase in ARPU. Our number
of paying users increased from approximately 4.9&nbsp;million in 2014 to 7.2&nbsp;million in 2015. Our ARPU for IVAS increased
from RMB726.0 in 2014 to RMB783.3 (US$120.9) in 2015. The increase in paying users and ARPU were primarily due to (a)&nbsp;our
ability to offer new and attractive products and services that allow us to monetize our platform; (b)&nbsp;our ability to attract
and retain a large and engaged user base through hosting an increasing number of events and activities; and (c)&nbsp;our ability
to attract third party game developers, third party licensee operators, service providers and certain popular performers and channel
owners.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Revenues from online music and entertainment
increased by 57.4% from RMB2,109.5&nbsp;million for 2014 to RMB3,320.1&nbsp;million (US$512.5&nbsp;million) for 2015. In addition
to the increase in the number of paying users and ARPU, the increase in revenues from online music and entertainment was also
due to the increasing popularity of online music and entertainment. Our paying users for online music and entertainment increased
from approximately 2,964,000 for 2014 to 4,761,000 for 2015. The increasing popularity of online music and entertainment is primarily
due to the increased number of activities we hosted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Revenues from online games decreased by 4.9%
from RMB811.7&nbsp;million in 2014 to RMB771.9&nbsp;million (US$119.2&nbsp;million) in 2015. This decline was primarily a result
of the decrease in paying users, which reflects the continued weakness in China&rsquo;s web game market, partially offset by an
22.1% increase in ARPU of online games. Our paying users for online games decreased from approximately 1,558,000 for 2014 to 1,214,000
for 2015. The number of online games we operated as of December&nbsp;31, 2014 was 210 as compared to 293 as of December&nbsp;31,
2015.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Revenues from online dating increased by 235.3%
from RMB194.1&nbsp;million for 2014 to RMB651.0&nbsp;million (US$100.5&nbsp;million) for 2015, which primarily resulted from the
increase in paying users and ARPU. Our paying users for online dating increased from approximately 413,000 for 2014 to 600,000
for 2015.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Other IVAS revenues, which primarily consisted
of revenues from Huya broadcasting and membership subscription fees, increased by 120.8% from RMB415.7&nbsp;million in 2014 to
RMB918.0&nbsp;million (US$141.7&nbsp;million) in 2015. This increase was primarily due to an increase in the popularity of Huya
broadcasting and an increase in the number of users who subscribed to our membership program.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Other revenues, which mainly include revenues
from our online education platform, 100 Education, online advertising revenues from Duowan.com and ecommerce, increased by 60.4%
to RMB236.3 million (US$36.5 million) for 2015 from RMB147.3 million for 2014.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>Cost of Revenues.</I></B>&nbsp;&nbsp;&nbsp;&nbsp;Our
cost of revenues increased by 93.6% from RMB1,849.1&nbsp;million in 2014 to RMB3,579.7&nbsp;million (US$552.6&nbsp;million) in
2015. The increase in our cost of revenues was due in large part to an increase in our revenue sharing fees and content costs,
which consist of the payments to performers, channel owners and content providers, which amounted to RMB2,343.2&nbsp;million (US$361.7&nbsp;million)
in 2015, representing a 106.6% increase from RMB1,134.0&nbsp;million in 2014. This increase in revenue sharing fees and content
costs was in line with the increase in revenues and was primarily due to higher levels of user engagement and spending driven
by promotional activities, as well as investments in expanding the amount of new and innovative content we provide to users. Bandwidth
costs increased 64.8% from RMB345.9&nbsp;million in 2014 to RMB570.2&nbsp;million (US$88.0&nbsp;million) in 2015, primarily reflecting
the continued user base expansion and the video quality improvements. In addition, salary and welfare costs increased 50.4% from
RMB131.8&nbsp;million in 2014 to RMB198.2&nbsp;million (US$30.6&nbsp;million) in 2015, mainly due to our hiring of additional
employees to serve our rapidly expanding user base.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>Operating Expenses.</I></B>&nbsp;&nbsp;&nbsp;&nbsp;Our
operating expenses increased by 63.6% from RMB756.7&nbsp;million in 2014 to RMB1,237.8&nbsp;million (US$191.1&nbsp;million) in
2015, primarily due to an increase in sales and marketing expenses, particularly in relation to mobile product promotion, and
general and administrative expenses driven by our company&rsquo;s overall business expansion, as well as research and development
expenses,which was associated with our commitment to research and development and the advancements in our technology development.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>Research and development expenses.</I>&nbsp;&nbsp;&nbsp;&nbsp;Our
research and development expenses increased by 27.3% from RMB431.2&nbsp;million in 2014 to RMB548.8&nbsp;million (US$84.7&nbsp;million)
in 2015. This increase was primarily due to an increase in the number of our research and development staff, especially engineers,
which accounts for approximately 52.4% of our total number of employees in 2015.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>Sales and marketing expenses.</I>&nbsp;&nbsp;&nbsp;&nbsp;Our
sales and marketing expenses increased by 205.2% from RMB102.5&nbsp;million in 2014 to RMB312.9&nbsp;million (US$48.3&nbsp;million)
in 2015. This increase was primarily due to the promotion of mobile products.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>General and administrative expenses.</I>&nbsp;&nbsp;&nbsp;&nbsp;Our
general and administrative expenses increased by 60.8% from RMB223.0&nbsp;million in 2014 to RMB358.5&nbsp;million (US$55.3&nbsp;million)
in 2015. This increase was associated with the general growth of our business and an increase in the intangible assets impairment
charge.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>Foreign Currency Exchange Gains (Losses).</I></B>&nbsp;&nbsp;&nbsp;&nbsp;We
had net foreign currency exchange losses of RMB38.1&nbsp;million (US$5.9&nbsp;million) in 2015, compared to a net foreign currency
exchange losses of RMB10.4&nbsp;million in 2014. Such losses were mainly due to the depreciation of Renminbi when we converted
our off-shore Renminbi to U.S. dollars in the third quarter of 2015; bank charges incurred in relation to such conversion also
contributed to our loss.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>Interest
Income.</I></B>&nbsp;&nbsp;&nbsp;&nbsp;Our interest income decreased from RMB165.0&nbsp;million in 2014 to
RMB137.9&nbsp;million (US$21.3&nbsp;million) in 2015. This decrease was primarily due to lower levels of short-term deposits,
partly as a result of cash used in repurchase of our common shares in the first quarter of 2015.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>Income Tax Expenses.</I></B>&nbsp;&nbsp;&nbsp;&nbsp;We
recorded income tax expenses of RMB178.3&nbsp;million (US$27.5&nbsp;million) in 2015 compared to RMB154.3&nbsp;million in 2014.
This increase was primarily due to the higher income before income tax expenses recorded by certain of our PRC subsidiaries and
consolidated affiliated entities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>Net Income.</I></B>&nbsp;&nbsp;&nbsp;&nbsp;As
a result of the foregoing, we had a net income of RMB1,033.2&nbsp;million (US$159.5&nbsp;million) in 2015 as compared to a net
income of RMB1,064.5&nbsp;million in 2014.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">Year Ended December&nbsp;31, 2014
Compared to Year Ended December&nbsp;31, 2013</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>Net Revenues.</I></B>&nbsp;&nbsp;&nbsp;&nbsp;Our
net revenues increased by 101.7% from RMB1,823.5&nbsp;million in 2013 to RMB3,678.4&nbsp;million in 2014. This increase was primarily
due to the increased contribution of revenues from online music and entertainment and increases in our online game revenues as
well as other sources including our online dating, live game broadcasting and membership program, partially offset by a decrease
in our online advertising revenues.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>IVAS revenues.</I>&nbsp;&nbsp;&nbsp;&nbsp;Our
IVAS revenues, which consisted of revenues from online music and entertainment, online games as well as other sources, increased
by 112.7% from RMB1,660.2&nbsp;million in 2013 to RMB3,531.0&nbsp;million in 2014. The overall increase primarily reflected an
increase in the number of paying users and, to a lesser extent, an increase in ARPU. Our number of paying users increased from
approximately 3.2&nbsp;million in 2013 to 4.9&nbsp;million in 2014. Our ARPU for IVAS increased from RMB525.2 in 2013 to RMB726.0
in 2014. The increase in paying users and ARPU were primarily due to (a)&nbsp;our ability to offer new and attractive products
and services that allow us to monetize our platform; (b)&nbsp;our ability to attract and retain a large and engaged user base
through hosting an increasing number of events and activities; and (c)&nbsp;our ability to attract third party game developers,
third party licensee operators, service providers and certain popular performers and channel owners.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Revenues from online music and entertainment
increased by 147.3% from RMB852.9&nbsp;million for 2013 to RMB2,109.5&nbsp;million for 2014. In addition to the increase in the
number of paying users and ARPU, the increase in revenues from online music and entertainment was also due to the increasing popularity
of online music and entertainment. Our paying users for online music and entertainment increased from approximately 1,748,000
for 2013 to 2,964,000 for 2014. The increasing popularity of online music and entertainment is primarily due to the increased
number of activities we hosted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Revenues from online games increased by 34.8%
from RMB602.1&nbsp;million in 2013 to RMB811.7&nbsp;million in 2014. This increase was primarily attributable to an increase in
the attractiveness of our online game platform and the popularity of the online games we offer. Our paying users for online games
increased from approximately 1,308,000 for 2013 to 1,558,000 for 2014. The number of online games we operated as of December&nbsp;31,
2013 was 126 as compared to 210 as of December&nbsp;31, 2014.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Other IVAS revenues, which primarily consisted
of revenues from online dating, live game broadcasting and membership subscription fees, increased by 197.2% from RMB205.2&nbsp;million
in 2013 to RMB609.8&nbsp;million in 2014. This increase was primarily due to an increase in the number of users who subscribed
to our membership program and an increase in the popularity of online dating and live game broadcasting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>Online advertising revenues.</I>&nbsp;&nbsp;&nbsp;&nbsp;Our
online advertising revenues decreased by 9.7% from RMB163.3&nbsp;million in 2013 to RMB147.3&nbsp;million in 2014. This decrease
was primarily due to the ending of our contractual agreements with NetEase.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>Cost of Revenues.</I></B>&nbsp;&nbsp;&nbsp;&nbsp;Our
cost of revenues increased by 109.7% from RMB882.0&nbsp;million in 2013 to RMB 1,849.1&nbsp;million in 2014. The increase in our
cost of revenues was due in large part to an increase in our revenue sharing fees and content costs, which consist of the payments
to performers, channel owners and content providers, which amounted to RMB1,134.0&nbsp;million in 2014, representing a 155.4%
increase from RMB444.1&nbsp;million in 2013. This increase in revenue sharing fees and content costs was primarily due to higher
levels of user engagement and spending as well as an increasing number of emerging new business lines in different categories.
Bandwidth costs increased 70.2% from RMB203.2&nbsp;million in 2013 to RMB345.9&nbsp;million in 2014 to support our growing business
operations. In addition, salary and welfare costs increased 49.0% from RMB88.5&nbsp;million in 2013 to RMB131.8&nbsp;million in
2014, mainly due to our hiring of additional employees to serve our rapidly expanding user base.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>Operating Expenses.</I></B>&nbsp;&nbsp;&nbsp;&nbsp;Our
operating expenses increased by 53.6% from RMB492.5&nbsp;million in 2013 to RMB756.7&nbsp;million in 2014, primarily due to an
increase in sales and marketing expenses as well as research and development expenses, which was associated with the expansion
of our market shares, continuing growth of our business operations, our commitment to research and development and the advancements
in our technology development.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>Research and development expenses.</I>&nbsp;&nbsp;&nbsp;&nbsp;Our
research and development expenses increased by 61.5% from RMB267.0&nbsp;million in 2013 to RMB431.2&nbsp;million in 2014. This
increase was primarily due to an increase in the number of our research and development staff, especially engineers, which accounts
for approximately 56.1% of our total number of employees in 2014.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>Sales and marketing expenses.</I>&nbsp;&nbsp;&nbsp;&nbsp;Our
sales and marketing expenses increased by 310.8% from RMB25.0&nbsp;million in 2013 to RMB102.5&nbsp;million in 2014. This increase
was primarily due to an increase in our spending on marketing and promotional activities we hosted and an increase in salaries
and other benefits for our sales and marketing personnel, which was in turn mainly driven by an increase in the number of our
sales and marketing personnel.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>General and administrative expenses.</I>&nbsp;&nbsp;&nbsp;&nbsp;Our
general and administrative expenses increased by 11.2% from RMB200.6&nbsp;million in 2013 to RMB223.0&nbsp;million in 2014. This
increase was associated with the general growth of our business, partially offset by an increase in operating leverage associated
with the our overall business expansion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>Foreign Currency Exchange Gains (Losses).</I></B>&nbsp;&nbsp;&nbsp;&nbsp;We
had net foreign currency exchange losses of RMB10.4&nbsp;million in 2014, compared to a net foreign currency exchange gains of
RMB29.6&nbsp;million in 2013. Such losses were primarily caused by the fact that in 2014, we re-converted a portion of the proceeds
from our initial public offering from Renminbi back into U.S. dollars, and U.S. dollar appreciated against RMB in 2014; bank charges
incurred in relation to such conversion also contributed to our loss. Our initial public offering proceeds were initially denominated
in U.S. dollars before we converted them into Renminbi in the fourth quarter of 2012.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>Interest Income.</I></B>&nbsp;&nbsp;&nbsp;&nbsp;Our
interest income increased from RMB60.2&nbsp;million in 2013 to RMB165.0&nbsp;million in 2014. This increase was primarily due
to higher levels of cash on hand and short-term deposits, partly as a result of depositing cash generated from our operations,
and the proceeds from our issuance of convertible senior notes in March 2014.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>Income Tax Expenses.</I></B>&nbsp;&nbsp;&nbsp;&nbsp;We
recorded income tax expenses of RMB154.3&nbsp;million in 2014 compared to RMB90.0&nbsp;million in 2013. This increase was primarily
due to the higher income before income tax expenses recorded by certain of our PRC subsidiaries and consolidated affiliated entities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>Net Income.</I></B>&nbsp;&nbsp;&nbsp;&nbsp;As
a result of the foregoing, we had a net income of RMB1,064.5&nbsp;million in 2014 as compared to a net income of RMB477.7&nbsp;million
in 2013.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">Inflation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Since our inception, inflation in China has not materially impacted our results of operations. According
to the National Bureau of Statistics of China, the change of consumer price index in China was 2.6%, 2.0% and 1.4% in 2013, 2014
and 2015, respectively. Although we have not in the past been materially affected by inflation since our inception, we can provide
no assurance that we will not be affected in the future by higher rates of inflation in China</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">Recently Issued Accounting Pronouncements</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In May 2014, the FASB issued ASU 2014-09 Revenue
from Contracts with Customers (Topic 606) which will replace requirements in U.S. GAAP. The core principle of the new standard
is that a company should recognize revenue to depict the transfer of promised goods or services to customers in an amount that
reflects the consideration to which the company expects to be entitled in exchange for those goods or services. The new standard
will be effective for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting
period. The standard will be effective for the first quarter of 2018.We are in the process of evaluating the impact of the standard
on our consolidated financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In February 2015, the FASB issued Consolidation
(Topic 810) &mdash;Amendments to the Consolidation Analysis. The amendments in Topic 810 respond to stakeholders&rsquo; concerns
about the current accounting for consolidation of variable interest entities, by changing aspects of the analysis that a reporting
entity must perform to determine whether it should consolidate such entities. Under the amendments, all reporting entities are
within the scope of Subtopic 810-10, Consolidation&mdash;Overall, including limited partnerships and similar legal entities, unless
a scope exception applies. The amendments are intended to be an improvement to current U.S. GAAP, as they simplify the codification
of FASB Statement No. 167, Amendments to FASB Interpretation No. 46(R), with changes including reducing the number of consolidation
models through the elimination of the indefinite deferral of Statement 167 and placing more emphasis on risk of loss when determining
a controlling financial interest. The amendments are effective for publicly-traded companies for fiscal years beginning after
December 15, 2015, and for interim periods within those fiscal years. Earlier adoption is permitted. We are in the process of
evaluating the impact of the standard on our consolidated financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In January 2016, the FASB issued ASU 2016-01:
Recognition and Measurement of Financial Assets and Financial Liabilities. The amendments in this Update make targeted improvements
to generally accepted accounting principles (GAAP) as follows: 1) Require equity investments (except those accounted for under
the equity method of accounting or those that result in consolidation of the investee) to be measured at fair value with changes
in fair value recognized in net income. However, an entity may choose to measure equity investments that do not have readily determinable
fair values at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions
for the identical or a similar investment of the same issuer. 2) Simplify the impairment assessment of equity investments without
readily determinable fair values by requiring a qualitative assessment to identify impairment. When a qualitative assessment indicates
that impairment exists, an entity is required to measure the investment at fair value. 3) Eliminate the requirement to disclose
the fair value of financial instruments measured at amortized cost for entities that are not public business entities. 4) Eliminate
the requirement for public business entities to disclose the method(s) and significant assumptions used to estimate the fair value
that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet. 5) Require public
business entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes.
6) Require an entity to present separately in other comprehensive income the portion of the total change in the fair value of
a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability
at fair value in accordance with the fair value option for financial instruments. 7) Require separate presentation of financial
assets and financial liabilities by measurement category and form of financial asset (that is, securities or loans and receivables)
on the balance sheet or the accompanying notes to the financial statements. 8) Clarify that an entity should evaluate the need
for a valuation allowance on a deferred tax asset related to available-for-sale securities in combination with the entity&rsquo;s
other deferred tax assets. For public business entities, the amendments in this Update are effective for fiscal years beginning
after December 15, 2017, including interim periods within those fiscal years. We are in the process of evaluating the impact of
the standard on our consolidated financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In February 2016, the FASB issued ASU 2016-02:
Leases (Topic 842). The core principle of Topic 842 is that a lessee should recognize the assets and liabilities that arise from
leases. All leases create an asset and a liability for the lessee in accordance with FASB Concepts Statement No. 6, Elements of
Financial Statements, and, therefore, recognition of those lease assets and lease liabilities represents an improvement over previous
GAAP, which did not require lease assets and lease liabilities to be recognized for most leases. For public business entities,
the amendments in this Update are effective for fiscal years beginning after December 15, 2018, including interim periods within
those fiscal years. We are in the process of evaluating the impact of the standard on our consolidated financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In March 2016, the FASB issued ASU 2016-03:
Intangibles&mdash;Goodwill and Other (Topic 350), Business Combinations (Topic 805), Consolidation (Topic 810), Derivatives and
Hedging(Topic 815): Effective Date and Transition Guidance (PCC 15-01). The amendments in this Update make the guidance in Updates
2014-02, 2014-03, 2014-07, and 2014-18 effective immediately by removing their effective dates. The amendments also include transition
provisions that provide that private companies are able to forgo a preferability assessment the first time they elect the accounting
alternatives within the scope of this Update. Any subsequent change to an accounting policy election requires justification that
the change is preferable under Topic 250, Accounting Changes and Error Corrections. The amendments in this Update also extend
the transition guidance in Updates 2014-02, 2014-03, 2014-07, and 2014-18 indefinitely. While this Update extends transition guidance
for Updates 2014-07 and 2014-18, there is no intention to change how transition is applied for those two Updates. The amendments
in this Update are effective immediately. We are in the process of evaluating the impact of the standard on our consolidated financial
statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0"><U>B. Liquidity and Capital Resources</U></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">Cash Flows and Working Capital</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In recent years, we have financed our operations
primarily through cash flows from operations, the proceeds from our initial public offering in November 2012 and the proceeds
from our convertible senior notes offering in March 2014. We expect to require cash to fund our ongoing operational needs, particularly
our revenue sharing fees and content costs, salaries and benefits, bandwidth costs and potential acquisitions or strategic investments.
We believe that our current cash and cash equivalents and the anticipated cash flow from operations will be sufficient to meet
our anticipated working capital requirements and capital expenditures needs for the next 12&nbsp;months. However, we may require
additional cash resources due to changing business conditions or other future developments, including any investments or acquisitions
we may decide to selectively pursue. If our existing cash resources are insufficient to meet our requirements, we may seek to
sell equity or equity-linked securities, debt securities or borrow from banks.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In March 2014, we issued an aggregate of US$400.0
million 2.25% convertible senior notes due in 2019. The net proceeds from the sale of the notes were US$390.8 million and will
be used for general corporate purposes. As of December 31, 2015, the total carrying value of these notes were US$400.0 million.
The notes bear interest at a rate of 2.25% per year, payable semiannually in arrears on April 1 and October 1 of each year, and
such notes will mature on April 1, 2019 unless earlier converted, redeem for certain tax-related events or repurchased in accordance
with their terms. We are not subject to any financial covenants or other significant restrictions under the notes. We duly paid
an interest of US$4.7 million and US$9.0 million on these convertible senior notes for 2014 and 2015, respectively, as such interest
became due.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">On May 4, 2014 and March 5,
2015, respectively, the board of directors approved two Share Repurchase Program, pursuant to which we may repurchase from
time to time at management&rsquo;s discretion, at prevailing market prices in the open market, up to US$100 million for each
share repurchase program in total of our outstanding ADSs for a period not to exceed twelve (12) months from the date of
approval by board of directors. For the year ended December 31, 2015, we had repurchased under the Share Repurchase Program
an aggregate of 3.1 million ADSs, representing 61.9 million Class A common shares at an average price of US$54.8 per ADS, or
US$2.7 per Class A common share, for aggregate consideration of US$169.5 million.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">As of December&nbsp;31, 2013, 2014 and 2015,
we had RMB729.6&nbsp;million, RMB475.0&nbsp;million and RMB928.9&nbsp;million (US$143.4&nbsp;million), respectively, in cash and
cash equivalents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">As of December 31, 2015, our subsidiaries,
VIEs, and VIE&rsquo;s subsidiaries located in the PRC held cash and cash equivalents in the amount of RMB403.7 million (US$62.3
million). Aggregate undistributed earnings and reserves of our subsidiaries, VIEs, and VIE&rsquo;s subsidiaries located in the
PRC that are available for distribution to the Company as of December 31, 2015 are approximately RMB3,090,7 million.We would need
to accrue and pay withholding taxes if we were to distribute funds from our subsidiaries in the PRC to our offshore subsidiaries.
We do not intend to repatriate such funds in the foreseeable future, as we plan to use existing cash balance in the PRC for general
corporate purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The following table sets forth a summary of
our cash flows for the years indicated:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="14" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">For the Year Ended December&nbsp;31,</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="6" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2013</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2014</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2015</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">RMB</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">RMB</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">RMB</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">US$</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="14" STYLE="font-weight: bold; text-align: center">(in thousands)</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 48%; text-align: left; text-indent: -13.7pt; padding-left: 13.7pt">Net cash provided by operating activities</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">891,173</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">1,301,351</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">1,823,442</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">281,493</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -13.7pt; padding-left: 13.7pt">Net cash used in investing activities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(659,603</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(3,954,055</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,048,022</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(161,787</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -13.7pt; padding-left: 13.7pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -13.7pt; padding-left: 13.7pt">Net cash (used in)/provided by&nbsp;&nbsp;financing activities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(5,687</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,402,762</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(337,143</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(52,046</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -13.7pt; padding-left: 13.7pt">Net increase (decrease)/in cash and cash equivalents</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">225,883</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(249,942</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">438,277</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">67,660</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -13.7pt; padding-left: 13.7pt">Cash and cash equivalents at the beginning of the year period</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">504,702</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">729,598</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">475,028</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">73,331</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -13.7pt; padding-left: 13.7pt">Effect of exchange rates change on cash and cash equivalents</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(987</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(4,628</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15,629</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,412</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -13.7pt; padding-left: 13.7pt">Cash and cash equivalents at the end of the year period</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">729,598</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">475,028</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">928,934</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">143,403</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">Operating Activities</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Net cash used in or generated from operating
activities consists primarily of our net income mitigated by non-cash adjustments, such as share-based compensation, depreciation
of property and equipment and deferred taxes, and adjusted by changes in operating assets and liabilities, such as accounts receivable
and accrued liabilities, prepayments and other assets, account payables and deferred revenue.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Net cash provided by operating activities amounted
to RMB1,823.4&nbsp;million (US$281.5&nbsp;million) for the year ended December&nbsp;31, 2015, primarily resulting from RMB6,355.8&nbsp;million
(US$$981.2&nbsp;million) of cash revenues we received from the sale of IVAS and other revenues, partially offset by our sales-related
cash outflow of RMB2,843.3&nbsp;million (US$438.9&nbsp;million), which mainly consisted of the amounts due to third party game
developers under revenue sharing arrangements, distributions under arrangements with certain performers and channel owners, payment
collection costs and business taxes, our employee salaries and welfare payments of RMB753.4&nbsp;million (US$116.3 million), our
payments for the lease of bandwidth of RMB543.3&nbsp;million (US$83.9&nbsp;million) and our general operating costs of RMB392.4&nbsp;million
(US$60.6&nbsp;million). The increasing cash provided by operating activities was mainly due to the expansion of business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Net cash provided by operating activities amounted
to RMB1,301.4&nbsp;million for the year ended December&nbsp;31, 2014, primarily resulting from RMB3,988.2&nbsp;million of cash
revenues we received from the sale of IVAS and advertisements, partially offset by our sales-related cash outflow of RMB1,533.6&nbsp;million,
which mainly consisted of the amounts due to third party game developers under revenue sharing arrangements, distributions under
arrangements with certain performers and channel owners, payment collection costs and business taxes, our employee salaries and
welfare payments of RMB651.5&nbsp;million, our payments for the lease of bandwidth of RMB327.2&nbsp;million and our general operating
costs of RMB174.5&nbsp;million.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Net cash provided by operating activities amounted
to RMB891.2&nbsp;million for the year ended December&nbsp;31, 2013, primarily resulting from RMB2,225.4&nbsp;million of cash revenues
we received from the sale of IVAS and advertisements, partially offset by our sales-related cash outflow of RMB665.1&nbsp;million,
which mainly consisted of the amounts due to third party game developers under revenue sharing arrangements, distributions under
arrangements with certain performers and channel owners, payment collection costs and business taxes, our employee salaries and
welfare payments of RMB317.6&nbsp;million, our payments for the lease of bandwidth of RMB197.5&nbsp;million and our general operating
costs of RMB154.0&nbsp;million.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">Investing Activities</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Net cash used in investing activities largely
reflects placements of short-term deposits, purchases of property and equipment and other non-current assets in connection with
the expansion and upgrade of our technology infrastructure, and our acquisitions of and investments in certain companies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Net cash used in investing activities amounted
to RMB1,048.0 &nbsp;million (US$161.8&nbsp;million) in the year ended December&nbsp;31, 2015. Net cash used in investing activities
primarily resulted from the placement of short-term deposits and restricted short-term deposits of RMB3,362.6&nbsp;million (US$519.1&nbsp;million),
payments of an aggregate RMB1,926.2 million (US$297.4 million) for other non-current assets, mainly consisting of prepayments
for purchasing land for future office space, payments of RMB219.8&nbsp;million (US$33.9&nbsp;million) for the purchase of property
and equipment, which mainly consisted of the purchase of servers, and cash paid for certain acquisitions and strategic investments
of RMB358.4&nbsp;million (US$55.3&nbsp;million), partially offset by the maturity of short-term deposits and restricted short-term
deposits in various banks in the amount of RMB4,780.6&nbsp;million (US$738.0&nbsp;million). The decrease in cash used in investing
activities was mainly due to the decrease in investment in short-term deposit.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Net cash used in investing activities amounted
to RMB3,954.1&nbsp;million in the year ended December&nbsp;31, 2014. Net cash used in investing activities primarily resulted
from the placement of short-term deposits of RMB5,343.9&nbsp;million, payments of an aggregate RMB 510.3 million for other non-current
assets, mainly consisting of prepayments for certain floors of an office building, payments of RMB178.5&nbsp;million for the purchase
of property and equipment, which mainly consisted of the purchase of servers, and cash paid for certain acquisitions and strategic
investments of RMB259.4&nbsp;million, partially offset by the maturity of short-term deposits in various banks in the amount
of RMB2,550.1&nbsp;million.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Net cash used in investing activities amounted
to RMB659.6&nbsp;million in the year ended December&nbsp;31, 2013. Net cash used in investing activities primarily resulted from
the placement of short-term deposits of RMB1,529.1&nbsp;million, payments of RMB55.6&nbsp;million for the purchase of property
and equipment, which mainly consisted of the purchase of servers, and cash paid for certain strategic investments of RMB58.1&nbsp;million,
partially offset by the maturity of short-term deposits in various banks in the amount of RMB996.0&nbsp;million.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">Financing Activities</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Net cash used in financing activities was RMB337.1&nbsp;million
(US$52.0&nbsp;million) in 2015, primarily attributable to the share repurchase of 3.1million ADS for RMB1,041.7 million (US$160.8&nbsp;million),
partially offset by net proceeds of RMB696.5 million (US$107.5 million) from bank borrowings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Net cash provided by financing activities was
RMB2,402.8&nbsp;million in 2014, primarily attributable to the net proceeds of RMB2,402.6 million million from the issuance of
2.25% convertible senior note due 2019, issued in March 2014.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Net cash used in financing activities was RMB5.7&nbsp;million
in 2013, primarily attributable to a portion of the listing expenses of RMB5.8&nbsp;million.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">Capital Expenditures</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We made capital expenditures of RMB72.2&nbsp;million,
RMB744.7&nbsp;million and RMB2,197.0&nbsp;million (US$339.2&nbsp;million) in 2013, 2014 and 2015, respectively. Our capital expenditures
are primarily used to purchase office space, computers, servers, office furniture, operating rights for licensed games, software,
domain names and other assets. In the fourth quarter of 2015, we invested RMB1,860.5 million (US$287.2 million) in purchasing
land for future office space in the Pazhou Internet Innovation Zone in order to accommodate future work force expansion and reduce
long-term operating costs. We expect to incur additional capital expenditures in 2016 for the refurbishment of the abovementioned
office space.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0"><U>C. Research and Development, Patents and Licenses, Etc.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In order to support the kind of multi-user,
real-time online voice and video communications on a scale necessary for our platform, we build and develop our own network infrastructure.
See &quot;Item&nbsp;4. Information on the Company&mdash;B. Business Overview&mdash;Research and Development&quot; for a description
of the research and development aspect of our business and &quot;Item&nbsp;4. Information on the Company&mdash;B.&nbsp;Business
Overview&mdash;Intellectual Property&quot; for a description of the protection of our intellectual property.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Research and development expenses consist primarily
of salaries and benefits for research and development personnel and rental and depreciation of office premises and servers utilized
by the research and development personnel. Research and development expenses greatly increased in the past three years ended December&nbsp;31,
2015, due to the need for additional research and development personnel to accommodate the rapid growth of our business. We expect
our research and development expenses in absolute amount to increase as we intend to retain existing research and development
personnel and also hire new ones to, among other things, develop new series of applications for our platform, improve technology
infrastructure to further enhance user experience, and further develop enhanced features for Mobile YY to reach more users. We
incurred RMB267.0&nbsp;million, RMB431.2&nbsp;million and RMB548.8&nbsp;million (US$84.7&nbsp;million) of research and development
expenses in 2013, 2014 and 2015, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0"><U>D. Trend Information</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Other than as disclosed elsewhere in this annual
report, we are not aware of any trends, uncertainties, demands, commitments or events since the beginning of our fiscal year 2015
that are reasonably likely to have a material effect on our net revenues, income from operations, profitability, liquidity or
capital resources, or that would cause the disclosed financial information to be not necessarily indicative of future operating
results or financial condition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0"><U>E. Off-Balance Sheet Arrangements</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We have not entered into any financial guarantees
or other commitments to guarantee the payment obligations of any third parties. We have not entered into any derivative contracts
that are indexed to our shares and classified as shareholders' (deficit)/equity, or that are not reflected in our consolidated
financial statements. Furthermore, we do not have any retained or contingent interest in assets transferred to an unconsolidated
entity that serves as credit, liquidity or market risk support to such entity. We do not have any variable interest in any unconsolidated
entity that provides financing, liquidity, market risk or credit support to us or engages in leasing, hedging or research and
development services with us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0"><U>F. Tabular Disclosure of Contractual Obligations</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The following table sets forth our contractual
obligations as of December&nbsp;31, 2015:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="18" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Payment Due by Period</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Less than<BR> 1&nbsp;year</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">1-2&nbsp;years</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">3-5&nbsp;years</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">More than<BR> 5&nbsp;years</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="18" STYLE="font-weight: bold; text-align: center">(in thousands)</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 35%; text-align: left"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: left; margin-bottom: 0; text-indent: -0.25in; margin-left: 0.25in">Operating lease obligations<SUP>(1)</SUP></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;(in RMB)</P></TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">93,518</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">40,495</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">32,247</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">20,428</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">348</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Capital commitment<SUP>(2)</SUP></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;(in RMB)</P></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">55,784</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">55,784</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Long-term borrowing<SUP>(3)</SUP></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;(in US$)</P></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">431,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">413,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(1)</TD><TD>Operating lease obligations refer to the lease of offices under
                                         operating lease agreements, where a significant portion of the risks and rewards of ownership
                                         are retained by the lessor. Payments made under operating leases are charged to the consolidated
                                         statements of operations on a straight-line basis over the period of the lease, including
                                         any free lease periods.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(2)</TD><TD>Capital commitment refers to capital expenditure of a land use
                                         right.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(3)</TD><TD>Long-term borrowing includes principle and interests that are
                                         derived from our 2.25% convertible senior notes due 2019, presuming that no conversion
                                         and repurchase would occur.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Our operating lease obligations increased from
December&nbsp;31, 2014 to December&nbsp;31, 2015 primarily because we entered into some new leases in 2015.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Other than the obligations set forth above,
we did not have any other long-term debt obligations, operating lease obligations, purchase obligations or other long-term liabilities
as of December&nbsp;31, 2015.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0"><U>G. Safe Harbor</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">See &quot;Forward Looking Statements&quot;
on page&nbsp;2 of this annual report.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.75in; text-align: left">ITEM 6.</TD><TD STYLE="text-align: justify"><A NAME="a_010"></A>DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES</TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: -0.75in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0"><U>A. Directors and Senior Management</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The following table sets forth information
regarding our directors and executive officers as of the date of this annual report. There are no family relationships among any
of the directors or executive officers of our company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">Directors and Executive Officers</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Age</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">Position/Title</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 46%">Jun Lei</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: center">48</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 40%; text-align: left">Chairman of the Board and Director</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">David Xueling Li</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: center">43</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Chief Executive Officer and Director</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Qin Liu</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: center">45</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>Director</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Jenny Hong Wei Lee</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: center">45</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Independent Director</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Peter Andrew Schloss</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: center">55</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Independent Director</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Peng T. Ong</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: center">54</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Independent Director</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Richard Weidong Ji</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: center">50</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Independent Director</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">David Tang</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: center">63</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Independent Director</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Rongjie Dong</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: center">41</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Executive Vice President</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Eric He</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: center">57</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Chief Financial Officer</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>Mr.&nbsp;Jun Lei</I> is our co-founder and
has been our chairman since our inception. Mr.&nbsp;Lei is a co-founder and the chairman of Kingsoft Corporation Limited, a China-based
software and online games company listed on the Stock Exchange of Hong Kong, and served as its chief executive officer from October
1998 to December 2007. Mr. Lei is the chairman of Cheetah Mobile Inc., which was listed on Nasdaq in May, 2014. In 2010, Mr.&nbsp;Lei
co-founded and has since then served as the chairman of Xiaomi Corporation, a smartphone and mobile internet company in China.
From April 2000 to March 2005, Mr.&nbsp;Lei co-founded and served as chairman of Joyo.com which, during his tenure, was sold to
Amazon, becoming Amazon China. Since November 2003, Mr.&nbsp;Lei has served on the board of directors of Wuhan University. In
addition, Mr.&nbsp;Lei is active in private investments and currently serves as a director or advisor in several privately held
companies that he founded or invested in. Mr.&nbsp;Lei received his bachelor's degree in computer science from Wuhan University
in 1991.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>Mr.&nbsp;David Xueling Li</I> is our co-founder
and has been our chief executive officer since our inception. Mr.&nbsp;Li is primarily responsible for our overall management,
major decision-making and strategic planning, including research and development. Before founding our company, Mr.&nbsp;Li worked
at Netease.com,&nbsp;Inc. from July 2003 to April 2005 and served as its chief editor. In 2000, Mr.&nbsp;Li founded CFP.cn, a
website that provided a copyright trading platform for journalists and amateur photographers. Mr.&nbsp;Li received a bachelor's
degree in philosophy from Renmin University of China in 1997.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>Mr.&nbsp;Qin Liu</I> has been a director
of our company since June 2008. Mr.&nbsp;Liu has been a director of Morningside China TMT Fund I,&nbsp;L.P. since its formation
in 2008, where he is primarily responsible for managing early-stage investments in the internet, wireless, media, entertainment
and consumer services sectors in China. He also serves as a director in several non-public portfolio companies of the fund. From
2000 through 2008, Mr.&nbsp;Liu worked at Morningside IT Management Services (Shanghai)&nbsp;Co.,&nbsp;Ltd. and established its
print media business and served as publisher of The Bund, an upscale lifestyle weekly publication. Mr.&nbsp;Liu received a master's
degree in business administration, or MBA, from China Europe International Business School in 1999 and a bachelor's degree in
electrical engineering from Beijing Science&nbsp;&amp; Technology University in 1993.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>Ms.&nbsp;Jenny Hong Wei Lee</I> has served
as our director since December 2009. Ms.&nbsp;Lee is currently a director of Pactera Technology International&nbsp;Ltd., a leading
China-based provider of outsourced information technology and research and development services, which was formerly listed on
the NASDAQ Global Select Market and subsequently privatized in 2014. She is also a director and a member of the audit committee
of 21Vianet Group,&nbsp;Inc., a leading China-based carrier-neutral Internet data center services provider, which is listed on
the NASDAQ Global Select Market. In addition, Ms.&nbsp;Lee serves is a managing director of Granite Global Ventures III L.L.C.,
which is a general partner of Granite Global Ventures III&nbsp;L.P. and GGV III Entrepreneurs Fund&nbsp;L.P. From 2002 to 2005,
Ms.&nbsp;Lee served as a vice president of JAFCO Asia. Ms.&nbsp;Lee received her bachelor's degree in electrical engineering in
1994 and master's degree in engineering in 1995 from Cornell University. Ms.&nbsp;Lee also has an MBA degree from Kellogg School
of Management at Northwestern University in 2001.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>Mr. Peter Andrew Schloss </I>has served
as our independent director since<FONT STYLE="font-family: Times New Roman, Times, Serif">&#8232;</FONT>November 20, 2012. Mr.
Schloss is managing director and CEO of CastleHill Partners and a partner at Phoenix Media Fund. Since February 2016, Mr. Schloss
has been an independent director of Zhaopin Limited (NYSE: ZPIN). Previously Mr. Schloss was an independent director and audit
committee chairman of Giant Interactive Group Inc., a NYSE-listed company, from 2007 to 2015. From 2008 to 2012, Mr. Schloss served
as the chief executive officer of Allied Pacific Sports Network Limited, a leading internet and wireless provider of live and
on-demand sports programs in Asia. Prior to joining Allied Pacific Sports Network Limited, Mr. Schloss worked at TOM Online&nbsp;Inc.,
serving as the chief financial officer from 2003 to 2005, as an executive director from 2004 to 2007 and as the chief legal officer
from 2005 to 2007. Mr.&nbsp;Schloss received a bachelor's degree in political science and a juris doctor degree from Tulane University.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>Mr.&nbsp;Peng T. Ong</I> has served as our
independent director since November&nbsp;20, 2012. Mr.&nbsp;Ong is a managing director of Monk&rsquo;s Hill Ventures. Prior to
founding Monk&rsquo;s Hill Ventures, he was a partner at GSR Ventures. Mr Ong is a director of the Media Development Authority
of Singapore. In addition, he is a trustee of the Singapore University of Technology and Design and sits on the strategic advisory
board of the Chancellor of the University of Illinois. Mr.&nbsp;Ong was an independent director of Singapore Telecommunications
Limited through July 2013 and chairs SingTel's group enterprise advisory committee. He was an independent director of the National
Research Foundation of Singapore from 2009 to 2013. He served as chairman of Infocomm Investments Pte&nbsp;Ltd, a venture capital
fund in Singapore, from 2006 to 2013. Mr.&nbsp;Ong founded Interwoven&nbsp;Inc. (acquired by Autonomy Corporation&nbsp;plc., now
part of Hewlett-Packard) and served as its president and chief executive officer from 1995 to 1997 and its chairman from 1995
to 2002. Mr.&nbsp;Ong also founded Encentuate&nbsp;Inc. which became the foundation of the IBM Singapore Software Lab after being
acquired by IBM. In addition, Mr.&nbsp;Ong co-founded Match.com (now part of IAC/InterActiveCorp) and served in various engineering
and management positions at Illustra Information Technologies,&nbsp;Inc. (now Informix Corporation, part of IBM), Sybase&nbsp;Inc.
(now SAP America,&nbsp;Inc.) and Gensym Corporation. Mr.&nbsp;Ong Peng received a bachelor's degree in electrical engineering
from University of Texas at Austin and a master's degree in computer science from University of Illinois at Urbana-Champaign.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>Mr.&nbsp;Richard Weidong Ji</I> has served
as our independent director since May 2013. Mr.&nbsp;Ji is the cofounder and managing partner of All-Stars Investment Limited,
which focuses on investing in Internet technology leaders and consumer brands that help enhance the lives of Chinese consumers.
From 2005 to 2012, Mr.&nbsp;Ji served as managing director and head of Asia-Pacific Internet/media investment research at Morgan
Stanley Asia Limited. During his time with Morgan Stanley, Mr.&nbsp;Ji was consistently rated as one of the top internet analysts
covering the Chinese internet according to the Institutional Investor and Greenwich Associates' annual surveys. Over Mr.&nbsp;Ji's
career, he has received many awards from reputable publications and research groups including the Financial Times, South China
Morning Post, Asiamoney, Absolute Return&nbsp;&amp; Alpha magazine and iResearch Consulting Group. Mr.&nbsp;Ji holds a doctor
of sciences degree in biological science from Harvard University, an MBA from the Wharton School of Business at the University
of Pennsylvania and a Bachelor of Science from Fudan University in China. He also serves as an independent director of 58.com.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>Mr.&nbsp;David Tang</I> has served as our
independent director since May 2013. Mr.&nbsp;Tang currently serves as a managing director of Nokia Growth Partners, a global
venture capital firm that specializes in investing in mobile technologies and mobile businesses. From 2011 to 2012, Mr.&nbsp;Tang
was the vice president of the European Union Chamber of Commerce in China, vice chairman of the China Association of Enterprises
with Foreign Investments, and vice chairman of the Beijing International Chamber of Commerce. Mr.&nbsp;Tang has spent nearly a
decade with the Nokia group, having served as the vice chairman of Nokia (China) Investment&nbsp;Co.,&nbsp;Ltd. and chairman of
Nokia Telecommunications&nbsp;Ltd. where he was responsible for government relations, strategic partnerships, corporate development,
and sustainability. Prior to serving in those roles, he was the vice chairman and vice president of sales for Nokia in the greater
China region from 2005 to 2009. Mr.&nbsp;Tang has also held executive positions in other leading global technology firms such
as Apple, AMD, 3Com, DEC, and AST. Mr.&nbsp;Tang received his bachelor's degree in Computer Science and Engineering from California
State University at Long Beach and a master's degree in Business from California State University at Fullerton.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>Mr.&nbsp;Rongjie Dong</I> has been the president
of the technology department of Guangzhou Huaduo since October 2006 and is currently our executive vice president. Prior to joining
us, he served as product manager and head of the technology department of 163.com from 2000 to 2006. Mr.&nbsp;Dong received his
bachelor's degree in computer hardware from Beijing Information Engineering Institute (now known as Beijing Information Science
and Technology University) in 1999.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>Mr.&nbsp;Eric He</I> has been our chief
financial officer since August 2011. He currently also serves as an independent director of MOL Global, Inc. (NASDAQ: MOLG) and
51job (Nasdaq: JOBS). Prior to joining us, Mr.&nbsp;He served as the chief financial officer of Giant Interactive Group,&nbsp;Inc.,
an NYSE-listed company, from March 2007 to August 2011. He served as the chief strategy officer of Ninetowns Internet Technology
Group from 2004 to 2007. From 2002 to 2004, he served as a private equity investment director for AIG Global Investment Corp (Asia)&nbsp;Ltd.
Mr.&nbsp;He received a bachelor's degree in accounting from National Taipei University and an MBA degree from the Wharton School
of Business at the University of Pennsylvania. Mr.&nbsp;He is a Certified Public Accountant and Chartered Financial Analyst in
the United States.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0"><U>B. Compensation of Directors and Executive Officers</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">For the fiscal year ended December&nbsp;31,
2015, we paid an aggregate of RMB4.5&nbsp;million (US$<FONT STYLE="font-family: Times New Roman, Times, Serif">0.7</FONT>&nbsp;million)
in cash, including salaries and bonuses, to our directors and executive officers. For details on the share incentive grants to
our directors and officers, see &quot;&mdash;Share Incentive Plans.&quot; For the fiscal year ended December&nbsp;31, 2015, we
made contributions for our directors and executive officers for their pension insurance, medical insurance, housing fund, unemployment
and other statutory benefits as required by PRC laws in an aggregate amount of RMB<FONT STYLE="font-family: Times New Roman, Times, Serif">0.2</FONT>&nbsp;million
(US$<FONT STYLE="font-family: Times New Roman, Times, Serif">0.03&nbsp;million</FONT>). We did not set aside or accrue any other
pension or retirement benefits for our directors and executive officers for the fiscal year ended December&nbsp;31, 2015.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">Employment Agreements</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We have entered into employment agreements
with our senior executive officers. We may terminate a senior executive officer's employment for cause at any time without remuneration
for certain acts of the officer, such as being convicted of any criminal conduct, any act of gross or willful misconduct or any
serious, willful, grossly negligent or persistent breach of any employment agreement provision, or engaging in any conduct which
may make the continued employment of such officer detrimental to our company. We may also terminate a senior executive officer's
employment by giving three months' prior written notice. A senior executive officer may terminate his or her employment at any
time by giving three months' written notice, provided that such notice may only be given by the officer any time after the third
anniversary of his or her employment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Each senior executive officer has agreed to
hold all information, know-how and records in any way connected with the business of our company, including, without limitation,
all formulae, designs, specifications, drawings, data, operations and testing procedures, manuals and instructions and all customer
and supplier lists, sales information, business plans and forecasts and all technical or other expertise and all computer software
of our company, in strict confidence during and after his or her employment. Each officer also agrees that we shall own all the
intellectual property developed by such officer during his or her employment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">Share Incentive Plans</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We have adopted two share incentive
plans, namely, the 2009 Scheme and the 2011 Plan. The purpose of these two share incentive plans is to attract and retain
personnel by linking the personal interests of the members of the board, officers, employees and consultants to the success
of our business and by providing such individuals with an incentive for outstanding performance. As of March 31, 2016,
options to purchase <FONT STYLE="font-family: Times New Roman, Times, Serif">748,375 </FONT>common shares, <FONT STYLE="font-family: Times New Roman, Times, Serif">10,519,032 </FONT>restricted
shares and 47,102,490 restricted share units were outstanding under the 2009 Scheme and the 2011 Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">2009 Employee Equity Incentive Scheme</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We adopted the 2009 Scheme in December 2009.
In September 2011, YY&nbsp;Inc. assumed all the rights and obligations of Duowan Entertainment Corporation under all share-based compensation
previously issued by Duowan Entertainment Corporation, including under the relevant award agreement and under the 2009 Scheme, if applicable,
and undertook to issue its own common shares upon the exercise of any share-based compensation awards previously issued by Duowan
Entertainment Corporation, subject to compliance with the terms and conditions of the relevant award agreements and the 2009 Scheme,
if applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Under the 2009 Scheme, the maximum number of
shares in respect of which options or restricted shares may be granted is 120,020,001.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The following paragraphs summarize the terms
of the 2009 Scheme.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>Types of Awards.</I></B>&nbsp;&nbsp;&nbsp;&nbsp;The
following briefly describe the principal features of the various awards that may be granted under the 2009 Scheme.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><I>Options.</I>&nbsp;&nbsp;Options
                                         provide for the right to purchase a specified number of our common shares at a specified
                                         price and usually will become exercisable at the discretion of our plan administrator
                                         in one or more installments after the grant date. The option exercise price may be paid,
                                         subject to the discretion of the plan administrator, in cash or check, in our common
                                         shares which have been held by the option holder for such period of time as may be required
                                         to avoid adverse accounting consequences, in other property with value equal to the exercise
                                         price, through a broker-assisted cashless exercise, or by any combination of the foregoing.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><I>Restricted
                                         Shares.</I>&nbsp;&nbsp;A restricted share award is the grant of our common shares which
                                         are subject to certain restrictions and may be subject to risk of forfeiture. Unless
                                         otherwise determined by our plan administrator, a restricted share is nontransferable
                                         and may be forfeited or repurchased by us upon termination of employment or service during
                                         a restricted period. Our plan administrator may also impose other restrictions on the
                                         restricted shares, such as limitations on the right to vote or the right to receive dividends.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>Plan Administration.</I></B>&nbsp;&nbsp;&nbsp;&nbsp;Our
board or a committee of one or more members of our board duly authorized for the purpose of the 2009 Scheme can act as the plan
administrator.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>Award Agreement.</I></B>&nbsp;&nbsp;&nbsp;&nbsp;Options
or restricted shares granted under the 2009 Scheme are evidenced by an award agreement that sets forth the terms, conditions and
limitations for each grant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>Option Exercise Price.</I></B>&nbsp;&nbsp;&nbsp;&nbsp;The
exercise price in respect of any option shall be fixed by reference to the date upon which the option (or the relevant part thereof)
is granted, and shall be, at the election of the plan administrator, (a)&nbsp;the latest valuation price per share certified by
a third party valuer prior to the date of grant of the relevant option (or relevant part thereof) or (b)&nbsp;the latest price
per share at which we have issued any shares prior to the date of grant of the relevant option (or relevant part thereof).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>Eligibility.</I></B>&nbsp;&nbsp;&nbsp;&nbsp;We
may grant awards to our employees, officers and directors or consultants to our members.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>Term of the Awards.</I></B>&nbsp;&nbsp;&nbsp;&nbsp;The
2009 Scheme shall be valid and effective for a period of ten years from the date of effectiveness. The term of each option or
restricted share grant shall be ten years from the date of the grant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>Vesting Schedule.</I></B>&nbsp;&nbsp;&nbsp;&nbsp;In
general, the plan administrator determines the vesting schedule, which is set forth in the award agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>Transfer Restrictions.</I></B>&nbsp;&nbsp;&nbsp;&nbsp;Awards
for options or restricted shares may not be transferred in any manner by the award holders and may be exercised only by such holders,
subject to limited exceptions. Restricted shares may not be transferred during the period of restriction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>Termination.</I></B>&nbsp;&nbsp;&nbsp;&nbsp;The
plan administrator may at any time terminate the operation of the 2009 Scheme.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Prior to the adoption of the 2009 Scheme, we
granted certain share options to our employees pursuant to certain share option agreements which carried substantially the same
terms and conditions with those stipulated in the 2009 Scheme.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">2011 Share Incentive Plan</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We adopted the 2011 Plan in September 2011.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Under the 2011 Plan, the maximum number of
common shares reserved for issuance under the plan is 43,000,000, plus an annual increase of 20,000,000 on the first day of each
fiscal year, beginning in 2013, or such smaller number of common shares as determined by our board of directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The following paragraphs summarize the terms
of the 2011 Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>Types of Awards.</I></B>&nbsp;&nbsp;&nbsp;&nbsp;The
following briefly describe the principal features of the various awards that may be granted under the 2011 Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><I>Options.</I>&nbsp;&nbsp;Options
                                         provide for the right to purchase a specified number of our common shares at a specified
                                         price and usually will become exercisable at the discretion of our plan administrator
                                         in one or more installments after the grant date. The option exercise price may be paid,
                                         subject to the discretion of the plan administrator, in cash or check, in our common
                                         shares which have been held by the option holder for such period of time as may be required
                                         to avoid adverse accounting consequences, in other property with value equal to the exercise
                                         price, through a broker-assisted cashless exercise, or by any combination of the foregoing.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><I>Restricted
                                         Shares.</I>&nbsp;&nbsp;A restricted share award is the grant of our common shares which
                                         are subject to certain restrictions and may be subject to risk of forfeiture. Unless
                                         otherwise determined by our plan administrator, a restricted share is nontransferable
                                         and may be forfeited or repurchased by us upon termination of employment or service during
                                         a restricted period. Our plan administrator may also impose other restrictions on the
                                         restricted shares, such as limitations on the right to vote or the right to receive dividends.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><I>Restricted
                                         Share Units.</I>&nbsp;&nbsp;A restricted share unit award is the grant of the right to
                                         receive a common share at a future date and may be subject to forfeiture. Our plan administrator
                                         has the discretion to set performance objectives or other vesting criteria that will
                                         determine the number or value of restricted share units to be granted. Unless otherwise
                                         determined by our plan administrator, a restricted share unit is nontransferable and
                                         may be forfeited or repurchased by us upon termination of employment or service during
                                         a restricted period. Our plan administrator, at the time of grant, specifies the dates
                                         on which the restricted share units become fully vested.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>Plan Administration.</I></B>&nbsp;&nbsp;&nbsp;&nbsp;Our
board or a committee of one or more members of our board duly authorized for the purpose of the 2011 Plan can act as the plan
administrator.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>Award Agreement.</I></B>&nbsp;&nbsp;&nbsp;&nbsp;Options,
restricted shares or restricted shares units granted under the 2011 Plan are evidenced by an award agreement that sets forth the
terms, conditions and limitations for each grant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>Option Exercise Price.</I></B>&nbsp;&nbsp;&nbsp;&nbsp;The
exercise price in respect of any option shall be determined by the plan administrator and set forth in the award agreement which
may be a fixed or variable price related to the fair market value of the shares. The exercise price per share subject to an option
may be amended or adjusted in the absolute discretion of the plan administrator, the determination of which shall be final, binding
and conclusive. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>Eligibility.</I></B>&nbsp;&nbsp;&nbsp;&nbsp;We
may grant awards to our employees, consultants or directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>Term of the Awards.</I></B>&nbsp;&nbsp;&nbsp;&nbsp;The
2011 Plan shall be valid and effective for a period of ten years from the date of effectiveness. The term of each option grant
shall not exceed ten years from the date of the grant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>Vesting Schedule.</I></B>&nbsp;&nbsp;&nbsp;&nbsp;In
general, the plan administrator determines the vesting schedule, which is set forth in the award agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>Transfer Restrictions.</I></B>&nbsp;&nbsp;&nbsp;&nbsp;Awards
for options, restricted shares or restricted share units may not be transferred in any manner by the award holders and may be
exercised only by such holders, subject to limited exceptions. Restricted shares may not be transferred during the period of restriction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>Termination.</I></B>&nbsp;&nbsp;&nbsp;&nbsp;The
plan administrator may at any time terminate the operation of the 2011 Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The following table summarizes, as of March
31, 2016, the outstanding options granted to our executive officers, directors and other individuals as a group.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Common Shares<BR> Underlying Options<BR> Awarded</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Exercise Price<BR> (US$/Share)</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Date of Grant</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Date of Expiration</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; width: 22%">Other Individuals as a Group</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 1%">&nbsp;</TD><TD STYLE="text-align: right; width: 15%">10</TD><TD STYLE="text-align: left; width: 1%">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 1%">&nbsp;</TD><TD STYLE="text-align: right; width: 15%">&mdash;</TD><TD STYLE="text-align: left; width: 1%">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: right; width: 20%">January&nbsp;1, 2008</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: right; width: 20%">December&nbsp;31, 2015</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,051</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.005510</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">January&nbsp;1, 2008</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">December&nbsp;31, 2017</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">738,314</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.006735</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">January&nbsp;1, 2009</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">December&nbsp;31, 2018</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>Total</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">748,375</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin: 1pt 4.5in 1pt 0in"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">*</TD><TD>The aggregate number of common shares underlying the outstanding
                                         options held by this individual is less than 1% of our total outstanding shares.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The following table summarizes, as of March
31, 2016, the outstanding restricted shares granted to our executive officers, directors and other individuals as a group.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">Name</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; border-bottom: Black 1pt solid">Restricted Shares Granted</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">Date of Grant</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 36%; text-align: left">Other Individuals as a Group</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 30%; text-align: right">5,198,358</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 30%">January&nbsp;1, 2010</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">425,734</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>February&nbsp;1, 2010</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,425,360</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>July&nbsp;1, 2010</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">250,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>October&nbsp;1, 2010</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,219,580</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">January&nbsp;1, 2011</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 1pt">Total</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">10,519,032</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin: 1pt 4.5in 1pt 0in"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">*</TD><TD>The aggregate number of common shares underlying the outstanding
                                         restricted shares held by each of these individuals is less than 1% of our total outstanding
                                         shares.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The following table summarizes, as of March
31, 2016, the outstanding restricted share units granted to our executive officers, directors and other individuals as a group.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 38%; font-weight: bold; border-bottom: Black 1pt solid">Name</TD><TD STYLE="width: 1%; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 30%; font-weight: bold; text-align: left; border-bottom: Black 1pt solid">Common Shares Underlying<BR> Restricted Share Units Granted</TD><TD STYLE="width: 1%; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 30%; font-weight: bold; border-bottom: Black 1pt solid">Date of Grant</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">David Xueling Li</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">*</TD><TD>&nbsp;</TD>
    <TD>April&nbsp;30, 2013</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">*</TD><TD>&nbsp;</TD>
    <TD>June 20, 2014</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Jenny Hong Wei Lee</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">*</TD><TD>&nbsp;</TD>
    <TD>November&nbsp;7, 2012</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">*</TD><TD>&nbsp;</TD>
    <TD>June 16, 2014</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">*</TD><TD>&nbsp;</TD>
    <TD>November 7, 2015</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Peter Andrew Schloss</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">*</TD><TD>&nbsp;</TD>
    <TD>November&nbsp;7, 2012</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">*</TD><TD>&nbsp;</TD>
    <TD>June 16, 2014</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">*</TD><TD>&nbsp;</TD>
    <TD>November 7, 2015</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Peng T. Ong</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">*</TD><TD>&nbsp;</TD>
    <TD>November&nbsp;7, 2012</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">*</TD><TD>&nbsp;</TD>
    <TD>June 16, 2014</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">*</TD><TD>&nbsp;</TD>
    <TD>November 7, 2015</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Richard Weidong Ji</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">*</TD><TD>&nbsp;</TD>
    <TD>May&nbsp;23, 2013</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">*</TD><TD>&nbsp;</TD>
    <TD>June 16, 2014</TD></TR>
</TABLE>



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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">Name</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; border-bottom: Black 1pt solid">Common Shares Underlying<BR> Restricted Share Units Granted</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">Date of Grant</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">David Tang</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">*</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>May&nbsp;23, 2013</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">*</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>June 16, 2014</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Eric He</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">*</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>September&nbsp;16, 2011</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">*</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>November&nbsp;21, 2012</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">*</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>April&nbsp;30, 2013</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Rongjie Dong</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">*</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>April&nbsp;30, 2013</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">*</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>July&nbsp;19, 2013</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">*</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>June 20, 2014</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">*</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>June 30, 2015</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Qin Liu</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">*</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>August 6, 2015</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 36%; text-align: left">Other Individuals as a Group</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 30%; text-align: right">3,800</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 30%">January 1, 2011</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,718,450</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>September&nbsp;16, 2011</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">311,800</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>January&nbsp;1, 2012</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">570,579</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>March&nbsp;31, 2012</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">185,340</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>July&nbsp;15, 2012</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,927,210</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>September&nbsp;1, 2012</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">26,320</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>September&nbsp;30, 2012</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">138,750</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>March&nbsp;31, 2013</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,589</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>April&nbsp;18, 2013</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,003,540</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>April&nbsp;30, 2013</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">889,220</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>July&nbsp;19, 2013</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>October&nbsp;1, 2013</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">40,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>November&nbsp;1, 2013</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">168,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>February 1, 2014</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">334,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>April 1, 2014</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">80,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>April 30, 2014</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">700,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>May 1, 2014</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,243,358</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>June 20, 2014</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">508,160</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>October 30, 2014</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">340,860</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>April 30, 2015</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">400,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>May 1, 2015</TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">Name</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; border-bottom: Black 1pt solid">Common Shares Underlying<BR> Restricted Share Units Granted</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">Date of Grant</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 36%">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 30%; text-align: right">13,122,544</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 30%">July 1, 2015</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">180,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>October 30, 2015</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">140,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>December 30, 2015</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">192,000</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">January 1, 2016</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD STYLE="font-size: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 1pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 1pt; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 1pt">Total</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">47,102,490</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin: 1pt 4.5in 1pt 0in"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">*</TD><TD>The aggregate number of common shares underlying the outstanding
                                         restricted share units, or RSUs, held by each of these individuals is less than 1% of
                                         our total outstanding shares.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0"><U>C. Board Practices</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Our board of directors currently consists of
eight directors. A director is not required to hold any shares in our company to qualify to serve as a director. A director may
vote with respect to any contract, proposed contract, or arrangement in which he or she is materially interested. A director may
exercise all the powers of the company to borrow money, mortgage its business, property and uncalled capital, and issue debentures
or other securities whenever money is borrowed or as security for any obligation of the company or of any third party. See &quot;Item&nbsp;6.
Directors, Senior Management and Employees&mdash;B. Compensation of Directors and Executive Officers&quot; for a description of
the employment agreements we have entered into with our senior executive officers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">Committees of the Board of Directors</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We have established an audit committee, a compensation
committee and a corporate governance and nominating committee under the board of directors. We have adopted a charter for each
of the three committees. Each committee's members and functions are described below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>Audit Committee.</I></B>&nbsp;&nbsp;&nbsp;&nbsp;Our
audit committee consists of Mr.&nbsp;Peter Andrew Schloss, Mr.&nbsp;Peng T. Ong and Mr.&nbsp;Richard Weidong Ji, and is chaired
by Mr.&nbsp;Schloss. We have determined that each of Mr.&nbsp;Schloss, Mr.&nbsp;Ong and Mr.&nbsp;Ji satisfies the &quot;independence&quot;
requirements of Rule&nbsp;5605(c)(2) of the Listing Rules of the Nasdaq Global Market and meet the independence standards under
Rule&nbsp;10A-3 under the Securities Exchange Act of 1934, as amended. We have determined that Mr.&nbsp;Schloss qualifies as an
&quot;audit committee financial expert.&quot; The audit committee oversees our accounting and financial reporting processes and
the audits of the financial statements of our company. The audit committee is responsible for, among other things:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>selecting the
                                         independent registered public accounting firm and pre-approving all auditing and non-auditing
                                         services permitted to be performed by the independent registered public accounting firm;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>reviewing with
                                         the independent registered public accounting firm any audit problems or difficulties
                                         and management's response;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>reviewing and
                                         approving all proposed related party transactions, as defined in Item&nbsp;404 of Regulation&nbsp;S-K
                                         under the Securities Act;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>discussing
                                         the annual audited financial statements with management and the independent registered
                                         public accounting firm;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>reviewing major
                                         issues as to the adequacy of our internal controls and any special audit steps adopted
                                         in light of any material control deficiencies;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>annually reviewing
                                         and reassessing the adequacy of our audit committee charter;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>meeting separately
                                         and periodically with management and the independent registered public accounting firm;
                                         and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>reporting regularly
                                         to the board.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>Compensation Committee.</I></B>&nbsp;&nbsp;&nbsp;&nbsp;Our
compensation committee consists of Mr.&nbsp;Jun Lei, Ms.&nbsp;Jenny Hong Wei Lee and Mr.&nbsp;David Tang, and is chaired by Mr.&nbsp;Lei.
We have determined that each of Ms.&nbsp;Lee and Mr.&nbsp;Tang satisfies the &quot;independence&quot; requirements of Rule&nbsp;5605(c)(2)
of the Listing Rules of the Nasdaq Global Market. The compensation committee assists the board in reviewing and approving the
compensation structure, including all forms of compensation, relating to our directors and executive officers. Our directors may
not be present at any committee meeting during which their compensation is deliberated upon. The compensation committee is responsible
for, among other things:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>reviewing the
                                         total compensation package for our executive officers and making recommendations to the
                                         board with respect to it;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>approving and
                                         overseeing the total compensation package for our executives other than the three most
                                         senior executives;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>reviewing the
                                         compensation of our directors and making recommendations to the board with respect to
                                         it;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>periodically
                                         reviewing and approving any long-term incentive compensation or equity plans, programs
                                         or similar arrangements, annual bonuses, and employee pension and welfare benefit plans;
                                         and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>selecting compensation
                                         consultant, legal counsel or other adviser only after taking into consideration all factors
                                         relevant to that person's independence from management.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>Corporate Governance and Nominating Committee.</I></B>&nbsp;&nbsp;&nbsp;&nbsp;Our
nominating committee consists of Mr.&nbsp;Peng T. Ong, Mr.&nbsp;Qin Liu and Mr.&nbsp;Peter Andrew Schloss, and is chaired by Mr.&nbsp;Ong.
We have determined that each of Mr.&nbsp;Ong and Mr.&nbsp;Schloss satisfies the &quot;independence&quot; requirements of Rule&nbsp;5605(c)(2)
of the Listing Rules of the Nasdaq Global Market. The nominating committee assists the board in selecting individuals qualified
to become our directors and in determining the composition of the board and its committees. The nominating committee is responsible
for, among other things:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>recommending
                                         nominees to the board for election or re-election to the board, or for appointment to
                                         fill any vacancy on the board;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>reviewing annually
                                         with the board the current composition of the board with regards to characteristics such
                                         as independence, age, skills, experience and availability of service to us;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>selecting and
                                         recommending to the board the names of directors to serve as members of the audit committee
                                         and the compensation committee, as well as of the nominating committee itself; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>monitoring
                                         compliance with our code of business conduct and ethics, including reviewing the adequacy
                                         and effectiveness of our procedures to ensure proper compliance.</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 35.45pt"><I>Independent Committee. </I>In July
2015, our board of directors formed a special committee of independent directors consisting of Messrs. Peter Andrew Schloss, David
Tang, and Peng Tsing Ong in response to a preliminary non-binding proposal letter from the Buyer Group notifying our board of directors
of their interest in acquiring all of our outstanding shares not already beneficially owned by them in a proposed going private
transaction. See &ldquo;Item 4. Information on the Company&mdash;A. History and Development of the Company.&rdquo;</P>



<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">Duties of Directors</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Under Cayman Islands law, our directors have
a common law duty of loyalty to act honestly in good faith with a view to our best interests. Our directors also have a duty to
exercise the skill they actually possess and such care and diligence that a reasonably prudent person would exercise in comparable
circumstances. In fulfilling their duty of care to us, our directors must ensure compliance with our memorandum and articles of
association.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">Terms of Directors and Officers</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Our officers are elected by and serve at the
discretion of the board. Our directors are not subject to a term of office and hold office until such time as they are removed
from office by special resolution of all shareholders. A director will be removed from office automatically if, among other things,
the director (1)&nbsp;becomes bankrupt or makes any arrangement or composition with his creditors; or (2)&nbsp;dies or is found
by our company to be of unsound mind.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0"><U>D. Employees</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The following table sets forth the numbers
of our employees, categorized by function, as of December&nbsp;31, 2015:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">Functions</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; border-bottom: Black 1pt solid">Number of Employees</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 80%">Management</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 17%; text-align: right">17</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Customer services and operations</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">974</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Engineering and maintenance</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">149</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Research and development</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,739</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Sales and marketing</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">209</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">General and administration</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">229</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 1pt">Total</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">3,317</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We had a total of 1,751, 2,889 and 3,317 employees
as of December&nbsp;31, 2013, 2014 and 2015, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We have developed a corporate culture that
encourages initiative, technical superiority and self-development. In addition, we periodically evaluate our employees' performance
and provide them with training sessions tailored to each job function to enhance performance and service quality.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">As required by regulations in China, we participate
in various employee social security plans that are organized by municipal and provincial governments, including pension, unemployment
insurance, childbirth insurance, work-related injury insurance, medical insurance and housing insurance. We are required under
PRC law to make contributions to employee benefit plans at specified percentages of the salaries, bonuses and certain allowances
of our employees, up to a maximum amount specified by the local government from time to time. We believe that we maintain a good
working relationship with our employees and we have not experienced any significant labor disputes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0"><U>E. Share Ownership</U></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">Class&nbsp;A Common Shares</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">As of March 31, 2016, we had 729,301,268 Class&nbsp;A
common shares outstanding. In addition, as of March 31, 2015, we have granted, and have outstanding, options to purchase a total
of 748,375 Class&nbsp;A common shares, 10,519,032 restricted shares and 47,102,490 restricted share units to our directors, executive
officers, other employees and consultants. For information regarding the Share Incentive Plans, see &quot;Item&nbsp;6.B. Compensation
of Directors and Executive Officers.&quot;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">Class&nbsp;B Common Shares</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">As of March 31, 2016, we had 369,557,976 Class&nbsp;B
common shares outstanding. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">Beneficial Ownership</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The following table sets forth information
concerning the beneficial ownership of our common shares as of March 31, 2016, by:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>each of our
                                         directors and executive officers; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>each person
                                         known to us to beneficially own more than 5% of our common shares.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Beneficial ownership is determined in accordance
with the rules and regulations of the SEC. In computing the number of shares beneficially owned by a person and the percentage
ownership of that person, we have included shares that the person has the right to acquire or that would become unrestricted shares
within 60&nbsp;days after March 31, 2016, the most recent practicable date, including through the exercise of any option, warrant,
or other right or the conversion of any other security. These shares, however, are not included in the computation of the percentage
ownership of any other person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The calculations in the table below assume
that there were 729,301,268 Class&nbsp;A common shares outstanding and 369,557,976 Class&nbsp;B common shares as of March 31,
2016. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="6" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 8pt"><B>Class
                                         A Common</B></FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 8pt"><B>Shares
                                         Beneficially</B></FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 8pt"><B>Owned(1)</B></FONT></P></TD><TD NOWRAP STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="6" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Class&nbsp;B
    Common<BR> Shares Beneficially<BR> Owned(2)</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="6" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Total
    Common<BR> Shares Beneficially<BR> Owned</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Total<BR>
    Voting<BR> Power(5)</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="6" STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="6" STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="6" STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Number</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Number</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Number(3)</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">%(4)</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">Directors and Executive Officers:*</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 37%"><FONT STYLE="font-size: 8pt">Jun Lei<SUP>(6)</SUP></FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 6%; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 6%; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 6%; text-align: right"><FONT STYLE="font-size: 8pt">192,741,483,</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 6%; text-align: right"><FONT STYLE="font-size: 8pt">52.2</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 6%; text-align: right"><FONT STYLE="font-size: 8pt">192,741,483</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 6%; text-align: right"><FONT STYLE="font-size: 8pt">17.5</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 6%; text-align: right"><FONT STYLE="font-size: 8pt">43.6</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">David Xueling Li<SUP>(7)</SUP></FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">18,064,890</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">2.5</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">175.241,483</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">47.4</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">193,306,373</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">17.6</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">40.0</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-size: 8pt">Qin Liu<SUP>(8)</SUP></FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">40,186,820</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">5.5</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">40,186,820</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">3.7</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0.9</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Jenny Hong Wei Lee<SUP>(9)</SUP></FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">32,857,440</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">4.5</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">32,857,440</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">3.0</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0.7</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Peter Andrew Schloss</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">** </FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">** </FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">**</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">**</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">**</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">**</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">**</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Peng T. Ong</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">**</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">**</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">**</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">**</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
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    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
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<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Richard Weidong Ji</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">**</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">**</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">**</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">**</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">**</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
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    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
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<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">David Tang</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">**</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
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    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">**</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">**</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
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    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
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    <TD><FONT STYLE="font-size: 8pt">Rongjie Dong</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">**</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">**</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">**</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">**</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
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    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
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<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Eric He</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
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    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">**</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
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<TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
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<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">All directors and executive officers as a group</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">105,362,480</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">14.4</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">369,557,966</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">100.0</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">474,920,446</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">43.0</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">85.8</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">Principal Shareholders:</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Top Brand Holdings Limited<SUP>(10)</SUP></FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">192,741,483</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">52.2</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">192,741,483</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">17.5</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">43.6</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-size: 8pt">YYME Limited<SUP>(11)</SUP></FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">16,000,000</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">2.2</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">175,241,483</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">47.4</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">191,241,483</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">17.4</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">40.0</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin: 1pt 4.5in 1pt 0in"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Notes:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">*</TD><TD>Except for Mr.&nbsp;Jun Lei, Mr.&nbsp;Qin Liu, Ms.&nbsp;Jenny Hong
                                         Wei Lee, Mr.&nbsp;Peter Andrew Schloss, Mr.&nbsp;Peng T. Ong, Mr.&nbsp;Richard Weidong
                                         Ji, and Mr.&nbsp;David Tang, the business address of our directors and executive officers
                                         is c/o Building B-1, North Block of Wanda Plaza No. 79 Wanbo Er Road Nancun Town, Panyu
                                         District, Guangzhou, 511442, PRC.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">**</TD><TD>The aggregate number of common shares beneficially owned by each
                                         of these individuals is less than 1% of our total outstanding shares.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(1)</TD><TD>For each person and group included in this column, percentage
                                         ownership is calculated by dividing the number of Class&nbsp;A common shares beneficially
                                         owned by such person or group, including shares that such person or group has the right
                                         to acquire within 60&nbsp;days of March 31, 2016, by the sum of (i)&nbsp;729,301,268,
                                         which is the total number of Class&nbsp;A common shares outstanding as of March 31, 2016,
                                         and (ii)&nbsp;the number of Class&nbsp;A common shares that such person or group has
                                         the right to acquire within 60&nbsp;days of March 31, 2016.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(2)</TD><TD>For each person and group included in this column, percentage
                                         ownership is calculated by dividing the number of Class&nbsp;B common shares beneficially
                                         owned by such person or group by 369,557,976, being the total number of Class&nbsp;B
                                         common shares outstanding as of March 31, 2016.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(3)</TD><TD>Represents the sum of Class&nbsp;A and Class&nbsp;B common shares
                                         beneficially owned by such person or group.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(4)</TD><TD>For each person and group included in this column, percentage
                                         ownership is calculated by dividing the number of total common shares beneficially owned
                                         by such person or group, by the sum of the number of common shares outstanding and the
                                         number of common shares such person or group has the right to acquire upon exercise of
                                         the stock options or warrants within 60&nbsp;days after March 31, 2016.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(5)</TD><TD>For each person or group included in this column, the percentage
                                         of total voting power represents voting power based on both Class&nbsp;A and Class&nbsp;B
                                         common shares held by such person or group with respect to all of our outstanding Class&nbsp;A
                                         and Class&nbsp;B common shares as one class. Each holder of Class&nbsp;A common shares
                                         is entitled to one vote per share. Each holder of our Class&nbsp;B common shares is entitled
                                         to ten votes per share on all matters requiring a shareholders' vote. Our Class&nbsp;B
                                         common shares are convertible at any time by the holder into Class&nbsp;A common shares
                                         on a one-for-one basis, whereas Class&nbsp;A common shares are not convertible into Class&nbsp;B
                                         common shares under any circumstances.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(6)</TD><TD>Representing 192,741,483 Class&nbsp;B common shares held by Top
                                         Brand Holdings Limited, a BVI company wholly owned and controlled by Mr.&nbsp;Jun Lei.
                                         The business address of Mr.&nbsp;Lei is 19E, Huating Jiayuan, No.6 of Middle Beisihuan
                                         Road, Chaoyang District, Beijing 100102, PRC.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(7)</TD><TD>Representing (i)&nbsp;16,000,000 Class&nbsp;A common shares represented                                          by ADSs,
                                                            (ii)&nbsp;175,241,483 Class&nbsp;B common shares held by YYME Limited, a BVI                                          company
                                                            wholly owned and controlled by Mr.&nbsp;David Xueling Li and (iii)&nbsp;2,064,890 Class&nbsp;A common shares underlying the
                                                            options and restricted shares granted to Mr.&nbsp;David                                          Xueling Li that are to be
                                                            vested in 60 days.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(8)</TD><TD>Representing 40,186,820 Class&nbsp;A common shares represented
                                         by ADSs held by Morningside China TMT Fund I,&nbsp;L.P. Mr.&nbsp;Qin Liu is a director
                                         of our company appointed by Morningside China TMT Fund I,&nbsp;L.P. The business address
                                         of Mr.&nbsp;Liu is No.&nbsp;5, Lane 249, Anfu Road, Shanghai 200031, PRC.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(9)</TD><TD>Representing (i)&nbsp;32,228,220 Class&nbsp;A common shares represented
                                         by ADSs held by Granite Global Ventures III&nbsp;L.P., (ii)&nbsp;524,220 Class&nbsp;A
                                         common shares represented by ADSs held by GGV III Entrepreneurs Fund&nbsp;L.P. and (iii)&nbsp;105,000
                                         restricted share units granted to Ms.&nbsp;Jenny Hong Wei Lee that have been fully vested
                                         and to be vested within 60 days. The business address of Ms.&nbsp;Lee is Unit 3501-3504,
                                         Two IFC, 8 Century Avenue, Pudong District, Shanghai 200120, PRC.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(10)</TD><TD>Representing 192,741,483 Class&nbsp;B common shares held by Top
                                         Brand Holdings Limited, a BVI company wholly owned and controlled by Mr.&nbsp;Jun Lei.
                                         The business address of Top Brand Holdings Limited is c/o Jun Lei, 19E, Huating Jiayuan,
                                         No.6 of Middle Beisihuan Road, Chaoyang District, Beijing 100102, PRC.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(11)</TD><TD>Representing (i)&nbsp;16,000,000 Class&nbsp;A common shares represented
                                         by ADSs and (ii)&nbsp;175,241,483 Class&nbsp;B common shares held by YYME Limited, a
                                         BVI company wholly owned and controlled by Mr.&nbsp;David Xueling Li. The business address
                                         of YYME Limited is c/o David Xueling Li, Building B-1, North Block of Wanda Plaza No.
                                         79 Wanbo Er Road Nancun Town, Panyu District, Guangzhou, 511442, PRC.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">As of March 31, 2016, 1,098,859,244 of our
common shares were issued and outstanding, including 369,557,976 Class&nbsp;B common shares and 729,301,268 Class&nbsp;A common
shares. Based on a review of the register of members maintained by our Cayman Islands corporate administrator, we believe that
as of March 31, 2016, 729,301,268 Class&nbsp;A common shares (excluding shares being held in reserve by our depositary for the
exercise/vesting of the share incentive awards we issue) representing approximately 66.4% of our total outstanding shares were
held by three record holders in the United States; all of the 729,301,268 Class&nbsp;A common shares were held of record by Deutsche
Bank Trust Company Americas, the depositary of our ADS program. The number of beneficial owners of our ADSs in the United States
is likely to be much larger than the number of record holders of our common shares in the United States. None of our existing
shareholders have different voting rights from other shareholders in the same class. See &quot;Item&nbsp;6. Directors, Senior
Management and Employees&mdash;B. Compensation of Directors and Executive Officers&mdash;Employee Agreements&quot; for a description
of the employment agreements we have entered into with our senior executive officers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Our common shares are divided into Class&nbsp;A
common shares and Class&nbsp;B common shares. Holders of Class&nbsp;A common shares are entitled to one vote per share, while
holders of Class&nbsp;B common shares are entitled to ten votes per share.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We are not aware of any arrangement that may,
at a subsequent date, result in a change of control of our company other than the proposed going private transaction disclosed
in &ldquo;Item 4. Information on the Company&mdash;History and Development of the Company.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.75in; text-align: left">ITEM 7.</TD><TD STYLE="text-align: justify"><A NAME="a_011"></A>MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS</TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: -0.75in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0"><U>A. Major Shareholders</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Please refer to &quot;Item&nbsp;6. Directors,
Senior Management and Employees&mdash;E. Share Ownership.&quot;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0"><U>B. Related Party Transactions</U></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">Contractual Arrangements</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The PRC government extensively regulates foreign
ownership of, and the licensing and permit requirements pertaining to, companies that provide internet-based services such as
our YY platform. To comply with these restrictions, we conduct our operations primarily through Beijing Huanju Shidai's contractual
arrangements with Beijing Tuda, Guangzhou Huaduo and their respective shareholders. As to Bilin business, there is also a similar
contractual arrangement among Bilin Changxiang, Bilin Online and its shareholder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">Contractual Arrangements with Beijing Tuda
</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The following is a summary of the currently
effective contracts among our subsidiary, Beijing Huanju Shidai, our PRC consolidated affiliated entity, Beijing Tuda, and the
shareholders of Beijing Tuda. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">Agreements that transfer economic
benefits to us </P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0in">Exclusive Business Cooperation
Agreement </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Under the exclusive business cooperation agreement
between Beijing Huanju Shidai and Beijing Tuda, as amended, Beijing Huanju Shidai has the exclusive right to provide to Beijing
Tuda technology support, business support and consulting services related to Beijing Tuda's business, the scope of which is to
be determined by Beijing Huanju Shidai from time to time. Beijing Huanju Shidai owns the exclusive intellectual property rights
created as a result of the performance of this agreement. The service fee payable by Beijing Tuda to Beijing Huanju Shidai is
up to 100% of the net profit of Beijing Tuda, and the timing and amount of the fee payments shall be determined at the sole discretion
of Beijing Huanju Shidai. The term of this agreement will expire in 2039 and may be extended with Beijing Huanju Shidai's written
confirmation prior to the expiration date. Beijing Huanju Shidai has sole discretion to terminate the agreement at any time by
providing 30&nbsp;days' prior written notice to Beijing Tuda, while neither Beijing Tuda nor its shareholders are entitled to
terminate the agreement. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0in">Exclusive Technology Support
and Technology Services Agreement </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Under the exclusive technology support and
technology services agreement between Beijing Huanju Shidai and Beijing Tuda, as amended, Beijing Huanju Shidai has the exclusive
right to provide to Beijing Tuda technology support and technology services related to all technologies needed for its business.
Beijing Huanju Shidai owns the exclusive intellectual property rights created as a result of the performance of this agreement.
The service fee payable by Beijing Tuda to Beijing Huanju Shidai is 10% of Beijing Tuda's gross revenues. The term of this agreement
will expire in 2029 and may be extended with Beijing Huanju Shidai's written confirmation prior to the expiration date. Beijing
Huanju Shidai has sole discretion to terminate the agreement at any time by providing 30&nbsp;days' prior written notice to Beijing
Tuda, while neither Beijing Tuda nor its shareholders are entitled to terminate the agreement. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">Agreements that provide us effective
control over Beijing Tuda </P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0in">Powers of Attorney </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Under the irrevocable powers of attorney executed
by each shareholder of Beijing Tuda, each such shareholder appointed Beijing Huanju Shidai as its attorney-in-fact to exercise
such shareholders' rights in Beijing Tuda, including, without limitation, the power to vote on its behalf on all matters of Beijing
Tuda requiring shareholder approval under PRC laws and regulations and the articles of association of Beijing Tuda. Each power
of attorney will remain in force until the shareholder ceases to hold any equity interest in Beijing Tuda. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0in">Exclusive Option Agreement
</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Under the exclusive option agreement between
Beijing Huanju Shidai, each of the shareholders of Beijing Tuda and Beijing Tuda, each of the shareholders irrevocably granted
Beijing Huanju Shidai or its designated representative(s) an exclusive option to purchase, to the extent permitted under PRC law,
all or part of his or its equity interests in Beijing Tuda. Beijing Huanju Shidai or its designated representative(s) have sole
discretion as to when to exercise such options, either in part or in full. Without Beijing Huanju Shidai's prior written consent,
Beijing Tuda's shareholders shall not sell, transfer, mortgage or otherwise dispose their equity interests in Beijing Tuda. The
term of this agreement is ten years and may be extended at Beijing Huanju Shidai's sole discretion. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0in">Equity Interest Pledge Agreement
</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Under the equity interest pledge agreement
between Beijing Huanju Shidai and the shareholders of Beijing Tuda, the shareholders of Beijing Tuda have pledged all of their
equity interests in Beijing Tuda to Beijing Huanju Shidai to guarantee the performance by Beijing Tuda and its shareholders' performance
of their respective obligations under the exclusive business cooperation agreement, exclusive option agreement, exclusive technology
support and technology services agreement and powers of attorney. If Beijing Tuda or its shareholders breach their contractual
obligations under those agreements, Beijing Huanju Shidai, as the pledgee, will be entitled to certain rights, including the right
to sell the pledged equity interests. This pledge became effective on the date the pledged equity interests were registered with
the competent administration for industry and commerce and will remain effective until the pledgors are no longer the shareholders
of Beijing Tuda. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">Contractual Arrangements with Guangzhou
Huaduo </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In 2015, we received service fees of RMB<FONT STYLE="font-family: Times New Roman, Times, Serif">274.3</FONT>&nbsp;million
(US$<FONT STYLE="font-family: Times New Roman, Times, Serif">42.3</FONT>&nbsp;million) from Guangzhou Huaduo. The following is
a summary of the currently effective contracts among Beijing Huanju Shidai, Guangzhou Huaduo and the shareholders of Guangzhou
Huaduo. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">Agreements that transfer economic
benefits to us </P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0in">Exclusive Business Cooperation
Agreement </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Under the exclusive business cooperation agreement
between Beijing Huanju Shidai and Guangzhou Huaduo, as amended, Beijing Huanju Shidai has the exclusive right to provide to Guangzhou
Huaduo technology support, business support and consulting services related to Guangzhou Huaduo's business, the scope of which
is to be determined by Beijing Huanju Shidai from time to time. Beijing Huanju Shidai owns the exclusive intellectual property
rights created as a result of the performance of this agreement. The service fee payable by Guangzhou Huaduo to Beijing Huanju
Shidai is up to 100% of the net profit of Guangzhou Huaduo, and the timing and amount of the fee payments will be determined at
the sole discretion of Beijing Huanju Shidai. The term of this agreement will expire in 2038 and may be extended with Beijing
Huanju Shidai's written confirmation prior to the expiration date. Beijing Huanju Shidai has sole discretion to terminate the
agreement at any time by providing 30&nbsp;days' prior written notice to Guangzhou Huaduo, while neither Guangzhou Huaduo nor
its shareholders are entitled to terminate the agreement. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0in">Exclusive Technology Support
and Technology Services Agreement </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Under the exclusive technology support and
technology services agreement between Beijing Huanju Shidai and Guangzhou Huaduo, as amended, Beijing Huanju Shidai has the exclusive
right to provide to Guangzhou Huaduo technology support and technology services related to all technologies needed for its business.
Beijing Huanju Shidai owns the exclusive intellectual property rights created as a result of the performance of this agreement.
The service fee payable by Guangzhou Huaduo to Beijing Huanju Shidai is 10% of Guangzhou Huaduo's gross revenues. The term of
this agreement will expire in 2028 and may be extended with Beijing Huanju Shidai's written confirmation prior to the expiration
date. Beijing Huanju Shidai has sole discretion to terminate the agreement at any time by providing 30&nbsp;days' prior written
notice to Guangzhou Huaduo, while neither Guangzhou Huaduo nor its shareholders are entitled to terminate the agreement. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">Agreements that provide us effective
control over Guangzhou Huaduo </P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0in">Powers of Attorney </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Under the irrevocable powers of attorney executed
by each shareholder of Guangzhou Huaduo, each such shareholder appointed Beijing Huanju Shidai as its attorney-in-fact to exercise
such shareholders' rights in Guangzhou Huaduo, including, without limitation, the power to vote on its behalf on all matters of
Guangzhou Huaduo requiring shareholder approval under PRC laws and regulations and the articles of association of Guangzhou Huaduo.
Each power of attorney will remain in force until the shareholder ceases to hold any equity interest in Guangzhou Huaduo. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0in">Exclusive Option Agreement
</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Under the exclusive option agreement between
Beijing Huanju Shidai, each of the shareholders of Guangzhou Huaduo and Guangzhou Huaduo, each of the shareholders irrevocably
granted Beijing Huanju Shidai or its designated representative(s) an exclusive option to purchase, to the extent permitted under
PRC law, all or part of his or its equity interests in Guangzhou Huaduo. Beijing Huanju Shidai or its designated representative(s)
have sole discretion as to when to exercise such options, either in part or in full. Without Beijing Huanju Shidai's prior written
consent, Guangzhou Huaduo's shareholders shall not sell, transfer, mortgage or otherwise dispose their equity interests in Guangzhou
Huaduo. The term of this agreement is ten years and may be extended at Beijing Huanju Shidai's sole discretion. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0in">Equity Interest Pledge Agreement
</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Under the equity interest pledge agreement
between Beijing Huanju Shidai and the shareholders of Guangzhou Huaduo, the shareholders of Guangzhou Huaduo have pledged all
of their equity interests in Guangzhou Huaduo to Beijing Huanju Shidai to guarantee the performance by Guangzhou Huaduo and its
shareholders' performance of their respective obligations under the exclusive business cooperation agreement, exclusive option
agreement, exclusive technology support and technology services agreement and powers of attorney. If Guangzhou Huaduo and/or its
shareholders breach their contractual obligations under those agreements, Beijing Huanju Shidai, as the pledgee, will be entitled
to certain rights, including the right to sell the pledged equity interests. The pledge became effective on the date the pledged
equity interests were registered with the competent administration for industry and commerce and will remain effective until the
pledgors are no longer the shareholders of Guangzhou Huaduo. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Contractual Arrangements with Bilin
Online</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In August 2015, we acquired Bilin business,
a mobile instant communication application and its relevant business line, by purchasing 55.05% of the equity interests in its
holding company BiLin Cayman. The Bilin entities had a complete VIE structure. Upon the consummation of the acquisition, Bilin
Changxiang, Bilin Online and its shareholder entered into a series of aggrements, which is similar to the contractual arrangements
with Beijing Tuda and Guangzhou Huaduo, to reestablish the VIE structure. The agreements and related instruments include an Exclusive
Business Cooperation Agreement, a Powers of Attorney, an Exclusive Option Agreement, an Exclusive Assets Purchase Agreement, and
an Equity Interest Pledge Agreement. This arrangement ensures the transfer of economic benefits to us, and our effective control
over Bilin Online.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Transactions with Affiliates</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Guangzhou Huaduo holds 40% equity interest
in Zhuhai Daren.Guangzhou Huaduo and Zhuhai Daren had entered into a series of cooperation agreements, under which Guangzhou Huaduo
and Zhuhai Daren agreed to cooperate with respect to the operation of certain online games developed by Zhuhai Daren. In the years
ended December&nbsp;31, 2013, 2014 and 2015, the aggregate online game revenues shared from Zhuhai Daren was RMB24.5&nbsp;million,
RMB25.6&nbsp;million and RMB25.5&nbsp;million (US$3.9&nbsp;million), respectively. In December 2015, Guangzhou Huaduo entered into
an intangible assets purchasing agreement with Zhuhai Daren to acquire operating rights for licenced games from Zhuhai Daren was
RMB5.7 million (US$0.9 million).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In 2010 and 2011, Guangzhou Huaduo and Guangzhou
Shanghang Information Technical&nbsp;Co.,&nbsp;Ltd., or Guangzhou Shanghang, entered into certain server co-location agreements,
under which Guangzhou Shanghang provides Guangzhou Huaduo with bandwidth and server co-location services in different cities in
China. In addition, Guangzhou Huaduo and Guangzhou Shanghang entered into two content delivery network acceleration service agreements,
under which Guangzhou Shanghang provides content delivery network acceleration services to Guangzhou Huaduo. Guangzhou Shanghang
is 24.3% owned by Mr.&nbsp;Jun Lei, our co-founder and chairman, including approximately 7% beneficially owned by Mr.&nbsp;David
Xueling Li, our chief executive officer and directo, and 6.4% owned by Shanghai Yilian, respectively.In the years ended December&nbsp;31,
2013, 2014 and 2015, the bandwidth service that Guangzhou Huaduo received from Guangzhou Shanghang amounted to RMB21.3&nbsp;million,
RMB42.5&nbsp;million and RMB74.7&nbsp;million (US$11.5&nbsp;million), respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Kingsoft Corporation, or Kingsoft, through
third party advertising agencies, has in the past placed advertisements on Duowan.com and YY Client. We indirectly derived revenues
through such third party advertising agencies from Kingsoft in each of the years ended December&nbsp;31, 2013 and 2014, which amounted
to RMB2.0&nbsp;million and RMB0.4&nbsp;million, respectively. In September 2013, Guangzhou Huaduo entered into series of intangible
assets purchasing agreements with Kingsoft to acquire patent right and patent application right for certain software, with a total
consideration of RMB6.0&nbsp;million. Mr.&nbsp;Jun Lei, our co-founder and chairman, is currently chairman, non-executive director
and minority shareholder of Kingsoft.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In March 2012 and 2013, Beijing Tuda invested
RMB1.0&nbsp;million and RMB1.0&nbsp;million respectively, and then held a 86.96% equity interest in total in, Zhuhai Lequ Technology&nbsp;Co.,&nbsp;Ltd.,
or Zhuhai Lequ. We had reduced our equity holding in Zhuhai Lequ to 13.33% by transferring 73.63% of equity interest we held to
its founders as of December&nbsp;31, 2013. We had further reduced our equity holding in Zhuhai Lequ to 10.57% by the disposal of
2.76% of the equity interest to Chengdu Xishanju Entertainment Technology Co., Ltd., a subsidiary of Kingsoft, for a cash consideration
of RMB1.6 million in September, 2014. In 2013, Guangzhou Huaduo and Zhuhai Lequ entered into a cooperation agreement, under which
Guangzhou Huaduo and Zhuhai Lequ agreed to cooperate with respect to the operation of certain online games developed by Zhuhai
Lequ and the aggregate online game revenues shared from Zhuhai Lequ was RMB5.1&nbsp;million, RMB2.6 million and RMB0.3&nbsp;million
(US$ 0.05&nbsp;million) in 2013, 2014 and 2015, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In 2013, Zhuhai Duowan and Xiaomi Corporation,
entered into certain advertising arrangements where Xiaomi Corporation placed its advertisements on Duowan.com and YY Client in
different formats over a particular period of time. We directly derived revenues from Xiaomi Corporation of RMB1.2 million in 2013.
In 2015, Guangzhou huaduo and Xiao Corporation entered into certain promotion arrangements where Guangzhou huaduo placed promotion
on Xiaomi platform amounting to RMB2.6 million (US$0.4 million). Mr.&nbsp;Lei Jun, our co-founder and chairman, is currently the
chairman of Xiaomi Corporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In November 2013 and March 2014, Guangzhou
Huaduo invested RMB7.0 million and RMB15.0 million respectively, in Guangzhou Kuyou Information Technology Co., Ltd., or Guangzhou
Kuyou. Guangzhou Huaduo currently holds a 20% equity interest in Guangzhou Kuyou. In 2014, Guangzhou Huaduo and Guangzhou Kuyou
entered into a series of cooperation agreements, under which Guangzhou Huaduo and Guangzhou Kuyou agreed to cooperate with respect
to the exclusive operation of certain online games developed by Guangzhou Kuyou. The aggregate online game revenues shared from
Guangzhou Kuyou was RMB37.0 million and RMB134.5&nbsp;million (US$20.8&nbsp;million) in 2014 and 2015, respectively, and the purchase
of operating rights for licenced games was RMB6.8 million and RMB 3.4 million (US$0.5 million) in 2014 and 2015, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In December 2013, we made a minority interest
investment in Agora, Inc., a company founded by Mr.&nbsp;Tony Bin Zhao, who had served as our director and chairman of our technology
committee from December 2009 to March 2015.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In September 2014, Guangzhou Huaduo invested
RMB6.0 million in Shenzhen Qingdou Network Technology Co., Ltd., or Shenzhen Qingdou. Guangzhou Huaduo holds 12% equity interest
in Shenzhen Qingdou with significant influence over its management and operating policies. Shenzhen Qingdou borrowed RMB1.0&nbsp;million
in 2014 from Guangzhou Huaduo. As of December&nbsp;31, 2014, Shenzhen Qingdou had repaid the loan in full.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In September 2014, Guangzhou Huaduo invested
RMB3.0 million in Guangzhou Muyou Network Technology Co., Ltd., or Guangzhou Muyou. Guangzhou Huaduo holds 15% equity interest
in Guangzhou Muyou with significant influence over its management and operating policies. Guangzhou Muyou borrowed RMB0.5&nbsp;million
in 2014 from Guangzhou Huaduo, and had repaid the loan in full as of December&nbsp;31, 2014.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In October 2014, we entered into
an agreement to inject our free voice-over IP service, Weihui, into Bigo Inc. or Bigo, a company set up and which was
then controlled by our chief executive officer, Mr. David Xueling Li. Following two independent
third-party valuation assessments and a capital injection from other investors of Bigo, including Mr. Li, we retained a 27.8%
ownership stake in Bigo.<I> </I>We had paid daily operating expenses of RMB61.0 million and 95.3 million (US$14.7 million) on
behalf of Bigo in 2014 and 2015, respectively. In 2015, Bigo borrowed RMB155.0 million (US$23.9 million) from Guangzhou
Huaduo. Bigo had repaid the abovementioned amount in full as of December 31, 2015. In April 2015, Guangzhou Huaduo entered
into a sale of equipments agreement with Bigo amounting to 12.1 million (US$1.9 million).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In Febuary 2015, Guangzhou Huaduo invested
RMB30.0 million in Shanghai Yaoyu Culture Media Co., Ltd., or Shanghai Yaoyu. Guangzhou Huaduo holds 10% equity interest in Shanghai
Yaoyu with significant influence over its management and operating policies. In January 2015, Guangzhou Huaduo entered into an
intangible assets purchasing agreement with Shanghai Yaoyu to acquire operating rights for game broadcasting amounting to RMB11.5
million (US$1.8 million).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Going Private Transaction</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our board of directors received a preliminary
non-binding proposal letter dated July 9, 2015 from the Buyer Group to acquire all of our outstanding common shares not already
beneficially owned by them in a going private transaction for US$68.50 in cash per ADS. On July 16, 2015, our board of directors
formed a special committee consisting of three independent directors, Messrs. Peter Andrew Schloss, David Tang, and Peng Tsing
Ong, to consider the proposal. See &ldquo;Item 4. Information on the Company&mdash;A. History and Development of the Company.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-style: normal">Registration
Rights</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We have granted certain registration rights
to our shareholders. Set forth below is a description of the registration rights granted under the agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>Demand Registration Rights.</I></B>&nbsp;&nbsp;&nbsp;&nbsp;At
any time following May&nbsp;20, 2013, upon a written request from the holders of at least 25% of the registrable securities held
by our then preferred shareholders, we shall file&nbsp;a registration statement on a form other than Form&nbsp;F-3 covering the
offer and sale of the registrable securities held by the requesting shareholders and other holders of registrable securities who
choose to participate in the offering, if the offering covers at least 20% of the then outstanding registrable securities or if
the reasonable anticipated offering price to the public, net of selling expenses, would exceed US$10.0&nbsp;million. Registrable
securities include, among others, our common shares not previously sold to the public and common shares issued or issued upon conversion
of the preferred shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">However, we are not obligated to proceed
with a demand registration if we have, within any six-month period, already effected a registration under the Securities Act pursuant
to the exercise of the holders' demand registration rights. We have the right to defer filing of a registration statement for up
to 90&nbsp;days if our board of directors determines in good faith that the filing of a registration statement would be materially
detrimental to us, but we cannot exercise the deferral right more than once in any 12-month period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>Form&nbsp;F-3 Registration Rights.</I></B>&nbsp;&nbsp;&nbsp;&nbsp;When
we are eligible for registration on Form&nbsp;F-3, upon a written request from any holders of the registrable securities held by
our then preferred shareholders, we shall file&nbsp;a registration statement on Form&nbsp;F-3 covering the offer and sale of the
registrable securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We are not obligated to effect a Form&nbsp;F-3
registration, among other things, if we have, within any six-month period, already effected a registration under the Securities
Act pursuant to the exercise of the holders' Form&nbsp;F-3 registration rights, or the dollar amount of securities to be sold is
of an aggregate price to the public of less than US$1.0&nbsp;million. We have the right to defer filing of a registration statement
for up to 90&nbsp;days if our board of directors, including a majority of the directors appointed by the preferred shareholders
and Tiger Global Six YY Holdings, determines in good faith that the filing of a registration statement would be materially detrimental
to us, but we cannot exercise the deferral right more than once in any 12-month period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>Piggyback Registration Rights.</I></B>&nbsp;&nbsp;&nbsp;&nbsp;If
we propose to file&nbsp;a registration statement for a public offering of our common shares on a form that would be suitable only
for registrable securities, we must offer holders of registrable securities an opportunity to include in that registration all
or any part of their registrable securities. The underwriters of any underwritten offering have the right to limit the number of
shares with registration rights to be included in the registration statement, subject to certain limitations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>Expenses of Registration.</I></B>&nbsp;&nbsp;&nbsp;&nbsp;We
will pay all expenses relating to any demand, Form&nbsp;F-3, or piggyback registration.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>Termination of Obligations.</I></B>&nbsp;&nbsp;&nbsp;&nbsp;We
shall have no obligation to effect any demand, Form&nbsp;F-3, or piggyback registration (a)&nbsp;five years after our initial public
offering, (b)&nbsp;if, in the opinion of counsel to us satisfactory to the holder, all such registrable securities proposed to
be sold by a holder may then be sold under Rule&nbsp;144 or another similar exemption under the Securities Act in one transaction
without exceeding the volume limitations thereunder or (c)&nbsp;upon a liquidation event.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Employment Agreements</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">See &quot;Item&nbsp;6. Directors, Senior
Management and Employees&mdash;B. Compensation of Directors and Executive Officers&mdash;Employee Agreements&quot; for a description
of the employment agreements we have entered into with our senior executive officers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Share Incentives</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">See &quot;Item&nbsp;6. Directors, Senior
Management and Employees&mdash;B. Compensation of Directors and Executive Officers&quot; for a description of share-based compensation
awards we have granted to our directors, officers and other individuals as a group.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">See Note 25 to our financial statements
for further information about our related party transactions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>C. Interests of Experts and Counsel</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.75in; text-align: left">ITEM 8.</TD><TD STYLE="text-align: justify"><A NAME="a_012"></A>FINANCIAL INFORMATION</TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.75in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>A. Consolidated Statements and Other Financial Information</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">See &quot;Item&nbsp;18. Financial Statements.&quot;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Legal Proceedings</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Guangzhou NetEase Computer System
Co., Ltd. has initiated a lawsuit against us in Guangzhou in October 2014, claiming infringement of its rights of
reproduction concerning the online game of<I> Fantasy Westward Journey</I> in an amount of RMB100 million (US$ 15.4 million).
Although we believe that the claim  is unjustified and commercially motivated, if the outcome of the proceeding is
unfavorable to us, we may suffer considerable damage to our financial position and reputation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In April 2015, we initiated a
litigation on antitrust and unfair competition against Guangzhou NetEase Computer System Co., Ltd. in the amount of RMB10
million (US$ 1.5 million). In September 2015, we initiated three actions against three game commentators who have breached
their exclusive live broadcasting obligations owed to us, each in an amount of RMB15 million (US$ 2.3 million).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Apart from the aforesaid lawsuits, we are
not currently a party to any pending material litigation or other legal proceeding and are not aware of any pending or threatened
litigation or other legal proceeding that may have a material adverse impact on our business or operations. However, we may be
subject to various legal proceedings and claims that are incidental to our ordinary course of business. Regardless of the outcome,
legal or administrative proceedings or claims may have an adverse impact on us because of defense and settlement costs, diversion
of management attention and other factors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Dividend Policy</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We have not paid dividend in the past and
do not have any present plan to pay any dividend in the foreseeable future. We currently intend to retain most, if not all, of
our available funds and any future earnings to operate and expand our business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We are a holding company incorporated in
the Cayman Islands. We may receive dividends from our PRC subsidiary for our cash requirements, including any payment of dividends
to our shareholders. PRC regulations may restrict the ability of our PRC subsidiary to pay dividends to us. See &quot;Item&nbsp;3.
Key information&mdash;D. Risk Factors&mdash;Risks Related to Our Corporate Structure and Our Industry&mdash;Our PRC subsidiaries
and PRC consolidated affiliated entities are subject to restrictions on paying dividends or making other payments to us, which
may restrict our ability to satisfy our liquidity requirements&quot; and &quot;Item&nbsp;4. Information on the Company&mdash;B.
Business Overview&mdash;PRC Regulation&mdash;Regulation of Foreign Currency Exchange and Dividend Distribution.&quot;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our board of directors has complete discretion
on whether to distribute dividends, subject to the approval of our shareholders. Even if our board of directors decides to pay
dividends, the form, frequency and amount will depend upon our future operations and earnings, capital requirements and surplus,
general financial condition, contractual restrictions and other factors that the board of directors may deem relevant. If we pay
any dividends, we will pay our ADS holders to the same extent as holders of our Class&nbsp;A common shares, subject to the terms
of the deposit agreement, including the fees and expenses payable thereunder. See &quot;Item&nbsp;12. Description of Securities
Other than Equity Securities&mdash;D. American Depositary Shares.&quot; Cash dividends on our Class&nbsp;A common shares, if any,
will be paid in U.S. dollars.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>B. Significant Changes</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Except as disclosed elsewhere in this annual
report, we have not experienced any significant changes since the date of our audited consolidated financial statements included
in this annual report.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.75in; text-align: left">ITEM 9.</TD><TD STYLE="text-align: justify"><A NAME="a_013"></A>THE OFFER AND LISTING</TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.75in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>A. Offering and Listing Details</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">See &quot;&mdash;C. Markets&quot; and &quot;Item&nbsp;12.
Description of Securities other than Equity Securities&mdash;D.&nbsp;American Depositary Shares.&quot; We have a dual-class common
share structure in which Class&nbsp;A common shares have different voting rights from Class&nbsp;B common shares. Class&nbsp;B
common shares are each entitled to ten votes, whereas Class&nbsp;A common shares are each entitled to one vote. See &quot;Item&nbsp;3.
Key Information&mdash;D.&nbsp;Risk Factors&mdash;Risks Related to Our ADSs&mdash;Our dual class common share structure with different
voting rights will limit your ability to influence corporate matters and could discourage others from pursuing any change of control
transactions that holders of our Class&nbsp;A common shares and ADSs may view as beneficial.&quot;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>B. Plan of Distribution</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>C. Markets</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our ADSs, each representing twenty Class&nbsp;A
common shares, have been listed on the Nasdaq Global Market since November&nbsp;21, 2012 and trade under the symbol &quot;YY&quot;.
The following table provides the high and low trading prices for our ADSs on the NASDAQ Global Market for the periods indicated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Trading Price</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">High</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Low</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">US$</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">US$</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left">Annual Highs and Lows</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 74%; text-align: left">Fiscal Year 2013</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">56.75</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">13.06</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Fiscal Year 2014</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">96.39</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">50.00</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Fiscal Year 2015</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">81.70</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">50.52</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left">Quarterly Highs and Lows</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">First Fiscal Quarter of 2013</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">20.89</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13.06</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Second Fiscal Quarter of 2013</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">30.95</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15.52</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Third Fiscal Quarter of 2013</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">51.38</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">27.10</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Fourth Fiscal Quarter of 2013</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">56.75</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">41.28</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">First Fiscal Quarter of 2014</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">90.93</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">50.00</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Second Fiscal Quarter of 2014</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">82.54</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">51.08</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Third Fiscal Quarter of 2014</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">96.39</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">67.50</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Fourth Fiscal Quarter of 2014</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">86.00</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">60.18</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">First Fiscal Quarter of 2015</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">73.04</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">50.52</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Second Fiscal Quarter of 2015</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">81.70</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">54.16</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Third Fiscal Quarter of 2015</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">69.68</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">51.02</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Fourth Fiscal Quarter of 2015</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">65.53</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">53.34</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">Monthly Highs and Lows</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>October 2015</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">59.66</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">53.34</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>November 2015</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">60.70</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">56.25</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>December 2015</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">65.53</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">58.59</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>January 2016</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">62.79</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">54.22</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>February 2016</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">58.70</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">42.35</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-decoration: none">March 2016</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">61.78</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">51.61</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>April 2016 (through April 26, 2016)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">63.96</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">60.70</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>D. Selling Shareholders</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>E. Dilution</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>F. Expenses of the Issue</U> </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.75in; text-align: left">ITEM 10.</TD><TD STYLE="text-align: justify"><A NAME="a_014"></A>ADDITIONAL INFORMATION</TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.75in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>A. Share Capital</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>B. Memorandum and Articles of Association</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We are a Cayman Islands company and our
affairs are governed by our memorandum and articles of association and the Companies Law, Cap. 22 (Law 3 of 1961, as consolidated
and revised) of the Cayman Islands, referred to as the Companies Law below. The following are summaries of certain provisions of
our memorandum and articles of association in effect as of the date of this annual report insofar as they relate to the material
terms of our common shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Registered Office and Objects</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our registered office in the Cayman Islands
is located at Codan Trust Company (Cayman) Limited, Cricket Square, Hutchins Drive, P.O.&nbsp;Box&nbsp;2681, Grand Cayman, KYI-1111,
Cayman Islands. The memorandum of association provides, inter alia, that the liability of the members of our company is limited
to the amount, if any, for the time being unpaid on the common shares. The objects for which our company is established are unrestricted
(including acting as an investment company), and we shall have and be capable of exercising all the functions of a natural person
of full capacity irrespective of corporate benefit, as provided in Section&nbsp;27(2) of the Companies Law and in view of the fact
that we are an exempted Company, we will not trade in the Cayman Islands with any person, firm or corporation except in furtherance
of our business carried on outside the Cayman Islands.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Board of Directors</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">See &quot;Item&nbsp;6. Directors, Senior
Management and Employees&mdash;C. Board Practices&mdash;Duties of Directors&quot; and &quot;&mdash;Terms of Directors and Officers.&quot;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Common Shares</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">General</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our common shares are divided into Class&nbsp;A
common shares and Class&nbsp;B common shares. Holders of Class&nbsp;A common shares and Class&nbsp;B common shares will have the
same rights except for voting and conversion rights. The holders of ADSs will not be treated as our shareholders and will be required
to surrender their ADSs for cancellation and withdrawal from the depositary facility in which the Class&nbsp;A common shares are
held in accordance with the provisions of the deposit agreement in order to exercise shareholders' rights in respect of the Class&nbsp;A
common shares. The depositary will agree, so far as it is practical, to vote or cause to be voted the amount of Class&nbsp;A common
shares represented by ADSs in accordance with the non-discretionary written instructions of the holders of such ADSs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">All of our outstanding common shares are
fully paid and non-assessable. Certificates representing our common shares are issued in the registered form. Our shareholders
who are non-residents of the Cayman Islands may freely hold and vote their common shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Meetings</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Shareholders' meetings may be convened by
a majority of our board of directors or the chairman. Advance notice in writing of at least ten clear days is required for the
convening of our annual general meeting and any other general meeting of our shareholders. A quorum required for a meeting of shareholders
consists of at least one or more shareholders present in person or by proxy, or (in the case of a shareholder being a corporation)
by its duly authorized representative representing not less than one-third in nominal value of the total issued voting shares in
our company present throughout the meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Notwithstanding that a meeting is called
by shorter notice than that mentioned above, but, subject to the Companies Law, it will be deemed to have been duly called, if
it is so agreed (a)&nbsp;in the case of a meeting called as an annual general meeting by all of our shareholders entitled to attend
and vote at the meeting; and (b)&nbsp;in the case of any other meeting, by a majority in number of the shareholders having the
right to attend and vote at the meeting, being a majority together holding not less than 95% in nominal value of the issued shares
giving that right.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">No business other than the appointment of
a chairman may be transacted at any general meeting unless a quorum is present at the commencement of business. However, the absence
of a quorum will not preclude the appointment of a chairman. If present, the chairman of our board of directors shall be the chairman
presiding at any shareholders' meetings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">A corporation being a shareholder shall
be deemed for the purpose of our articles of association to be present in person if represented by its duly authorized representative
being the person appointed by resolution of the directors or other governing body of such corporation to act as its representative
at the relevant general meeting or at any relevant general meeting of any class of our shareholders. Such duly authorized representative
shall be entitled to exercise the same powers on behalf of the corporation that he represents as that corporation could exercise
if it were our individual shareholder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The quorum for a separate general meeting
of the holders of a separate class of shares is described in &quot;&mdash;Modification of Rights&quot; below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our articles of association do not allow
our shareholders to approve matters to be determined at shareholders' meetings by way of written resolutions without a meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Voting Rights</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In respect of all matters requiring a shareholders'
vote, each Class&nbsp;A common share is entitled to one vote, and each Class&nbsp;B common share is entitled to ten votes, voting
together as one class. At any shareholders' meeting, on a show of hands, every shareholder present in person or by proxy (or, in
the case of a shareholder being a corporation, by its duly authorized representative) shall have one vote and on a poll, every
shareholder present in person or by proxy, or in the case of a shareholder being a corporation, by its duly authorized representative
shall have one vote for each fully paid share of which such shareholder is the holder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">No shareholder shall, unless the Board otherwise
determines, be entitled to vote or be reckoned in a quorum, in respect of any share, unless such shareholder is duly registered
as our shareholder and all calls or installments due by such shareholder to us have been paid.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If a clearing house (or its nominee(s))
or a central depositary entity, being a corporation, is a shareholder, it may authorize such person or persons as it thinks fit
to act as its representative(s) at any meeting or at any meeting of any class of shareholders, provided that the authorization
shall specify the number and class of shares in respect of which each such person is so authorized. A person so authorized is entitled
to exercise the same rights and powers on behalf of the clearing house or central depositary entity (or its nominee(s)) as if such
person was the registered holder of our shares held by the clearing house or central depositary entity (or its nominee(s)) including
the right to vote individually on a show of hands.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">While there is nothing under the laws of
the Cayman Islands which specifically prohibits or restricts the creation of cumulative voting rights for the election of directors
of our company, it is not a concept that is accepted as a common practice in the Cayman Islands, and our company has made no provisions
in our articles of association to allow cumulative voting for such elections.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Conversion</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Each Class&nbsp;B common share is convertible
into one Class&nbsp;A common share at any time by the holder thereof. Class&nbsp;A common shares are not convertible into Class&nbsp;B
common shares under any circumstances. Upon any transfer of Class&nbsp;B common shares by a holder to any person or entity which
is not an affiliate of such holder and which is not any of our founders or any affiliates of our founders, such Class&nbsp;B common
shares shall be automatically and immediately converted into the equivalent number of Class&nbsp;A common shares. In addition,
if at any time, Messrs.&nbsp;David Xueling Li, Jun Lei and their affiliates collectively beneficially own less than 5% of the total
number of the issued and outstanding Class&nbsp;B common shares, each issued and outstanding Class&nbsp;B common share will be
automatically and immediately converted into one Class&nbsp;A common share, and we will not issue any Class&nbsp;B common shares
thereafter. Furthermore, if at any time more than 50% of the ultimate beneficial ownership of any holder of Class&nbsp;B common
shares (other than our founders or our founders' affiliates) changes, each such Class&nbsp;B common share will be automatically
and immediately converted into one Class&nbsp;A common share.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Calls on Shares and Forfeiture
of Shares</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Subject to our memorandum and articles of
association, our directors may from time to time make such calls upon the members in respect of any amounts unpaid on the shares
held by them. The shares that have been called upon and remain unpaid on the specified time are subject to forfeiture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Protection of Minority Shareholders</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Cayman Islands courts ordinarily would
be expected to follow English case law precedents which permit a minority shareholder to commence a representative action against
or derivative actions in the name of the company to challenge (a)&nbsp;an act which is ultra vires the company or illegal, (b)&nbsp;an
act which constitutes a fraud against the minority and regarding which the wrongdoers are themselves in control of the company,
and (c)&nbsp;an irregularity in the passing of a resolution which requires a qualified (or special) majority.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In the case of a company (not being a bank)
having its share capital divided into shares, the Grand Court of the Cayman Islands may, on the application of members holding
not less than one fifth of the shares of the company in issue, appoint an inspector to examine the affairs of the company and to
report thereon in such manner as the Grand Court of the Cayman Islands shall direct.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Any of our shareholders may petition the
Grand Court of the Cayman Islands which may make a winding up order if the Grand Court of the Cayman Islands is of the opinion
that it is just and equitable that we should be wound up or, as an alternative to a winding up order, (a)&nbsp;an order regulating
the conduct of our affairs in the future, (b)&nbsp;an order requiring us to refrain from doing or continuing an act complained
of by the shareholder petitioner or to do an act which the shareholder petitioner has complained we have omitted to do, (c)&nbsp;an
order authorizing civil proceedings to be brought in our name and on our behalf by the shareholder petitioner on such terms as
the Grand Court of the Cayman Islands may direct, or (d)&nbsp;an order providing for the purchase of the shares of any of our shareholders
by other shareholders or us and, in the case of a purchase by us, a reduction of our capital accordingly.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Generally, claims against us must be based
on the general laws of contract or tort applicable in the Cayman Islands or individual rights as shareholders as established by
our articles of association.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Pre-Emption Rights</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">There are no pre-emption rights applicable
to the issue of new shares of our company under either Cayman Islands law or our memorandum and articles of association.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Liquidation Rights</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Subject to any class or classes of shares
or future shares which are issued with specific rights, privileges or restrictions as to the distribution of available surplus
assets on liquidation, (a)&nbsp;if we are wound up and the assets available for distribution among our shareholders are more than
sufficient to repay the whole of the capital paid up at the commencement of the winding up, the excess shall be distributed <I>pari
passu</I> among those shareholders in proportion to the amount paid up at the commencement of the winding up on the shares held
by them, respectively, and (b)&nbsp;if we are wound up and the assets available for distribution among the shareholders as such
are insufficient to repay the whole of the paid-up capital, those assets shall be distributed so that, as nearly as may be, the
losses shall be borne by the shareholders in proportion to the capital paid up at the commencement of the winding up on the shares
held by them, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If we are wound up (whether the liquidation
is voluntary or by the court), the liquidator may with the sanction of our special resolution and any other sanction required by
the Companies Law, divide among our shareholders in specie or kind the whole or any part of our assets (whether or not they shall
consist of property of the same kind) and may, for such purpose, set such value as the liquidator deems fair upon any property
to be divided and may determine how such division shall be carried out as between the shareholders or different classes of shareholders.
The liquidator may also vest the whole or any part of these assets in trustees upon such trusts for the benefit of the shareholders
as the liquidator shall think fit, but so that no shareholder will be compelled to accept any assets, shares or other securities
upon which there is a liability.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The consideration received by each holder
of a Class&nbsp;A common share and a holder of a Class&nbsp;B common share will be the same in any liquidation event.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Variation of Rights</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Alterations to our memorandum and articles
of association may only be made by special resolution, meaning a majority of not less than two-thirds of votes cast at a shareholders'
meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If at any time, our share capital is divided
into different classes of shares, all or any of the special rights attached to any class of shares may, subject to the provisions
of the Companies Law, be varied with the sanction of a special resolution passed at a general meeting of the holders of the shares
of that class. Consequently, the rights of any class of shares cannot be detrimentally altered without a majority of two-thirds
of the vote of all of the shares in that class. The provisions of our articles of association relating to general meetings shall
apply similarly to every such separate general meeting, but so that the quorum for the purposes of any such separate general meeting
or at the adjourned meeting shall be a person or persons together holding (or represented by proxy) on the date of the relevant
meeting not less than one-third in nominal value of the issued shares of that class, that every holder of shares of the class shall
be entitled on a poll to one vote for every such share held by such holder and that any holder of shares of that class present
in person or by proxy may demand a poll.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The rights conferred upon the holders of
the shares of any class issued with special rights shall not, unless otherwise expressly provided by the terms of issue of the
shares of that class, be deemed to be varied by the creation or issue of further shares ranking <I>pari passu</I> with such existing
class of shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Alteration of Capital</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We may from time to time by ordinary resolution
in accordance with the Companies Law alter the conditions of our memorandum of association to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>increase our capital by such sum, to be divided into shares of such amounts, as the resolution shall prescribe;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>consolidate and divide all or any of our share capital into shares of larger amounts than our existing shares;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>cancel any shares which at the date of the passing of the resolution have not been taken or agreed to be taken by any person,
and diminish the amount of its share capital by the amount of the shares so cancelled subject to the provisions of the Companies
Law;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>sub-divide our shares or any of them into shares of smaller amount than is fixed by our memorandum of association, subject
nevertheless to the Companies Law, so that the resolution whereby any share is sub-divided may determine that, as between the holders
of the shares resulting from such subdivision, one or more of the shares may have any such preferred or other special rights over,
or may have such deferred rights or be subject to any such restrictions as compared with the others, as we have power to attach
to unissued or new shares; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>divide shares into several classes and without prejudice to any special rights previously conferred on the holders of existing
shares, attach to the shares respectively any preferential, deferred, qualified or special rights, privileges, conditions or such
restrictions that in the absence of any such determination in a general meeting may be determined by our directors.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We may, by special resolution, subject to
any confirmation or consent required by the Companies Law, reduce our share capital or any capital redemption reserve in any manner
authorized by law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Transfer of Shares</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Subject to any applicable restrictions set
forth in our articles of association, including, for example, the board of directors' discretion to refuse to register a transfer
of any share (not being a fully paid up share) to a person of whom it does not approve, or any share issued under share incentive
plans for employees upon which a restriction on transfer imposed thereby still subsists, or a transfer of any share to more than
four joint holders, any of our shareholders may transfer all or any of his or her shares by an instrument of transfer in the usual
or common form or in a form prescribed by the Nasdaq Global Market or in another form that our directors may approve.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our directors may decline to register any
transfer of any share which is not paid up or on which we have a lien. Our directors may also decline to register any transfer
of any share unless:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the instrument of transfer is lodged with us and is accompanied by the certificate for the shares to which it relates and such
other evidence as our directors may reasonably require to show the right of the transferor to make the transfer;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the instrument of transfer is in respect of only one class of share;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the instrument of transfer is properly stamped (in circumstances where stamping is required); and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>fee of such maximum sum as the Nasdaq Global Market may determine to be payable or such lesser sum as our directors may from
time to time require is paid to us in respect thereof.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If our directors refuse to register a transfer,
they shall, within three months after the date on which the instrument of transfer was lodged, send to each of the transferor and
the transferee notice of such refusal.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The registration of transfers may, after
compliance with any notice requirement of the Nasdaq Global Market, be suspended and the register closed at such times and for
such periods as our directors may from time to time determine; <U>provided</U>, <U>however</U>, that the registration of transfers
shall not be suspended nor the register closed for more than 30&nbsp;days in any year as our directors may determine.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Register of Members</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In accordance with Section&nbsp;48 of the
Companies Law, the register of members is prima facie evidence of the registered holder or member of shares of a company. Therefore,
a person becomes a registered holder or member of shares of the company only upon entry being made in the register of members.
Our directors will maintain one register of members, at the office of Codan Trust Company (Cayman) Limited, Cricket Square, Hutchins
Drive, P.O.&nbsp;Box&nbsp;2681, Grand Cayman, KY1-1111, Cayman Islands, which provides us with corporate administrative services.
We will perform the procedures necessary to register the shares in the register of members as required in &quot;PART III&mdash;Distribution
of Capital and Liability of Members of Companies and Associations&quot; of the Companies Law, and will ensure that the entries
on the register of members are made without any delay.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The depositary will be included in our register
of members as the only holder of the Class&nbsp;A common shares underlying the ADSs. The shares underlying the ADSs are not shares
in bearer form, but are in registered form and are &quot;non-negotiable&quot; or &quot;registered&quot; shares in which case the
shares underlying the ADSs can only be transferred on the books of the company in accordance with Section&nbsp;166 of the Companies
Law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In the event that we fail to update our
register of members, the recourse of investors is directly to the depositary under the terms of the deposit agreement, which is
governed by New York law. The depositary will have recourse against us under the terms of the deposit agreement, and also will
hold a share certificate evidencing the depositary as the registered holder of shares underlying the ADSs. Further, Section&nbsp;46
of the Companies Law provides for recourse to be available to our investors in case we fail to update our register of members.
In the event we fail to update our register of members, the depositary, as the aggrieved party, may apply for an order with the
courts of the Cayman Islands for the rectification of the register of members.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Share Repurchases</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We are empowered by the Companies Law and
our articles of association to purchase our own shares, subject to certain restrictions. Our directors may only exercise this power
on our behalf, subject to the Companies Law, our memorandum and articles of association and to any applicable requirements imposed
from time to time by the Nasdaq Global Market, the U.S. Securities and Exchange Commission, or by any other recognized stock exchange
on which our securities are listed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Dividends</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Subject to the Companies Law, our company
in a general meeting or our directors may declare dividends in any currency to be paid to our shareholders. Dividends may be declared
and paid out of our profits, realized or unrealized, or from any reserve set aside from profits which our directors determine is
no longer needed. Our board of directors may also declare and pay dividends out of the share premium account or any other fund
or account that can be authorized for this purpose in accordance with the Companies Law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Except in so far as the rights attaching
to, or the terms of issue of, any share otherwise provides, (a)&nbsp;all dividends shall be declared and paid according to the
amounts paid up on the shares in respect of which the dividend is paid, but no amount paid up on a share in advance of calls shall
be treated for this purpose as paid up on that share and (b)&nbsp;all dividends shall be apportioned and paid pro rata according
to the amounts paid up on the shares during any portion or portions of the period in respect of which the dividend is paid.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our directors may also pay interim dividends,
whenever our financial position, in the opinion of our directors, justifies such payment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our directors may deduct from any dividend
or bonus payable to any shareholder all sums of money (if any) presently payable by such shareholder to us on account of calls
or otherwise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">No dividend or other money payable by us
on or in respect of any share shall bear interest against&nbsp;us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In respect of any dividend proposed to be
paid or declared on our share capital, our directors may resolve and direct that (a)&nbsp;such dividend be satisfied wholly or
in part in the form of an allotment of shares credited as fully paid up, provided that our shareholders entitled thereto will be
entitled to elect to receive such dividend (or part thereof if our directors so determine) in cash in lieu of such allotment or
(b)&nbsp;the shareholders entitled to such dividend will be entitled to elect to receive an allotment of shares credited as fully
paid up in lieu of the whole or such part of the dividend as our directors may think fit. Our shareholders may, upon the recommendation
of our directors, by ordinary resolution resolve in respect of any particular dividend that, notwithstanding the foregoing, a dividend
may be satisfied wholly in the form of an allotment of shares credited as fully paid up without offering any right to shareholders
to elect to receive such dividend in cash in lieu of such allotment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Any dividend interest or other sum payable
in cash to the holder of shares may be paid by check or warrant sent by mail addressed to the holder at his registered address,
or addressed to such person and at such addresses as the holder may direct. Every check or warrant shall, unless the holder or
joint holders otherwise direct, be made payable to the order of the holder or, in the case of joint holders, to the order of the
holder whose name stands first on the register in respect of such shares, and shall be sent at his or their risk and payment of
the check or warrant by the bank on which it is drawn shall constitute a good discharge to us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">All dividends unclaimed for one year after
having been declared may be invested or otherwise made use of by our board of directors for the benefit of our company until claimed.
Any dividend unclaimed after a period of six years from the date of declaration of such dividend shall be forfeited and reverted
to us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Whenever our directors have resolved that
a dividend be paid or declared, our directors may further resolve that such dividend be satisfied wholly or in part by the distribution
of specific assets of any kind, and in particular of paid up shares, debentures or warrants to subscribe for our securities or
securities of any other company. Where any difficulty arises with regard to such distribution, our directors may settle it as they
think expedient. In particular, our directors may issue fractional certificates, ignore fractions altogether or round the same
up or down, fix the value for distribution purposes of any such specific assets, determine that cash payments shall be made to
any of our shareholders upon the footing of the value so fixed in order to adjust the rights of the parties, vest any such specific
assets in trustees as may seem expedient to our directors, and appoint any person to sign any requisite instruments of transfer
and other documents on behalf of the persons entitled to the dividend, which appointment shall be effective and binding on our
shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Untraceable Shareholders</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We are entitled to sell any shares of a
shareholder who is untraceable, provided that no such sale shall be made unless:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>all checks or warrants in respect of dividends of such shares, not being less than three in number, for any sums payable in
cash to the holder of such shares have remained un-cashed for a period of 12&nbsp;years prior to the publication of the advertisement
and during the three months referred to in the third bullet point below;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>we have not during that time received any indication of the whereabouts or existence of the shareholder or person entitled
to such shares by death, bankruptcy or operation of law; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>we, if so required by the rules of the Nasdaq Global Market, have caused an advertisement to be published in newspapers in
accordance with such applicable rules giving notice of our intention to sell these shares, and a period of three months (or such
shorter period as permitted under the applicable rules) has elapsed since such advertisement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The net proceeds of any such sale shall
belong to us, and when we receive these net proceeds we shall become indebted to the former shareholder for an amount equal to
such net proceeds.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Inspection of Books and Records</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Holders of our common shares will have no
general right under Cayman Islands law to inspect or obtain copies of our list of shareholders or our corporate records. However,
we will provide our shareholders with annual audited financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>C. Material Contracts</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We have not entered into any material contracts
other than in the ordinary course of business and other than those described elsewhere in &quot;Item&nbsp;4. Information on the
Company&mdash;B. Business Overview,&quot; &quot;Item&nbsp;7. Major Shareholders and Related Party Transactions&mdash;B. Related
Party Transactions,&quot; or elsewhere in this annual report.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>D. Exchange Controls</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">See &quot;Item&nbsp;4. Information on the
Company&mdash;B. Business Overview&mdash;PRC Regulation&mdash;Regulation of Foreign Currency Exchange and Dividend Distribution.&quot;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>E. Taxation</U></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Cayman Islands Taxation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">See &quot;Item&nbsp;5. Operating and Financial
Review and Prospects&mdash;A. Operating Results&mdash;Discussion of Selected Statements of Operations Items&mdash;Taxation&mdash;Cayman
Islands.&quot;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">People's Republic of China Taxation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Under the existing tax laws in
the PRC, we are qualified as a non-resident enterprise. We are a holding company incorporated in the Cayman Islands; our
holding company indirectly holds 100% of the equity interests in our PRC subsidiaries through Duowan BVI, NeoTask Cyman,
NeoTask HK and Bilin Cayman. Our business operations are principally conducted through our PRC subsidiaries and our PRC
consolidated affiliated entities. The PRC Enterprise Income Tax Law and its implementation rules, both of which became
effective on January&nbsp;1, 2008, provide that China-sourced income of foreign enterprises, such as dividends paid by a PRC
subsidiary to its overseas parent that is not a PRC resident enterprise and has no establishment in the PRC, will normally be
subject to PRC withholding tax at a rate of 10%.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If the PRC tax authorities determine that
YY&nbsp;Inc., our Cayman Islands holding company, is a PRC resident enterprise for enterprise income tax purposes, our world-wide
income could be subject to PRC tax at a rate of 25%, which could materially reduce our net income. In addition, we will also be
subject to PRC enterprise income tax reporting obligations. Furthermore, although dividends paid by one PRC tax resident to another
PRC tax resident should qualify as &quot;tax-exempt income&quot; under the PRC Enterprise Income Tax Law, we cannot assure you
that dividends by our PRC subsidiaries to our Cayman holding company will not be subject to a 10% withholding tax, as the PRC foreign
exchange control authorities, which enforce the withholding tax on dividends, and the PRC tax authorities have not yet issued guidance
with respect to the processing of outbound remittances to entities that are treated as resident enterprises for PRC enterprise
income tax purposes. In addition, ADS holders may be subject to PRC withholding tax on dividends payable by us and gains realized
on the sale or other disposition of ADSs or common shares, if the PRC tax authorities determine that our Cayman Islands holding
company is a PRC resident enterprise for enterprise income tax purposes. See &quot;Risk Factors&mdash;Risks Related to Doing Business
in China&mdash;Under the PRC enterprise income tax law, we may be classified as a PRC &quot;resident enterprise,&quot; which could
result in unfavorable tax consequences to us and our shareholders and have a material adverse effect on our results of operations
and the value of your investment.&quot;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">United States Federal Income Tax Considerations</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The following is a summary of
certain United States federal income tax considerations relating to the ownership and disposition of our ADSs or common
shares by a U.S. holder (as defined below) that holds our ADSs or common shares as &quot;capital assets&quot; (generally,
property held for investment) under the United States Internal Revenue Code of 1986, as amended (the &quot;Code&quot;). This
summary is based upon existing United States federal income tax law, which is subject to differing interpretations or change,
possibly with retroactive effect. This summary does not discuss all aspects of United States federal income taxation that may
be important to particular holders in light of their particular circumstances, including holders subject
to special tax rules (for example, banks and other financial institutions, insurance companies, broker-dealers, pension
plans, cooperatives, real estate investment trusts, regulated investment companies, traders in securities that have elected
the mark-to-market method of accounting for their securities, partnerships and their partners, and tax-exempt
organizations (including private foundations)), holders who are not U.S. holders, holders who own (directly, indirectly, or
constructively) 10% or more of our voting stock, holders that hold their ADSs or common shares as part of a straddle,
hedge, conversion, constructive sale, or other integrated transaction for United States federal income tax purposes, persons
who acquired ADSs or common shares pursuant to the exercise of any employee share option or otherwise as compensation, or
holders that have a functional currency other than the United States dollar, all of whom may be subject to tax rules that
differ significantly from those summarized below. In addition, except to the extent described below, this summary does not
discuss any state, local or non-United States tax considerations, Medicare tax, the alternative minimum tax or any non-income
tax (such as the United States federal estate or gift tax) considerations. Each U.S. holder is urged to consult its tax
advisor regarding the United States federal, state, local, and non-United States income and other tax considerations relating
to the ownership and disposition of our ADSs or common shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">General</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">For purposes of this summary, a &quot;U.S.
holder&quot; is a beneficial owner of our ADSs or common shares that is, for United States federal income tax purposes, (i)&nbsp;an
individual who is a citizen or resident of the United States, (ii)&nbsp;a corporation (or other entity treated as a corporation
for United States federal income tax purposes) created in, or organized under the law of, the United States or any state thereof
or the District of Columbia, (iii)&nbsp;an estate the income of which is includible in gross income for United States federal income
tax purposes regardless of its source, or (iv)&nbsp;a trust (A)&nbsp;the administration of which is subject to the primary supervision
of a United States court and which has one or more United States persons who have the authority to control all substantial decisions
of the trust or (B)&nbsp;that has otherwise elected to be treated as a United States person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If a partnership (or other entity
treated as a partnership for United States federal income tax purposes) is a beneficial owner of our ADSs or common shares,
the tax treatment of a partner in the partnership will generally depend upon the status of the partner and the activities of
the partnership. Partnerships holding our ADSs or common shares and partners in such partnerships are urged to consult their
tax advisors regarding the ownership and disposition of our ADSs or common shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">It is generally expected that a holder of
ADSs should be treated, for United States federal income tax purposes, as the beneficial owner of the underlying shares represented
by the ADSs. The remainder of this discussion assumes that a holder of ADSs will be treated in this manner. Predicated upon such
treatment, deposits or withdrawals of common shares for ADSs will not be subject to United States federal income tax.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Passive Foreign Investment Company
Considerations</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">A non-United States corporation, such as
our company, will be classified as a &quot;passive foreign investment company,&quot; or &quot;PFIC&quot;, for United States federal
income tax purposes, for any taxable year, if either (i)&nbsp;75% or more of its gross income for such year consists of certain
types of &quot;passive&quot; income or (ii)&nbsp;50% or more of its average quarterly assets (as determined on the basis of fair
market value) during such year produce or are held for the production of passive income. For this purpose, cash and assets readily
convertible into cash are categorized as passive assets and the company's unbooked intangibles are taken into account for determining
the value of its assets. We will be treated as owning our proportionate share of the assets and earning our proportionate share
of the income of any other corporation in which we own, directly or indirectly, more than 25% (by value) of the stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Although the law in this regard is unclear,
we treat Guangzhou Huaduo, Beijing Tuda and Bilin Online as being owned by us for United States federal income tax purposes, not
only because we exercise effective control over the operation of such entities but also because we are entitled to substantially
all of their economic benefits, and, as a result, we consolidate their operating results in our consolidated financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Assuming that we own Guangzhou
Huaduo, Beijing Tuda and Bilin Online for United States federal income tax purposes, we do not believe that we were a PFIC,
for United States federal income tax purposes, for the taxable year ended December&nbsp;31, 2015, and do not anticipate
becoming a PFIC in future taxable years. However, because PFIC status is a factual determination made annually after the close of each taxable year on the basis
of the composition of our income and assets, there can be no assurance that we will not be a PFIC for the current taxable
year or any future taxable year. The value of our assets, for
purposes of the PFIC test, will generally be determined by reference to the market price of our ADSs and common shares.
Accordingly, fluctuations in the market price of our ADSs and common shares may cause us to become a PFIC for the current
taxable year or future taxable years. It is also possible that the Internal Revenue Service may challenge our classification
or valuation of our goodwill and other unbooked intangibles, which may result in our company being or, becoming classified
as, a PFIC for the current or future taxable years. The determination of whether we will be or become a PFIC will also
depend, in part, upon the nature of our income and assets over time, which are subject to change from year to year. There can
be no assurance our business plans will not change in a manner that will affect our PFIC status.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The discussion below under &quot;Dividends&quot;
and &quot;Sale or Other Disposition of ADSs or Common Shares&quot; is written on the basis that we will not be classified as a
PFIC for United States federal income tax purposes. The United States federal income tax rules that apply if we are classified
as a PFIC for the current taxable year or any subsequent taxable year are generally discussed below under &quot;Passive Foreign
Investment Company Rules.&quot;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Dividends</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Subject to the PFIC rules discussed below,
any cash distributions (including the amount of any taxes withheld) paid on our ADSs or common shares out of our current or accumulated
earnings and profits, as determined under United States federal income tax principles, will generally be includible in the gross
income of a U.S. holder as dividend income on the day actually or constructively received by the U.S. holder, in the case of common
shares, or by the Depositary, in the case of ADSs. Because we do not intend to determine our earnings and profits on the basis
of United States federal income tax principles, any distribution paid will generally be reported as a &quot;dividend&quot; for
United States federal income tax purposes. A non-corporate recipient of dividend income will generally be subject to tax on dividend
income from a &quot;qualified foreign corporation&quot; at a reduced United States federal tax rate rather than the marginal tax
rates generally applicable to ordinary income provided that certain holding period requirements are met.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">A non-United States corporation (other than
a corporation that is classified as a PFIC for the taxable year in which the dividend is paid or the preceding taxable year) will
generally be considered to be a qualified foreign corporation with respect to any dividend it pays on stock (or ADSs in respect
of such stock) which is readily tradable on an established securities market in the United States or, in the event that the company
is deemed to be a PRC resident under the PRC Enterprise Income Tax Law, the company is eligible for the benefits of the United
States-PRC treaty. Although no assurances may be given, our ADSs are expected to be readily tradable on the Nasdaq Global Market,
which is an established securities market in the United States. Since we do not expect that our common shares will be listed on
established securities markets, it is unclear whether dividends that we pay on our common shares that are not backed by ADSs currently
meet the conditions required for these reduced tax rates. There can be no assurance that our ADSs will be considered readily tradable
on an established securities market in the current taxable year or future taxable years.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Dividends received on the ADSs or common
shares are not expected to be eligible for the dividends received deduction allowed to corporations. Each U.S. holder is advised
to consult its tax advisor regarding the rate of tax that will apply to such holder with respect to dividend distributions, if
any, received from us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Dividends generally will be treated as income
from foreign sources for United States foreign tax credit purposes and generally will constitute passive category income. A U.S.
holder may be eligible, subject to a number of complex limitations, to claim a foreign tax credit in respect of any foreign withholding
taxes imposed on dividends received on ADSs or common shares. A U.S. holder who does not elect to claim a foreign tax credit for
foreign tax withheld, may instead claim a deduction, for United States federal income tax purposes, in respect of such withholdings,
but only for a year in which such U.S. holder elects to do so for all creditable foreign income taxes. The rules governing the
foreign tax credit are complex. Each U.S. holder is advised to consult its tax advisor regarding the availability of the foreign
tax credit under their particular circumstances.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Sale or Other Disposition of ADSs
or Common Shares</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Subject to the PFIC rules discussed below,
a U.S. holder generally will recognize capital gain or loss upon the sale or other disposition of ADSs or common shares in an amount
equal to the difference between the amount realized upon the disposition and the U.S. holder's adjusted tax basis in such ADSs
or common shares. Any capital gain or loss will be long-term if the ADSs or common shares have been held for more than one year
and will generally be United States source gain or loss for United States foreign tax credit purposes. The deductibility of a capital
loss may be subject to limitations. Each U.S. holder is advised to consult its tax advisor regarding the tax consequences if a
foreign tax is imposed on a disposition of our ADSs or common shares, including the availability of the foreign tax credit under
their particular circumstances.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Passive Foreign Investment Company
Rules</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If we are classified as a PFIC for any taxable
year during which a U.S. holder holds our ADSs or common shares, and unless the U.S. holder makes a mark-to-market election (as
described below), the U.S. holder will generally be subject to special tax rules that have a penalizing effect, regardless of whether
we remain a PFIC, on (i)&nbsp;any excess distribution that we make to the U.S. holder (which generally means any distribution paid
during a taxable year to a U.S. holder that is greater than 125% of the average annual distributions paid in the three preceding
taxable years or, if shorter, the U.S. holder's holding period for the ADSs or common shares), and (ii)&nbsp;any gain realized
on the sale or other disposition, including, under certain circumstances, a pledge, of ADSs or common shares. Under the PFIC rules:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>such excess distribution and/or gain will be allocated ratably over the U.S. holder's holding period for the ADSs or common
shares;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>such amount allocated to the current taxable year and any taxable years in the U.S. holder's holding period prior to the first
taxable year in which we are classified as a PFIC, or pre-PFIC year, will be taxable as ordinary income;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>such amount allocated to each prior taxable year, other than a pre-PFIC year, will be subject to tax at the highest tax rate
in effect applicable to the U.S. holder for that year; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>an interest charge generally applicable to underpayments of tax will be imposed on the tax attributable to each prior taxable
year, other than a pre-PFIC year.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If we are a PFIC for any taxable year during
which a U.S. holder holds our ADSs or common shares and any of our non-United States subsidiaries is also a PFIC, such U.S. holder
would be treated as owning a proportionate amount (by value) of the shares of the lower-tier PFIC and would be subject to the rules
described above on certain distributions by a lower-tier PFIC and a disposition of shares of a lower-tier PFIC even though such
U.S. holder would not receive the proceeds of those distributions or dispositions. Each U.S. holder is advised to consult its tax
advisor regarding the application of the PFIC rules to any of our subsidiaries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">As an alternative to the foregoing rules,
a U.S. holder of &quot;marketable stock&quot; (as defined below) in a PFIC may make a mark-to-market election for such stock to
elect out of the tax treatment discussed above. The mark-to-market election is available only for &quot;marketable stock,&quot;
which is stock that is traded in other than <I>de minimis </I>quantities on at least 15&nbsp;days during each calendar quarter
(&quot;regularly traded&quot;) on a qualified exchange or other market, as defined in applicable United States Treasury regulations.
Our ADSs are listed on the NASDAQ, which is a qualified exchange or market for these purposes. We anticipate that our ADSs should
qualify as being regularly traded, but no assurances may be given in this regard. Because a mark-to-market election cannot be made
for equity interests in any lower-tier PFICs that we own, a U.S. holder may continue to be subject to the PFIC rules with respect
to its indirect interest in any investments held by us that are treated as an equity interest in a PFIC for United States federal
income tax purposes. If a mark-to-market election is made, the U.S. holder will generally (i)&nbsp;include as ordinary income for
each taxable year that we are a PFIC the excess, if any, of the fair market value of ADSs held at the end of the taxable year over
the adjusted tax basis of such ADSs and (ii)&nbsp;deduct as an ordinary loss the excess, if any, of the adjusted tax basis of the
ADSs over the fair market value of such ADSs held at the end of the taxable year, but only to the extent of the net amount previously
included in income as a result of the mark-to-market election. The U.S. holder's adjusted tax basis in the ADSs would be adjusted
to reflect any income or loss resulting from the mark-to-market election.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If a U.S. holder makes a mark-to-market
election in respect of a corporation classified as a PFIC and such corporation ceases to be classified as a PFIC, the U.S. holder
will not be required to take into account the mark-to-market gain or loss described above during any period that such corporation
is not classified as a PFIC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We do not intend to provide information
necessary for U.S. holders to make qualified electing fund elections, which, if available, would result in tax treatment different
from (and generally less adverse than) the general tax treatment for PFICs described above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If a U.S. holder owns our ADSs or common
shares during any taxable year that we are a PFIC, such holder is required to file an annual report containing such information
as the United States Treasury Department may require and may be required to file an annual IRS Form&nbsp;8621. Each U.S. holder
is advised to consult its tax advisors regarding the potential tax consequences to such holder if we are or become classified as
a PFIC, including the possibility of making a mark-to-market election.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Information Reporting</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">U.S. holders may be subject to information
reporting to the Internal Revenue Service with respect to dividends on and proceeds from the sale or other disposition of our ADSs
or common shares. Each U.S. holder is advised to consult with its tax advisor regarding the application of the United States information
reporting rules to their particular circumstances.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">An individual U.S. holder and certain entities
may be required to submit to the United States Internal Revenue Service certain information with respect to his or her beneficial
ownership of the ADSs or common shares, if such ADSs or common shares are not held on his or her behalf by a U.S. financial institution.
This law also imposes penalties if an individual U.S. holder is required to submit such information to the United States Internal
Revenue Service and fails to do so in a timely manner. Each U.S. holder is urged to consult its tax advisor as to any such reporting
requirements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>F. Dividends and Paying Agents</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>G. Statement by Experts</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>H. Documents on Display</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We previously filed with the SEC a registration
statement on Form&nbsp;F-1 under the Securities Act with respect to our initial public offering of our Class&nbsp;A common shares
represented by ADSs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We are subject to the periodic reporting
and other informational requirements of the Securities Exchange Act of 1934 or the Exchange Act. Under the Exchange Act, we are
required to file reports and other information with the SEC. Specifically, we are required to file annually a Form&nbsp;20-F within
four months after the end of each fiscal year which is December&nbsp;31. The SEC maintains a website at www.sec.gov that contains
reports, proxy and information statements, and other information regarding registrants that make electronic filings with the SEC
using its EDGAR system. Copies of reports and other information, when filed, may also be inspected without charge and may be obtained
at prescribed rates at the public reference facilities maintained by the SEC at 100&nbsp;F Street, N.E., Room&nbsp;1580, Washington,
D.C. 20549. The public may obtain information regarding the Washington, D.C. Public Reference Room by calling the SEC at 1-800-SEC-0330.
As a foreign private issuer, we are exempt from the rules under the Exchange Act prescribing the furnishing and content of quarterly
reports and proxy statements, and officers, directors and principal shareholders are exempt from the reporting and short-swing
profit recovery provisions contained in Section&nbsp;16 of the Exchange Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We will furnish Deutsche Bank Trust Company
Americas, the depositary of our ADSs, with our annual reports, which will include a review of operations and annual audited consolidated
financial statements prepared in conformity with U.S.&nbsp;GAAP, and all notices of shareholders' meetings and other reports and
communications that are made generally available to our shareholders. The depositary will make such notices, reports and communications
available to holders of ADSs and, upon our request, will mail to all record holders of ADSs the information contained in any notice
of a shareholders' meeting received by the depositary from us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>I. Subsidiary Information</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">For a listing of our subsidiaries, see &quot;Item&nbsp;4.
Information on the Company&mdash;C. Organizational Structure.&quot;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.75in; text-align: left">ITEM 11.</TD><TD STYLE="text-align: justify"><A NAME="a_015"></A>QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK</TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.75in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Foreign Exchange Risk</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The revenues and expenses of our subsidiaries
and PRC consolidated affiliated entities are generally denominated in Renminbi and their assets and liabilities are denominated
in Renminbi. Our financing activities are denominated in U.S. dollars.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">To date, we have not entered into hedging
transactions in an effort to reduce our exposure to foreign currency exchange risk. Although our exposure to foreign exchange risks
is generally limited, the value of your investment in our ADSs will be affected by the exchange rate between the U.S. dollar and
the Renminbi because the value of our business is effectively denominated in Renminbi, while our ADSs will be traded in U.S. dollars.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Renminbi is not freely convertible into
foreign currencies. Remittances of foreign currencies into the PRC and exchange of foreign currencies into Renminbi require approval
by foreign exchange administrative authorities and certain supporting documentation. The State Administration for Foreign Exchange,
under the authority of the People's Bank of China, controls the conversion of Renminbi into other currencies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The value of the RMB against the U.S. dollar
and other currencies is affected by changes in China&rsquo;s political and economic conditions and by China&rsquo;s foreign exchange
policies, among other things. In July 2005, the PRC government changed its decades-old policy of pegging the value of the RMB to
the U.S. dollar, and the RMB appreciated more than 20% against the U.S. dollar over the following three years. Between July 2008
and June 2010, this appreciation halted and the exchange rate between the RMB and the U.S. dollar remained within a narrow band.
Since June 2010, the RMB has fluctuated against the U.S. dollar, at times significantly and unpredictably. It is difficult to predict
how market forces or PRC or U.S. government policy may impact the exchange rate between the RMB and the U.S. dollar in the future.
To the extent that we need to convert U.S. dollars we receive from our initial public offering into Renminbi for our operations,
appreciation of the Renminbi against the U.S. dollar would have an adverse effect on the Renminbi amount we receive from the conversion.
Conversely, if we decide to convert the Renminbi into U.S. dollars for the purpose of making payments for dividends on our common
shares or ADSs or for other business purposes, appreciation of the U.S. dollar against the Renminbi would have a negative effect
on the U.S. dollar amounts available to us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Interest Rate Risk</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our exposure to interest rate risk primarily
relates to the interest income generated by excess cash, which is mostly held in interest-bearing bank deposits. Interest-earning
instruments carry a degree of interest rate risk. We have not been exposed to, nor do we anticipate being exposed to, material
risks due to changes in market interest rates. However, our future interest income may fall short of expectations due to changes
in market interest rates. A hypothetical one percentage point decrease in interest rates would have resulted in a decrease of approximately
US$<FONT STYLE="font-family: Times New Roman, Times, Serif">5.5</FONT>&nbsp;million in our interest income for the year ended December&nbsp;31,
2015.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.75in; text-align: left">ITEM 12.<A NAME="a_016"></A></TD><TD STYLE="text-align: justify">DESCRIPTION OF SECURITIES OTHER THAN EQUITY
SECURITIES</TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.75in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>A. Debt Securities</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>B. Warrants and Rights</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>C. Other Securities</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>D. American Depositary Shares</U></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Fees and Charges Our ADS holders May
Have to Pay</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">As an ADS holder, you will be required to
pay the following service fees to the depositary bank:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="width: 50%; border-bottom: Black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Service </B></P></TD>
    <TD STYLE="width: 1%; padding-bottom: 1pt">
&nbsp;</TD>
    <TD STYLE="width: 49%; border-bottom: Black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Fees</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issuance of ADSs, including issuances resulting from a distribution of shares or rights or other&nbsp;property</TD>
    <TD>&nbsp;</TD>
    <TD>Up to $0.05 per ADS&nbsp;issued</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cancellation of ADSs, including the case of termination of the deposit agreement</TD>
    <TD>&nbsp;</TD>
    <TD>Up to $0.05 per ADS cancelled</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distribution of cash dividends or other cash distributions</TD>
    <TD>&nbsp;</TD>
    <TD>Up to $0.05 per ADS&nbsp;held</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distribution of ADSs pursuant to share dividends, free share distributions or exercise of&nbsp;rights</TD>
    <TD>&nbsp;</TD>
    <TD>Up to $0.05 per ADS&nbsp;held</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distribution of securities other than ADSs or rights to purchase additional&nbsp;ADSs</TD>
    <TD>&nbsp;</TD>
    <TD>A fee equivalent to the fee that would be payable if securities distributed to you had been Class&nbsp;A common shares and the Class&nbsp;A common shares had been deposited for issuance of&nbsp;ADSs</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depositary services</TD>
    <TD>&nbsp;</TD>
    <TD>Up to $0.05 per ADS held on the applicable record date(s) established by the depositary&nbsp;bank</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfer of ADSs</TD>
    <TD>&nbsp;</TD>
    <TD>$1.50 per certificate presented for&nbsp;transfer</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">As an ADS holder, you will also be responsible
to pay certain fees and expenses incurred by the depositary bank and certain taxes and governmental charges (in addition to any
applicable fees, expenses, taxes and other governmental charges payable on the deposited securities represented by any of your
ADSs), such as:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Fees for the transfer and registration of Class&nbsp;A common shares charged by the registrar and transfer agent for the Class&nbsp;A
common shares in the Cayman Islands (i.e.,&nbsp;upon deposit and withdrawal of Class&nbsp;A common shares).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Expenses incurred for converting foreign currency into U.S. dollars.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Expenses for cable, telex and fax transmissions and for delivery of securities.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Taxes and duties upon the transfer of securities, including any applicable stamp duties, any stock transfer charges or withholding
taxes (i.e.,&nbsp;when Class&nbsp;A common shares are deposited or withdrawn from deposit).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Fees and expenses incurred in connection with the delivery or servicing of Class&nbsp;A common shares on deposit.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Fees and expenses incurred in connection with complying with exchange control regulations and other regulatory requirements
applicable to Class&nbsp;A common shares, deposited securities, ADSs and ADRs.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Any applicable fees and penalties thereon.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The depositary fees payable upon the issuance
and cancellation of ADSs are typically paid to the depositary bank by the brokers (on behalf of their clients) receiving the newly
issued ADSs from the depositary bank and by the brokers (on behalf of their clients) delivering the ADSs to the depositary bank
for cancellation. The brokers in turn charge these fees to their clients. Depositary fees payable in connection with distributions
of cash or securities to ADS holders and the depositary services fee are charged by the depositary bank to the holders of record
of ADSs as of the applicable ADS record date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The depositary fees payable for cash distributions
are generally deducted from the cash being distributed or by selling a portion of distributable property to pay the fees. In the
case of distributions other than cash (i.e.,&nbsp;share dividends, rights), the depositary bank charges the applicable fee to the
ADS record date holders concurrent with the distribution. In the case of ADSs registered in the name of the investor (whether certificated
or uncertificated in direct registration), the depositary bank sends invoices to the applicable record date ADS holders. In the
case of ADSs held in brokerage and custodian accounts (via DTC), the depositary bank generally collects its fees through the systems
provided by DTC (whose nominee is the registered holder of the ADSs held in DTC) from the brokers and custodians holding ADSs in
their DTC accounts. The brokers and custodians who hold their clients' ADSs in DTC accounts in turn charge their clients' accounts
the amount of the fees paid to the depositary banks.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In the event of refusal to pay the depositary
fees, the depositary bank may, under the terms of the deposit agreement, refuse the requested service until payment is received
or may set off the amount of the depositary fees from any distribution to be made to the ADS holder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Fees and Other Payments Made by the Depositary
to Us</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Deutsche Bank Trust Company Americas, as
our depositary, has agreed to reimburse us for a portion of certain expenses we incur that are related to establishment and maintenance
of the ADS program, including investor relations expenses. There are limits on the amount of expenses for which the depositary
will reimburse us, but the amount of reimbursement available to us is not related to the amounts of fees the depositary collects
from investors. Further, the depositary has agreed to reimburse us certain fees payable to the depositary by holders of ADSs. For
the year ended December&nbsp;31, 2015, we have US$<FONT STYLE="font-family: Times New Roman, Times, Serif">0.5</FONT>&nbsp;million
payable to us from the depositary as reimbursement for our expenses incurred in connection with the establishment and maintenance
of our ADS program.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><A NAME="a_017"></A>PART
II</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.75in; text-align: left">ITEM 13.</TD><TD STYLE="text-align: justify"><A NAME="a_018"></A>DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES</TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">None.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.75in; text-align: left">ITEM 14.</TD><TD STYLE="text-align: justify"><A NAME="a_019"></A>MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS
AND USE OF PROCEEDS</TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">See &quot;Item&nbsp;10. Additional Information&quot;
for a description of the rights of securities holders, which remain unchanged.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The following &quot;Use of Proceeds&quot;
information relates to the registration statement on Form&nbsp;F-1, as amended (File Number&nbsp;333-184414) for our initial public
offering of 8,970,000 ADSs, representing 179,400,000 Class&nbsp;A common shares, which registration statement was declared effective
by the SEC on November&nbsp;20, 2012. We received net proceeds of US$82.8&nbsp;million from our initial public offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">For the period from the effective date to
December&nbsp;31, 2015, we did not use a substantial portion of the net proceeds received from our initial public offering.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.75in; text-align: left">ITEM 15.</TD><TD STYLE="text-align: justify"><A NAME="a_020"></A>CONTROLS AND PROCEDURES</TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.75in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Evaluation of Disclosure Controls and
Procedures</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">As required by Rule&nbsp;13a-15(b) under
the Exchange Act, our management, including our chief executive officer, and our chief financial officer, performed an evaluation
of the effectiveness of our disclosure controls and procedures, as that term is defined in Rules&nbsp;13a-15(e) of the Exchange
Act, as of the end of the period covered by this annual report. Based on that evaluation, our management has concluded that our
disclosure controls and procedures as of December 31, 2015, were effective in ensuring that the information required to be disclosed
by us in the reports that we file and furnish under the Exchange Act was recorded, processed, summarized and reported, within the
time periods specified in the SEC's rules and forms, and that the information required to be disclosed by us in the reports that
we file or submit under the Exchange Act is accumulated and communicated to our management, including our chief executive officer
and chief financial officer, to allow timely decisions regarding required disclosure.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Management's Annual Report on Internal
Control over Financial Reporting</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our management is responsible for establishing
and maintaining adequate internal control over financial reporting as defined in Rules&nbsp;13a-15(f) and 15d-15(f) under the Securities
Exchange Act of 1934, as amended. Our internal control over financial reporting is a process designed to provide reasonable assurance
regarding the reliability of our financial reporting and the preparation of financial statements for external purposes in accordance
with Generally Accepted Accounting Principles (GAAP) in the United States of America and includes those policies and procedures
that (1)&nbsp;pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions
and dispositions of the assets of our company; (2)&nbsp;provide reasonable assurance that transactions are recorded as necessary
to permit preparation of consolidated financial statements in accordance with GAAP, and that receipts and expenditures of our company
are being made only in accordance with authorizations of our management and directors; and (3)&nbsp;provide reasonable assurance
regarding prevention or timely detection of the unauthorized acquisition, use or disposition of our company's assets that could
have a material effect on the consolidated financial statements. Because of its inherent limitations, internal control over financial
reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject
to the risks that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies
or procedures may deteriorate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our management conducted an evaluation of
the effectiveness of our company's internal control over financial reporting as of December&nbsp;31, 2015 based on the framework
in Internal Control&mdash;Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission.
Based on this evaluation, our management concluded that our internal control over financial reporting was effective as of December&nbsp;31,
2015.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">PricewaterhouseCoopers Zhong Tian&nbsp;LLP,
our independent registered public accounting firm, audited the effectiveness of our company's internal control over financial reporting
as of December&nbsp;31, 2015, as stated in its report, which appears on page&nbsp;F-2 of this Form&nbsp;20-F.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Changes in Internal Control Over Financial
Reporting</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">As required by Rule&nbsp;13a-15(d), under
the Exchange Act, our management, including our chief executive officer and our chief financial officer, also conducted an evaluation
of our internal control over financial reporting to determine whether any changes occurred during the period covered by this report
have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting. Based on
that evaluation, it has been determined that there has been no such change during the period covered by this annual report.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.75in; text-align: left">ITEM 16.</TD><TD STYLE="text-align: justify"><A NAME="a_021"></A>RESERVED</TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.75in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.75in; text-align: left">ITEM 16A.</TD><TD STYLE="text-align: justify"><A NAME="a_022"></A>AUDIT COMMITTEE FINANCIAL EXPERT</TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our board of directors has determined that
Mr.&nbsp;Peter Andrew Schloss is our audit committee financial expert, who is an independent director under the standards set forth
in Nasdaq Stock Market Rule&nbsp;5605(a)(2) and Rule&nbsp;10A-3 of the Exchange Act. Mr.&nbsp;Schloss is the chairman of our audit
committee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.75in; text-align: left">ITEM 16B.</TD><TD STYLE="text-align: justify"><A NAME="a_023"></A>CODE OF ETHICS</TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our board of directors has adopted a code
of ethics that applies to our directors, officers, employees and agents, including certain provisions that specifically apply to
our chief executive officers, chief financial officer, chief operating officer, vice presidents and any other persons who perform
similar functions for us. We filed our code of business conduct and ethics as Exhibit&nbsp;99.1 to our registration statement on
Form&nbsp;F-1, as amended, which was originally filed with the SEC on October&nbsp;15, 2012 and subsequently amended and filed
with this annual report. We have posted a copy of our code of business conduct and ethics on our website at http://investors.yy.com/governance.cfm.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.75in; text-align: left">ITEM 16C.</TD><TD STYLE="text-align: justify"><A NAME="a_024"></A>PRINCIPAL ACCOUNTANT FEES AND SERVICES</TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The following table sets forth the aggregate
fees in connection with certain professional services rendered by PricewaterhouseCoopers Zhong Tian&nbsp;LLP, our independent registered
public accounting firm, for the years indicated. We did not pay any other fees to our independent registered public accounting
firm during the periods other than those indicated below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">For the Year&nbsp;Ended December&nbsp;31,</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2014</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2015</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" NOWRAP STYLE="font-weight: bold; text-align: center">(in RMB thousands)</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 66%">Audit fees<SUP>(1)</SUP></TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 14%; text-align: right">10,634</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 14%; text-align: right">10,551</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Tax fees<SUP>(2)</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">312</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(1)</TD><TD>&quot;Audit fees&quot; means the aggregate fees billed for professional services rendered by our independent registered public
accounting firm for the annual audit and the quarterly review of our consolidated financial statement. For 2014 and 2015, the audit
refers to the audit of our annual consolidated financial statements and our internal controls over financial reporting. For 2014,
the &quot;Audit fees&quot; also includes fees billed for service provided by our independent registered public accounting firm
in connection with convertible bonds offering.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(2)</TD><TD>&quot;Tax fees&quot; means the aggregate fees billed in each of the fiscal years listed for professional services
                                                            rendered by                                                             our
                                                            principal auditors for tax service.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The policy of our audit committee is to
pre-approve all audit and non-audit services provided by PricewaterhouseCoopers Zhong Tian&nbsp;LLP, including audit services,
audit-related services, tax services and other services, other than those for <I>de minimis</I> services which are approved by
the audit committee prior to the completion of the audit. Our audit committee has approved all of our audit and non-audit fees
for the year ended December&nbsp;31, 2015.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.75in; text-align: left">ITEM 16D.</TD><TD STYLE="text-align: justify"><A NAME="a_025"></A>EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES</TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.75in; text-align: left">ITEM 16E.</TD><TD STYLE="text-align: justify"><A NAME="a_026"></A>PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED
PURCHASERS</TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On May 4, 2014, our board of directors approved
a share repurchase plan, or the Repurchase Plan. Under the terms of the Repurchase Program, we may repurchase up to US$100 million
worth of our outstanding ADSs from time to time, for a period not to exceed twelve (12) months. The repurchases, funded from our
existing cash balance, may be made in the open market at prevailing market prices or through privately negotiated transactions,
including block trades, depending on market conditions, the trading price of our ADSs and other factors, in compliance with relevant
United States securities rules and regulations and our securities trading policy, in a manner that is consistent with the interest
of our shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On March 5, 2015, our board of directors
approved another share repurchase plan, or the 2015 Repurchase Plan. Under the terms of the 2015 Repurchase Plan, we may repurchase
up to US$100 million worth of its outstanding ADSs from time to time for a period not to exceed twelve (12) months. The repurchases
may be made in the open market at prevailing market prices or through privately negotiated transactions, including block trades.
The timing and extent of any repurchases will depend on market conditions, the trading price of our ADSs and other factors. The
plan will be implemented in compliance with relevant United States securities rules and regulations and our securities trading
policy, in a manner that is consistent with the interests of our shareholders. Our board of directors will review the share repurchase
program periodically and may authorize the adjustment of its terms and size accordingly. We expect to fund the repurchases made
under this program from our existing cash balance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">For the year ended December 31, 2015, we
had repurchased under the Share Repurchase Program an aggregate of 3.1 million ADSs, representing 61.9 million Class A common shares
at an average price of US$54.8 per ADS, or US$2.7 per Class A common share, for aggregate consideration of US$169.5 million.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 28.35pt">The following table sets forth a summary
of our repurchase of our ADSs made in each month of 2015 under the Repurchase Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 28.35pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid">Period</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Total&nbsp;Number<BR> of<BR> ADSs<BR> Purchased</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Average<BR> Price<BR> Paid&nbsp;Per<BR> ADS</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Total&nbsp;Number<BR> of ADSs<BR> Purchased as<BR> Part&nbsp;of&nbsp;Publicly<BR> Announced<BR> Plans<BR> or Programs (1)</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Maximum<BR>
    Dollar&nbsp;Value&nbsp;of<BR> ADSs&nbsp;that&nbsp;May<BR> Yet Be<BR> Purchased<BR> Under Plans or<BR> Programs<BR> (US$
    thousand)</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: -10pt; padding-left: 10pt; width: 48%">February 2015</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 1%">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 10%">768,125</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 1%">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 1%">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 10%">55.1073</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 1%">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 1%">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 10%">42.3</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 1%">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 1%">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 10%">57,671</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 1%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: -10pt; padding-left: 10pt">March 2015</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1,028,560</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">56.0697</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">57.7</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">(1)</TD><TD STYLE="text-align: justify">On May 4, 2014, our board of directors approved the Repurchase
Plan. Under the terms of the Repurchase Program, we may repurchase up to US$100 million worth of our outstanding ADSs from time
to time, for a period not to exceed twelve (12) months. The Repurchase Plan expired on May 4, 2015.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 28.35pt">The following table sets forth a summary
of our repurchase of our ADSs made in each month of 2015 under the 2015 Repurchase Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 28.35pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 48%; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">Period</TD><TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Total&nbsp;Number</B></FONT><BR> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>of</B></FONT><BR> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ADSs</B></FONT><BR> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Purchased</B></FONT></TD><TD STYLE="width: 1%; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD><TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Average</B></FONT><BR> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Price</B></FONT><BR> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Paid&nbsp;Per</B></FONT><BR> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ADS</B></FONT></TD><TD STYLE="width: 1%; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD><TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Total&nbsp;Number</B></FONT><BR> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>of ADSs</B></FONT><BR> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Purchased as</B></FONT><BR> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Part&nbsp;of&nbsp;Publicly</B></FONT><BR> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Announced</B></FONT><BR> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Plans</B></FONT><BR> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>or Programs (1)</B></FONT></TD><TD STYLE="width: 1%; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD><TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Maximum</B></FONT><BR> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Dollar&nbsp;Value&nbsp;of</B></FONT><BR> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ADSs&nbsp;that&nbsp;May</B></FONT><BR> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Yet
                                                                                                                                        Be</B></FONT><BR> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Purchased</B></FONT><BR> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Under
                                                                                                                                        Plans or</B></FONT><BR> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Programs</B></FONT><BR> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(US$
                                                                                                                                        thousand)</B></FONT></TD><TD STYLE="width: 1%; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: -10pt; padding-left: 10pt">March 2015</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1,295,871</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">53.6653</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">69.5</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">30,457</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

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<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">(1)</TD><TD STYLE="text-align: justify">On March 5, 2015, our board of directors approved the
2015 Repurchase Plan. Under the terms of the 2015 Repurchase Plan, we may repurchase up to US$100 million worth of its outstanding
ADSs from time to time for a period not to exceed twelve (12) months.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.75in; text-align: left">ITEM 16F.</TD><TD STYLE="text-align: justify"><A NAME="a_027"></A>CHANGE IN REGISTRANT'S CERTIFYING ACCOUNTANT</TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.75in; text-align: left">ITEM 16G.</TD><TD STYLE="text-align: justify"><A NAME="a_028"></A>CORPORATE GOVERNANCE</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We have followed and intend to continue to follow the applicable
corporate governance standards under the Nasdaq Stock Market Rules.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.75in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.75in; text-align: left">ITEM 16H.</TD><TD STYLE="text-align: justify"><A NAME="a_029"></A>MINE SAFETY DISCLOSURE</TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><A NAME="a_030"></A>PART
III</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.75in; text-align: left">ITEM 17.</TD><TD STYLE="text-align: justify"><A NAME="a_031"></A>FINANCIAL STATEMENTS</TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We have elected to provide financial statements
pursuant to Item&nbsp;18.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.75in; text-align: left">ITEM 18.</TD><TD STYLE="text-align: justify"><A NAME="a_032"></A>FINANCIAL STATEMENTS</TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The consolidated financial statements of
YY&nbsp;Inc. are included at the end of this annual report.<I> </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.75in; text-align: left">ITEM 19.</TD><TD STYLE="text-align: justify"><A NAME="a_033"></A>EXHIBITS</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 12%; border-bottom: Black 1pt solid"><B>Exhibit<BR>
 Number</B></TD>
    <TD STYLE="width: 1%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 87%; border-bottom: Black 1pt solid; text-align: center"><B>Description of Document</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>1.1</TD>
    <TD>&nbsp;</TD>
    <TD>Second Amended and Restated Memorandum and Articles of Association of the Registrant (incorporated herein by reference to Exhibit&nbsp;3.2 to the registration statement on Form&nbsp;F-1, as amended (File No.&nbsp;333-184414), initially filed with the Securities and Exchange Commission on October&nbsp;15, 2012)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>2.1</TD>
    <TD>&nbsp;</TD>
    <TD>Registrant's Specimen American Depositary Receipt (incorporated herein by reference to Exhibit&nbsp;4.1 to the registration statement on Form&nbsp;F-1, as amended (File No.&nbsp;333-184414), initially filed with the Securities and Exchange Commission on October&nbsp;15, 2012)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>2.2</TD>
    <TD>&nbsp;</TD>
    <TD>Registrant's Specimen Certificate for Common Shares (incorporated herein by reference to Exhibit&nbsp;4.2 to the registration statement on Form&nbsp;F-1, as amended (File No.&nbsp;333-184414), initially filed with the Securities and Exchange Commission on October&nbsp;15, 2012)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>2.3</TD>
    <TD>&nbsp;</TD>
    <TD>Form of Deposit Agreement, among the Registrant, the depositary and holder of the American Depositary Receipts (incorporated herein by reference to Exhibit&nbsp;4.3 to the registration statement on Form&nbsp;F-1, as amended (File No.&nbsp;333-184414), initially filed with the Securities and Exchange Commission on October&nbsp;15, 2012)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>2.4</TD>
    <TD>&nbsp;</TD>
    <TD>Investors' Rights Agreement dated September&nbsp;6, 2011 among the Registrant and other parties named therein (incorporated herein by reference to Exhibit&nbsp;4.4 to the registration statement on Form&nbsp;F-1, as amended (File No.&nbsp;333-184414), initially filed with the Securities and Exchange Commission on October&nbsp;15, 2012)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>2.6</TD>
    <TD>&nbsp;</TD>
    <TD>Share Exchange Agreement dated September&nbsp;6, 2011, relating to Duowan Entertainment Corporation (incorporated herein by reference to Exhibit&nbsp;4.6 to the registration statement on Form&nbsp;F-1, as amended (File No.&nbsp;333-184414), initially filed with the Securities and Exchange Commission on October&nbsp;15, 2012)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>4.1</TD>
    <TD>&nbsp;</TD>
    <TD>2009 Employee Equity Incentive Scheme of the Registrant, as amended and restated. (incorporated herein by reference to Exhibit&nbsp;10.1 to the registration statement on Form&nbsp;F-1, as amended (File. No.&nbsp;333-184414), initially filed with the Securities and Exchange Commission on October&nbsp;15, 2012)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>4.2</TD>
    <TD>&nbsp;</TD>
    <TD>2011 Share Incentive Plan and Amendment No.&nbsp;1 to the 2011 Share Incentive Plan of the Registrant (incorporated herein by reference to Exhibit&nbsp;10.2 to the registration statement on Form&nbsp;F-1, as amended (File No.&nbsp;333-184414), initially filed with the Securities and Exchange Commission on October&nbsp;15, 2012)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>4.3</TD>
    <TD>&nbsp;</TD>
    <TD>Form of Indemnification Agreement with the Registrant's directors and officers (incorporated herein by reference to Exhibit&nbsp;10.3 to the registration statement on Form&nbsp;F-1, as amended (File No.&nbsp;333-184414), initially filed with the Securities and Exchange Commission on October&nbsp;15, 2012)</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 12%; border-bottom: Black 1pt solid"><B>Exhibit<BR>
 Number</B></TD>
    <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 87%; border-bottom: Black 1pt solid; text-align: center"><B>Description of Document</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>4.4</TD>
    <TD>&nbsp;</TD>
    <TD>Form of Employment Agreement between the Registrant and an executive officer of the Registrant (incorporated herein by reference to Exhibit&nbsp;10.4 to the registration statement on Form&nbsp;F-1, as amended (File No.&nbsp;333-184414), initially filed with the Securities and Exchange Commission on October&nbsp;15, 2012)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>4.5</TD>
    <TD>&nbsp;</TD>
    <TD>English translation of Exclusive Business Cooperation Agreement dated August&nbsp;12, 2008 between Huanju Shidai (formerly known as Duowan Entertainment Information Technology (Beijing) Co., Ltd.) and Guangzhou Huaduo (incorporated herein by reference to Exhibit&nbsp;10.5 to the registration statement on Form&nbsp;F-1, as amended (File No.&nbsp;333-184414), initially filed with the Securities and Exchange Commission on October&nbsp;15, 2012)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>4.6</TD>
    <TD>&nbsp;</TD>
    <TD>English translation of Supplementary Agreement dated November&nbsp;10, 2011 to Exclusive Business Cooperation Agreement between Huanju Shidai and Guangzhou Huaduo (incorporated herein by reference to Exhibit&nbsp;10.6 to the registration statement on Form&nbsp;F-1, as amended (File No.&nbsp;333-184414), initially filed with the Securities and Exchange Commission on October&nbsp;15, 2012)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>4.7</TD>
    <TD>&nbsp;</TD>
    <TD>English translation of Confirmation Letter dated November&nbsp;10, 2011 to Exclusive Business Cooperation Agreement between Huanju Shidai and Guangzhou Huaduo (incorporated herein by reference to Exhibit&nbsp;10.7 to the registration statement on Form&nbsp;F-1, as amended (File No.&nbsp;333-184414), initially filed with the Securities and Exchange Commission on October&nbsp;15, 2012)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>4.8</TD>
    <TD>&nbsp;</TD>
    <TD>English translation of Exclusive Technology Support and Technology Services Agreement dated August&nbsp;12, 2008 between Huanju Shidai and Guangzhou Huaduo (incorporated herein by reference to Exhibit&nbsp;10.8 to the registration statement on Form&nbsp;F-1, as amended (File No.&nbsp;333-184414), initially filed with the Securities and Exchange Commission on October&nbsp;15, 2012)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>4.9</TD>
    <TD>&nbsp;</TD>
    <TD>English translation of Supplementary Agreement dated November&nbsp;10, 2011 to Exclusive Technology Support and Technology Services Agreement between Huanju Shidai and Guangzhou Huaduo (incorporated herein by reference to Exhibit&nbsp;10.9 to the registration statement on Form&nbsp;F-1, as amended (File No.&nbsp;333-184414), initially filed with the Securities and Exchange Commission on October&nbsp;15, 2012)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>4.10</TD>
    <TD>&nbsp;</TD>
    <TD>English translation of Confirmation letter dated November&nbsp;10, 2011 to Exclusive Technology Support and Technology Services Agreement between Huanju Shidai and Guangzhou Huaduo (incorporated herein by reference to Exhibit&nbsp;10.10 to the registration statement on Form&nbsp;F-1, as amended (File No.&nbsp;333-184414), initially filed with the Securities and Exchange Commission on October&nbsp;15, 2012)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>4.11</TD>
    <TD>&nbsp;</TD>
    <TD>English translation of Powers of Attorney dated September&nbsp;16, 2011 issued to Huanju Shidai by each of the shareholders of Guangzhou Huaduo (incorporated herein by reference to Exhibit&nbsp;10.11 to the registration statement on Form&nbsp;F-1, as amended (File No.&nbsp;333-184414), initially filed with the Securities and Exchange Commission on October&nbsp;15, 2012)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>4.12</TD>
    <TD>&nbsp;</TD>
    <TD>English translation of Exclusive Option Agreements dated September&nbsp;16, 2011 among Huanju Shidai, Guangzhou Huaduo and each of the shareholders of Guangzhou Huaduo (incorporated herein by reference to Exhibit&nbsp;10.12 to the registration statement on Form&nbsp;F-1, as amended (File No.&nbsp;333-184414), initially filed with the Securities and Exchange Commission on October&nbsp;15, 2012)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>4.13</TD>
    <TD>&nbsp;</TD>
    <TD>English translation of Equity Interest Pledge Agreements dated September&nbsp;16, 2011 between Huanju Shidai and each of the shareholders of Guangzhou Huaduo (incorporated herein by reference to Exhibit&nbsp;10.11 to the registration statement on Form&nbsp;F-1, as amended (File No.&nbsp;333-184414), initially filed with the Securities and Exchange Commission on October&nbsp;15, 2012)</TD></TR>
</TABLE>
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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 12%; border-bottom: Black 1pt solid"><B>Exhibit<BR>
 Number</B></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 87%; border-bottom: Black 1pt solid; text-align: center"><B>Description of Document</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>4.14</TD>
    <TD>&nbsp;</TD>
    <TD>English translation of Consent Letter dated November&nbsp;10, 2011 issued by the shareholders of Guangzhou Huaduo (incorporated herein by reference to Exhibit&nbsp;10.11 to the registration statement on Form&nbsp;F-1, as amended (File No.&nbsp;333-184414), initially filed with the Securities and Exchange Commission on October&nbsp;15, 2012)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>4.15</TD>
    <TD>&nbsp;</TD>
    <TD>English translation of Exclusive Business Cooperation Agreement dated December&nbsp;3, 2009 between Huanju Shidai and Beijing Tuda (incorporated herein by reference to Exhibit&nbsp;10.15 to the registration statement on Form&nbsp;F-1, as amended (File No.&nbsp;333-184414), initially filed with the Securities and Exchange Commission on October&nbsp;15, 2012)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>4.16</TD>
    <TD>&nbsp;</TD>
    <TD>English translation of Supplementary Agreement dated November&nbsp;10, 2011 to Exclusive Business Cooperation Agreement between Huanju Shidai and Beijing Tuda (incorporated herein by reference to Exhibit&nbsp;10.16 to the registration statement on Form&nbsp;F-1, as amended (File No.&nbsp;333-184414), initially filed with the Securities and Exchange Commission on October&nbsp;15, 2012)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>4.17</TD>
    <TD>&nbsp;</TD>
    <TD>English translation of Confirmation Letter dated November&nbsp;10, 2011 to Exclusive Business Cooperation Agreement between Huanju Shidai and Beijing Tuda (incorporated herein by reference to Exhibit&nbsp;10.17 to the registration statement on Form&nbsp;F-1, as amended (File No.&nbsp;333-184414), initially filed with the Securities and Exchange Commission on October&nbsp;15, 2012)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>4.18</TD>
    <TD>&nbsp;</TD>
    <TD>English translation of Exclusive Technology Support and Technology Services Agreement dated December&nbsp;3, 2009 between Huanju Shidai and Beijing Tuda (incorporated herein by reference to Exhibit&nbsp;10.18 to the registration statement on Form&nbsp;F-1, as amended (File No.&nbsp;333-184414), initially filed with the Securities and Exchange Commission on October&nbsp;15, 2012)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>4.19</TD>
    <TD>&nbsp;</TD>
    <TD>English translation of Supplementary Agreement dated November&nbsp;10, 2011 to Exclusive Technology Support and Technology Services Agreement between Huanju Shidai and Beijing Tuda (incorporated herein by reference to Exhibit&nbsp;10.19 to the registration statement on Form&nbsp;F-1, as amended (File No.&nbsp;333-184414), initially filed with the Securities and Exchange Commission on October&nbsp;15, 2012)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>4.20</TD>
    <TD>&nbsp;</TD>
    <TD>English translation of Confirmation Letter dated November&nbsp;10, 2011 to Exclusive Technology Support and Technology Services Agreement between Huanju Shidai and Beijing Tuda (incorporated herein by reference to Exhibit&nbsp;10.20 to the registration statement on Form&nbsp;F-1, as amended (File No.&nbsp;333-184414), initially filed with the Securities and Exchange Commission on October&nbsp;15, 2012)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>4.21</TD>
    <TD>&nbsp;</TD>
    <TD>English translation of Powers of Attorney dated May&nbsp;27, 2011 issued to Huanju Shidai by each of the shareholders of Beijing Tuda (incorporated herein by reference to Exhibit&nbsp;10.21 to the registration statement on Form&nbsp;F-1, as amended (File No.&nbsp;333-184414), initially filed with the Securities and Exchange Commission on October&nbsp;15, 2012)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>4.22</TD>
    <TD>&nbsp;</TD>
    <TD>English translation of Exclusive Option Agreements dated May&nbsp;27, 2011 among Huanju Shidai, Beijing Tuda and each of the shareholders of Beijing Tuda (incorporated herein by reference to Exhibit&nbsp;10.22 to the registration statement on Form&nbsp;F-1, as amended (File No.&nbsp;333-184414), initially filed with the Securities and Exchange Commission on October&nbsp;15, 2012)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>4.23</TD>
    <TD>&nbsp;</TD>
    <TD>English translation of Equity Interest Pledge Agreements dated July&nbsp;1, 2011 between Huanju Shidai and each of the shareholders of Beijing Tuda (incorporated herein by reference to Exhibit&nbsp;10.23 to the registration statement on Form&nbsp;F-1, as amended (File No.&nbsp;333-184414), initially filed with the Securities and Exchange Commission on October&nbsp;15, 2012)</TD></TR>
</TABLE>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: bottom; width: 12%; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibit</B></FONT><BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Number</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 87%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Description of Document</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.24</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">English translation of Consent Letter dated November&nbsp;10, 2011 issued by the shareholders of Beijing Tuda (incorporated herein by reference to Exhibit&nbsp;10.24 to the registration statement on Form&nbsp;F-1, as amended (File No.&nbsp;333-184414), initially filed with the Securities and Exchange Commission on October&nbsp;15, 2012)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.25</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indenture, dated March 24, 2014, constituting US$400 million 2.25% Convertible Senior Notes due 2019 (incorporated herein by reference to Exhibit 4.25 from our annual report on Form 20-F (File No. 001-35729), filed with the Securities and Exchange Commission on April 21, 2015)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.26</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">English summary of Panyu Land Purchase Agreement, dated August 7, 2014, by and among Guangzhou Huanju Shidai Information Technology Co., Ltd. and Guangzhou Panyu Information Technology Investent Development Co., Ltd. (incorporated herein by reference to Exhibit 4.25 from our annual report on Form 20-F (File No. 001-35729), filed with the Securities and Exchange Commission on April 21, 2015)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.27*</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">English summary of Contract for State-owned
    Construction Land Use Rights Assignment,     dated August     20,     2015, by and between Guangzhou Land Resources and Real Estate
    Administration     Bureau and Guangzhou     Huaduo</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.28</FONT>*</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">English translation of Exclusive Business Cooperation Agreement dated August 25, 2015 between Bilin online and Bilin Changxiang </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.29</FONT>*</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">English translation of Exclusive Option
    Agreement dated August 25, 2015 among David Xueling Li, Bilin Online and Bilin Changxiang</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.30</FONT>*</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">English translation of Exclusive Assets Purchase Agreement dated August 25, 2015 among David Xueling Li, Bilin Online and Bilin Changxiang</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.31</FONT>*</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">English translation of Equity Interest Pledge Agreement dated August 25, 2015 among David Xueling Li, Bilin Online and Bilin Changxiang</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.32</FONT>*</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">English translation of Power of Attorney dated August 25, 2015 issued to Bilin Changxiang by David Xueling Li</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.1*</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">List of Subsidiaries and Consolidated Affiliated Entities</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.1</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amended Code of Business Conduct and Ethics of the Registrant (incorporated herein by reference to Exhibit&nbsp;11.1 to the annual report on Form&nbsp;20-F (File No.&nbsp;001-35729) filed with the Securities and Exchange Commission on April&nbsp;26, 2013)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.1*</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certification by Principal Executive Officer pursuant to Section&nbsp;302 of the Sarbanes-Oxley Act of 2002</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.2*</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certification by Principal Financial Officer pursuant to Section&nbsp;302 of the Sarbanes-Oxley Act of 2002</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.1**</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certification by Principal Executive Officer pursuant to Section&nbsp;906 of the Sarbanes-Oxley Act of 2002</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.2**</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certification by Principal Financial Officer pursuant to Section&nbsp;906 of the Sarbanes-Oxley Act of 2002</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">15.1*</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consent of Conyers Dill&nbsp;&amp; Pearman</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">15.2*</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consent of Fangda Partners</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">15.3*</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consent of Independent Registered Public Accounting Firm</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">101.INS*</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">XBRL Instance Document</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">101.SCH*</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">XBRL Taxonomy Extension Schema Document</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">101.CAL*</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">XBRL Taxonomy Extension Calculation Linkbase Document</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">101.DEF*</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">XBRL Taxonomy Extension Definition Linkbase Document</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">101.LAB*</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">XBRL Taxonomy Extension Labels Linkbase Document</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">101.PRE*</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">XBRL Taxonomy Extension Presentation Linkbase Document</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">*</TD><TD>Filed with this annual report on Form&nbsp;20-F</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">**</TD><TD>Furnished with this annual report on Form&nbsp;20-F</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SIGNATURES</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The registrant hereby certifies that it
meets all of the requirements for filing on Form&nbsp;20-F and that it has duly caused and authorized the undersigned to sign this
annual report on its behalf.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>Date:&nbsp;&nbsp;April 28, 2016</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3"><B>YY INC.</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">By:</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid">/s/ David Xueling Li</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 7%">Name:</TD>
    <TD STYLE="width: 39%">David Xueling Li</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title:&nbsp;&nbsp;</TD>
    <TD>Director and Chief Executive Officer</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>YY INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>INDEX TO CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: bottom; width: 94%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 1%; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 5%; text-align: center">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Contents</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Page</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#b_001">Report of Independent Registered Public Accounting Firm</A></FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">F-2</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#b_002">Consolidated Balance Sheets as of December&nbsp;31, 2014 and 2015</A></FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">F-3</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#b_003">Consolidated Statements of Operations and Comprehensive Income for the Years Ended December 31, 2013, 2014 and 2015</A></FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">F-5</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#b_004">Consolidated Statements of Changes in Shareholders&rsquo; Equity for the Years Ended December&nbsp;31, 2013, 2014 and 2015</A></FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">F-7</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#b_005">Consolidated Statements of Cash Flows for the Years Ended December&nbsp;31, 2013, 2014 and 2015</A></FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">F-10</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 10pt; text-decoration: none; text-indent: -10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#b_006">Notes to Consolidated Financial Statements</A></FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">F-12</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="b_001"></A><A NAME="a_001"></A>Report of Independent Registered Public
Accounting Firm</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: red"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">To the Board of Directors and Shareholders
of YY Inc.:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In our opinion, the accompanying consolidated
balance sheets and the related consolidated statements of operations and comprehensive income, of changes in shareholders&rsquo;
equity and of cash flows, present fairly, in all material respects, the financial position of YY Inc. (the &ldquo;Company&rdquo;)
and its subsidiaries as of December 31, 2015 and 2014, and the results of their operations and their cash flows for each of the
three years in the period ended December 31, 2015 in conformity with accounting principles generally accepted in the United States
of America. Also in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting
as of December 31, 2015, based on criteria established in Internal Control - Integrated Framework (2013) issued by the Committee
of Sponsoring Organizations of the Treadway Commission (COSO). The Company's management is responsible for these financial statements,
for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control
over financial reporting, included in Management&rsquo;s Report on Internal Control over Financial Report appearing under Item
15 of the accompanying Form 20-F. Our responsibility is to express opinions on these financial statements and on the Company's
internal control over financial reporting based on our integrated audits. We conducted our audits in accordance with the standards
of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audits to
obtain reasonable assurance about whether the financial statements are free of material misstatement and whether effective internal
control over financial reporting was maintained in all material respects. Our audits of the financial statements included examining,
on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles
used and significant estimates made by management, and evaluating the overall financial statement presentation. Our audit of internal
control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the
risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based
on the assessed risk. Our audits also included performing such other procedures as we considered necessary in the circumstances.
We believe that our audits provide a reasonable basis for our opinions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A company&rsquo;s internal control over
financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and
the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company&rsquo;s
internal control over financial reporting includes those policies and procedures that (i)&nbsp;pertain to the maintenance of records
that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (ii)&nbsp;provide
reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with
generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with
authorizations of management and directors of the company; and (iii)&nbsp;provide reasonable assurance regarding prevention or
timely detection of unauthorized acquisition, use, or disposition of the company&rsquo;s assets that could have a material effect
on the financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Because of its inherent limitations, internal
control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness
to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree
of compliance with the policies or procedures may deteriorate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">/s/ PricewaterhouseCoopers Zhong Tian LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Shanghai, the People&rsquo;s Republic of
China</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">April 28, 2016</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="a_002"></A><B><A NAME="b_002"></A>CONSOLIDATED BALANCE SHEETS AS OF DECEMBER 31, 2014 AND 2015</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(All amounts in thousands, except share, ADS, per share and
per ADS data)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="10" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid">As of December 31,</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: center; padding-bottom: 1pt">Notes</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right; border-bottom: Black 1pt solid">2014</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right; border-bottom: Black 1pt solid">2015</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right; border-bottom: Black 1pt solid">2015</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right">RMB</TD><TD NOWRAP>&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right">RMB</TD><TD NOWRAP>&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right">US$</TD><TD NOWRAP>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right">&nbsp;</TD><TD NOWRAP>&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right">&nbsp;</TD><TD NOWRAP>&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right">(Note&nbsp;2(e))</TD><TD NOWRAP>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-indent: -10pt; padding-left: 10pt">Assets</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -10pt; padding-left: 10pt">Current assets</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 52%; text-align: left; text-indent: -10pt; padding-left: 30pt">Cash and cash equivalents</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 8%; text-align: center">5</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">475,028</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">928,934</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">143,403</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 30pt">Short-term deposits</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">6</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,214,576</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,894,946</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">292,529</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 30pt">Restricted short-term deposits</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">7</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">100,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">389,221</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">60,085</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 30pt">Accounts receivable, net</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">8</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">257,436</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">132,353</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">20,432</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -10pt; padding-left: 30pt">Inventory</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,445</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14,385</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,221</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 30pt">Amounts due from related parties</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">24</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">61,073</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,297</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">818</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 30pt">Prepayments and other current assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">9</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">204,139</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">147,823</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">22,822</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 30pt">Deferred tax assets</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 1pt">20</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">111,436</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">116,921</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">18,049</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt; text-indent: -10pt; padding-left: 10pt">Total current assets</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">5,425,133</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">3,629,880</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">560,359</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -10pt; padding-left: 10pt">Non-current assets</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 30pt">Deferred tax assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">20</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,392</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,363</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">519</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -10pt; padding-left: 30pt">Investments</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">10</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">186,654</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">567,557</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">87,616</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 30pt">Property and equipment, net</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">11</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">234,228</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">843,449</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">130,206</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 30pt">Intangible assets, net</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">12</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">154,034</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">146,437</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">22,606</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -10pt; padding-left: 30pt">Goodwill</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">13</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">300,382</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">151,638</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">23,409</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 30pt">Other non-current assets</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 1pt">14</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">560,971</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,985,714</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">306,541</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt; text-indent: -10pt; padding-left: 10pt">Total non-current assets</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD>&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">1,437,661</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">3,698,158</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">570,897</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt; text-indent: -10pt; padding-left: 10pt">Total assets</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD>&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">6,862,794</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">7,328,038</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">1,131,256</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -10pt; padding-left: 10pt">Liabilities and shareholders&rsquo; equity</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -10pt; padding-left: 10pt">Current liabilities</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 30pt">Accounts payable (including accounts payable of the consolidated variable interest entity without recourse to the Company of RMB101,160 and RMB108,500 as of December&nbsp;31, 2014 and 2015, respectively)</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">101,525</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">129,819</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">20,041</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 30pt">Deferred revenue (including deferred revenue of the consolidated variable interest entity without recourse to the Company of RMB354,987 and RMB385,300 as of December&nbsp;31, 2014 and 2015, respectively)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">15</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">356,150</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">385,300</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">59,480</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 30pt">Advances from customers (including advances from customers of the consolidated variable interest entity without recourse to the Company of RMB25,897 and RMB 45,189 as of December&nbsp;31, 2014 and 2015, respectively)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">34,127</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">55,086</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,504</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 30pt">Income taxes payable (including income taxes payable of the consolidated variable interest entity without recourse to the Company of RMB65,162 and RMB80,978 as of December&nbsp;31, 2014 and 2015, respectively)</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">89,161</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">107,403</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">16,580</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 30pt">Accrued liabilities and other current liabilities (including accrued liabilities and other current liabilities of the consolidated variable interest entity without recourse to the Company of RMB357,464 and RMB579,760 as of December&nbsp;31, 2014 and 2015, respectively)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">16</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">478,703</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">681,889</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">105,266</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 30pt">Amounts due to related parties (including amounts due to related parties of the consolidated variable interest entity without recourse to the Company of RMB30,892 and RMB23,684 as of December&nbsp;31, 2014 and 2015, respectively)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 1pt">24</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">30,892</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">24,917</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">3,847</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Total current liabilities</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD>&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">1,090,558</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">1,384,414</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">213,718</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -10pt; padding-left: 10pt">Non-current liabilities</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 30pt">Convertible bonds (including convertible bonds of the consolidated variable interest entity without recourse to the Company of nil and nil as of December&nbsp;31, 2014 and 2015, respectively)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">17</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,447,980</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,597,403</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">400,970</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 30pt">Long-term payable (including long-term payable of the consolidated variable interest entity without recourse to the Company of RMB183,000 and nil as of December&nbsp;31, 2014 and 2015, respectively)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">4</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">183,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 30pt">Deferred revenue(including deferred revenue of the consolidated variable interest entity without recourse to the Company of RMB24,383 and RMB20,752 as of December&nbsp;31, 2014 and 2015, respectively)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">15</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">24,383</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">20,752</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,204</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 30pt">Deferred tax liabilities (including deferred tax liabilities of the consolidated variable interest entity without recourse to the Company of RMB26,709 and RMB12,592 as of December&nbsp;31, 2014 and 2015, respectively)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 1pt">20</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">26,709</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">16,817</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2,596</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -10pt; padding-left: 30pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt; text-indent: -30pt; padding-left: 30pt">Total non-current liabilities</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">2,682,072</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">2,634,972</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">406,770</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -30pt; padding-left: 30pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt; text-indent: -10pt; padding-left: 10pt">Total liabilities</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD>&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">3,772,630</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">4,019,386</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">620,488</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">Commitments and contingencies</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">26</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 3; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>CONSOLIDATED BALANCE SHEETS AS OF DECEMBER 31, 2014 AND 2015
(CONTINUED)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(All amounts in thousands, except share, ADS, per share and
per ADS data)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="10" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid">As of December 31,</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: center">Notes</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right; border-bottom: Black 1pt solid">2014</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right; border-bottom: Black 1pt solid">2015</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right; border-bottom: Black 1pt solid">2015</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right">RMB</TD><TD NOWRAP>&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right">RMB</TD><TD NOWRAP>&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right">US$</TD><TD NOWRAP>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right">&nbsp;</TD><TD NOWRAP>&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right">&nbsp;</TD><TD NOWRAP>&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right">(Note&nbsp;2(e))</TD><TD NOWRAP>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 52%; font-weight: bold; text-align: left">Mezzanine equity</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 8%">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">-</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">61,833</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">9,545</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -10pt; padding-left: 10pt">Shareholders&rsquo; equity</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; text-indent: -10pt; padding-left: 10pt">Class&nbsp;A common shares (US$0.00001 par value; 10,000,000,000 shares authorized, 706,173,568 shares issued and outstanding as of December&nbsp;31, 2014 and 728,227,848 shares issued and outstanding as of December 31, 2015)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">21</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">43</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">43</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; text-indent: -10pt; padding-left: 10pt">Class B common shares (US$0.00001 par value; 1,000,000,000 shares authorized, 427,352,696 shares issued and outstanding as of December&nbsp;31, 2014 and 369,557,976 shares issued and outstanding as of December 31, 2015)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">21</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">30</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">27</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Additional paid-in capital</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,900,458</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,011,799</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">310,568</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Statutory reserves</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">2(ee)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">56,469</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">56,507</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,723</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Retained earnings</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">173,963</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,207,168</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">186,355</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt">Accumulated other comprehensive loss</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(40,799</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(36,385</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(5,617</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt; text-indent: -10pt; padding-left: 10pt">Total YY Inc.&rsquo;s shareholders&rsquo; equity</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">3,090,164</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">3,239,159</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">500,040</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt">Non-controlling interests</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">7,660</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,183</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt; text-indent: -10pt; padding-left: 10pt">Total shareholders&rsquo; equity</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">3,090,164</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">3,246,819</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">501,223</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -10pt; padding-left: 30pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt; text-indent: -10pt; padding-left: 10pt">Total liabilities, mezzanine equity and shareholders&rsquo; equity</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">6,862,794</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">7,328,038</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">1,131,256</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The accompanying notes are an integral part of these consolidated
financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;<B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="b_003"></A><B>CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
FOR THE YEARS ENDED DECEMBER 31, 2013, 2014 AND 2015</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(All amounts in thousands, except share, ADS, per share and
per ADS data)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="14" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">For&nbsp;the&nbsp;year&nbsp;ended&nbsp;December&nbsp;31,</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center">Note</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2013</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2014</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2015</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2015</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right">RMB</TD><TD NOWRAP>&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right">RMB</TD><TD NOWRAP>&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right">RMB</TD><TD NOWRAP>&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right">US$</TD><TD NOWRAP>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right">&nbsp;</TD><TD NOWRAP>&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right">&nbsp;</TD><TD NOWRAP>&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right">&nbsp;</TD><TD NOWRAP>&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right">(Note2(e))</TD><TD NOWRAP>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -10pt; padding-left: 10pt">Net revenues</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Internet value-added service</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 39%; text-align: left; text-indent: -38.8pt; padding-left: 50pt">&mdash;Online music and entertainment</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 8%">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">852,885</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">2,109,503</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">3,320,052</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">512,528</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -38.8pt; padding-left: 50pt">&mdash;Online games</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">602,111</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">811,699</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">771,882</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">119,158</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -38.8pt; padding-left: 50pt">&mdash;Online dating</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">661</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">194,134</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">651,019</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">100,500</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -38.8pt; padding-left: 50pt">&mdash;Other IVAS</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">204,551</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">415,689</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">918,006</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">141,716</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt">Other revenues</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">163,260</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">147,343</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">236,290</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">36,477</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt">Total net revenues</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,823,468</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">3,678,368</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">5,897,249</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">910,379</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Cost of revenues <SUP>(1)</SUP></FONT></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 1pt">18</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(881,999</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(1,849,149</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(3,579,744</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(552,617</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt">Gross profit</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">941,469</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,829,219</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2,317,505</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">357,762</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -10pt; padding-left: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Operating expenses <SUP>(1)</SUP></B></FONT></TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Research and development expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(267,005</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(431,188</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(548,799</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(84,720</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Sales and marketing expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(24,955</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(102,527</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(312,870</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(48,299</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">General and administrative expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(200,554</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(223,019</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(358,474</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(55,339</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Goodwill impairment</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">13</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(310,124</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(47,875</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt">Fair value change of contingent consideration</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 1pt">13</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">292,471</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">45,150</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt">Total operating expenses</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(492,514</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(756,734</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(1,237,796</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(191,083</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt">Other income</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 1pt">19</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">27,078</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">6,319</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">82,300</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">12,705</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt">Operating income</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">476,033</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,078,804</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,162,009</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">179,384</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Gain on disposal of an equity investment</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">999</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Foreign currency exchange gains / (losses), net</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">29,555</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(10,399</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(38,099</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(5,881</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Interest expense</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(56,607</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(97,125</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(14,994</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Interest income</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">60,221</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">164,969</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">137,892</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">21,287</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt">Other non-operating income / (expenses)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">36,714</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(2,165</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(334</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt">Income before income tax expenses</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">565,809</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,214,480</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,162,512</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">179,462</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt">Income tax expenses</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 1pt">20</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(89,951</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(154,283</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(178,327</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(27,529</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt">Income before share of income in equity method investments, net of income taxes</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">475,858</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,060,197</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">984,185</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">151,933</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt">Share of income in equity method investments, net of income taxes</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,869</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">4,275</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">14,120</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2,180</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt">Net income</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">477,727</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,064,472</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">998,305</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">154,113</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Less: Net loss attributable to the non-controlling interest shareholders and the mezzanine classified non-controlling interest shareholders</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(34,938</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(5,393</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -10pt; padding-left: 10pt">Net income attributable to YY Inc.</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">477,727</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,064,472</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,033,243</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">159,506</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Other comprehensive (loss) / income:</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 30pt">Foreign currency translation adjustments, net of nil tax</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(31,014</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">3,638</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">4,414</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">681</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt; text-indent: -10pt; padding-left: 10pt">Comprehensive income attributable to YY Inc.</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD>&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">446,713</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">1,068,110</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">1,037,657</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">160,187</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;<B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
FOR THE YEARS ENDED DECEMBER 31, 2013, 2014 AND 2015 (CONTINUED)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(All amounts in thousands, except share, ADS, per share and
per ADS data)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="14" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">For&nbsp;the&nbsp;year&nbsp;ended&nbsp;December&nbsp;31,</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt">Note</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2013</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2014</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2015</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2015</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">RMB</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">RMB</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">RMB</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">US$</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">(Note2(e))</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -10pt; padding-left: 10pt">Net income per ADS*</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 39%; text-indent: -59.5pt; padding-left: 70pt">&mdash;Basic</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 8%; text-align: center">23</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">8.51</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">18.46</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">18.37</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">2.84</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -59.5pt; padding-left: 70pt">&mdash;Diluted</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">23</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8.09</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">17.76</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">17.96</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.77</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Weighted average number of ADS used in calculating net income per ADS</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -59.5pt; padding-left: 70pt">&mdash;Basic</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">23</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">56,123,784</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">57,657,035</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">56,259,499</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">56,259,499</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -59.5pt; padding-left: 70pt">&mdash;Diluted</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">23</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">59,056,065</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">59,927,174</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">57,541,558</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">57,541,558</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-indent: -10pt; padding-left: 10pt">Net income per common share*</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -59.5pt; padding-left: 70pt">&mdash;Basic</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">23</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.43</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.92</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.92</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.14</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -59.5pt; padding-left: 70pt">&mdash;Diluted</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">23</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.40</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.89</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.90</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.13</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Weighted average number of common shares used in calculating net income per common share</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -59.5pt; padding-left: 70pt">&mdash;Basic</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">23</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,122,475,688</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,153,140,699</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,125,189,978</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,125,189,978</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -59.5pt; padding-left: 70pt">&mdash;Diluted</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">23</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,181,121,297</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,198,543,473</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,150,831,163</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,150,831,163</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&#9;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">*</FONT></TD>
    <TD STYLE="width: 97%; text-indent: 0.125in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Each ADS represents 20 Class&nbsp;A common shares.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(1)</FONT></TD>
    <TD STYLE="text-indent: 0.125in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Share based compensation was allocated in cost of revenues and operating expenses as follows:</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="14" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">For&nbsp;the&nbsp;year&nbsp;ended&nbsp;December&nbsp;31,</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt">Note</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2013</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2014</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2015</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2015</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right">RMB</TD><TD NOWRAP>&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right">RMB</TD><TD NOWRAP>&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right">RMB</TD><TD NOWRAP>&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right">US$</TD><TD NOWRAP>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">(Note2(e))</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD></TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 39%; text-indent: -10pt; padding-left: 10pt">Cost of revenues</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 8%; text-align: center"></TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">9,860</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">18,037</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">23,963</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">3,699</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Research and development expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">39,587</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">54,141</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">70,951</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,953</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Sales and marketing expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,318</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,807</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,283</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">507</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt">General and administrative expenses</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">66,331</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">59,647</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">87,175</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">13,458</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The accompanying notes are an integral part of these consolidated
financial statements.&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;<B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="b_004"></A><B>CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS&rsquo;
EQUITY FOR THE YEARS ENDED DECEMBER 31, 2013, 2014 AND 2015</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(All amounts in thousands, except share, ADS, per share and
per ADS data)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="6" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Class&nbsp;A&nbsp;common&nbsp;shares</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="6" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Class&nbsp;B&nbsp;Common&nbsp;shares</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>Additional</B></FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">Accumulated<BR>
    <B>other</B></FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>&nbsp;Total</B></FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">Notes</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Number<BR>
    of&nbsp;shares</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Amount</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Number<BR>
    of&nbsp;shares</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Amount</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">paid-in</FONT><BR>
<FONT STYLE="font-size: 8pt">capital</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Statutory<BR>
reserves</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Accumulated<BR>
    deficits</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">comprehensive</FONT><BR>
<FONT STYLE="font-size: 8pt">loss</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">shareholders&rsquo;</FONT><BR>
<FONT STYLE="font-size: 8pt">equity</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">Note 23</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font-size: 8pt">RMB</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">Note 23</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font-size: 8pt">RMB</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font-size: 8pt">RMB</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font-size: 8pt">RMB</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font-size: 8pt">RMB</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font-size: 8pt">RMB</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font-size: 8pt">RMB</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-indent: -7.5pt; padding-left: 7.5pt; width: 23%"><FONT STYLE="font-size: 8pt">Balance as
    of December&nbsp;31, 2012</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 4%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 5%; text-align: right"><FONT STYLE="font-size: 8pt">179,400,000</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 5%; text-align: right"><FONT STYLE="font-size: 8pt">11</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 5%; text-align: right"><FONT STYLE="font-size: 8pt">907,833,224</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 5%; text-align: right"><FONT STYLE="font-size: 8pt">60</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 5%; text-align: right"><FONT STYLE="font-size: 8pt">2,648,404</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 5%; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 5%; text-align: right"><FONT STYLE="font-size: 8pt">(1,311,767</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 5%; text-align: right"><FONT STYLE="font-size: 8pt">(13,423</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 5%; text-align: right"><FONT STYLE="font-size: 8pt">1,323,285</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -7.5pt; padding-left: 7.5pt"><FONT STYLE="font-size: 8pt">Issuance of common shares
    for exercised share options</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">21</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">4,648,420</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">115</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">115</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -7.5pt; padding-left: 7.5pt"><FONT STYLE="font-size: 8pt">Issuance of common shares
    for vested restricted shares and restricted share units</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">21</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">16,608,480</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(1</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -7.5pt; padding-left: 7.5pt"><FONT STYLE="font-size: 8pt">Class B common shares
    converted to Class A common shares</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">21</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">422,001,838</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">26</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(422,001,838</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(26</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -7.5pt; padding-left: 7.5pt"><FONT STYLE="font-size: 8pt">Share based compensation- share options</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">22</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">14,004</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">14,004</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -7.5pt; padding-left: 7.5pt"><FONT STYLE="font-size: 8pt">Share based compensation- restricted shares</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">22</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">7,300</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">7,300</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-size: 8pt">Share based compensation- <BR>restricted share units</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">22</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">95,792</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">95,792</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -7.5pt; padding-left: 7.5pt"><FONT STYLE="font-size: 8pt">Appropriations to statutory
    reserves</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">2(ee)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">40,657</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(40,657</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -7.5pt; padding-left: 7.5pt"><FONT STYLE="font-size: 8pt">Components of comprehensive
    income</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -7.5pt; padding-left: 22.5pt"><FONT STYLE="font-size: 8pt">Net income</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">477,727</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">477,727</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -7.5pt; padding-left: 22.5pt"><FONT STYLE="font-size: 8pt">Foreign
    currency translation adjustment, net of nil tax</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">(31,014</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">(31,014</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -7.5pt; padding-left: 22.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; padding-bottom: 2.5pt; text-indent: -7.5pt; padding-left: 7.5pt"><FONT STYLE="font-size: 8pt">Balance
    as of December&nbsp;31, 2013</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-size: 8pt">622,658,738</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-size: 8pt">38</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-size: 8pt">485,831,386</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-size: 8pt">34</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-size: 8pt">2,765,614</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-size: 8pt">40,657</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-size: 8pt">(874,697</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-size: 8pt">(44,437</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-size: 8pt">1,887,209</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


<!-- Field: Page; Sequence: 7; Value: 1 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;<B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS&rsquo;
EQUITY FOR THE YEARS ENDED DECEMBER 31, 2013, 2014 AND 2015 (CONTINUED)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(All amounts in thousands, except share, ADS, per share and
per ADS data)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Class&nbsp;A&nbsp;common&nbsp;shares</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Class&nbsp;B&nbsp;Common&nbsp;shares</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>Additional</B></FONT></TD><TD STYLE="padding-bottom: 1pt"></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">(Accumulated<BR>
    deficits)</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">Accumulated<BR>
    other</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>Total</B></FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">Notes</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Number<BR>
    of&nbsp;shares</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Amount</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Number<BR>
    of&nbsp;shares</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Amount</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">paid-in</FONT><BR>
<FONT STYLE="font-size: 8pt">capital</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Statutory<BR>
    reserves</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;/&nbsp;Retained</FONT><BR>
<FONT STYLE="font-size: 8pt">earnings</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">comprehensive</FONT><BR>
<FONT STYLE="font-size: 8pt">loss</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">shareholders&rsquo;</FONT><BR>
<FONT STYLE="font-size: 8pt">equity</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">Note 23</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font-size: 8pt">RMB</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">Note 23</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font-size: 8pt">RMB</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font-size: 8pt">RMB</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font-size: 8pt">RMB</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font-size: 8pt">RMB</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font-size: 8pt">RMB</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font-size: 8pt">RMB</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-indent: -7.5pt; padding-left: 7.5pt; width: 23%"><FONT STYLE="font-size: 8pt">Balance as
    of December&nbsp;31, 2013</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 4%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 5%; text-align: right"><FONT STYLE="font-size: 8pt">622,658,738</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 5%; text-align: right"><FONT STYLE="font-size: 8pt">38</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 5%; text-align: right"><FONT STYLE="font-size: 8pt">485,831,386</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 5%; text-align: right"><FONT STYLE="font-size: 8pt">34</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 5%; text-align: right"><FONT STYLE="font-size: 8pt">2,765,614</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 5%; text-align: right"><FONT STYLE="font-size: 8pt">40,657</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 5%; text-align: right"><FONT STYLE="font-size: 8pt">(874,697</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 5%; text-align: right"><FONT STYLE="font-size: 8pt">(44,437</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 5%; text-align: right"><FONT STYLE="font-size: 8pt">1,887,209</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -7.5pt; padding-left: 7.5pt"><FONT STYLE="font-size: 8pt">Issuance of common shares
    for exercised share options</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">21</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">5,841,660</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">213</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">213</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -7.5pt; padding-left: 7.5pt"><FONT STYLE="font-size: 8pt">Issuance of common shares
    for vested restricted shares and restricted share units</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">21</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">19,194,480</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(1</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -7.5pt; padding-left: 7.5pt"><FONT STYLE="font-size: 8pt">Class B common shares
    converted to Class A common shares</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">21</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">58,478,690</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">4</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(58,478,690</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(4</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -7.5pt; padding-left: 7.5pt"><FONT STYLE="font-size: 8pt">Share based compensation- restricted shares</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">22</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">3,771</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">3,771</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -7.5pt; padding-left: 7.5pt"><FONT STYLE="font-size: 8pt">Share based compensation-
    restricted share units</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">22</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">130,718</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">130,718</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -7.5pt; padding-left: 7.5pt"><FONT STYLE="font-size: 8pt">Share based compensation
    - restricted shares to the founder of a subsidiary of a variable interest entity</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">22</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">143</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">143</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -7.5pt; padding-left: 7.5pt"><FONT STYLE="font-size: 8pt">Appropriation to statutory
    reserves</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">2(ee)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">15,812</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(15,812</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -7.5pt; padding-left: 7.5pt"><FONT STYLE="font-size: 8pt">Components of comprehensive
    income</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -7.5pt; padding-left: 22.5pt"><FONT STYLE="font-size: 8pt">Net income</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,064,472</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,064,472</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -7.5pt; padding-left: 22.5pt"><FONT STYLE="font-size: 8pt">Foreign
    currency translation adjustment, net of nil tax</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">3,638</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">3,638</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -7.5pt; padding-left: 22.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; padding-bottom: 2.5pt; text-indent: -7.5pt; padding-left: 7.5pt"><FONT STYLE="font-size: 8pt">Balance
    as of December&nbsp;31, 2014</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-size: 8pt">706,173,568</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-size: 8pt">43</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-size: 8pt">427,352,696</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-size: 8pt">30</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-size: 8pt">2,900,458</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-size: 8pt">56,469</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-size: 8pt">173,963</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-size: 8pt">(40,799</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-size: 8pt">3,090,164</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 8; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;<B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS&rsquo;
EQUITY FOR THE YEARS ENDED DECEMBER 31, 2013, 2014 AND 2015 (CONTINUED)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(All amounts in thousands, except share, ADS, per share and
per ADS data)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="6" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 7pt">Class&nbsp;A&nbsp;&nbsp;<BR>
    common&nbsp;shares</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="6" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 7pt">Class&nbsp;B&nbsp;&nbsp;<BR>
    Common&nbsp;shares</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 7pt"><B>Additional</B></FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt"></TD><TD NOWRAP STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">Accumulated<BR>
    other</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 7pt"><B>Total</B><BR>
    <B>YY&nbsp;Inc.&rsquo;s</B></FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 7pt"><B>Non-</B></FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;Total</B></FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">Notes</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 7pt">Number<BR>
    of&nbsp;shares</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 7pt">Amount</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 7pt">Number<BR>
    of&nbsp;shares</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 7pt">Amount</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 7pt">paid-in<BR>
    capital</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 7pt">Statutory<BR>
    reserves</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 7pt">Retained<BR>
    earnings</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 7pt">comprehensive<BR>
    loss</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 7pt">&nbsp;shareholders&rsquo;<BR>
    &nbsp;equity</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 7pt">controlling&nbsp;<BR>
    interests</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 7pt">shareholders&rsquo;<BR>
    equity</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">Note 23</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font-size: 7pt">RMB</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 7pt">Note 23</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font-size: 7pt">RMB</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font-size: 7pt">RMB</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font-size: 7pt">RMB</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font-size: 7pt">RMB</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font-size: 7pt">RMB</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font-size: 7pt">RMB</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font-size: 7pt">RMB</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font-size: 7pt">RMB</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-indent: -7.5pt; padding-left: 7.5pt; width: 19%"><FONT STYLE="font-size: 7pt">Balance as
    of December&nbsp;31, 2014</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 3%"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="width: 4%; text-align: right"><FONT STYLE="font-size: 7pt">706,173,568</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="width: 4%; text-align: right"><FONT STYLE="font-size: 7pt">43</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="width: 4%; text-align: right"><FONT STYLE="font-size: 7pt">427,352,696</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="width: 4%; text-align: right"><FONT STYLE="font-size: 7pt">30</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="width: 4%; text-align: right"><FONT STYLE="font-size: 7pt">2,900,458</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="width: 4%; text-align: right"><FONT STYLE="font-size: 7pt">56,469</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="width: 4%; text-align: right"><FONT STYLE="font-size: 7pt">173,963</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="width: 4%; text-align: right"><FONT STYLE="font-size: 7pt">(40,799</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="width: 4%; text-align: right"><FONT STYLE="font-size: 7pt">3,090,164</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="width: 4%; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="width: 4%; text-align: right"><FONT STYLE="font-size: 7pt">3,090,164</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -7.5pt; padding-left: 7.5pt"><FONT STYLE="font-size: 7pt">Issuance of common shares
    for exercised share options</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 7pt">21</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">6,611,970</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">245</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">245</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">245</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -7.5pt; padding-left: 7.5pt"><FONT STYLE="font-size: 7pt">Issuance of common shares
    for vested restricted shares and restricted share units</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 7pt">21</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">19,498,710</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">1</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">(1</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -7.5pt; padding-left: 7.5pt"><FONT STYLE="font-size: 7pt">Class B common shares
    converted to Class A common shares</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 7pt">21</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">57,794,720</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">3</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 7pt">(57,794,720</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">(3</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -7.5pt; padding-left: 7.5pt"><FONT STYLE="font-size: 7pt">Repurchase of Class A
    common shares</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 7pt">21</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 7pt">(61,851,120</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">(4</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 7pt">(1,041,682</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 7pt">(1,041,686</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 7pt">(1,041,686</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -7.5pt; padding-left: 7.5pt"><FONT STYLE="font-size: 7pt">Share based compensation-
    restricted share units</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 7pt">22</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">152,205</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">152,205</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">152,205</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -7.5pt; padding-left: 7.5pt"><FONT STYLE="font-size: 7pt">Share based compensation
    - restricted shares to the founder of a subsidiary of a variable interest entity</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 7pt">22</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">574</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">574</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">574</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -7.5pt; padding-left: 7.5pt"><FONT STYLE="font-size: 7pt">Appropriation to statutory
    reserves</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 7pt">2(ee)</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">38</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">(38</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -7.5pt; padding-left: 7.5pt"><FONT STYLE="font-size: 7pt">Set-up subsidiaries with
    non-controlling interest shareholders</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">7,798</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">7,798</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -7.5pt; padding-left: 7.5pt"><FONT STYLE="font-size: 7pt">Components of comprehensive
    income</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -7.5pt; padding-left: 22.5pt"><FONT STYLE="font-size: 7pt">Net income / (loss) attributable
    to YY Inc. and non-controlling interest shareholders</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">1,033,243</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">1,033,243</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">(138</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">1,033,105</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -7.5pt; padding-left: 22.5pt"><FONT STYLE="font-size: 7pt">Foreign
    currency translation adjustment, net of nil tax</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">4,414</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">4,414</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">4,414</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -7.5pt; padding-left: 22.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; padding-bottom: 2.5pt; text-indent: -7.5pt; padding-left: 7.5pt"><FONT STYLE="font-size: 7pt">Balance
    as of December&nbsp;31, 2015</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; padding-bottom: 2.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-size: 7pt">728,227,848</FONT></TD><TD NOWRAP STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-size: 7pt">43</FONT></TD><TD NOWRAP STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-size: 7pt">369,557,976</FONT></TD><TD NOWRAP STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-size: 7pt">27</FONT></TD><TD NOWRAP STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-size: 7pt">2,011,799</FONT></TD><TD NOWRAP STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-size: 7pt">56,507</FONT></TD><TD NOWRAP STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-size: 7pt">1,207,168</FONT></TD><TD NOWRAP STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-size: 7pt">(36,385</FONT></TD><TD NOWRAP STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD NOWRAP STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-size: 7pt">3,239,159</FONT></TD><TD NOWRAP STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-size: 7pt">7,660</FONT></TD><TD NOWRAP STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-size: 7pt">3,246,819</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The accompanying notes are an integral part of these consolidated
financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="b_005"></A><B>CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED
DECEMBER 31, 2013, 2014 AND 2015</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(All amounts in thousands)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="14" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">For&nbsp;the&nbsp;year&nbsp;ended&nbsp;December&nbsp;31,</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt">Note</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2013</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2014</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2015</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2015</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right">RMB</TD><TD NOWRAP>&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right">RMB</TD><TD NOWRAP>&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right">RMB</TD><TD NOWRAP>&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right">US$</TD><TD NOWRAP>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">(Note2(e))</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -10pt; padding-left: 10pt">Cash flows from operating activities</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 39%; text-align: left; text-indent: -10pt; padding-left: 10pt">Net income</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 8%; text-align: center">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">477,727</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">1,064,472</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">998,305</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">154,113</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Adjustments to reconcile net income to net cash provided by operating activities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 30pt">Depreciation of property and equipment</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">11</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">44,963</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">68,035</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">122,098</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">18,849</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 30pt">Amortization of acquired intangible assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">12</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,707</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,598</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">64,201</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,911</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 30pt">Allowance for doubtful accounts</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">31,987</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">28,120</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,167</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">643</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 30pt">Loss on disposal of property and equipment</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">61</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,759</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">580</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 30pt">Impairment of an equity investment</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">899</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 30pt">Impairment of a cost investment</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">10</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">926</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 30pt">Impairment of intangible assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">12</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,697</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">57,199</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,830</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -10pt; padding-left: 30pt">Impairment of goodwill</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">13</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">310,124</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">47,875</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 30pt">Fair value change of contingent consideration</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">13</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(292,471</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(45,150</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -10pt; padding-left: 30pt">Share based compensation</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">22</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">117,096</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">134,632</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">185,372</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">28,617</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 30pt">Share of income in equity method investments</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,869</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(4,275</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(14,120</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,180</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 30pt">Gain on disposal of an equity investment</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(999</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 30pt">Deferred income taxes, net</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">20</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(35,414</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(45,751</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(25,039</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(3,865</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 30pt">Foreign exchange (gains) / losses, net</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(29,555</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,399</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">38,099</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,881</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 30pt">Other non-operating expense</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,165</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">334</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 30pt">Other non-operating income</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(36,714</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Changes in operating assets and liabilities, net of business acquisition</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 30pt">Accounts receivable</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(14,472</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(183,527</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">123,634</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">19,086</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 30pt">Prepayments and other assets</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(46,624</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(90,924</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">45,128</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,967</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 30pt">Amounts due from related parties</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,323</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(204</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -10pt; padding-left: 30pt">Inventory</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(11,080</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,710</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 30pt">Amounts due to related parties</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">36</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">28,252</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(13,743</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,122</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 30pt">Accounts payable</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">26,342</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">23,166</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(22,654</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(3,497</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 30pt">Deferred revenue</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">136,945</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">54,343</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">25,519</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,939</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 30pt">Advances from customers</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,034</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14,578</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">20,959</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,236</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 30pt">Income tax payable</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">30,106</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11,054</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">18,242</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,816</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 30pt">Accrued liabilities and other current liabilities</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">136,264</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">204,134</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">178,901</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">27,618</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt">Net cash provided by operating activities</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">891,173</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,301,351</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,823,442</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">281,493</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -10pt; padding-left: 10pt">Cash flows from investing activities</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Placements of short-term deposits</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,529,090</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(5,343,934</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,869,789</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(288,646</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Maturities of short-term deposits</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">995,996</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,550,059</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,257,609</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">657,262</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Placements of restricted short-term deposits</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(155,000</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,492,799</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(230,448</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Maturities of restricted short-term deposits</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">55,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">522,981</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">80,734</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Purchase of property and equipment</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(55,606</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(178,470</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(219,843</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(33,938</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Purchase of intangible assets</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(14,631</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(21,757</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(50,931</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(7,862</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Purchase of other non-current assets</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(510,341</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,926,224</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(297,358</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Cash paid for equity investments</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">24</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(11,000</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(15,000</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(500</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(77</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Cash paid for cost investments</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">10</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(47,110</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(73,402</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(351,800</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(54,309</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Acquisition of an available-for-sale debt security</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">10</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(6,117</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(944</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Cash received from disposal of a cost investment</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Cash received from disposal of an equity investment</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,563</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Cash dividend received from an equity investee</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,400</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">370</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Net cash (paid) / received in connection with business acquisition</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(170,950</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,553</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">857</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Payment on behalf of related parties</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">24</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(61,000</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(95,311</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(14,713</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Repayment of expense paid on behalf of a related party</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">24</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">156,181</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">24,110</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Loans to related parties</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">24</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,500</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(159,000</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(24,545</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Repayment of loans from related parties</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">24</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">160,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">24,700</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Loans to employees and third parties</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(3,770</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(35,512</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(6,037</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(932</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Repayment of loans from employees and third parties</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,560</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,531</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13,237</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,043</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Proceeds from disposal of property and equipment</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">48</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">158</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">12,368</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,909</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt">Net cash used in investing activities</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(659,603</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(3,954,055</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(1,048,022</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(161,787</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 10; Value: 1 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;<B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED
DECEMBER 31, 2013, 2014 AND 2015 (CONTINUED)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(All amounts in thousands)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="14" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">For&nbsp;the&nbsp;year&nbsp;ended&nbsp;December&nbsp;31,</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt">Note</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2013</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2014</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2015</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2015</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right">RMB</TD><TD NOWRAP>&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right">RMB</TD><TD NOWRAP>&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right">RMB</TD><TD NOWRAP>&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right">US$</TD><TD NOWRAP>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right">&nbsp;</TD><TD NOWRAP>&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right">&nbsp;</TD><TD NOWRAP>&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right">&nbsp;</TD><TD NOWRAP>&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right">(Note2(e))</TD><TD NOWRAP>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -10pt; padding-left: 10pt">Cash flows from financing activities</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 39%; text-indent: -10pt; padding-left: 10pt">Proceeds from exercise of vested share options</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 8%; text-align: center">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">115</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">213</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">245</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">38</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt">Repurchase of common shares</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">21</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,041,686</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(160,809</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Capital contributions from the non-controlling interests</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,798</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,204</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Proceeds from bank borrowings</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,148,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">177,298</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Repayment of bank borrowings</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(452,000</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(69,777</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Payments of listing expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(5,802</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt">Proceeds from issuance of convertible bonds, net of issuance costs</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 1pt">17</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2,402,549</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt">Net cash (used in) / provided by financing activities</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(5,687</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2,402,762</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(337,143</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(52,046</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Net increase / (decrease) in cash and cash equivalents</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">225,883</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(249,942</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">438,277</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">67,660</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Cash and cash equivalents at the beginning of the year</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">504,702</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">729,598</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">475,028</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">73,331</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt">Effect of exchange rate changes on cash and cash equivalents</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(987</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(4,628</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">15,629</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2,412</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt; text-indent: -10pt; padding-left: 10pt">Cash and cash equivalents at the end of the year</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">729,598</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">475,028</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">928,934</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">143,403</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="14" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">For&nbsp;the&nbsp;year&nbsp;ended&nbsp;December&nbsp;31,</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt">Note</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2013</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2014</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2015</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2015</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right">RMB</TD><TD NOWRAP>&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right">RMB</TD><TD NOWRAP>&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right">RMB</TD><TD NOWRAP>&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right">US$</TD><TD NOWRAP>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">(Note2(e))</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 39%; font-weight: bold; text-align: left">Supplemental disclosure of cash flows information:</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 8%; text-align: right"></TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">&nbsp;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">&nbsp;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">&nbsp;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">&nbsp;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">&mdash;Cash paid for interest, net of amounts capitalized</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right"></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(28,769</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(78,186</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(12,070</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -20pt; padding-left: 20pt">&mdash;Acquisition of property and equipment in form of accounts payable</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,653</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">25,514</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">66,673</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,293</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">&mdash;Income taxes paid</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(95,259</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(188,979</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(185,124</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(28,578</TD><TD STYLE="text-align: left">)</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 11.5pt; text-indent: -11.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 11.5pt; text-indent: -11.5pt">The accompanying notes are
an integral part of these consolidated financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;<B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="a_006"></A><B><A NAME="b_006"></A>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>(All amount in thousands, except share and per share data,
unless otherwise stated)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>1.</B></FONT></TD>
    <TD STYLE="width: 96%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Organization and principal activities</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23.8pt; text-align: justify; text-indent: -23.8pt"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 23.8pt"><B>(a)</B></TD><TD STYLE="text-align: justify"><B>Principal activities</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.95pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.95pt; text-align: justify">YY Inc. (the &ldquo;Company&rdquo;),
through its subsidiaries, its variable interest entities (&ldquo;VIEs&rdquo;) and VIE&rsquo;s subsidiaries (collectively, the &ldquo;Group&rdquo;)
is principally engaged in operating an online social platform in the People&rsquo;s Republic of China (the &ldquo;PRC&rdquo; or
&ldquo;China&rdquo;) through its platform, YY Client and through its website <I>YY.com, Duowan.com, 100.com, Huya.com, Edu24ol.com
</I>and <I>Zhiniu8.com.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23.8pt; text-align: justify; text-indent: -23.8pt"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 23.8pt"><B>(b)</B></TD><TD STYLE="text-align: justify"><B>Reorganization</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.95pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.95pt; text-align: justify">The Company was incorporated
in the Cayman Islands on July&nbsp;22, 2011.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.95pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.95pt; text-align: justify">The Group began its operations
in the PRC in April 2005 through its PRC domestic company, Guangzhou Huaduo Network Technology Co., Ltd. (&ldquo;Guangzhou Huaduo&rdquo;),
which was directly owned by Mr.&nbsp;David Xueling Li (the &ldquo;Founder&rdquo; or the &ldquo;CEO&rdquo;) and Mr.&nbsp;Jun Lei
(the &ldquo;Co-founder&rdquo; or the &ldquo;Chairman&rdquo;). Guangzhou Huaduo holds the necessary licenses and approvals to operate
internet-related businesses in the PRC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.95pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.95pt; text-align: justify">For the period between July
2006 and April 2007, the Group undertook a reorganization (the &ldquo;First Reorganization&rdquo;) and established Duowan Limited
(&ldquo;Duowan Limited&rdquo;), an investment holding company under the laws of the British Virgin Islands (the &ldquo;BVI&rdquo;),
Duowan (Hong Kong) Limited (&ldquo;Duowan (Hong Kong)&rdquo;), a Hong Kong incorporated company wholly owned by Duowan Limited,
and Guangzhou Duowan Information Technology Co., Ltd. (&ldquo;Guangzhou Duowan&rdquo;), a wholly-owned foreign enterprise (&ldquo;WOFE&rdquo;)
in the PRC owned by Duowan (Hong Kong) (collectively &ldquo;Duowan Limited Group Structure&rdquo;). The First Reorganization was
necessary to comply with PRC laws and regulations which prohibit or restrict foreign ownership of companies that provide internet
content services in the PRC where licenses are required.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.95pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.95pt; text-align: justify">By entering into a series of
agreements among the Founder, the Co-founder, Guangzhou Huaduo, and Guangzhou Duowan (collectively, &ldquo;First VIE agreements&rdquo;),
Guangzhou Huaduo became a VIE of Guangzhou Duowan. Guangzhou Duowan became the primary beneficiary of Guangzhou Huaduo.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.95pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.95pt; text-align: justify">In November 2007, Duowan Entertainment
Corporation (&ldquo;Duowan BVI&rdquo;) was incorporated in the BVI. In March 2008, Duowan BVI established Duowan Entertainment
Information Technology (Beijing) Co., Ltd. (&ldquo;Duowan Entertainment&rdquo;), as a WOFE in the PRC and a wholly-owned subsidiary
of Duowan BVI. The Group undertook a second reorganization (the &ldquo;Second Reorganization&rdquo;) whereby the First VIE agreements
among the Founder, the Co-founder, Guangzhou Huaduo and Guangzhou Duowan were terminated and a new series of VIE agreements (collectively,
&ldquo;Second VIE agreements&rdquo;) were signed among the Founder, the Co-founder, Guangzhou Huaduo and Duowan Entertainment,
through which Duowan Entertainment became the primary beneficiary and exercised effective control over the operations of Guangzhou
Huaduo. Duowan BVI became the then holding company of the Group.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.95pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.95pt; text-align: justify">In August 2008, Duowan Entertainment
purchased all the equity interests in Guangzhou Duowan from Duowan (Hong Kong).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.95pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.95pt; text-align: justify">In December 2008, the Group
undertook another reorganization (the &ldquo;Third Reorganization&rdquo;) and acquired all of the equity interests of NeoTasks
Inc. (&ldquo;NeoTasks&rdquo;), a Cayman Islands company, together with its wholly-owned subsidiary, NeoTasks Limited, its WOFE,
NeoTasks International Media Technology (Beijing) Co., Ltd. (&ldquo;NeoTasks Beijing&rdquo;), and its VIE, Beijing Tuda Science
and Technology Co., Limited (&ldquo;Beijing Tuda&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.95pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.95pt; text-align: justify">In July 2009, Guangzhou Duowan
was renamed as Zhuhai Duowan Information Technology Co., Ltd. (&ldquo;Zhuhai Duowan&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>(All amount in thousands, except share and per share data,
unless otherwise stated)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>1.</B></FONT></TD>
    <TD STYLE="width: 96%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Organization and principal activities (continued)</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 23.8pt"><B>(b)</B></TD><TD><B>Reorganization (continued)</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt">In December 2009, another series of VIE agreements
(collectively, &ldquo;Third VIE agreements&rdquo;) were entered into amongst the legal shareholders of Beijing Tuda and Duowan
Entertainment and thus completing the Third Reorganization. Through the aforementioned activities, Beijing Tuda became a VIE, whose
primary beneficiary is Duowan Entertainment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.95pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.95pt; text-align: justify">In December 2010, Duowan BVI
established Zhuhai Duowan Technology Co., Ltd. (&ldquo;Zhuhai Duowan Technology&rdquo;), which is directly 100% owned by Duowan
BVI.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.95pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.95pt; text-align: justify">On September&nbsp;6, 2011,
pursuant to a share swap agreement, all the then existing shareholders of Duowan BVI exchanged their respective shares, including
the Series A, Series B, Series C-1 and Series C-2 Preferred Shares, of Duowan BVI for equivalent classes of shares of the Company
on a 1 for 1 basis. As a result, Duowan BVI became a wholly-owned subsidiary of the Company and it also became the holding company
of the Group (the &ldquo;Share Swap&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.95pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.95pt; text-align: justify">In May 2012, Duowan Entertainment
was renamed as Huanju Shidai Technology (Beijing) Co., Ltd. (&ldquo;Beijing Huanju Shidai&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.95pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.95pt; text-align: justify">In September 2012, Zhuhai Duowan
Technology was renamed as Guangzhou Huanju Shidai Information Technology Co., Ltd. (&ldquo;Guangzhou Huanju Shidai&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.95pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.95pt; text-align: justify">The First Reorganization, the
Second Reorganization, the Third Reorganization and the Share Swap were all reorganization of entities under common control and
have been accounted for in a manner akin to a pooling of interest as if the Company, through its wholly owned subsidiaries, had
been in existence and been the primary beneficiary of the VIEs throughout the periods presented in the consolidated financial statements.
As a result of these arrangements, the Company, through its wholly owned subsidiaries, is considered the primary beneficiary of
two VIEs, Guangzhou Huaduo and Beijing Tuda, and accordingly, their results of operation and financial conditions are consolidated
in the financial statements of the Group.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23.8pt; text-align: justify; text-indent: -23.8pt"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 23.8pt"><B>(c)</B></TD><TD STYLE="text-align: justify"><B>Initial Public Offering</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.95pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.95pt; text-align: justify">The Company completed its initial
public offering (&ldquo;IPO&rdquo;) on November&nbsp;21, 2012 on the NASDAQ Global Market and the underwriters subsequently exercised
their over-allotment option on December&nbsp;5, 2012. The Company issued and sold a total of 8,970,000 American Depositary Shares
(&ldquo;ADSs&rdquo;) in these transactions, representing 179,400,000 Class&nbsp;A common shares. Each ADS represents twenty Class&nbsp;A
common shares. The net proceeds received by the Company, after deducting commissions and offering expenses, amounted to approximately
US$82,055. Upon the completion of the IPO, all of the Company&rsquo;s 359,424,310 outstanding preferred shares and 548,408,914
outstanding common shares were converted into Class B common shares immediately as of the same date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.95pt; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>(All amount in thousands, except share and per share data,
unless otherwise stated)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>1.</B></FONT></TD>
    <TD STYLE="width: 96%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Organization and principal activities (continued)</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 23.8pt"><B>(d)</B></TD><TD><B>Principal subsidiaries, VIE and VIE&rsquo;s subsidiaries</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.95pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.95pt">The details of the principal subsidiaries, VIEs
and VIE&rsquo;s subsidiaries through which the Company conducts its business operations as of December&nbsp;31, 2015 are set out
below:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid; text-align: left; vertical-align: bottom">Name</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt; text-align: center; vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: bottom">Place&nbsp;of<BR> incorporation</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt; text-align: center; vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: bottom">Date&nbsp;of<BR> incorporation&nbsp;or<BR> acquisition</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt; text-align: center; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: bottom">%&nbsp;of&nbsp;direct<BR> or&nbsp;indirect&nbsp;&nbsp;<BR> economic&nbsp;<BR> ownership</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold; text-align: center; vertical-align: bottom">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt; text-align: center; vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: bottom">Principal&nbsp;activities</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -10pt; padding-left: 10pt; vertical-align: top">Principal subsidiaries</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -10pt; padding-left: 10pt; vertical-align: top">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 38%; text-align: left; text-indent: -10pt; padding-left: 10pt; vertical-align: top">Duowan Entertainment Corporation (&ldquo;Duowan BVI&rdquo;)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 12%; text-align: left; vertical-align: top">BVI</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 16%; text-align: left; vertical-align: top">November&nbsp;6, 2007</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: right; vertical-align: top">&nbsp;</TD><TD STYLE="width: 10%; text-align: right; vertical-align: top">100</TD><TD STYLE="width: 1%; text-align: left; vertical-align: top">%</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 18%; text-align: left; vertical-align: top">Investment&nbsp;holding</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt; text-align: left; vertical-align: top">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-indent: -10pt; padding-left: 10pt; text-align: left; vertical-align: top">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-indent: -10pt; padding-left: 10pt; text-align: left; vertical-align: top">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-indent: -10pt; padding-left: 10pt; text-align: left; vertical-align: top">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt; vertical-align: top">Huanju Shidai Technology (Beijing) Co., Ltd. (&ldquo;Beijing Huanju Shidai&rdquo; or &ldquo;Duowan Entertainment&rdquo;)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">PRC</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">March 19, 2008</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">100</TD><TD STYLE="text-align: left; vertical-align: top">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">Investment holding</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt; text-align: left; vertical-align: top">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-indent: -10pt; padding-left: 10pt; text-align: left; vertical-align: top">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-indent: -10pt; padding-left: 10pt; text-align: left; vertical-align: top">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-indent: -10pt; padding-left: 10pt; text-align: left; vertical-align: top">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt; vertical-align: top">Zhuhai Duowan Information Technology Co., Ltd. (&ldquo;Zhuhai Duowan&rdquo; or &ldquo;Guangzhou Duowan&rdquo;)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">PRC</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">April 9, 2007</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">100</TD><TD STYLE="text-align: left; vertical-align: top">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">Online advertising and software development</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt; text-align: left; vertical-align: top">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-indent: -10pt; padding-left: 10pt; text-align: left; vertical-align: top">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-indent: -10pt; padding-left: 10pt; text-align: left; vertical-align: top">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-indent: -10pt; padding-left: 10pt; text-align: left; vertical-align: top">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt; vertical-align: top">Guangzhou Huanju Shidai Information Technology Co., Ltd. (&ldquo;Guangzhou Huanju Shidai&rdquo;)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">PRC</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">December&nbsp;2, 2010</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">100</TD><TD STYLE="text-align: left; vertical-align: top">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">Software development</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt; text-align: left; vertical-align: top">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-indent: -10pt; padding-left: 10pt; text-align: left; vertical-align: top">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-indent: -10pt; padding-left: 10pt; text-align: left; vertical-align: top">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-indent: -10pt; padding-left: 10pt; text-align: left; vertical-align: top">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt; vertical-align: top">Engage Capital Partners I, L.P.(&ldquo;Engage L.P.&rdquo;)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">Cayman&nbsp;Islands</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">March 23, 2015</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">93.5</TD><TD STYLE="text-align: left; vertical-align: top">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">Investment</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt; text-align: left; vertical-align: top">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-indent: -10pt; padding-left: 10pt; text-align: left; vertical-align: top">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-indent: -10pt; padding-left: 10pt; text-align: left; vertical-align: top">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-indent: -10pt; padding-left: 10pt; text-align: left; vertical-align: top">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -10pt; padding-left: 10pt; vertical-align: top">Principal Variable Interest Entity (&ldquo;VIE&rdquo;)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -10pt; padding-left: 10pt; vertical-align: top">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt; vertical-align: top">Guangzhou Huaduo Network Technology Co., Ltd. (&ldquo;Guangzhou Huaduo&rdquo;)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">PRC</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">April 11, 2005</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">100</TD><TD STYLE="text-align: left; vertical-align: top">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">Holder of internet content provider licenses and internet&nbsp;value&nbsp;added services</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt; text-align: left; vertical-align: top">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-indent: -10pt; padding-left: 10pt; text-align: left; vertical-align: top">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-indent: -10pt; padding-left: 10pt; text-align: left; vertical-align: top">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-indent: -10pt; padding-left: 10pt; text-align: left; vertical-align: top">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -10pt; padding-left: 10pt; vertical-align: top">Principal VIE&rsquo;s subsidiaries</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt; text-align: left; vertical-align: top">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-indent: -10pt; padding-left: 10pt; text-align: left; vertical-align: top">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-indent: -10pt; padding-left: 10pt; text-align: left; vertical-align: top">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-indent: -10pt; padding-left: 10pt; text-align: left; vertical-align: top">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt; vertical-align: top">*100 Online Education Technology (Beijing) Co.,Ltd. (&ldquo;100 Online&rdquo;)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">PRC</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">December 2, 2014</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">100</TD><TD STYLE="text-align: left; vertical-align: top">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">Online education service</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt; text-align: left; vertical-align: top">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt; vertical-align: top">Beijing Huanqiu Xingxue Technology Development Co., Ltd. (&ldquo;Xingxue&rdquo;)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">PRC</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">December 23, 2014</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">76.9</TD><TD STYLE="text-align: left; vertical-align: top">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">Online education service</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt; text-align: left; vertical-align: top">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt; vertical-align: top">Shanghai Beifu Culture Communication Co., Ltd. (&ldquo;Beifu&rdquo;)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">PRC</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">February 3, 2015</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">70</TD><TD STYLE="text-align: left; vertical-align: top">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">E-commerce</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt; text-align: left; vertical-align: top">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt; vertical-align: top">Shanghai Yilian Equity Investment Partnership(LP) (&ldquo;Shanghai Yilian&rdquo;)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">PRC</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">June 23, 2015</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">93.5</TD><TD STYLE="text-align: left; vertical-align: top">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">Investment</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">*100 Online Education Technology (Beijing) Co.,Ltd. (&ldquo;100 Online&rdquo;), formerly known as Zhengrenqiang and His Partners Education Technology (Beijing) Co., Ltd. (&ldquo;Zhengrenqiang&rdquo;).</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;<B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>(All amount in thousands, except share and per share data,
unless otherwise stated)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>1.</B></FONT></TD>
    <TD STYLE="width: 96%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Organization and principal activities (continued)</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 23.8pt"><B>(e)</B></TD><TD><B>Variable Interest Entities</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">To comply with PRC laws and regulations
that prohibit or restrict foreign ownership of companies that provide internet-content, the Group conducts its operations primarily
through its principal VIE Guangzhou Huaduo, which holds the internet value-added service license and approvals to provide such
internet services in the PRC. Beijing Huanju Shidai entered into a series of contractual agreements among Beijing Huanju Shidai,
Guangzhou Huaduo and its legal shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">The Company&rsquo;s relationships
with Guangzhou Huaduo and its shareholders are governed by the following contractual arrangements:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 4%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&bull;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 93%; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Exclusive Technology Support and Technology Services Agreement</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">Under the exclusive technology
support and technology services agreement between Beijing Huanju Shidai and Guangzhou Huaduo, Beijing Huanju Shidai has the exclusive
right to provide to Guangzhou Huaduo technology support and technology services related to all technologies needed for its business.
Beijing Huanju Shidai owns the exclusive intellectual property rights created as a result of the performance of this agreement.
The service fee payable by Guangzhou Huaduo to Beijing Huanju Shidai is determined by various factors, including the expenses Beijing
Huanju Shidai incurs for providing such services and Guangzhou Huaduo&rsquo;s revenues. The term of this agreement will expire
in 2028 and may be extended with Beijing Huanju Shidai&rsquo;s written confirmation prior to the expiration date. Beijing Huanju
Shidai is entitled to terminate the agreement at any time by providing 30 days&rsquo; prior written notice to Guangzhou Huaduo.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 4%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&bull;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 93%; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Exclusive Business Cooperation Agreement</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">Under the exclusive business cooperation
agreement between Beijing Huanju Shidai and Guangzhou Huaduo, Beijing Huanju Shidai has the exclusive right to provide to Guangzhou
Huaduo technology support, business support and consulting services related to the services provided by Guangzhou Huaduo, the scope
of which is to be determined by Beijing Huanju Shidai from time to time. Beijing Huanju Shidai owns the exclusive intellectual
property rights created as a result of the performance of this agreement. The service fee payable by Guangzhou Huaduo to Beijing
Huanju Shidai is a certain percentage of its earnings. The term of this agreement will expire in 2039 and may be extended with
Beijing Huanju Shidai&rsquo;s written confirmation prior to the expiration date. Beijing Huanju Shidai is entitled to terminate
the agreement at any time by providing 30 days&rsquo; prior written notice to Guangzhou Huaduo.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD STYLE="width: 4%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&bull;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 93%; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Exclusive Option Agreement</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">The parties to the exclusive option
agreement are Beijing Huanju Shidai, Guangzhou Huaduo and each of the shareholders of Guangzhou Huaduo. Under the exclusive option
agreement, each of the shareholders of Guangzhou Huaduo irrevocably granted Beijing Huanju Shidai or its designated representative(s)
an exclusive option to purchase, to the extent permitted under PRC law, all or part of his or its equity interests in Guangzhou
Huaduo. Beijing Huanju Shidai or its designated representative(s) have sole discretion as to when to exercise such options, either
in part or in full. Without Beijing Huanju Shidai&rsquo;s prior written consent, Guangzhou Huaduo&rsquo;s shareholders shall not
sell, transfer, mortgage or otherwise dispose their equity interests in Guangzhou Huaduo. The term of this agreement is ten years
and may be extended at Beijing Huanju Shidai&rsquo;s sole discretion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;<B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>(All amount in thousands, except share and per share data,
unless otherwise stated)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>1.</B></FONT></TD>
    <TD STYLE="width: 96%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Organization and principal activities (continued)</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 23.8pt"><B>(e)</B></TD><TD><B>Variable Interest Entities (continued)</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&bull;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 93%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Powers of Attorney</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">Pursuant to the irrevocable power
of attorney executed by each shareholder of Guangzhou Huaduo, each such shareholder appointed Beijing Huanju Shidai as its attorney-in-fact
to exercise such shareholders&rsquo; rights in Guangzhou Huaduo, including, without limitation, the power to vote on its behalf
on all matters of Guangzhou Huaduo requiring shareholder approval under PRC laws and regulations and the articles of association
of Guangzhou Huaduo. Each power of attorney will remain in force until the shareholder ceases to hold any equity interest in Guangzhou
Huaduo.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD STYLE="width: 4%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&bull;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 93%; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Share Pledge Agreement</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">Pursuant to the share pledge agreement
between Beijing Huanju Shidai and the shareholders of Guangzhou Huaduo, the shareholders of Guangzhou Huaduo have pledged all of
their equity interests in Guangzhou Huaduo to Beijing Huanju Shidai to guarantee the performance by Guangzhou Huaduo and its shareholders&rsquo;
performance of their respective obligations under the exclusive business cooperation agreement, exclusive option agreement, exclusive
technology support and technology services agreement and powers of attorney. If Guangzhou Huaduo and/or its shareholders breach
their contractual obligations under those agreements, Beijing Huanju Shidai, as pledgee, will be entitled to certain rights, including
the right to sell the pledged equity interests.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">Through the aforementioned contractual
agreements, Guangzhou Huaduo is considered a VIE in accordance with Generally Accepted Accounting Principles in the United States
(&ldquo;U.S. GAAP&rdquo;) because the Company, through Beijing Huanju Shidai, has the ability to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD STYLE="width: 4%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&bull;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 93%; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">exercise effective control over Guangzhou Huaduo;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD STYLE="width: 4%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&bull;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 93%; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">receive substantially all of the economic benefits and residual returns, and absorb substantially all the risks and expected losses from VIEs as if it were their sole shareholder; and</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD STYLE="width: 4%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&bull;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 93%; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">have an exclusive option to purchase all of the equity interests in the VIE.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;<B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>(All amount in thousands, except share and per share data,
unless otherwise stated)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>1.</B></FONT></TD>
    <TD STYLE="width: 96%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Organization and principal activities (continued)</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 23.8pt"><B>(e)</B></TD><TD><B>Variable Interest Entities (continued)</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">As of December&nbsp;31, 2015,
the total assets of the consolidated VIEs and VIE&rsquo;s subsidiaries were RMB3,875,295, mainly comprising cash and cash equivalents,
short-term deposits, restricted short-term deposits, accounts receivable, inventory, amounts due from related parties, prepayments
and other current assets, investments, property and equipment, intangible assets, goodwill, other non-current assets and deferred
tax assets. As of December&nbsp;31, 2015, the total liabilities of the consolidated VIEs and VIE&rsquo;s subsidiaries were RMB1,256,755,
mainly comprising accounts payable, deferred revenue, advances from customers, amounts due to related parties, accrued liabilities
and other current liabilities and income taxes payable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">In accordance with the aforementioned
agreements, the Company has power to direct activities of the VIEs, and can have assets transferred out of the VIEs. Therefore
the Company considers that there is no asset in the consolidated VIEs and VIE&rsquo;s subsidiaries that can be used only to settle
obligations of the consolidated VIEs and VIE&rsquo;s subsidiaries, except for registered capital and PRC statutory reserves of
the VIEs and VIE&rsquo;s subsidiaries amounting to RMB2,584,627 as of December&nbsp;31, 2015. As the consolidated VIEs and VIE&rsquo;s
subsidiaries were incorporated as limited liability companies under the PRC Company Law, the creditors do not have recourse to
the general credit of the Company for all the liabilities of the consolidated VIEs and VIE&rsquo;s subsidiaries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">Currently there is no contractual
arrangement that could require the Company to provide additional financial support to the VIEs. As the Company is conducting its
PRC internet value-added services business through the VIEs, the Company will, if needed, provide such support on a discretional
basis in the future, which could expose the Company to a loss.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">There is no VIE where the Company
has variable interest but is not the primary beneficiary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>2.</B></FONT></TD>
    <TD STYLE="width: 96%; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Principal accounting policies</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(a)</B></FONT></TD>
    <TD STYLE="width: 96%; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Basis of presentation</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.5pt">The consolidated financial statements have been prepared
in accordance with the U.S. GAAP to reflect the financial position and results of operations of the Group.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.5pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>(b)</B></P></TD>
    <TD STYLE="width: 96%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B></B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Consolidation</B></P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.95pt; text-align: justify">The Group&rsquo;s consolidated
financial statements include the financial statements of the Company, its subsidiaries, and its VIEs and VIE&rsquo;s subsidiaries
for which the Company or its subsidiary is the primary beneficiary. All transactions and balances among the Company, its subsidiaries,
its VIEs and VIE&rsquo;s subsidiaries have been eliminated upon consolidation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">A subsidiary is an entity in which
the Company, directly or indirectly, controls more than one half of the voting powers; or has the power to appoint or remove the
majority of the members of the board of directors; or to cast a majority of votes at the meeting of directors; or has the power
to govern the financial and operating policies of the investee under a statute or agreement among the shareholders or equity holders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">A VIE is an entity in which the
Company, or its subsidiary, through contractual agreements, bears the risks of, and enjoys the rewards normally associated with
ownership of the entity, and therefore the Company or its subsidiary is the primary beneficiary of the entity. In determining whether
the Company or its subsidiaries are the primary beneficiary, the Company considered whether it has the power to direct activities
that are significant to the VIEs economic performance, and also the Company&rsquo;s obligation to absorb losses of the VIE that
could potentially be significant to the VIE or the right to receive benefits from the VIE that could potentially be significant
to the VIE. Beijing Huanju Shidai, Bilin Changxiang and ultimately the Company hold all the variable interests of the VIEs and
VIE&rsquo;s subsidiaries and has been determined to be the primary beneficiary of the VIEs and VIE&rsquo;s subsidiaries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>(All amount in thousands, except share and per share data,
unless otherwise stated)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>2.</B></FONT></TD>
    <TD STYLE="width: 96%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Principal accounting policies (continued)</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(b)</B></FONT></TD>
    <TD STYLE="width: 96%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Consolidation (continued)</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">The Company established two funds
entities, namely Engage L.P. and Shanghai Yilian, (collectively, the &ldquo;Funds&rdquo;), in March and June 2015, respectively.The
Company holds 93.5% of interests in the Funds. The Company assesses that the Company exercises controls and is entitled to the
various returns of the Fund and therefore the Funds have been accounted for as subsidiaries of and has been consolidated by the
Company in accordance with ASC 810.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(c)</B></FONT></TD>
    <TD STYLE="width: 96%; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Use of estimates</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">The preparation of the Company&rsquo;s
consolidated financial statements in conformity with U.S.&nbsp;GAAP requires management to make estimates and assumptions that
affect the reported amounts of assets, liabilities, mezzanine equity and disclosure of contingent assets and liabilities at the
date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results
could differ materially from such estimates. The Company believes that the user relationship period related to online games revenue,
assessment of whether the Group acts as a principal or an agent in different revenue streams, classification of perpetual items
versus consumable items under item-based model, the determination of estimated selling prices of multiple element revenue contracts,
income taxes, allowances for doubtful accounts, determination of share based compensation expenses, impairment assessment of goodwill,
long-lived assets and intangible assets, tax considerations for earnings retained in the Group&rsquo;s VIEs, fair value determination
related to the accounting for business combinations and subsequent measurement of contingent consideration following business combinations,
assessment on the probability of exercisability of the put option related to business combinations, assessment on the probability
of performance condition affiliated in equity-classified award under ASC 718 that affect vesting, represent critical accounting
policies that reflect more significant judgments and estimates used in the preparation of its consolidated financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">Management bases the estimates
on historical experience and on various other assumptions that are believed to be reasonable, the results of which form the basis
for making judgments about the carrying values of assets and liabilities. Actual results could differ from these estimates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(d)</B></FONT></TD>
    <TD STYLE="width: 96%; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Foreign currency translation</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">The Group uses Renminbi (&ldquo;RMB&rdquo;)
as its reporting currency. The functional currency of the Company and its subsidiaries incorporated in the Cayman Islands, British
Virgin Islands, and Hong Kong is United States dollar (&ldquo;US$&rdquo;), while the functional currency of the other entities,
VIEs and VIE&rsquo;s subsidiaries in the Group is RMB, which is their respective local currency. In the consolidated financial
statements, the financial information of the Company and its subsidiaries, which use US$ as their functional currency, have been
translated into RMB. Assets and liabilities are translated at the exchange rates on the balance sheet date, equity amounts are
translated at historical exchange rates, and revenues, expenses, gains, and losses are translated using the average exchange rate
for the period. Translation adjustments arising from these are reported as foreign currency translation adjustments and are shown
as a component of other comprehensive income or loss in the statement of operations and comprehensive income.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">Foreign currency transactions
denominated in currencies other than functional currency are translated into the functional currency using the exchange rates prevailing
at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are
remeasured at the applicable rates of exchange in effect at that date. Foreign exchange gains and losses resulting from the settlement
of such transactions and from remeasurement at year-end are recognized in foreign currency exchange gains (losses), net in the
consolidated statement of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>(All amount in thousands, except share and per share data,
unless otherwise stated)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>2.</B></FONT></TD>
    <TD STYLE="width: 96%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Principal accounting policies (continued)</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(e)</B></FONT></TD>
    <TD STYLE="width: 96%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Convenience translation</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">Translations of amounts from RMB
into US$ for the convenience of the reader were calculated at the noon buying rate of US$1.00 = RMB 6.4778 on December&nbsp;31,
2015 as set forth in the H.10 statistical release of the U.S. Federal Reserve Board. No representation is made that the RMB amounts
could have been, or could be, converted into US$ at such rate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(f)</B></FONT></TD>
    <TD STYLE="width: 96%; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Fair value of financial instruments</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">U.S. GAAP establishes a three-tier
hierarchy to prioritize the inputs used in the valuation methodologies in measuring the fair value of financial instruments. This
hierarchy also requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring
fair value. The three-tier fair value hierarchy is:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.95pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.95pt; text-align: justify">Level 1&mdash;observable inputs
that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.95pt; text-align: justify">Level 2&mdash;other inputs
that are directly or indirectly observable in the marketplace.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.95pt; text-align: justify">Level 3&mdash;unobservable
inputs which are supported by little or no market activity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">The carrying values of cash and
cash equivalents, short-term deposits, restricted short-term deposits, accounts receivable, other receivables, amounts due from
(to) related parties, accounts payable, and other payables approximate their fair values because of their generally short maturities,
and the carrying value of convertible bonds also approximates their fair value, as they bear interest at rates determined based
on prevailing interest rates in the market.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">The fair value of the contingent
consideration recognized on the acquisition date was measured using unobservable input (level 3). Trinomial Tree model was applied
in determining the fair value of the contingent consideration. Under this model, the Group performs scenario analysis and calculates
the fair value of the contingent consideration based on the net present value of the total contingent payments under each scenario
and the expected probability of each scenario. Contingent consideration is remeasured at fair value at each reporting date since
initial recognition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">The Group recorded one of its
investment as an available-for-sale debt security and subsequently measured at its fair value (Note 10). The available-for-sale
investment is classified within Level 3 and it is valued based on a model utilizing unobservable inputs which require significant
management judgment and estimation. However, there is no significant change in fair value of the investment from the initial investment
date to December&nbsp;31, 2015.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(g)</B></FONT></TD>
    <TD STYLE="width: 96%; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Cash and cash equivalents</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">Cash includes currency on hand
and deposits held by financial institutions that can be added to or withdrawn without limitation. Cash equivalents represent short-term
and highly liquid investments placed with banks, which have both of the following characteristics:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 37.1pt; text-align: justify; text-indent: -13.4pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 23.7pt"></TD><TD STYLE="width: 13.4pt">i)</TD><TD STYLE="text-align: justify">Readily convertible to known amounts of cash throughout the maturity period;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 23.1pt"></TD><TD STYLE="width: 13.3pt">ii)</TD><TD STYLE="text-align: justify">So near their maturity that they present insignificant risk of changes in value because of changes
in interest rates.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(h)</B></FONT></TD>
    <TD STYLE="width: 96%; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Short-term deposits</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">Short-term deposits represent
time deposits placed with banks with original maturities of less than one year. Interest earned is recorded as interest income
in the consolidated statements of operations during the periods presented.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>(All amount in thousands, except share and per share data,
unless otherwise stated)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>2.</B></FONT></TD>
    <TD STYLE="width: 96%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Principal accounting policies (continued)</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(i)</B></FONT></TD>
    <TD STYLE="width: 96%; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Accounts receivable, net</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">Accounts receivable are presented
net of allowance for doubtful accounts. The Group uses specific identification in providing for bad debts when facts and circumstances
indicate that collection is doubtful and a loss is probable and estimable. If the financial conditions of its customers were to
deteriorate, resulting in an impairment of their ability to make payments, additional allowance may be required.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">The Company maintains an allowance
for doubtful accounts which reflects its best estimate of amounts that potentially will not be collected. The Company determines
the allowance for doubtful accounts on an individual basis taking into consideration various factors including but not limited
to historical collection experience and credit-worthiness of the debtors as well as the age of the individual receivables balance.
Additionally, the Company makes specific bad debt provisions based on any specific knowledge the Company has acquired that might
indicate that an account is uncollectible. The facts and circumstances of each account may require the Company to use substantial
judgment in assessing its collectability.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(j)</B></FONT></TD>
    <TD STYLE="width: 96%; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Equity investment</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">The equity investment is comprised
of investments in privately-held companies. The Group accounts for its equity investment over which it has significant influence
but does not own a majority equity interest or otherwise control using the equity method. The Group adjusts the carrying amount
of the investment and recognizes investment income or loss for share of the earnings or loss of the investee after the date of
investment. The Group assesses its equity investment for other-than-temporary impairment by considering factors including, but
not limited to, current economic and market conditions, operating performance of the companies, including current earnings trends
and undiscounted cash flows, and other company-specific information. The fair value determination, particularly for investment
in privately-held companies, requires judgment to determine appropriate estimates and assumptions. Changes in these estimates and
assumptions could affect the calculation of the fair value of the investment and determination of whether any identified impairment
is other-than-temporary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(k)</B></FONT></TD>
    <TD STYLE="width: 96%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Cost investment</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">The cost investment is comprised
of investments in privately-held companies. The Group accounts for cost investment which has no readily determinable fair value
using the cost method. Under the cost method, the investment is measured initially at cost. The investment carried at cost should
recognize income when dividends are received from the distribution of the investee&rsquo;s earnings. The Group periodically evaluates
the carrying value of investments accounted for under the cost method of accounting and any impairment is included in the consolidated
statements of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(l)</B></FONT></TD>
    <TD STYLE="width: 96%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Available-for-sale investment</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">The Group classifies its investments
in debt and equity securities into one of three categories and accounts for these as follows: (i) debt securities that the Group
has the positive intent and the ability to hold to maturity are classified as &ldquo;held to maturity&rdquo; and reported at amortized
cost; (ii) debt and equity securities that are bought and held principally for the purpose of selling them in the near term are
classified as &ldquo;trading securities&rdquo; with unrealized holding gains and losses included in earnings; (iii) debt and equity
securities not classified as held to maturity or as trading securities are classified as &ldquo;available-for-sale&rdquo; and reported
at fair value. The Group has designated its investment in redeemable preferred shares of one company as available-for-sale debt
security in accordance with ASC 320-10 (Note 10). Unrealized gains and losses on available-for-sale securities are excluded from
earnings and reported as accumulated other comprehensive income (loss), net of tax. Realized gains or losses upon disposal are
charged to earnings during the period in which the gains or losses are realized. An impairment loss on the available-for-sale securities
is recognized in the consolidated statements of operations and comprehensive income when the decline in value is determined to
be other-than-temporary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>(All amount in thousands, except share and per share data,
unless otherwise stated)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>2.</B></FONT></TD>
    <TD STYLE="width: 96%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Principal accounting policies (continued)</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(m)</B></FONT></TD>
    <TD STYLE="width: 96%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Property and equipment</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">Property and equipment are stated
at historical cost less accumulated depreciation and impairment loss, if any. Depreciation is calculated using the straight-line
method over their estimated useful lives. Residual rate is determined based on the economic value of the property and equipment
at the end of the estimated useful lives as a percentage of the original cost.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 94%; border-collapse: collapse; margin-left: 23pt">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Estimated&nbsp;useful&nbsp;lives</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Residual</B></FONT><BR>
<FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>rate</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Buildings</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">40 years</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">0%</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Decoration of buildings</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">10 years</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">0%</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; width: 48%; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Servers, computers and equipment</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 3%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 34%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3 years</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 2%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 3%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 9%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">0%-5%</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Furniture, fixture and office equipment</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">5 years</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">0%-5%</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Motor vehicles</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">4 years</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">5%</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Leasehold improvements</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Shorter&nbsp;of&nbsp;lease&nbsp;term&nbsp;or&nbsp;5&nbsp;years</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">Expenditures for maintenance and
repairs are expensed as incurred. The gain or loss on the disposal of property and equipment is the difference between the net
sales proceeds and the carrying amount of the relevant assets and is recognized in the consolidated statements of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">All direct and indirect costs
that are related to the construction of property and equipment and incurred before the assets are ready for their intended use
are capitalized as construction in progress. Construction in progress is transferred to specific property and equipment items and
depreciation of these assets commences when they are ready for their intended use.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(n)</B></FONT></TD>
    <TD STYLE="width: 96%; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Business combinations</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">Business combinations are recorded
using the purchase method of accounting, and the cost of an acquisition is measured as the aggregate of the fair values at the
date of exchange of the assets given, liabilities incurred, and equity instruments issued as well as the contingent considerations
and all contractual contingencies as of the acquisition date. The costs directly attributable to the acquisition are expensed as
incurred. Identifiable assets, liabilities and contingent liabilities acquired or assumed are measured separately at their fair
value as of the acquisition date, irrespective of the extent of any non-controlling interests. The excess of (i) the total of consideration
of acquisition, fair value of the non-controlling interests and acquisition date fair value of any previously held equity interest
in the subsidiary acquired over (ii) the fair value of the identifiable net assets of the subsidiary acquired is recorded as goodwill.
If the consideration of acquisition is less than the fair value of the net assets of the subsidiary acquired, the difference is
recognized directly in the consolidated statements of operations and comprehensive income.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(o)</B></FONT></TD>
    <TD STYLE="width: 96%; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Intangible assets, net</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">Intangible assets mainly consist
of brand names, operating rights for licensed games, software, operating rights for game broadcasting, domain names and technology.
Identifiable intangible assets are carried at acquisition cost less accumulated amortization and impairment loss, if any. Finite-lived
intangible assets are tested for impairment if impairment indicators arise. Amortization of finite-lived intangible assets is computed
using the straight-line method over their estimated useful lives, which are as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 95%; border-collapse: collapse; margin-left: 23pt">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 35%">&nbsp;</TD>
    <TD STYLE="width: 65%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Estimated&nbsp;useful&nbsp;lives</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Brand names</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1-15&nbsp;years</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Operating rights for licensed games</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Shorter of the economic life or license period of relevant online game</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Software</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3&nbsp;-5&nbsp;years</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Operating rights for game broadcasting</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Over the contract terms</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Domain names</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">15&nbsp;years</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Technology</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">5&nbsp;years</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Others</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3-5 years</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;<B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>(All amount in thousands, except share and per share data,
unless otherwise stated)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>2.</B></FONT></TD>
    <TD STYLE="width: 96%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Principal accounting policies (continued)</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(p)</B></FONT></TD>
    <TD STYLE="width: 96%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Impairment of long-lived assets</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">For long-lived assets other than
investments and goodwill whose impairment is discussed elsewhere in the financial statements, the Group evaluates for impairment
whenever events or changes (triggering events) indicate that the carrying amount of an asset may no longer be recoverable. The
Group assesses the recoverability of the long-lived assets by comparing the carrying value of the long-lived assets to the estimated
undiscounted future cash flows expected to receive from use of the assets and their eventual disposition. Such assets are considered
to be impaired if the sum of the expected undiscounted cash flows is less than the carrying amount of the assets. The impairment
to be recognized is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets. The
Group tests impairment of long-lived assets at the reporting unit level when impairment indicator appeared and recognizes impairment
in the event that the carrying value exceeds the fair value of each reporting unit.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">The impairment charges of intangible
assets recorded in general and administrative expenses for the years ended December 31, 2013, 2014 and 2015 were amounting to nil,
RMB5,697 and RMB57,199, respectively (Note 12).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(q)</B></FONT></TD>
    <TD STYLE="width: 96%; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Goodwill</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">Goodwill represents the excess
of the purchase price over the amounts assigned to the fair value of the assets acquired and the liabilities assumed of an acquired
business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(r)</B></FONT></TD>
    <TD STYLE="width: 96%; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Annual test for impairment of goodwill</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">Goodwill assessment for impairment
is performed on at least an annual basis on October&nbsp;1 or whenever events or changes in circumstances indicate that the carrying
value of the asset may not be recoverable. The Group performs a two-step goodwill impairment test. The first step compares the
fair values of each reporting unit to its carrying amount, including goodwill. If the fair value of a reporting unit exceeds its
carrying amount, goodwill is not considered impaired and the second step will not be required. If the carrying amount of a reporting
unit exceeds its fair value, the second step compares the implied fair value of the affected reporting unit&rsquo;s goodwill to
the carrying value of that goodwill. The implied fair value of goodwill is determined in a manner similar to accounting for a business
combination with the allocation of the assessed fair value determined in the first step to the assets and liabilities of the reporting
unit. The excess of the fair value of the reporting unit over the amounts assigned to the assets and liabilities is the implied
fair value of goodwill. This allocation process is only performed for purposes of evaluating goodwill impairment and does not result
in an entry to adjust the value of any assets or liabilities. An impairment loss is recognized for any excess in the carrying value
of goodwill over the implied fair value of goodwill. The judgment in estimating the fair value of reporting units includes estimating
future cash flows, determining appropriate discount rates and making other assumptions. Changes in these estimates and assumptions
could materially affect the determination of the fair value of each reporting unit.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>(All amount in thousands, except share and per share data,
unless otherwise stated)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>2.</B></FONT></TD>
    <TD STYLE="width: 96%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Principal accounting policies (continued)</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(s)</B></FONT></TD>
    <TD STYLE="width: 96%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Convertible bonds</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.95pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.95pt; text-align: justify">The Group determines the appropriate
accounting treatment of its convertible bonds in accordance with the terms in relation to the conversion feature, call and put
options, and beneficial conversion feature. After considering the impact of such features, the Group may account for such instrument
as a liability in its entirety, or separate the instrument into debt and equity components following the respective guidance described
under ASC 815 Derivatives and Hedging and ASC 470 Debt. The debt discount, if any, together with related issuance cost are subsequently
amortized as interest expense, using the effective interest method, from the issuance date to the earliest conversion date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.95pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(t)</B></FONT></TD>
    <TD STYLE="width: 96%; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Mezzanine equity and non-controlling interest&#9;</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.95pt; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.95pt; text-align: justify"><I>Mezzanine equity</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">Mezzanine equity consists of non-controlling
interests in certain subsidiaries with put option pursuant to which the non-controlling shareholders had the right to put their
equity interests in certain subsidiaries to the Group at fair value if certain subsidiaries achieved specified performance milestones
and met other pre-determined conditions before the expiry of the put option. Since the occurrence of the put was not solely within
the Group&rsquo;s control, the Group classifies the non-controlling interests as mezzanine equity instead of permanent equity in
the Group&rsquo;s consolidated financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">In accordance with ASC subtopic
480-10, the Group calculated, on an accumulative basis from the acquisition date, (i)&nbsp;the amount of accretion that would increase
the balance of non-controlling interests to their estimated redemption value over the period from the date of acquisition to the
earliest redemption date of the non-controlling interests and (ii)&nbsp;the amount of net (loss) / profit attributable to non-controlling
shareholders of certain subsidiaries based on their ownership percentage. The carrying value of the non-controlling interests as
mezzanine equity was adjusted by an accumulative amount equal to the higher of (i)&nbsp;and (ii).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify"><I>Non-controlling interest </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">Non-controlling interests are
recognized to reflect the portion of the equity of majority-owned subsidiaries and VIE&rsquo;s subsidiaries which is not attributable,
directly or indirectly, to the controlling shareholder. Currently, the non-controlling interests in the Group&rsquo;s consolidated
financial statements consist primarily of non-controlling interests for Engage L.P. and Shanghai Yilian.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(u)</B></FONT></TD>
    <TD STYLE="width: 96%; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Revenue recognition</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.95pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.95pt; text-align: justify">The Group generates revenues
from internet value-added services (&ldquo;IVAS&rdquo;), online education, online advertising and others. Revenues from IVAS are
generated from online music and entertainment, online games, online dating, Huya broadcasting, membership subscription fees and
other IVAS. Online education services consist of vocational training and language training courses. Online advertising revenues
are primarily generated from sales of different forms of advertising on the Group&rsquo;s platform. Revenue is recognized when
persuasive evidence of an arrangement exists, service has been rendered, the price is fixed or determinable and collection is reasonably
assured.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>(All amount in thousands, except share and per share data,
unless otherwise stated)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>2.</B></FONT></TD>
    <TD STYLE="width: 96%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Principal accounting policies (continued)</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(u)</B></FONT></TD>
    <TD STYLE="width: 96%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Revenue recognition (continued)</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(i)</B></FONT></TD>
    <TD STYLE="width: 96%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Internet value-added services</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">The Group operates a virtual currency
system, under which, the users can directly purchase virtual currency on YY Client&rsquo;s online community channels or pay membership
subscription fees via online payment systems provided by third parties including payments using mobile phone, internet debit/credit
card payment and other third party payment systems. The virtual currency can be converted into game tokens that can be used to
purchase virtual items in online games (both developed by third parties and self-developed), or used directly to purchase virtual
items on YY Client&rsquo;s online community channels or used to pay membership subscription fees. Virtual currency sold but not
yet consumed by the purchasers is recorded as &ldquo;Advances from customers&rdquo; and upon conversion or being used, is recognized
as revenue according to the respective prescribed revenue recognition policies addressed below:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify"><B>(1) Online music and entertainment
revenue</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">The Group creates and offers virtual
items to be used by users on online music and entertainment channels, which the Group operates and maintains. The virtual items
are offered free of charge or sold to users at different specified prices as pre-determined by the Company. Online music and entertainment
revenue consists of sales of virtual items. Users purchase consumable virtual items from the Group and present them to performers
to show support for their favorite performers or time-based virtual items, which provide users with recognized status, such as
priority speaking rights or special symbols on the music channels for a specific period of time. In order to attract user traffic,
the Group shares with certain popular performers and channel owners, who have entered into revenue sharing arrangements with the
Group, a portion of the revenues the Group derives from such in-channel virtual item sales on online music and entertainment channels,
which the Group accounts for as cost of revenues. Performers and channel owners, who do not have revenue sharing arrangements with
the Group, are not entitled to share any revenue derived from the virtual items sold. The Group does not recognize any revenue
from offering free virtual items nor share any revenue with performers or channel owners when free virtual items are presented
to performers by the users. Accordingly, online music and entertainment revenue is recognized for the sale of virtual items in
online music and entertainment channels immediately if the virtual item is a consumable or, in the case of time-based virtual items,
recognized ratably over the period when the virtual item is made available to the user, which does not exceed one year. The Group
does not have further obligations to the user after the virtual items are consumed. Virtual items may be sold individually or bundled
into one arrangement. When the Group&rsquo;s users purchase multiple virtual items bundled within the same arrangement, the Group
evaluates such arrangements under ASC 605-25 Multiple-Element Arrangements. The Group identifies individual elements under the
arrangement and determines if such elements meet the criteria to be accounted for as separate units of accounting. The Group allocates
the arrangement consideration to the separate units of accounting based on their relative selling price.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">The following hierarchy has been
followed when determining the relative selling price for each element: (1)&nbsp;vendor specific objective evidence (&ldquo;VSOE&rdquo;),
(2)&nbsp;third party evidence (&ldquo;TPE&rdquo;), and (3)&nbsp;best estimate of selling price (&ldquo;BESP&rdquo;). Given that
the VSOE of the selling price cannot be determined, the Group has adopted a policy to allocate the consideration of the whole arrangement
to different virtual item elements based on the TPE of selling price or the BESP for each virtual item element. The Group determines
the fair values of virtual items sold in a bundle based on similar products sold separately on the YY platform based on the TPE
of the selling price and determines the fair values of virtual items without similar products sold separately on the YY platform
based on the BESP. The BESP is generally based on the selling prices of the various elements of a similar nature when they are
sold to users on a stand-alone basis. The BESP may also be based on an estimated stand-alone pricing when the element has not previously
been sold on a stand-alone basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt">These estimates are generally determined based on pricing
strategies, market factors and strategic objectives. The Group recognizes revenue for each virtual item element in accordance with
the applicable revenue recognition method.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>(All amount in thousands, except share and per share data,
unless otherwise stated)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>2.</B></FONT></TD>
    <TD STYLE="width: 96%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Principal accounting policies (continued)</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(u)</B></FONT></TD>
    <TD STYLE="width: 96%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Revenue recognition (continued)</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(i)</B></FONT></TD>
    <TD STYLE="width: 96%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Internet value-added services (continued)</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt"><B>(2) Online games revenue</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">The Group generates revenues from
offering virtual items in online games developed by third parties or the Group itself to gaming players. Historically, the majority
of online games revenues for the three years ended December&nbsp;31, 2013, 2014 and 2015 were derived from third parties developed
games.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">Users play games through the Group&rsquo;s
platform free of charge and are charged for purchases of virtual items including consumable and perpetual items, which can be utilized
in the online games to enhance their game-playing experience. Consumable items represent virtual items that can be consumed by
a specific user within a specified period of time. Perpetual items represent virtual items that are accessible to the users&rsquo;
account over the life of the online games.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">The Group recognizes revenue when
recognition criteria defined under U.S.&nbsp;GAAP are satisfied. For purposes of determining when the service has been provided
to the paying player, the Group has determined that an implied obligation exists to the paying player to continue providing access
to the games such that the users can utilize the virtual items purchased. Game players need to log on and access the games through
the Group&rsquo;s platform because their game tokens, virtual items, and game history are specific to the Group&rsquo;s game accounts
and non-transferable to other platforms. To purchase in-game virtual items, players can either charge their game accounts by purchasing
game tokens or virtual currency from the Group&rsquo;s platform, which is convertible into game tokens based on a predetermined
exchange rate agreed among the Group and the relevant game developers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">The proceeds from the sales of
the Group&rsquo;s virtual currency is recorded as &ldquo;advances from customers&rdquo;, representing prepayments received from
users in the form of the Group&rsquo;s virtual currency not yet converted into game specific tokens. Upon the conversion into a
game token from the Group&rsquo;s virtual currency or upon the direct purchase of a game token, whichever is applicable, the proceeds
will be shared between the Group and the relevant game developer based on a predetermined contractual ratio. Game tokens are non-refundable
and non-exchangeable among different games. The Group&rsquo;s portion, net of the game developer&rsquo;s entitled consideration,
is recorded as deferred revenue and amortized according to the prescribed revenue recognition policies described below. Users typically
do not convert the virtual currency into game tokens or purchase the game tokens unless they plan to purchase in-game virtual items
soon.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">There are two types of third party
developed online games:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 23pt"></TD><TD STYLE="width: 18pt">-</TD><TD STYLE="text-align: justify">Non-exclusive third party developed games</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 23pt"></TD><TD STYLE="width: 18pt">-</TD><TD STYLE="text-align: justify">Exclusive third party developed games</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">Under the non-exclusive arrangement,
game developers license the games to various platforms and the Group is only one of the platforms. Game developers will receive
only revenue shared from the Group pursuant to the mutually agreed sharing percentage.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">Under the exclusive arrangement,
game developers only license the game to the Group as the exclusive licensee. The Group can sub-license the games to other platforms
and receive a portion of revenue sharing from sub-licensees. In addition to the revenue shared to the game developers, the Group
should also pay an exclusive license fee to the game developers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 23pt"></TD><TD STYLE="width: 18pt">-</TD><TD STYLE="text-align: justify"><I>Non-exclusive third party developed games</I></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">Pursuant to contracts signed between
the Group and the respective game developers, revenues from the sale or conversion of game tokens for the purchase of in-game virtual
items from online games developed by third parties are shared between the Group and the game developers based on a pre-agreed ratio
for each game. These revenue-sharing contracts typically last for one to two years.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>(All amount in thousands, except share and per share data,
unless otherwise stated)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>2.</B></FONT></TD>
    <TD STYLE="width: 96%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Principal accounting policies (continued)</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(u)</B></FONT></TD>
    <TD STYLE="width: 96%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Revenue recognition (continued)</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(i)</B></FONT></TD>
    <TD STYLE="width: 96%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Internet value-added services (continued)</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt"><B>(2) Online games revenue (continued)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 41pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 23pt"></TD><TD STYLE="width: 18pt">-</TD><TD STYLE="text-align: justify"><I>Non-exclusive third party developed games (continued)</I></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">The third party developed games
under non-exclusive licensing contracts are maintained and updated by the game developers. The Group views the game developers
to be the Group&rsquo;s customers and considers the Group&rsquo;s responsibilities under the agreements with the game developers
to offer certain standard promotions that include providing access to the platform, announcing the new games to users on the platform,
and occasional advertising on the YY platform. The determination of whether to record these revenues using gross or net method
is based on an assessment of various factors. The primary factors are whether the Group is acting as the principal in offering
services to the game players or as agent in the transaction, and the specific requirement of each contract. The Group determined
that for third party developed games, the third party game developers are the principals given the game developers design and develop
the online game services offered, have reasonable latitude to establish prices of game tokens, and are responsible for maintaining
and upgrading the game contents and virtual items. Accordingly, the Group records online games revenue, net of the pre-agreed portion
of sharing of the revenues with the game developers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">Given that third party developed
games under non-exclusive licensing contracts are managed and administered by the third party game developers, the Group does not
have access to the data on the consumption details such as when the game token is spent on the virtual items or the types of virtual
items (consumable or perpetual items) purchased by each individual game player. However, the Group maintains historical data on
timing of the conversion of its virtual currency into game specific tokens and the amount of purchases of game tokens. The Group
believes that its performance for, and obligation to, the game developers correspond to the game developers&rsquo; services to
the users. The Group has adopted a policy to recognize revenues relating to game tokens for third party developed games over the
estimated user relationship period with the Group on a game-by-game basis, which is approximately one to six months for the periods
presented. Future usage patterns may differ from historical usage patterns and therefore the estimated user relationship period
with the Group may change in the future.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">When the Group launches a new
game, it estimates the user relationship period based on other similar types of games in the market until the new game establishes
its own history. The Group considers the game&rsquo;s profile, attributes, target audience, and its appeal to players of different
demographics groups in estimating the user relationship period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">The estimated user relationship
period is based on data collected from those users who have acquired game tokens. To estimate the user relationship period, the
Group maintains a system that captures the following information for each user: (a)&nbsp;the frequency that users log into each
game via the Group&rsquo;s platform, and (b)&nbsp;the amount and the timing of when the users convert or charge his or her game
tokens. The Group estimates the user relationship period for a particular game to be the date a player purchases or converts from
virtual currency to a game token through the date the Group estimates the user plays the game for the last time. This computation
is performed on a user by user basis. Then, the results for all analyzed users are averaged to determine an estimated end user
relationship period for each game. Revenues from in-game payments of each month are recognized over the user relationship period
estimated for that game.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">The consideration of user relationship
period with each online game is based on the Group&rsquo;s best estimate that takes into account all known and relevant information
at the time of assessment. The Group assesses the estimated user relationship period for each game on a quarterly basis. Any adjustments
arising from changes in the user relationship period as a result of new information will be accounted as a change in accounting
estimate in accordance with ASC 250 Accounting Changes and Error Corrections.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>(All amount in thousands, except share and per share data,
unless otherwise stated)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>2.</B></FONT></TD>
    <TD STYLE="width: 96%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Principal accounting policies (continued)</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(u)</B></FONT></TD>
    <TD STYLE="width: 96%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Revenue recognition (continued)</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(i)</B></FONT></TD>
    <TD STYLE="width: 96%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Internet value-added services (continued)</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt"><B>(2) Online games revenue (continued)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 41pt; text-align: justify"><I>&nbsp;</I></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 23pt"></TD><TD STYLE="width: 18pt">-</TD><TD STYLE="text-align: justify"><I>Exclusive third party developed games</I></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">Under certain exclusive arrangements,
the Group pays additional license fees to the game developers as the Group is entitled to an exclusive right to operate third party
developed games in specified geographic areas. Based on ASC 350-30-35-6, the Group has adopted an accounting policy to recognize
the exclusive license fee as an intangible asset upon the commercial launch of the related online games. This intangible asset
is amortized on a straight-line basis over the shorter of the economic life or license period of the relevant online game.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">Pursuant to the exclusive licensing
contracts signed between the Group and the third party game developers, the Group&rsquo;s responsibilities in operating the licensed
games vary for each game. The determination of whether to record these revenues using gross or net method is based on an assessment
of various factors, including but not limited to whether the Group (i) is the primary obligor in the arrangement; (ii) has latitude
in establishing the selling price; (iii) changes the product or performs part of the service, (iv) has involvement in the determination
of product and service specifications.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">For the game license arrangements
under which the Group takes primary responsibilities of game operation, including determining distribution and payment channels,
providing customer services, hosting game servers, if needed, and controlling game and services specifications and pricing, the
Group considered itself to be the principal in these arrangements. Accordingly, the Group records online games revenues from these
third party licensed games on a gross basis. Commission fees paid to distribution channels and payment channels and content fees
paid to third party game developers are recorded as cost of revenues.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">For the game license arrangements
under which the Group&rsquo;s responsibilities are limited to publishing, providing payment solutions and game operating advice,
the Group views the game developers to be its customers and considers itself to be the agent in the arrangements. Accordingly,
the Group records online games revenues from these third party licensed games, net of fees paid to third parties upon the provision
of service.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">Pursuant to the terms and conditions
of certain online game exclusive license agreements entered into between game developers and the Group, the Group, as the exclusive
licensee, could sublicense a non-exclusive, non-transferable and limited license to any third party without the prior formal consent
of game developers. Under the non-exclusive and non-transferable limited license, the sub-licensee cannot further license the game
to other platforms. The Group received monthly revenue-based royalty payments from all sub-licensees. The Group views the third-party
sub-licensees operators as its customers and recognizes revenues on a net basis, as the Group does not have the primary responsibility
for fulfillment and acceptability of the game services.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">Similar to other online games,
the exclusive third party developed games are free to play and players can pay for virtual items for better in-game experience.
For exclusive third party games, the consumption details can be provided by third party developers or the Group has access to such
data. Therefore, the Group recognizes revenues based on item-based model: (1) for consumable items, the revenue is recognized immediately
upon consumption; (2) for perpetual items, the revenue is recognized ratably over the user relationship period of a specific game
as described. The determination of user relationship period is the same as what is described in &ldquo;<I>Non-exclusive third party
developed games</I>&rdquo; above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify"><I>- Self-developed games</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">Revenues derived from self-developed
games are recorded on a gross basis as the Group acts as a principal to fulfill all obligations. Considering that revenues derived
from self-developed games were immaterial to the Group for the years presented, the Group does not maintain information on consumption
details of in-game virtual items, and only maintains limited information related to the frequency of log-ons for its self-developed
games. Given that certain historical data is not available, the Group uses the user relationship period of third party games with
similar popularity, gaming experience and sales to determine the estimated period of user relationship for its self-developed games.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>(All amount in thousands, except share and per share data,
unless otherwise stated)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>2.</B></FONT></TD>
    <TD STYLE="width: 96%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Principal accounting policies (continued)</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(u)</B></FONT></TD>
    <TD STYLE="width: 96%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Revenue recognition (continued)</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(i)</B></FONT></TD>
    <TD STYLE="width: 96%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Internet value-added services (continued)</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify"><B>(3) Other IVAS revenue</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">Other IVAS revenue mainly
represents revenue from sales of virtual items in various channels in YY platform, such as online dating and Huya
broadcasting channels etc., membership subscription revenue,  and other miscellaneous sales in YY platform.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">Revenue from sales of virtual
items in various channels, including online dating and Huya broadcasting, is recognized on item basis, which is consistent with
the revenue recognition policies for online music and entertainment revenue stream. The Group operates a membership subscription
program where subscription members can have enhanced user privileges when using YY Client. The membership fee is collected up-front
from subscribers. The receipt of the revenue is initially recorded as deferred revenue and revenue is recognized ratably over the
period of the subscription when services are rendered. Unrecognized portion beyond 12 months from balance sheet date is classified
as long-term deferred revenue.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(ii)</B></FONT></TD>
    <TD STYLE="width: 96%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Online education revenues</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">Educational programs and services
consist of vocational training and language training courses. The course fee is generally paid in advance and is initially recorded
as deferred revenue. Revenue for regular courses is recognized proportionately as the classes are attended, and is reported net
of scholarships and course fee refunds. Students are entitled to one trial class of the purchased course and course fee is fully
refundable if a student decides not to take the remaining course after the trial class. No refund will be provided to a student
who withdraws from a course after the trial period, and revenue is recognized for the amount collected. Course fee refunds were
insignificant over the period presented.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">In addition to regular courses,
the Company also provides a package of several regular courses to students, which has individual fair value in the market. Pursuant
to the applicable accounting guidance, the Company has accounted for these course packages as a multiple-element arrangement because
each individual course qualifies as a single unit of accounting, and allocated the course fee from the course package to each individual
course in the package based on its relative fair value. The Company recognizes revenue equal to the fair value allocated to individual
courses proportionately as the classes are attended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">Students are granted a right to
retake the courses at a substantial discount in the circumstances where the students fail to achieve certain score targets for
some specific courses. The discount arrangement has a stand-alone value and qualifies as a separate unit of accounting under U.S.
GAAP. Therefore, the Company has accounted for those courses as a multiple-element arrangement and allocated a portion of the initial
course fee to the substantial discount based on a breakage rate. The breakage rate is determined based on our historical data.
The amount allocated to the substantial discount is deferred and recognized as revenue upon the expiration of the retaking right,
which is generally six months after the end of the initial course term.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">The Company also sells pre-paid
cards primarily to distributors. Pre-paid card sales represent prepaid service fees received from students for online courses.
The prepaid service fee is recorded as deferred revenue upon receiving the upfront cash payment. Revenue is recognised on a gross
basis based on the selling price of the distributors to the students and is recognized over the period the online course is available
to the students, which generally is from the enrolment date to the completion of the relevant professional examination date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;<B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>(All amount in thousands, except share and per share data,
unless otherwise stated)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>2.</B></FONT></TD>
    <TD STYLE="width: 96%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Principal accounting policies (continued)</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(u)</B></FONT></TD>
    <TD STYLE="width: 96%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Revenue recognition (continued)</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(iii)</B></FONT></TD>
    <TD STYLE="width: 96%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Advertising revenues</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">Advertising revenues are derived
principally from advertising arrangements where the advertisers pay to place their advertisements on the Group&rsquo;s platform
in different formats over a particular period of time. Such formats generally include but are not limited to banners, text-links,
videos, logos, and buttons. Advertisements on the Group&rsquo;s platform are generally charged on the basis of duration, and advertising
contracts are signed to establish the fixed price and the advertising services to be provided. Where collectability is reasonably
assured, advertising revenues from advertising contracts are recognized ratably over the contract period of display.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">The Group enters into advertising
contracts directly with advertisers or third party advertising agencies that represent advertisers. Contract terms generally range
from 1 to 3 months. Both third party advertising agencies and direct advertisers are generally billed at the end of the display
period and payments are due usually within 6 months.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">Where customers purchase multiple
advertising spaces with different display periods in the same contract, the Group allocates the total consideration to the various
advertising elements based on the relative selling price method and recognizes revenue for the different elements over their respective
display periods. The following hierarchy should be followed when determining the appropriate selling price for each element: (1)&nbsp;vendor
specific objective evidence (&ldquo;VSOE&rdquo;), (2)&nbsp;third party evidence (&ldquo;TPE&rdquo;), and (3)&nbsp;best estimate
of selling price (&ldquo;BESP&rdquo;). Given that the VSOE or TPE of the selling price cannot be determined, the Group has adopted
a policy to allocate the fair values of different advertising elements based on the best estimate selling prices of each advertisement
within the contract taking into consideration the standard price list and historical discounts granted. The Group recognizes revenue
on the elements delivered and defers the recognition of revenue for the fair value of the undelivered elements until the remaining
obligations have been satisfied. Where all of the elements within an arrangement are delivered uniformly over the agreement period,
the revenues are recognized on a straight line basis over the contract period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify"><I>Transactions with third party
advertising agencies</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">For contracts entered into with
third party advertising agencies, the third party advertising agencies will in turn sell the advertising services to advertisers.
Revenue is recognized ratably over the contract period of display based on the following criteria:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 4%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 3%; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&bull;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 92%; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">There is persuasive evidence that an arrangement exists&mdash;the Group will enter into framework and execution agreements with the advertising agencies, specifying price, advertising content, format and timing.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 4%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 3%; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&bull;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 92%; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Price is fixed or determinable&mdash;price charged to the advertising agencies are specified in the agreements, including relevant discount and rebate rates.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 4%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 3%; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&bull;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 92%; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Services are rendered&mdash;the Group recognizes revenue ratably as the element are delivered over the contract period of display.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 4%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 3%; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&bull;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 92%; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Collectability is reasonably assured&mdash;the Group assesses credit history of each advertising agency before entering into any framework and execution agreements. If the collectability from the agencies is assessed as not reasonably assured, the Group recognizes revenue only when the cash is received and all the other revenue criteria are met.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">The Group provides sales incentives
in the forms of discounts and rebates to third party advertising agencies based on purchase volume. As the advertising agencies
are viewed as the customers in these transactions, revenue is recognized based on the price charged to the agencies, net of sales
incentives provided to the agencies. Sales incentives are estimated and recorded at the time of revenue recognition based on the
contracted rebate rates and estimated sales volume based on historical experience.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;<B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>(All amount in thousands, except share and per share data,
unless otherwise stated)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>2.</B></FONT></TD>
    <TD STYLE="width: 96%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Principal accounting policies (continued)</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(u)</B></FONT></TD>
    <TD STYLE="width: 96%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Revenue recognition (continued)</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(iii)</B></FONT></TD>
    <TD STYLE="width: 96%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Advertising revenues (continued)</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify"><I>Transactions with advertisers</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">The Group also enters into advertisement
contracts directly with advertisers. Similar to transactions with third party advertising agencies, the Group recognizes revenue
ratably as the elements are delivered over the contract period of display. The terms and conditions, including price, are fixed
according to the contract between the Group and the advertisers. The Group also performs a credit assessment of all advertisers
prior to entering into contracts. Revenue is recognized based on the amount charged to the advertisers, net of discounts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(v)</B></FONT></TD>
    <TD STYLE="width: 96%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Advances from customers and deferred revenue</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">Advances from customers primarily
consist of (i) prepayments from users in the form of the Group&rsquo;s virtual currency that are not yet consumed or converted
into game tokens, and upon the consumption or conversion, are recognized as revenue according to the prescribed revenue recognition
policies described above, (ii) prepayments from sub-licensees for obtaining operation rights of certain online games over a period
of time, and (iii) prepayments from advertising agencies and advertisers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">Deferred revenue primarily consists
of the unamortized game tokens, prepaid subscriptions under the membership program and unamortized revenue from virtual items in
various channels in YY platform, where there is still an implied obligation to be provided by the Group, which will be recognized
as revenue when all of the revenue recognition criteria are met.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(w)</B></FONT></TD>
    <TD STYLE="width: 96%; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Cost of revenues</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">Amounts recorded as cost of revenue
relate to direct expenses incurred in order to generate revenue. Such costs are recorded as incurred. Cost of revenues consists
primarily of (i) revenue sharing fees and content costs, including payments to various channel owners and performers, and content
providers, (ii)&nbsp;bandwidth costs, (iii)&nbsp;salary and welfare, (iv) depreciation and amortization expense for servers, other
equipment and intangibles directly related to operating the platform, (v)&nbsp;payment handling cost, (vi)&nbsp;business taxes
and surcharges, (vii)&nbsp;share based compensation, and (viii)&nbsp;other costs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">In the PRC, business taxes are
imposed by the government on revenues reported by any selling entity for the provision of taxable services in the PRC. The business
tax rate varies depending on the nature of the revenues. The Group is also subject to cultural development fee at a tax rate of
3% on service income from provision of advertising services in the PRC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">Except for online games revenues,
the Group&rsquo;s IVAS revenues became subject to VAT from June 1, 2014, at a rate of 6%, while they were subject to business taxes
at a rate of 3% prior to June 1, 2014. Other revenues of the Group, including online games revenues, is subject to VAT for all
the periods presented.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">The Group is subject to surcharges
of business taxes and VAT, which are calculated based on 12% of the business taxes and VAT paid for the years ended December 31,
2013, 2014 and 2015.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>(All amount in thousands, except share and per share data,
unless otherwise stated)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>2.</B></FONT></TD>
    <TD STYLE="width: 96%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Principal accounting policies (continued)</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(w)</B></FONT></TD>
    <TD STYLE="width: 96%; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Cost of revenues (continued)</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">The Group reported business taxes
and surcharges, and cultural development fees in cost of revenues.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">Based on the Group&rsquo;s corporate
structure and the contractual arrangements among the Group&rsquo;s PRC subsidiaries, the Group&rsquo;s VIEs and their shareholders,
the Group is effectively subject to 6% or 17% VAT and related surcharges on revenues generated by the Group&rsquo;s subsidiaries
based on the Group&rsquo;s contractual arrangements entered into with the Group&rsquo;s VIEs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(x)</B></FONT></TD>
    <TD STYLE="width: 96%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Research and development expenses</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">Research and development expenses
consist primarily of (i)&nbsp;salary and welfare for research and development personnel, (ii) share based compensation for research
and development personnel, (iii)&nbsp;rental expenses and (iv) depreciation of office premise and servers utilized by research
and development personnel. Costs incurred during the research stage are expensed as incurred. Costs incurred in the development
stage, prior to the establishment of technological feasibility, which is when a working model is available, are expensed when incurred.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">The Company recognizes internal
use software development costs in accordance with guidance on intangible assets and internal use software. This requires capitalization
of qualifying costs incurred during the software&rsquo;s application development stage and to expense costs as they are incurred
during the preliminary project and post implementation/operation stages. The Company has not capitalized any costs related to internal
use software during the years ended December&nbsp;31, 2013, 2014 and 2015, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(y)</B></FONT></TD>
    <TD STYLE="width: 96%; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Sales and marketing expenses</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">Sales and marketing expenses consist
primarily of (i) advertising and market promotion expenses, (ii) salary and welfare for sales and marketing personnel, and (iii)
rental expenses. The advertising and market promotion expenses amounted to approximately RMB8,054, RMB76,192 and RMB253,210 during
the years ended December&nbsp;31, 2013, 2014 and 2015, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(z)</B></FONT></TD>
    <TD STYLE="width: 96%; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>General and administrative expenses</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">General and administrative expenses
consist primarily of (i)&nbsp;salary and welfare for general and administrative personnel, (ii) share based compensation for management
and administrative personnel, and (iii) impairment charges of intangibles in relation to acquisitions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(aa)</B></FONT></TD>
    <TD STYLE="width: 96%; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Employee social security and welfare benefits</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">Employees of the Group in the
PRC are entitled to staff welfare benefits including pension, work-related injury benefits, maternity insurance, medical insurance,
unemployment benefit and housing fund plans through a PRC government-mandated multi-employer defined contribution plan. The Group
is required to accrue for these benefits based on certain percentages of the employees&rsquo; salaries, up to a maximum amount
specified by the local government. The Group is required to make contributions to the plans out of the amounts accrued. The PRC
government is responsible for the medical benefits and the pension liability to be paid to these employees and the Group&rsquo;s
obligations are limited to the amounts contributed and no legal obligation beyond the contributions made. Employee social security
and welfare benefits included as expenses in the accompanying statements of operations amounted to RMB68,334, RMB115,012 and RMB171,349
for the years ended December&nbsp;31, 2013, 2014 and 2015, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(bb)</B></FONT></TD>
    <TD STYLE="width: 96%; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Share based compensation</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">The Company grants stock-based
award, such as, but not limited to, share options, restricted shares, and restricted share units to eligible employees, officers,
directors, and non-employee consultants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23.1pt; text-align: justify">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;<B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>(All amount in thousands, except share and per share data,
unless otherwise stated)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>2.</B></FONT></TD>
    <TD STYLE="width: 96%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Principal accounting policies (continued)</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(bb)</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Share based compensation (continued)</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">Awards granted to employees, officers,
and directors are initially accounted for as equity-classified awards. The related share based compensation expenses are measured
at the grant date fair value of the award and are recognized using the graded vesting method, net of estimated forfeiture rates,
over the requisite service period, which is generally the vesting period. Forfeitures are estimated at the time of grant based
on historical forfeiture rates and will be revised in the subsequent periods if actual forfeitures differ from those estimates.
Duowan BVI also granted share options, restricted shares and restricted share units to non-employees, which are also initially
accounted for as equity-classified awards. Awards granted to non-employees are initially measured at fair value on the grant date
and periodically re-measured thereafter until the earlier of the performance commitment date or the date the service is completed
and recognized over the period the service is provided. Awards are re-measured at each reporting date using the fair value as at
each period end until the measurement date, generally when the services are completed and share based awards are vested. Changes
in fair value between the interim reporting dates are recorded in consistent with the method used in recognizing the original compensation
costs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">Following the listing of the Company,
the grant date fair value of share based awards is based on stock price of the Company in the NASDAQ Global Market.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">For an award with a performance
and/or service condition that affects vesting, the performance and/or service condition is not considered in determining the award&rsquo;s
fair value on the grant date. Performance and service conditions should be considered when the Company is estimating the quantity
of awards that will vest. Compensation cost will reflect the number of awards that are expected to vest and will be adjusted to
reflect those awards that do ultimately vest. The Group recognizes compensation cost for awards with performance conditions if
and when the Group concludes that it is probable that the performance condition will be achieved, net of an estimate of pre-vesting
forfeitures over the requisite service period. The Group reassesses the probability of vesting at each reporting period for awards
with performance conditions and adjusts compensation cost based on its probability assessment, unless on certain situations, the
Group may not be able to determine that it is probable that a performance condition will be satisfied until the event occurs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(cc)</B></FONT></TD>
    <TD STYLE="width: 96%; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Other income</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">Other income primarily consists
of government grants which represent cash subsidies received from the PRC government by the Group entities. Government grants are
originally recorded as deferred revenue when received upfront. After all of the conditions specified in the grants have been met,
the grants are recognized as operating income.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>(All amount in thousands, except share and per share data,
unless otherwise stated)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>2.</B></FONT></TD>
    <TD STYLE="width: 96%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Principal accounting policies (continued)</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(dd)</B></FONT></TD>
    <TD STYLE="width: 96%; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Income taxes</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">Current income taxes are provided
on the basis of net income for financial reporting purposes, adjusted for income and expense items which are not assessable or
deductible for income tax purposes, in accordance with the regulations of the relevant tax jurisdictions. Deferred income taxes
are accounted for using an asset and liability method. Under this method, deferred income taxes are recognized for the tax consequences
of temporary differences by applying enacted statutory rates applicable to future years to differences between the financial statement
carrying amounts and the tax bases of existing assets and liabilities. The tax base of an asset or liability is the amount attributed
to that asset or liability for tax purpose. The effect on deferred taxes of a change in tax rates is recognized in statement of
operations and comprehensive income in the period of change. A valuation allowance is provided to reduce the amount of deferred
tax assets if it is considered more likely than not that some portion of, or all of the deferred tax assets will not be realized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify"><I>Uncertain tax positions</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">The guidance on accounting for
uncertainties in income taxes prescribes a more likely than not threshold for financial statement recognition and measurement of
a tax position taken or expected to be taken in a tax return. Guidance was also provided on derecognition of income tax assets
and liabilities, classification of current and deferred income tax assets and liabilities, accounting for interest and penalties
associated with tax positions, accounting for income taxes in interim periods, and income tax disclosures. Significant judgment
is required in evaluating the Group&rsquo;s uncertain tax positions and determining its provision for income taxes. The Group recognizes
interests and penalties, if any, under accrued expenses and other current liabilities on its balance sheet and under other expenses
in its statements of operations. The Group did not recognize any significant interest and penalties associated with uncertain tax
positions for the years ended December&nbsp;31, 2013, 2014 and 2015. As of December&nbsp;31, 2014 and 2015, the Group did not have
any significant unrecognized uncertain tax positions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(ee)</B></FONT></TD>
    <TD STYLE="width: 96%; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Statutory reserves</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">The Group&rsquo;s subsidiaries,
VIEs and VIE&rsquo;s subsidiaries established in the PRC are required to make appropriations to certain non-distributable reserve
funds.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">In accordance with the laws applicable
to China&rsquo;s Foreign Investment Enterprises, the Group&rsquo;s subsidiaries registered as wholly-owned foreign enterprises
have to make appropriations from its after-tax profit (as determined under the Accounting Standards for Business Enterprises as
promulgated by the Ministry of Finance of the People&rsquo;s Republic of China (&ldquo;PRC GAAP&rdquo;)) to reserve funds including
general reserve fund, and staff bonus and welfare fund. The appropriation to the general reserve fund must be at least 10% of the
after-tax profits calculated in accordance with PRC GAAP. Appropriation is not required if the reserve fund has reached 50% of
the registered capital of the company. Appropriation to the staff bonus and welfare fund is at the company&rsquo;s discretion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">In addition, in accordance with
the Company Laws of the PRC, the VIEs and VIE&rsquo;s subsidiaries of the Company registered as PRC domestic companies must make
appropriations from its after-tax profit as determined under the PRC GAAP to non-distributable reserve funds including a statutory
surplus fund and a discretionary surplus fund. The appropriation to the statutory surplus fund must be at least 10% of the after-tax
profits as determined under the PRC GAAP. Appropriation is not required if the surplus fund has reached 50% of the registered capital
of the company. Appropriation to the discretionary surplus fund is made at the discretion of the company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">The use of the general reserve
fund, statutory surplus fund and discretionary surplus fund are restricted to the off-setting of losses or increasing capital of
the respective company. The staff bonus and welfare fund is a liability in nature and is restricted to fund payments of special
bonus to staff and for the collective welfare of employees. All these reserves are not allowed to be transferred to the company
in terms of cash dividends, loans or advances, nor can they be distributed except under liquidation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">During the year ended December
31, 2013, 2014 and 2015, appropriations to general reserve fund and statutory surplus fund amounted to RMB40,657, RMB15,812 and
RMB38, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>(All amount in thousands, except share and per share data,
unless otherwise stated)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>2.</B></FONT></TD>
    <TD STYLE="width: 96%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Principal accounting policies (continued)</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(ff)</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Related parties</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">Parties are considered to be related
if one party has the ability, directly or indirectly, to control the other party or exercise significant influence over the other
party in making financial and operating decisions. Parties are also considered to be related if they are subject to common control
or significant influence, such as a family member or relative, shareholder, or a related corporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(gg)</B></FONT></TD>
    <TD STYLE="width: 96%; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Dividends</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">Dividends are recognized when
declared. No dividends were declared for the years ended December&nbsp;31, 2013, 2014 and 2015, respectively. The Group does not
have any present plan to pay any dividends on common shares in the foreseeable future. The Group currently intends to retain the
available funds and any future earnings to operate and expand its business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(hh)</B></FONT></TD>
    <TD STYLE="width: 96%; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Income per share</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">Basic income per share is computed
on the basis of the weighted-average number of common shares outstanding during the period under measurement. Diluted income per
share is based on the weighted-average number of common shares outstanding and potential common shares. Potential common shares
result from the assumed exercise of outstanding share options, RSs and RSUs or other potentially dilutive equity instruments, when
they are dilutive under the treasury stock method or the if-converted method.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(ii)</B></FONT></TD>
    <TD STYLE="width: 96%; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Comprehensive income</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">Comprehensive income is defined
as the change in equity of the Company during a period arising from transactions and other events and circumstances excluding transactions
resulting from investments by shareholders and distributions to shareholders. Comprehensive income is reported in the consolidated
statements of operations and comprehensive income. Accumulated other comprehensive (loss)/income of the Group includes the foreign
currency translation adjustments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(jj)</B></FONT></TD>
    <TD STYLE="width: 96%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Segment reporting</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">Operating segments are
defined as components of an enterprise engaging in businesses activities for which separate financial information is
available that is regularly evaluated by the Group&rsquo;s chief operating decision makers (&ldquo;CODM&rdquo;) in deciding
how to allocate resources and assess performance. The Group&rsquo;s chief operating decision maker has been identified as the
Chief Executive Officer, who reviews consolidated results when making decisions about allocating resources and assessing
performance of the Group.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(kk)</B></FONT></TD>
    <TD STYLE="width: 96%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Recently issued accounting pronouncements</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">In May 2014, the FASB issued ASU
2014-09 Revenue from Contracts with Customers (Topic 606) which will replace requirements in U.S. GAAP. The core principle of the
new standard is that a company should recognize revenue to depict the transfer of promised goods or services to customers in an
amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. The
new standard will be effective for annual reporting periods beginning after December 15, 2017, including interim periods within
that reporting period. The standard will be effective for the first quarter of 2018.The Company is in the process of evaluating
the impact of the standard on its consolidated financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>(All amount in thousands, except share and per share data,
unless otherwise stated)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>2.</B></FONT></TD>
    <TD STYLE="width: 96%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Principal accounting policies (continued)</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(kk)</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Recently issued accounting pronouncements (continued)</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">In February 2015, the FASB issued
Consolidation (Topic 810) &mdash;Amendments to the Consolidation Analysis. The amendments in Topic 810 respond to stakeholders&rsquo;
concerns about the current accounting for consolidation of variable interest entities, by changing aspects of the analysis that
a reporting entity must perform to determine whether it should consolidate such entities. Under the amendments, all reporting entities
are within the scope of Subtopic 810-10, Consolidation&mdash;Overall, including limited partnerships and similar legal entities,
unless a scope exception applies. The amendments are intended to be an improvement to current U.S. GAAP, as they simplify the codification
of FASB Statement No. 167, Amendments to FASB Interpretation No. 46(R), with changes including reducing the number of consolidation
models through the elimination of the indefinite deferral of Statement 167 and placing more emphasis on risk of loss when determining
a controlling financial interest. The amendments are effective for publicly-traded companies for fiscal years beginning after December
15, 2015, and for interim periods within those fiscal years. Earlier adoption is permitted. The Company is in the process of evaluating
the impact of the standard on its consolidated financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">In January 2016, the FASB issued
ASU 2016-01: Recognition and Measurement of Financial Assets and Financial Liabilities. The amendments in this Update make targeted
improvements to generally accepted accounting principles (GAAP) as follows: 1) Require equity investments (except those accounted
for under the equity method of accounting or those that result in consolidation of the investee) to be measured at fair value with
changes in fair value recognized in net income. However, an entity may choose to measure equity investments that do not have readily
determinable fair values at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly
transactions for the identical or a similar investment of the same issuer. 2) Simplify the impairment assessment of equity investments
without readily determinable fair values by requiring a qualitative assessment to identify impairment. When a qualitative assessment
indicates that impairment exists, an entity is required to measure the investment at fair value. 3) Eliminate the requirement to
disclose the fair value of financial instruments measured at amortized cost for entities that are not public business entities.
4) Eliminate the requirement for public business entities to disclose the method(s) and significant assumptions used to estimate
the fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet. 5) Require
public business entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes.
6) Require an entity to present separately in other comprehensive income the portion of the total change in the fair value of a
liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at
fair value in accordance with the fair value option for financial instruments. 7) Require separate presentation of financial assets
and financial liabilities by measurement category and form of financial asset (that is, securities or loans and receivables) on
the balance sheet or the accompanying notes to the financial statements. 8) Clarify that an entity should evaluate the need for
a valuation allowance on a deferred tax asset related to available-for-sale securities in combination with the entity&rsquo;s other
deferred tax assets. For public business entities, the amendments in this Update are effective for fiscal years beginning after
December 15, 2017, including interim periods within those fiscal years. The Company is in the process of evaluating the impact
of the standard on its consolidated financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">In February 2016, the FASB issued
ASU 2016-02: Leases (Topic 842). The core principle of Topic 842 is that a lessee should recognize the assets and liabilities that
arise from leases. All leases create an asset and a liability for the lessee in accordance with FASB Concepts Statement No. 6,
Elements of Financial Statements, and, therefore, recognition of those lease assets and lease liabilities represents an improvement
over previous GAAP, which did not require lease assets and lease liabilities to be recognized for most leases. For public business
entities, the amendments in this Update are effective for fiscal years beginning after December 15, 2018, including interim periods
within those fiscal years. The Company is in the process of evaluating the impact of the standard on its consolidated financial
statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">In March 2016, the FASB issued ASU 2016-03: Intangibles&mdash;Goodwill
and Other (Topic 350), Business Combinations (Topic 805), Consolidation (Topic 810), Derivatives and Hedging(Topic 815): Effective
Date and Transition Guidance (PCC 15-01). The amendments in this Update make the guidance in Updates 2014-02, 2014-03, 2014-07,
and 2014-18 effective immediately by removing their effective dates. The amendments also include transition provisions that provide
that private companies are able to forgo a preferability assessment the first time they elect the accounting alternatives within
the scope of this Update. Any subsequent change to an accounting policy election requires justification that the change is preferable
under Topic 250, Accounting Changes and Error Corrections. The amendments in this Update also extend the transition guidance in
Updates 2014-02, 2014-03, 2014-07, and 2014-18 indefinitely. While this Update extends transition guidance for Updates 2014-07
and 2014-18, there is no intention to change how transition is applied for those two Updates. The amendments in this Update are
effective immediately. The Company is in the process of evaluating the impact of the standard on its consolidated financial statements.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;<B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>(All amount in thousands, except share and per share data,
unless otherwise stated)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>3.</B></FONT></TD>
    <TD STYLE="width: 96%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Certain risks and concentration</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(a)</B></FONT></TD>
    <TD STYLE="width: 96%; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>PRC regulations</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">Foreign ownership of internet-based
businesses is subject to significant restrictions under the current PRC laws and regulations. The PRC government regulates internet
access, the distribution of online information and the conduct of online commerce through strict business licensing requirements
and other government regulations. These laws and regulations also limit foreign ownership in PRC companies that provide internet
information distribution services. Specifically, foreign ownership in an internet information provider or other value-added telecommunication
service providers may not exceed 50%. Foreigners or foreign invested enterprises are currently not able to apply for the required
licenses for operating online games in the PRC. The Company is incorporated in the Cayman Islands and accordingly, the Company
is considered as a foreign invested enterprise under PRC law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">As mentioned in Note 1(e), in
order to comply with the PRC laws restricting foreign ownership in the online business in China, the Group operates the online
business in China through contractual arrangements with its principal VIE, namely Guangzhou Huaduo. As of December&nbsp;31, 2015,
Mr.&nbsp;David Xueling Li, CEO, Mr.&nbsp;Jun Lei, Chairman of the Company, Mr.&nbsp;Tony Bin Zhao, Mr.&nbsp;Jin Cao and Beijing
Tuda own approximately 0.5%, 0.44%, 0.04%, 0.02% and 99% of Guangzhou Huaduo&rsquo;s equity interests, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">Guangzhou Huaduo holds the licenses
and permits necessary to conduct its internet value-added services and online advertising in the PRC. If the Company had direct
ownership of the VIE, it would be able to exercise its rights as a shareholder to effect changes in the board of directors, which
in turn could affect changes at the management level, subject to any applicable fiduciary obligations. However, under the current
contractual arrangements, it relies on the VIE and its shareholders&rsquo; performance of their contractual obligations to exercise
effective control. In addition, the Group&rsquo;s contractual agreements have terms range from 10 to 30 years, which are subject
to Beijing Huanju Shidai&rsquo;s unilateral termination right. Under the respective service agreements, Beijing Huanju Shidai will
provide services including technology support, technology services, business support and consulting services to Guangzhou Huaduo
in exchange for service fees. The amount of service fees payable is determined by various factors, including (a)&nbsp;a percentage
of Guangzhou Huaduo&rsquo;s revenues or earnings, and (b)&nbsp;the expenses that Beijing Huanju Shidai incurs for providing such
services. Beijing Huanju Shidai may charge up to 100% of the income in Guangzhou Huaduo and a multiple of the expenses incurred
for providing such services, as determined by Beijing Huanju Shidai from time to time. The service fees payable by Guangzhou Huaduo
to Beijing Huanju Shidai are determined to be up to 100% of the profits of Guangzhou Huaduo, with the timing of such payment to
be determined at the sole discretion of Beijing Huanju Shidai. If fees were incurred, it would be significant to the Company and
the operating companies&rsquo; economic performance because it will be incurred and paid at up to 100% of the earnings of the VIE.
Fees incurred would be remitted, subject to further PRC restrictions. None of the VIEs or their shareholders are entitled to terminate
the contracts prior to the expiration date, unless under remote circumstances such as a material breach of agreement or bankruptcy
as it pertains to the service and business operation agreements and their amendment. For the years ended December&nbsp;31, 2013,
2014 and 2015, Guangzhou Huanju Shidai and Beijing Huanju Shidai determined that service fees of RMB31,153, RMB363,117 and RMB274,285
were charged to Guangzhou Huaduo. The service fees are typically determined based on the costs and expenses that WOFEs incurs for
providing relevant technology support to Guangzhou Huaduo, as well as the consideration of Guangzhou Huaduo&rsquo;s future business
development plan and its increasingly growing and diverse operational needs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">As of Decmber 31, 2015, Beijing
Tuda and Bilin Online, as the Group&rsquo;s VIEs, still have no substantial business operation. Therefore no service fees were
charged by Beijing Huanju Shidai and Bilin Changxiang respectively for the periods presented as both of the two VIEs have accumulated
losses since inception.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;<B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>(All amount in thousands, except share and per share data,
unless otherwise stated)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>3.</B></FONT></TD>
    <TD STYLE="width: 96%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Certain risks and concentration (continued)</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(a)</B></FONT></TD>
    <TD STYLE="width: 96%; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>PRC regulations (continued)</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">Further, the Group believes that
the contractual arrangements among Beijing Huanju Shidai and Bilin Changxiang, the VIEs, and their shareholders are in compliance
with PRC law and are legally enforceable. However, the PRC government may issue from time to time new laws or new interpretations
on existing laws to regulate this industry. Regulatory risk also encompasses the interpretation by the tax authorities of current
tax laws, and the Group&rsquo;s legal structure and scope of operations in the PRC, which could be subject to further restrictions
resulting in limitations on the Company&rsquo;s ability to conduct business in the PRC. The PRC government may also require the
Group to restructure the Group&rsquo;s operations entirely if it finds that its contractual arrangements do not comply with applicable
laws and regulations. Furthermore, it could revoke the Group&rsquo;s business and operating licenses, require it to discontinue
or restrict its operations, restrict its right to collect revenues, block its website, require it to restructure its operations,
impose additional conditions or requirements with which the Group may not be able to comply, or take other regulatory or enforcement
actions against the Group that could be harmful to its business. The imposition of any of these penalties may result in a material
and adverse effect on the Group&rsquo;s ability to conduct the Group&rsquo;s business. In addition, if the imposition of any of
these penalties causes the Group to lose the rights to direct the activities of the VIEs or the right to receive their economic
benefits, the Group would no longer be able to consolidate the VIEs and VIE&rsquo;s subsidiaries. The Group does not believe that
any penalties imposed or actions taken by the PRC government would result in the liquidation of the Company, Beijing Huanju Shidai
and Bilin Changxiang, and the VIEs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">On
January 19, 2015, the Ministry of Commerce of the PRC, or (the &ldquo;MOFCOM&rdquo;) released on its Website for public comment
a proposed PRC law (the &ldquo;Draft FIE Law&rdquo;) that appears to include VIEs within the scope of entities that could be considered
to be foreign invested enterprises (or &ldquo;FIEs&rdquo;) that would be subject to restrictions under existing PRC law on foreign
investment in certain categories of industry. Specifically, the Draft FIE Law introduces the concept of &ldquo;actual control&rdquo;
for determining whether an entity is considered to be an FIE. In addition to control through direct or indirect ownership or equity,
the Draft FIE Law includes control through contractual arrangements within the definition of &ldquo;actual control.&rdquo; If the
Draft FIE Law is passed by the People&rsquo;s Congress of the PRC and goes into effect in its current form, these provisions regarding
control through contractual arrangements could be construed to reach the Group&rsquo;s VIE arrangements, and as a result the Group&rsquo;s
VIEs could become explicitly subject to the current restrictions on foreign investment in certain categories of industry. The Draft
FIE Law includes provisions that would exempt from the definition of foreign invested enterprises entities where the ultimate controlling
shareholders are either entities organized under PRC law or individuals who are PRC citizens. The Draft FIE Law does not make clear
how &ldquo;control&rdquo; would be determined for such purpose, and is silent as to what type of enforcement action might be taken
against existing VIEs that operate in restricted industries and are not controlled by entities organized under PRC law or individuals
who are PRC citizens. If a finding were made by PRC authorities, under existing law and regulations or under the Draft FIE Law
if it becomes effective, that the Group&rsquo;s operation of certain of its businesses through VIEs violates the Draft FIE Law,
regulatory authorities with jurisdiction over the licensing and operation of such operations and businesses may require the Group
to take various actions as discussed in the paragraph above.</FONT> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Group&rsquo;s management considers the possibility of such a finding by PRC regulatory authorities under the Draft VIE law, if
it becomes effective, to be remote.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>(All amount in thousands, except share and per share data,
unless otherwise stated)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>3.</B></FONT></TD>
    <TD STYLE="width: 96%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Certain risks and concentration (continued)</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(a)</B></FONT></TD>
    <TD STYLE="width: 96%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>PRC regulations (continued)</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.95pt; text-align: justify">The following consolidated
financial information of the Group&rsquo;s VIEs and VIE&rsquo;s subsidiaries excluding the intercompany items with the Group&rsquo;s
subsidiaries was included in the accompanying consolidated financial statements as of and for the years ended:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 95%; font: 10pt Times New Roman, Times, Serif; margin-left: 23pt">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December&nbsp;31,</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right">2014</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right">2015</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">RMB</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">RMB</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-indent: -10pt; padding-left: 10pt">Assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -10pt; padding-left: 10pt">Current assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 74%; text-align: left; text-indent: -10pt; padding-left: 10pt">Cash and cash equivalents</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">305,405</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">403,722</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Short-term deposits</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,002,020</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">250,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Restricted short-term deposits</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">100,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">110,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Accounts receivable, net</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">243,529</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">127,365</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt">Inventory</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,445</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14,385</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Amounts due from related parties</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">43,816</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,164</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Prepayments and other current assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">113,939</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">117,536</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt">Deferred tax assets</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">85,004</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">87,492</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt">Total current assets</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,895,158</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,115,664</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -10pt; padding-left: 10pt">Non-current assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Deferred tax assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,392</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,363</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt">Investments</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">63,220</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">285,292</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Property and equipment, net</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">227,372</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">292,340</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Intangible assets, net</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">133,888</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">110,214</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt">Goodwill</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">298,802</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">136,066</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt">Other non-current assets</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">31,520</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,932,356</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt">Total non-current assets</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">756,194</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2,759,631</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt; text-indent: -10pt; padding-left: 10pt">Total assets</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">2,651,352</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">3,875,295</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 95%; font: 10pt Times New Roman, Times, Serif; margin-left: 23pt">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December&nbsp;31,</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right">2014</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right">2015</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right">RMB</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right">RMB</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-indent: -10pt; padding-left: 10pt">Liabilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -10pt; padding-left: 10pt">Current liabilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 74%; text-align: left; text-indent: -10pt; padding-left: 10pt">Accounts payable</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">101,160</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">108,500</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Deferred revenue</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">354,987</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">385,300</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Advances from customers</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">25,897</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">45,189</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Income taxes payable</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">65,162</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">80,978</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Accrued liabilities and other current liabilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">357,464</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">579,760</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt">Amounts due to related parties</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">30,892</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">23,684</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt">Total current liabilities</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">935,562</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,223,411</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -10pt; padding-left: 10pt">Non-current liabilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Long-term payable</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">183,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Deferred revenue</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">24,383</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">20,752</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt">Deferred tax liabilities</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">26,709</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">12,592</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt">Total non-current liabilities</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">234,092</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">33,344</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt; text-indent: -10pt; padding-left: 10pt">Total liabilities</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">1,169,654</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">1,256,755</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;<B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>(All amount in thousands, except share and per share data,
unless otherwise stated)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>3.</B></FONT></TD>
    <TD STYLE="width: 96%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Certain risks and concentration (continued)</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(a)</B></FONT></TD>
    <TD STYLE="width: 96%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>PRC regulations (continued)</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 95%; font: 10pt Times New Roman, Times, Serif; margin-left: 23pt">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="10" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">For&nbsp;the&nbsp;year&nbsp;ended&nbsp;December&nbsp;31,</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right">2013</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right">2014</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right">2015</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">RMB</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">RMB</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">RMB</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 61%; text-align: left; text-indent: -10pt; padding-left: 10pt">Net revenues</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">1,669,852</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">3,543,994</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">5,821,305</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Net income</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">486,095</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,136,570</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,267,111</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 95%; font: 10pt Times New Roman, Times, Serif; margin-left: 23pt">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="10" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">For&nbsp;the&nbsp;year&nbsp;ended&nbsp;December&nbsp;31,</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right">2013</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right">2014</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right">2015</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">RMB</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">RMB</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">RMB</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 61%; text-align: left; text-indent: -10pt; padding-left: 10pt">Net cash provided by operating activities</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">845,198</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">1,313,521</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">2,164,953</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Net cash used in investing activities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(592,390</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(994,574</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,251,207</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt">Net cash provided by financing activities</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">704,298</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2.5pt; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">252,808</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">318,947</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">618,044</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(b)</B></FONT></TD>
    <TD STYLE="width: 96%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Foreign exchange risk</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">The revenues and expenses of the
Group&rsquo;s subsidiaries, VIEs and VIE&rsquo;s subsidiaries in the PRC are generally denominated in RMB and their assets and
liabilities are denominated in RMB. The Group&rsquo;s financing activities are denominated in U.S. dollars. The RMB is not freely
convertible into foreign currencies. Remittances of foreign currencies into the PRC and exchange of foreign currencies into RMB
require approval by foreign exchange administrative authorities and certain supporting documentation. The State Administration
for Foreign Exchange, under the authority of the People&rsquo;s Bank of China, controls the conversion of RMB into other currencies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(c)</B></FONT></TD>
    <TD STYLE="width: 96%; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Concentration risk</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(i)</B></FONT></TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Concentration of revenue</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">No individual customer accounted for more
        than 10% of net revenues for the years ended December 31, 2013, 2014 and 2015.</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(ii)</B></FONT></TD>
    <TD STYLE="width: 96%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Concentration of accounts receivable</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">The Group collects accounts receivable
from collection agencies, external game platforms and advertising customers. The Group depends on payments from a limited number
of collection agencies and advertising customers. The top 10 accounts receivable accounted for 83% and 82% of the total accounts
receivable as of December&nbsp;31, 2014 and 2015, respectively. The following table summarizes the percentage of accounts receivable
from collection agencies and advertising customers with over 10% of total accounts receivable:&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 95%; font: 10pt Times New Roman, Times, Serif; margin-left: 23pt">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December&nbsp;31,</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right">2014</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right">2015</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">RMB</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">RMB</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Collection agencies and advertising customers</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 74%; text-indent: -10pt; padding-left: 10pt">B1</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">57</TD><TD STYLE="width: 1%; text-align: left">%</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">35</TD><TD STYLE="width: 1%; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt">B2</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">*</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt">B3</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">*</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11</TD><TD STYLE="text-align: left">%</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 95%; border-collapse: collapse; margin-left: 23pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 2%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">*</FONT></TD>
    <TD STYLE="width: 98%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Less than 10%</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;<B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>(All amount in thousands, except share and per share data,
unless otherwise stated)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>3.</B></FONT></TD>
    <TD STYLE="width: 96%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Certain risks and concentration (continued)</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(d)</B></FONT></TD>
    <TD STYLE="width: 96%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Credit risk</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">As of December&nbsp;31, 2014 and
2015, substantially all of the Group&rsquo;s cash and cash equivalents and short-term deposits were placed with the PRC and international
financial institutions. Management chooses these institutions because of their reputations and track records for stability, and
their known large cash reserves, and management periodically reviews these institutions&rsquo; reputations, track records, and
reported reserves. Management expects that any additional institutions that the Group uses for its cash and bank deposits will
be chosen with similar criteria for soundness. Nevertheless under the PRC law, it is required that a commercial bank in the PRC
that holds third party cash deposits should maintain a certain percentage of total customer deposits taken in a statutory reserve
fund for protecting the depositors&rsquo; rights over their interests in deposited money. PRC banks are subject to a series of
risk control regulatory standards; PRC bank regulatory authorities are empowered to take over the operation and management of any
PRC bank that faces a material credit crisis. The Group believes that it is not exposed to unusual risks as these financial institutions
are either PRC banks or international banks with high credit quality. The Group had not experienced any losses on its deposits
of cash and cash equivalents and term deposits during the years ended December&nbsp;31, 2013, 2014 and 2015 and believes that its
credit risk to be minimal.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>4.</B></FONT></TD>
    <TD STYLE="width: 96%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Business combination</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify"><I>Acquisition of 100 Online and
Beijing DuBooker Culture Communication Co., Ltd. (&ldquo;DuBooker&quot;)</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">On December 2, 2014, the Group
acquired 100% of the equity interests of 100 Online and DuBooker for a fixed cash consideration of RMB60 million, plus additional
variable cash consideration that is contingent upon the achievement of pre-established performance metrics. 100 Online is primarily
engaged in providing a variety of online English courses specialising in the preparation of International English Language Testing
System (&quot;IELTS&quot;) to registered students through online education platforms, and DuBooker is primarily engaged in the
publishing of a variety of teaching materials relevant to language education. The purpose of the acquisition was to strengthen
the Group&rsquo;s competitive advantages in China&rsquo;s online education business. On the acquisition date, the allocation of
the consideration of the assets acquired and liabilities assumed based on their fair value was as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



<P STYLE="margin: 0"></P>
<P STYLE="margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>(All amount in thousands, except share and per share data,
unless otherwise stated)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 23.05pt"><FONT STYLE="font-size: 10pt"><B>4.</B></FONT></TD><TD><FONT STYLE="font-size: 10pt"><B>Business combination (continued)</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify"><I>Acquisition of 100 Online and
DuBooker (continued)</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 95%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.32in">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right">RMB</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 87%; text-align: left; text-indent: -0.1in; padding-left: 0.1in">Cash consideration</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">60,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -0.1in; padding-left: 0.1in">Contingent consideration</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">183,000</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt; text-indent: -0.1in; padding-left: 0.1in">Total consideration</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">243,000</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -0.1in; padding-left: 0.1in">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -0.1in; padding-left: 0.1in">Net assets acquired</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,882</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -0.1in; padding-left: 0.1in">Identifiable intangible assets acquired</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -0.1in; padding-left: 0.35in"><FONT STYLE="font-family: Times New Roman, Times, Serif">-&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Brand names</FONT></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">42,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -0.1in; padding-left: 0.35in">-&nbsp;&nbsp;&nbsp;Others</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">18,300</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -0.1in; padding-left: 0.1in">Goodwill</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">195,893</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -0.1in; padding-left: 0.1in">Deferred tax liabilities</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(15,075</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; padding-bottom: 2.5pt; text-indent: -0.1in; padding-left: 0.1in">Total</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">243,000</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">The agreements for the acquisition
of 100 Online included a contingent consideration arrangement that required additional consideration to be paid by the Group based
on the actual net profit of 100 Online for years 2015 through 2017 as compared to the pre-established performance metrics as stipulated
in the agreements. The undiscounted amounts the Company shall pay when the net profit of 100 Online from 2015 through 2017 equals
to 100% of the performance metrics is RMB240 million. The actual contingent payments would be adjusted based on the degree of how
the actual net profit is higher or lower than the performance metrics from 2015 through 2017. The fair value of the contingent
consideration recognized on the acquisition date of RMB183 million was determined by the Company using the Trinomial Tree model.
Under this model, the Company performs scenario analysis by assuming different scenarios under which 100 Online achieves different
actual net profit for years 2015 through 2017. Under different scenarios, the amount of contingent consideration differs according
to the stipulation in the agreements. The Company then calculated the fair value of the contingent consideration based on the net
present value of the total contingent consideration under different scenarios and the expected probability of each scenario. Please
refer to note 25 for the key parameters adopted in the valuation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">The business combination was completed
on December 2, 2014. The excess of the purchase price over tangible assets, identifiable intangible assets acquired, and liabilities
assumed was recorded as goodwill. The acquired identifiable intangible assets were valued by various approaches, including the
income approach and the replacement cost approach, as appropriate. As of December 31, 2014 and 2015, no measurement period adjustment
had been recorded. Acquisition related costs were immaterial and were included in general and administrative expenses for the year
ended December&nbsp;31, 2014.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">Pro forma results of operations
related to the acquisition have not been presented because they are not material to the Group&rsquo;s consolidated statements of
operations and comprehensive income.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">There were no indemnification
assets involved. Total identifiable intangible assets acquired upon acquisition mainly included brand names, cooperation agreements,
copyrights of teaching materials and non-compete agreements, which have an estimated useful life of nine, three, five and five
years, respectively. Total goodwill of RMB196 million primarily represents the expected synergies from combining operations of
100 Online and Dubooker with those of the Group, which were expected to be complementary to each other. In accordance with ASC350,
goodwill is not amortized but is tested for impairment and is not deductible for tax purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>(All amount in thousands, except share and per share data,
unless otherwise stated)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 23.05pt"><FONT STYLE="font-size: 10pt"><B>4.</B></FONT></TD><TD><FONT STYLE="font-size: 10pt"><B>Business combination (continued)</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify"><I>Acquisition of Xingxue and
Beijing Huanqiu Chuangzhi Software Co., Ltd. (&ldquo;Chuangzhi&rdquo;)</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">On December 23, 2014, the Group
acquired 100% of the equity interests of Xingxue and Chuangzhi for a fixed cash consideration of RMB128 million. The principal
business of Xingxue and Chuangzhi is the operation of online vocational training platform. The purpose of the acquisition was to
expand the Group's own educational service offerings from online English courses to a variety of online vocational training courses.
On the acquisition date, the allocation of the consideration of the assets acquired and liabilities assumed based on their fair
value was as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 95%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.32in">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right">RMB</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 87%; text-align: left; text-indent: -0.1in; padding-left: 0.1in">Net liabilities assumed</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">(8,549</TD><TD STYLE="width: 1%; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -0.1in; padding-left: 0.1in">Identifiable intangible assets acquired</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -0.1in; padding-left: 0.35in">-&nbsp;&nbsp;&nbsp;&nbsp;Brand names</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">43,620</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -0.1in; padding-left: 0.35in">-&nbsp;&nbsp;&nbsp;&nbsp;Other</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,792</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -0.1in; padding-left: 0.1in">Goodwill</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">100,382</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -0.1in; padding-left: 0.1in">Deferred tax liabilities</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(12,103</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; padding-bottom: 2.5pt; text-indent: -0.1in; padding-left: 0.1in">Total</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">128,142</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.95pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">The business combination was completed
on December 23, 2014. The excess of the purchase price over tangible assets, identifiable intangible assets acquired, and liabilities
assumed was recorded as goodwill. The acquired identifiable intangible assets were valued by various approaches, including the
income approach and the replacement cost approach, as appropriate. As of December 31, 2014 and 2015, no measurement period adjustment
had been recorded. Acquisition related costs were immaterial and were included in general and administrative expenses for the year
ended December&nbsp;31, 2014.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">Pro forma results of operations
related to the acquisition have not been presented because they are not material to the Group&rsquo;s consolidated statements of
operations and comprehensive income.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">There were no indemnification
assets involved. Total identifiable intangible assets acquired upon acquisition mainly included brand names, and software, which
have an estimated useful life of fifteen and five years, respectively. Total goodwill of RMB100 million primarily represents the
expected synergies from combining operations of Xingxue and Chuangzhi with those of the Group, which were expected to be complementary
to each other. In accordance with ASC350, goodwill is not amortized but is tested for impairment and is not deductible for tax
purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify"><I>Acquisition of Beifu</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">On February 3, 2015, the Group
acquired 70% of the equity interests of Beifu from the founders of Beifu for a fixed cash consideration of RMB39 million, plus
additional variable cash consideration that is contingent upon the achievement of pre-established performance metrics for years
2015 through 2017. Beifu is primarily engaged in the operation of E-commerce, which is based on YY&rsquo;s existing user base.
The purpose of the acquisition was to integrate the Group's technology and huge user base together with Beifu's successful experience
in the operation of E-commerce area. On the acquisition date, the allocation of the consideration of the assets acquired and liabilities
assumed based on their fair value was as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>(All amount in thousands, except share and per share data,
unless otherwise stated)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 23.05pt"><FONT STYLE="font-size: 10pt"><B>4.</B></FONT></TD><TD><FONT STYLE="font-size: 10pt"><B>Business combination (continued)</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify"><I>Acquisition of Beifu (continued)</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 95%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.32in">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right">RMB</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 87%; text-align: left; text-indent: -0.1in; padding-left: 0.1in">Cash consideration</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">39,200</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -0.1in; padding-left: 0.1in">Contingent consideration</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">107,306</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt; text-indent: -0.1in; padding-left: 0.1in">Total consideration</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">146,506</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -0.1in; padding-left: 0.1in">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -0.1in; padding-left: 0.1in">Net assets acquired</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">31,994</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -0.1in; padding-left: 0.1in">Identifiable intangible assets acquired</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,900</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -0.1in; padding-left: 0.1in">Goodwill</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">147,388</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -0.1in; padding-left: 0.1in">Deferred tax liabilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(3,225</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -0.1in; padding-left: 0.1in">Non-controlling interest</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(42,551</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; padding-bottom: 2.5pt; text-indent: -0.1in; padding-left: 0.1in">Total</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">146,506</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">The agreements for the acquisition
of Beifu included a contingent consideration arrangement that required additional consideration to be paid by the Group based on
the achievement of pre-established performance metrics as stipulated in the agreements for years 2015 through 2017. The undiscounted
amounts the Company shall pay when Beifu achieves 100% of the performance metrics from 2015 through 2017 is RMB219 million. The
actual contingent payments would be adjusted based on the degree of how the actual revenue and net profit are higher or lower than
the performance metrics from 2015 through 2017. The fair value of the contingent consideration recognized on the acquisition date
of RMB107 million was determined by the Company using the Trinomial Tree model. Under this model, the Company performs scenario
analysis by assuming different scenarios under which Beifu achieves different performance for years 2015 through 2017. Under different
scenarios, the amount of contingent consideration differs according to the stipulation in the agreements. The Company then calculated
the fair value of the contingent consideration based on the net present value of the total contingent consideration under different
scenarios and the expected probability of each scenario. Please refer to note 25 for the key parameters adopted in the valuation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
fair value of non-controlling interest in Beifu was determined mainly based on the number of shares held by non-controlling shareholders
and the equity value close to the acquisition date, taking into consideration of other factors, as appropriate. If Beifu achieved
specified performance metrics and did not complete an initial public offering, and the founders of Beifu remained being employed
by the Company, the non-controlling shareholders had the right to put their equity interests in Beifu to the Company at the fair
value (&ldquo;the put option&rdquo;).</FONT> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">The Company
considered the probability of the exercise of the put option and believed that the exercise of the put option is not probable upon
the acquisition date and as of December 31, 2015.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">Pursuant to ASC 480-10-S99-3A,
considering the non-controlling interests are redeemable upon the occurrence of an event that is not solely within the control
of the Company, the Company classified the non-controlling interests with the written put option as mezzanine equity in the Company&rsquo;s
consolidated financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>(All amount in thousands, except share and per share data,
unless otherwise stated)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 23.05pt"><FONT STYLE="font-size: 10pt"><B>4.</B></FONT></TD><TD><FONT STYLE="font-size: 10pt"><B>Business combination(continued)</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify"><I>Acquisition of Beifu (continued)</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">The business combination was completed
on February 3, 2015. The excess of the purchase price over tangible assets, identifiable intangible assets acquired, and liabilities
assumed and fair value of the non-controlling interest was recorded as goodwill. The acquired identifiable intangible assets were
valued by various approaches, including the income approach and the replacement cost approach, as appropriate. Acquisition related
costs were immaterial and were included in general and administrative expenses for the year ended December&nbsp;31, 2015.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">Pro forma results of operations
related to the acquisition have not been presented because they are not material to the Group&rsquo;s consolidated statements of
operations and comprehensive income.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">There were no indemnification
assets involved. Total identifiable intangible assets acquired upon acquisition mainly included relationship with online game hosts
and non-compete agreements, which have an estimated useful life of three and seven years, respectively. Total goodwill of RMB147
million primarily represents the expected synergies from combining operations of Beifu with those of the Group, which were expected
to be complementary to each other. In accordance with ASC350, goodwill is not amortized but is tested for impairment and is not
deductible for tax purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 23.05pt"><FONT STYLE="font-size: 10pt"><B>5.</B></FONT></TD><TD><FONT STYLE="font-size: 10pt"><B>Cash and cash equivalents</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">Cash and cash equivalents represent
cash on hand and demand deposits placed with banks or other financial institutions. Cash and cash equivalents balance as of December&nbsp;31,
2014 and 2015 primarily consist of the following currencies:&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 95%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.32in">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December&nbsp;31, 2014</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December&nbsp;31, 2015</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right">Amount</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>RMB</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>equivalent</B></P></TD><TD NOWRAP>&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right">Amount</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>RMB</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>equivalent</B></P></TD><TD NOWRAP>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 48%; text-indent: -10pt; padding-left: 10pt">RMB</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">394,214</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">394,214</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">450,802</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">450,802</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt">US$</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">13,205</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">80,814</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">73,632</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">478,132</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; padding-bottom: 2.5pt; text-indent: -10pt; padding-left: 10pt">Total</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">475,028</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">928,934</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 23.05pt"><B>6.</B></TD><TD><B>Short-term deposits</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">Short-term deposits represent
time deposits placed with banks with original maturities of less than one year. Short-term deposits balance as of December 31,
2014 and 2015 primarily consist of the following currencies:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 95%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.32in">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December&nbsp;31, 2014</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December&nbsp;31, 2015</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right">Amount</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>RMB</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>equivalent</B></P></TD><TD NOWRAP>&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right">Amount</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>RMB</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>equivalent</B></P></TD><TD NOWRAP>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 48%; text-indent: -10pt; padding-left: 10pt">RMB</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">1,921,520</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">1,921,520</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">250,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">250,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt">US$</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">374,685</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2,293,056</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">253,322</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,644,946</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; padding-bottom: 2.5pt; text-indent: -10pt; padding-left: 10pt">Total</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">4,214,576</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">1,894,946</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 44; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->44<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>(All amount in thousands, except share and per share data,
unless otherwise stated)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 23.05pt"><B>7.</B></TD><TD><B>Restricted short-term deposits</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 95%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.32in">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December&nbsp;31,</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right">2014</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right">2015</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">RMB</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">RMB</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 74%; text-align: left; text-indent: -0.1in; padding-left: 0.1in">Pledge short-term deposits for one pending litigation (i)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">100,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">110,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -0.1in; padding-left: 0.1in">Pledge short-term deposits for bank borrowing facilities (ii)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">279,221</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -0.1in; padding-left: 0.1in">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; padding-bottom: 2.5pt; text-indent: -0.1in; padding-left: 0.1in">Total</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">100,000</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">389,221</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23.05pt; text-align: justify">(i) As of December 31, 2014
and 2015, the Group had restricted short-term deposits balance of RMB100 million and RMB 110 million representing pledged deposit
for one pending litigation in which the Group is the claimant and has applied to the court to freeze the assets of the defendant.
Pursuant to relevant PRC laws and regulations, the Group had to deposit a certain amount of cash as pledged deposit in order to
submit the application to the court requesting to freeze the defendant&rsquo;s assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23.05pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23.05pt; text-align: justify">(ii) As of December 31, 2015,
the Company had offshore restricted short-term deposits balance set aside for a period of 12 months or less of approximately RMB279
million for bank borrowing facilities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23.05pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23.05pt; text-align: justify">(iii) In 2015, the Company
had short-term deposits of RMB700 million, and a short term borrowing of RMB697 million with the same domestic bank in
the PRC, and the Company paid off the short term borrowing with the short-term deposits.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 23.05pt; text-align: left"><B>8.</B></TD><TD STYLE="text-align: justify"><B>Accounts
                                         receivable, net</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 95%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.32in">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December&nbsp;31,</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right">2014</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right">2015</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">RMB</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">RMB</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 74%; text-align: left; text-indent: -0.1in; padding-left: 0.1in">Accounts receivable, gross</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">314,778</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">191,144</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -0.1in; padding-left: 0.1in">Less: allowance for doubtful receivables</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(57,342</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(58,791</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -0.1in; padding-left: 0.1in">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; text-indent: -0.1in; padding-left: 0.1in">Accounts receivable, net</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">257,436</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">132,353</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">The following table summarized
the details of the Company&rsquo;s allowance for doubtful accounts:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 95%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.32in">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">For&nbsp;the&nbsp;year&nbsp;ended&nbsp;December&nbsp;31,</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right">2013</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right">2014</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right">2015</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right">RMB</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right">RMB</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right">RMB</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 61%; text-align: left">Balance at beginning of the year</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">(5,716</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">(31,214</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">(57,342</TD><TD STYLE="width: 1%; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Additions charged to general and administrative expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(31,987</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(26,246</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,449</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Write-off during the year</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">6,489</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">118</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt">Balance at end of the year</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(31,214</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(57,342</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(58,791</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 45; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->45<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>(All amount in thousands, except share and per share data,
unless otherwise stated)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.32in; text-align: left"><B>9.</B></TD><TD STYLE="text-align: justify"><B>Prepayments and other current assets</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 95%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.32in">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December&nbsp;31,</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right">2014</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right">2015</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">RMB</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">RMB</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 74%; text-align: left">Prepayments and deposits to vendors and content providers</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">54,330</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">71,354</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Interests receivable</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">98,355</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">41,220</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Employee advances</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,144</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,484</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Rental and other deposits</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,093</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,111</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Loans receivable</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">34,502</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">1,338</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt">Others</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">5,715</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">9,316</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; padding-bottom: 2.5pt">Total</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">204,139</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">147,823</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.32in; text-align: left"><B>10.</B></TD><TD STYLE="text-align: justify"><B>Investments</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 95%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.32in">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December&nbsp;31</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right">2014</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right">2015</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">RMB</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">RMB</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 74%; text-align: left">Cost investments (i)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">153,024</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">516,446</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Equity investments</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">33,630</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">44,994</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Available-for-sale debt security (ii)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">6,117</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; padding-bottom: 2.5pt">Total</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">186,654</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">567,557</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 23.05pt"></TD><TD STYLE="width: 21.6pt"><FONT STYLE="font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">In 2015, the Group entered into agreements to acquire minority stake
of 16 entities with total consideration of RMB351,800. The investments were not investment in common stock or in-substance common
stock and therefore were precluded from applying the equity method of accounting. They have been accounted for as investments under
cost method, since all of these equity securities do not have a readily determinable fair value.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 44.65pt; text-align: justify; text-indent: -0.3in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 23.05pt"></TD><TD STYLE="width: 21.6pt">(ii)</TD><TD STYLE="text-align: justify">In September 2015, the Group entered into share purchase agreements to acquire 4.25% equity stake
of a company with a total consideration of RMB6,117. The Group recorded this investment as an available-for-sale debt security
since the preferred shares purchased by the Group are redeemable at the option of the Group. Subsequent to initial recognition,
the available-for-sale debt security is measured at fair value at every period end. There was no significant change in fair value
of the investment from the investment date to December 31, 2015.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 44.65pt; text-align: justify; text-indent: -0.3in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 23.05pt"></TD><TD STYLE="width: 21.6pt">(iii)</TD><TD STYLE="text-align: justify">The Group monitors its investments for other-than-temporary impairment by considering factors including,
but not limited to, current economic and market conditions, the operating performance of the companies including current earnings
trends and other company-specific information. In 2015, based on the Group's assessment, an impairment charge of RMB6,000 was recorded
in relation to the carrying value of one of its investments under cost method due to the significant deterioration in the earnings
performance and business prospects of the investee.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>(All amount in thousands, except share and per share data,
unless otherwise stated)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.32in; text-align: left"><FONT STYLE="font-size: 10pt"><B>11.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>Property and equipment,
net</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">Property and equipment consists
of the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 95%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.32in">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December&nbsp;31,</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right">2014</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right">2015</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">RMB</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">RMB</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left">Gross carrying amount</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 74%">Building</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">-</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">482,387</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Servers, computers and equipment</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">304,117</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">453,441</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Leasehold improvements</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">32,392</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">69,929</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>Decoration</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">66,140</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Furniture, fixture and office equipment</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13,879</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">26,098</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Motor vehicles</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,815</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,835</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Construction in progress</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">31,786</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,937</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Total</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">392,989</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,112,767</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">Less: accumulated depreciation</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(158,761</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(269,318</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Property and equipment, net</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">234,228</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">843,449</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">Depreciation expense for the
years ended December&nbsp;31, 2013, 2014 and 2015 were RMB44,963, RMB68,035 and RMB122,098, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->47<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>(All amount in thousands, except share and per share data,
unless otherwise stated)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.32in; text-align: left"><B>12.</B></TD><TD STYLE="text-align: justify"><B>Intangible assets, net</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">The following table summarizes
the Group&rsquo;s intangible assets:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 95%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.32in">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December&nbsp;31,</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right">2014</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right">2015</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">RMB</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">RMB</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left">Gross carrying amount</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 74%; text-align: left">Brand names</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">94,120</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">102,654</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Operating rights for licensed games</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11,721</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">46,879</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Software</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">17,304</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">38,307</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Operating rights for game broadcasting</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">35,071</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Domain names</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">24,686</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">25,902</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>Technology</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">17,145</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">17,621</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt">Others</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">18,300</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">31,200</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Total of gross carrying amount</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">183,276</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">297,634</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">Less: accumulated amortization</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Brand names</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,728</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(20,294</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Operating rights for licensed games</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(4,249</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(15,010</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>Software</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(5,944</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(9,464</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Operating rights for game broadcasting</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(23,278</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Domain names</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(4,278</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(6,249</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Technology</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(6,035</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(7,712</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 1pt">Others</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(774</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(5,478</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Total accumulated amortization</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(23,008</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(87,485</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">Less: accumulated impairment</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(6,234</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(63,712</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Intangible assets, net</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">154,034</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">146,437</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23.05pt; text-align: justify">In 2015, the Group recognized
impairment loss of intangible assets of RMB57,199, primary related to the 100 Online English training business and Beifu E-commerce
business. In the second quarter of 2015 and on October 1, 2015, the Group performed interim and annual goodwill impairment test
for the goodwill generated from the acquisition of 100 Online and Beifu, due to the poor financial performance of these two VIE&rsquo;s
subsidiaries (Note 13), and recognized impairment loss of intangible assets of RMB48,814 and RMB8,385, respectively, which was
mainly made against the carrying amount of the brand names.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23.05pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23.05pt; text-align: justify">In 2014, the Group recognized
impairment of intangible assets of RMB5,697, which was made against the carrying amount of the technology acquired in a business
combination in 2012. The Group ceased to use this technology in its business in 2014 and believed the technology cannot bring future
economic benefits to the Group. As a result, an impairment loss equal to the carrying amount of the technology was recognized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23.05pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23.05pt; text-align: justify">Amortization expense for the
years ended December&nbsp;31, 2013, 2014 and 2015 were RMB4,707, RMB12,598 and RMB64,201, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23.05pt; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 48; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->48<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>(All amount in thousands, except share and per share data,
unless otherwise stated)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.32in; text-align: left"><B>12.</B></TD><TD STYLE="text-align: justify"><B>Intangible assets, net (continued)</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt">The estimated amortization expenses for each of the
following five years are as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 95%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.32in">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right">Amortization expense <BR>of intangible assets</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 87%; text-align: left">2016</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">44,269</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">2017</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">23,052</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">2018</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">19,076</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">2019</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11,070</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">2020</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,744</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23.05pt">The weighted average amortization periods of intangible
assets as of December&nbsp;31, 2014 and 2015 are as below:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 95%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.32in">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December&nbsp;31,</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right">2014</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right">2015</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Domain names</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">15&nbsp;years</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">15&nbsp;years </FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt">Technology</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">5&nbsp;years</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">5&nbsp;years </FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt">Software</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">4&nbsp;years</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">5&nbsp;years </FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Brand names</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">11 years</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">10 years </FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Operating rights for licensed games</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2 years</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3 years </FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Operating rights for game broadcasting</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1 year</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt">Others</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3-5 years</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3-5 years</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.32in; text-align: left"><FONT STYLE="font-size: 10pt"><B>13.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>Goodwill</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23.05pt">The changes in the carrying amount of goodwill for
the years ended December 31, 2014 and 2015 were as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 95%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.32in">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">YY IVAS and<BR>
 others</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">100 Education</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">Total</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">RMB</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">RMB</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">RMB</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 61%; padding-bottom: 1pt">Balance as of December 31, 2013</TD><TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; text-align: right">1,577</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; text-align: right">1,577</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 9pt">Increase in goodwill related to acquisition (i)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,527</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">296,275</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">298,802</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 9pt">Foreign currency translation adjustment</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">3</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">3</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt">Balance as of December 31, 2014</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">4,107</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">296,275</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">300,382</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 9pt">Increase in goodwill related to acquisition (i)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">161,326</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">161,326</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 9pt">Impairment charges (ii)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(128,035</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(182,089</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(310,124</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 9pt">Foreign currency translation adjustment</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">54</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">54</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2.5pt">Balance as of December 31, 2015</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">37,452</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">114,186</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">151,638</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>(All amount in thousands, except share and per share data,
unless otherwise stated)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.32in; text-align: left"><B>13.</B></TD><TD STYLE="text-align: justify"><B>Goodwill (continued)</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23.05pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23.05pt; text-align: justify">(i) In December 2014, the Company
purchased 100% equity interest of 100 Online and Dubooker. Goodwill of RMB195,893 was recognized in the segment of 100 Education
from this business acquisition (Note 4).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23.05pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23.05pt; text-align: justify">In December 2014, the Company
purchased 100% equity interest of Xingxue and Chuangzhi. Goodwill of RMB100,382 was recognized in the segment of 100 Education
from this business acquisition (Note 4).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23.05pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23.05pt; text-align: justify">In February 2015, the Company
purchased 70% equity interest of Beifu. Goodwill of RMB147,388 was recognized in the segment of YY IVAS and others from this business
acquisition (Note 4).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23.05pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23.05pt; text-align: justify">Goodwill represents the synergy
effects of the business combination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23.05pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23.05pt; text-align: justify">(ii) The Group performs its
annual goodwill impairment test of each reporting unit as of October 1, or more frequently, if certain events or circumstances
warrant. Events or changes in circumstances which might indicate potential impairment in goodwill include the company-specific
factors, including, but not limited to, stock price volatility, market capitalization relative to net book value, and projected
revenue, market growth and operating results.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23.05pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23.05pt; text-align: justify">The Company performed goodwill
impairment tests to determine if goodwill impairment indicators existed as of 2014 year end, and the results of these tests indicated
that the Company&rsquo;s goodwill was not impaired.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23.05pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23.05pt; text-align: justify">In June 2015, it was noted
that 100 Online&rsquo;s financial and operational performance in the first half year of 2015 was behind the original budget resulting
from unexpected fierce market competition and the resignation of a number of key personnel in 100 Online. Accordingly, the Group
performed an interim assessment on the goodwill impairment related to 100 Online and recognized an estimated goodwill impairment
charge of RMB110,699. Correspondingly, long-term payable amounting to RMB111,547 in relation to the contingent consideration was
reversed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23.05pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23.05pt; text-align: justify">In the annual goodwill impairment
assessment, the Group has noted further impairment indicator for 100 Online as well as impairment indicator for Beifu as certain
key personnel of 100 Online and Beifu resigned in the third quarter of 2015. Based on the result of the annual impairment assessment,
for 100 Online, an impairment charge of RMB71,390 was recognised and correspondingly, long-term payable amounting to RMB73,618
in relation to the contingent consideration was reversed; For Beifu, an impairment charge of RMB128,035 was recognised and correspondingly,
long-term payable amounting to RMB 107,306 in relation to the contingent consideration was reversed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23.05pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23.05pt; text-align: justify">The above goodwill impairment
assessments on 100 Online and Beifu weighted the results from the income approach and considered a combination of factors, including,
but not limited to, market conditions, expected future cash flows, growth rates and discount rates, which require the Group to
make certain estimates and assumptions regarding industry economic factors and future profitability of the business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23.05pt; text-align: justify"><B>&nbsp;</B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>(All amount in thousands, except share and per share data,
unless otherwise stated)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.32in; text-align: left"><B>14.</B></TD><TD STYLE="text-align: justify"><B>Other non-current assets</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 95%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.32in">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December&nbsp;31,</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right">2014</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right">2015</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">RMB</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">RMB</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 74%; text-align: left">Prepayment for acquiring a land use right</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">-</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">1,860,525</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Prepayments of exclusive license fees</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">31,189</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">69,983</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Unamortized convertible bonds issuance cost</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">42,275</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">25,284</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Prepayment for acquiring an office building</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">481,047</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">20,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 1pt">Others</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">6,460</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">9,922</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; padding-bottom: 2.5pt">Total</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">560,971</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">1,985,714</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.32in; text-align: left"><FONT STYLE="font-size: 10pt"><B>15.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>Deferred revenue</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 95%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.32in">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December&nbsp;31,</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right">2014</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right">2015</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">RMB</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">RMB</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left">Deferred revenue, current:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 74%; text-align: left">IVAS revenues</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">331,555</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">361,023</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Education revenues</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">22,899</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">21,577</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Government grants</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,696</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2,700</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt">Total current deferred revenue</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">356,150</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">385,300</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left">Deferred revenue, non-current:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">IVAS revenues</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">23,850</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">20,085</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Government grants</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">533</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">667</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt">Total non-current deferred revenue</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">24,383</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">20,752</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 23.05pt"><B>16.</B></TD><TD><B>Accrued liabilities and other current liabilities</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 95%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.32in">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December&nbsp;31,</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right">2014</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right">2015</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">RMB</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">RMB</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 74%; text-align: left">Accrued revenue sharing fees</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">160,248</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">298,805</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Accrued salaries and welfare</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">168,300</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">169,041</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Accrued bandwidth costs</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">53,399</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">71,507</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Market promotion expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,944</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">29,358</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Business and other taxes payable</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15,220</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14,370</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Value added taxes payable</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,734</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">16,010</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Interests payable</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13,944</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14,795</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt">Others</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">58,914</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">68,003</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; padding-bottom: 2.5pt">Total</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">478,703</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">681,889</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>(All amount in thousands, except share and per share data,
unless otherwise stated)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 23.05pt"><B>17</B></TD><TD><B>Convertible bonds</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 95%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.32in">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December&nbsp;31,</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right">2014</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right">2015</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">RMB</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">RMB</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 74%; text-align: left; padding-bottom: 2.5pt">2019 Convertible Senior Notes</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; width: 1%">&nbsp;</TD><TD STYLE="width: 10%; border-bottom: Black 2.5pt double; text-align: right">2,447,980</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; width: 1%">&nbsp;</TD><TD STYLE="width: 10%; border-bottom: Black 2.5pt double; text-align: right">2,597,403</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">On March 18, 2014, the Company
issued Convertible Senior Notes due 2019 with principal amount of US$400,000,000 (the &quot;Notes&quot;). The Notes bear interest
at a rate of 2.25% per year, payable semi-annually in arrears on April 1 and October 1 of each year, beginning on October 1, 2014.
The Notes will mature on April 1, 2019. Holders may convert their Notes at their option at any time prior to the close of business
on the second business day immediately preceding the maturity date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">Upon conversion, the Company will
deliver, for each US$1,000 principal amount of converted Notes, a number of ADSs, each representing twenty Class A common shares
of YY Inc., par value of US$0.00001 per share, equal to the conversion rate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">The conversion rate will initially
be 9.0334 ADSs per US$1,000 principal amount of Notes (equivalent to an initial conversion price of approximately US$110.70 per
ADS).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">The net proceeds to the Company
from the issuance of the Notes were US$390.8 million. Debt issuance costs were US$9.2 million which are being deferred and amortized
to interest expense from the issuance date (March 18, 2014) to the first put date of the Notes (April 1, 2017).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">The Notes are general senior unsecured
obligations and rank (1) senior in right of payment to any of the Company&rsquo;s future indebtedness that is expressly subordinated
in right of payment to the Notes, (2) equal in right of payment to any of the Company&rsquo;s future unsecured indebtedness of
the Company that is not so subordinated, (3) junior in right of payment to any of the Company&rsquo;s secured indebtedness to the
extent of the value of the assets securing such indebtedness and (4) structurally junior to all indebtedness and other liabilities
(including trade payables) of the Company&rsquo;s subsidiaries, VIEs and VIE&rsquo;s subsidiaries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">The value of the Notes is initially
measured by the cash received and is subsequently stated at amortized cost. As of December 31, 2014 and 2015, RMB2.4 billion (US$400
million) and RMB2.6 billion (US$400 million) has been accounted for as the value of the Notes in non-current liabilities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>(All amount in thousands, except share and per share data,
unless otherwise stated)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 23.05pt"><B>17.</B></TD><TD><B>Convertible bonds (continued)</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">The key terms of the Notes are
as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify"><I>Redemption</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify"><I>Contingent redemption option</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">The Notes are not redeemable prior
to the maturity date of April 1, 2019, except as described below. The holders of the Notes (the &ldquo;Holders&rdquo;) have a non-contingent
option to require the Company to repurchase for cash all or any portion of their Notes on April 1, 2017. The repurchase price will
equal 100% of the principal amount of the Notes to be repurchased plus accrued and unpaid interest, if any, to, but excluding,
the repurchase date. If a fundamental change (as defined in the Indenture of the 2019 Convertible Senior Notes) occurs prior to
the maturity date, the Holders may require the Company to purchase for cash all or any portion of the Notes at a purchase price
equal to 100% of the principal amount of the Notes to be purchased plus accrued and unpaid interest, if any, to, but excluding,
the fundamental change purchase date. The Holders have the option to require the Company to repurchase the Notes, in whole or in
part, in the event of a fundamental change for an amount equal to the 100% of the principal amount and any accrued and unpaid interest
in the event of fundamental changes. The Company believes that the likelihood of occurrence of events of a fundamental change is
remote.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">The contingent redemption option
is assessed in accordance with ASC 815-15-25-42. The contingent redemption option is considered clearly and closely related to
its debt host and does not meet the requirement for bifurcation as the Notes were issued at par and the repurchase feature requires
the issuer to settle the option by delivering par plus accrued and unpaid interest, the Notes holder would recover all of their
initial investment. Additionally, since the Notes holder can only recover its initial investment upon exercise of its option, there
are no interest rate scenarios under which the embedded derivative would at least double the investor&rsquo;s initial rate of return.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify"><I>Non-contingent redemption option</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">On or after April 1, 2017, the
Holders have the right to require the issuer to redeem, at 100% of the loan&rsquo;s principal amount plus accrued and unpaid interest,
in which circumstance the Holders would recover substantially all of their initial investment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify"><I>Conversion</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">The Holders may convert their
Notes in integral multiples of US$1,000 principle amount at an initial conversion rate of 9.0334 ADS, at any time prior to the
maturity date of April 1, 2019. Upon conversion of the Notes, the Company will deliver shares of the Company&rsquo;s ADS. The conversion
rate is subject to adjustment in certain events, including, but not limited to, the issuance of certain share dividends on the
Class A common shares, the issuance of certain rights or warrants, subdivisions, combinations, distributions of capital stock,
indebtedness, or assets, cash dividends and certain issuer tender or exchange offers (as defined in the Indenture of the 2019 Convertible
Senior Notes). In addition, upon a make-whole fundamental change (as defined in the Indenture of the 2019 Convertible Senior Notes),
the Company will, under certain circumstances, increase the applicable conversion rate for a holder that elects to convert its
Notes in connection with such make-whole fundamental change.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">In accordance with ASC 815-10-15-83,
the conversion option meets the definition of a derivative. However, bifurcation of conversion option from the Notes is not required
as the scope exception prescribed in ASC 815-10-15-74 is met as the conversion option is considered indexed to the entity&rsquo;s
own stock and classified in shareholders&rsquo; equity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify"><I>Assessment of Beneficial Conversion
Feature and Contingent Beneficial Conversion Feature:</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">As the conversion options are
not bifurcated, the Company has assessed the beneficial conversion feature (&ldquo;BCF&rdquo;), as of commitment date as defined
in ASC 470-20. There was no BCF attributed to the Notes as the set conversion price for the Notes was greater than the fair value
of the common share price on the date of issuance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>(All amount in thousands, except share and per share data,
unless otherwise stated)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 23.05pt"><B>17.</B></TD><TD><B>Convertible bonds (continued)</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify"><I>Assessment of Beneficial Conversion
Feature and Contingent Beneficial Conversion Feature: (Continued)</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">The Holders have the option to
convert upon a fundamental change, if Holders decide to convert in connection with a fundamental change, the number of shares issuable
upon conversion will be increased. Upon occurrence of such adjustment, the Company will have to assess the contingent BCF using
a measurement date upon issuance of the Notes. The settlement of the conversion is based on a make-whole provision resulting from
a fundamental change, this feature is consistent with ASC 815-40-55-46, and therefore the Company concludes that this feature is
also considered indexed to its own shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify"><I>Accounting for Debt Issuance
Costs:</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">The debt issuance costs were recorded
as deferred issuance costs and are amortized as interest expense, using the effective interest method, over the term of the Notes
pursuant to ASC 835-30-35-2.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">Interest expense recognized during
the years ended December 31, 2014 and 2015 was RMB56,607 and RMB74,786.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.32in; text-align: left"><B>18.</B></TD><TD STYLE="text-align: justify"><B>Cost of revenues</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 95%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.32in">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="10" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">For the year ended December&nbsp;31,</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right">2013</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right">2014</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right">2015</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">RMB</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">RMB</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">RMB</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 61%; text-align: left">Revenue sharing fees and content costs</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">444,065</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">1,133,984</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">2,343,224</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Bandwidth costs</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">203,238</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">345,913</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">570,169</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Salary and welfare</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">88,456</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">131,773</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">198,153</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Depreciation and amortization</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">37,084</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">59,817</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">145,135</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Payment handling costs</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">24,955</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">55,101</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">104,849</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Business tax and surcharges</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">47,755</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">49,233</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">27,794</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>Share based compensation</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,860</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">18,037</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">23,963</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Other costs</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">26,586</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">55,291</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">166,457</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; padding-bottom: 2.5pt">Total</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">881,999</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">1,849,149</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">3,579,744</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 23.05pt"><B>19.</B></TD><TD><B>Other income</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 95%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.32in">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="10" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">For the year ended December&nbsp;31,</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right">2013</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right">2014</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right">2015</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">RMB</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">RMB</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">RMB</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 61%; text-align: left; text-indent: -10pt; padding-left: 10pt">Government grants</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">25,356</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">5,570</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">79,541</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt">Others</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,722</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">749</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2,759</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; padding-bottom: 2.5pt; text-indent: -10pt; padding-left: 10pt">Total</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">27,078</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">6,319</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">82,300</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>NOTES TO THE CONSOLIDATED FINANCIAL
STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>(All amount in thousands, except share
and per share data, unless otherwise stated)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.32in; text-align: left"><FONT STYLE="font-size: 10pt"><B>20.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>Income tax</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">(i) Cayman Islands (&ldquo;Cayman&rdquo;)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">Under the current tax laws of
Cayman Islands, the Company and its subsidiaries are not subject to tax on income or capital gains. Besides, upon payment of dividends
by the Company to its shareholders, no Cayman Islands withholding tax will be imposed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 23pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 23pt">(ii) BVI</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">Duowan BVI is exempt from income
tax on its foreign-derived income in the BVI. There are no withholding taxes in the BVI.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 23pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 23pt">(iii) Hong Kong profits
tax</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">Entities incorporated in Hong
Kong are subject to Hong Kong profits tax at a rate of 16.5% on the estimated assessable profit for the years ended December&nbsp;31,
2013, 2014 and 2015.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">(iv) PRC Enterprise Income Tax
(&ldquo;EIT&rdquo;)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">The Company&rsquo;s subsidiaries,
VIEs and VIE&rsquo;s subsidiaries in China are governed by the Enterprise Income Tax Law (&ldquo;EIT Law&rdquo;), which became
effective on January 1, 2008. Pursuant to the EIT Law and its implementation rules, enterprises in China are generally subject
to tax at a statutory rate of 25%. Certified High and New Technology Enterprises (&ldquo;HNTE&rdquo;) are entitled to a favorable
statutory tax rate of 15%, and qualified software enterprises can enjoy an income tax exemption for two years beginning with their
first profitable year and a 50% tax reduction to the applicable tax rate for the subsequent three years.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.95pt; text-align: justify">The Group&rsquo;s PRC entities
provided for enterprise income tax as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 59pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 41pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">From 2013 to 2015, Guangzhou Huaduo accrued
the EIT at a tax rate of 15% as a result of HNTE status.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 41pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Guangzhou Huanju Shidai reported tax loss
from 2010 to 2013. On December 31, 2013, Guangzhou Huanju Shidai was granted the qualification as a software enterprise and started
to enjoy the zero preferential tax rate beginning from 2014.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 41pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Other PRC subsidiaries, VIEs and VIE&rsquo;s
subsidiaries were subject to 25% EIT for the periods reported.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">According to a policy promulgated
by the State Tax Bureau of the PRC and effective from 2008 onwards, enterprises engaged in research and development activities
are entitled to claim 150% of the research and development expenses so incurred in a year as tax deductible expenses in determining
its tax assessable profits for that year (&ldquo;Super Deduction&rdquo;). Certain subsidiaries and VIEs of the Group successfully
claimed the Super Deduction in ascertaining the tax assessable profits for the periods reported.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">In addition, according to the
New EIT Law and its implementation rules, foreign enterprises, which have no establishment or place in the PRC but derive dividends,
interest, rents, royalties and other income (including capital gains) from sources in the PRC shall be subject to PRC withholding
tax (&ldquo;WHT&rdquo;) at 10% (a further reduced WHT rate may be available according to the applicable double tax treaty or arrangement).
The 10% WHT is applicable to any dividends to be distributed from the Group&rsquo;s PRC subsidiaries, VIEs and VIE&rsquo;s subsidiaries
to the Group&rsquo;s oversea companies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">Aggregate undistributed earnings
and reserves of the Group entities located in the PRC that are available for distribution to the Company as of December 31, 2014
and 2015 are approximately RMB1,819,004 and RMB3,090,721, respectively. The undistributed earnings and reserves of the Group entities
located in the PRC are considered to be indefinitely reinvested, because the Group does not have any present plan to pay any cash
dividends on its common shares in the foreseeable future and intends to retain most of its available funds and any future earnings
for use in the operation and expansion of its business. Accordingly, no deferred tax liability on 10% WHT of aggregate undistributed
earnings and reserves of the Company&rsquo;s subsidiaries located in the PRC has been accrued that would be payable upon the distribution
of those amounts to the Company as of December 31, 2014 and 2015.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>(All amount in thousands, except share and per share data,
unless otherwise stated)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 23.05pt"><FONT STYLE="font-size: 10pt"><B>20.</B></FONT></TD><TD><FONT STYLE="font-size: 10pt"><B>Income tax (continued)</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify"><I>Composition of income tax expense</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">The current and deferred portions
of income tax expense included in the consolidated statements of operations are as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 95%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.32in">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">For the year ended December&nbsp;31,</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right">2013</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right">2014</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right">2015</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">RMB</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">RMB</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">RMB</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 61%; text-align: left; text-indent: -10pt; padding-left: 10pt">Current income tax expenses</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">(125,365</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">(200,034</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">(203,366</TD><TD STYLE="width: 1%; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt">Deferred income tax benefits</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">35,414</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">45,751</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">25,039</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; text-indent: -10pt; padding-left: 10pt">Income tax expense for the year</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(89,951</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(154,283</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(178,327</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify"><I>Reconciliation of the differences
between statutory tax rate and the effective tax rate</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">The reconciliation of total tax
expense computed by applying the respective statutory income tax rate to pre-tax income is as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 95%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.32in">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">For the year ended December&nbsp;31,</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right">2013</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right">2014</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right">2015</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">RMB</TD><TD NOWRAP>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">RMB</TD><TD NOWRAP>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">RMB</TD><TD NOWRAP>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD NOWRAP>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD NOWRAP>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD NOWRAP>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 61%; text-align: left; text-indent: -10pt; padding-left: 10pt">PRC Statutory income tax rate</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">(25.0</TD><TD NOWRAP STYLE="width: 1%; text-align: left">)%</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">(25.0</TD><TD NOWRAP STYLE="width: 1%; text-align: left">)%</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">(25.0</TD><TD NOWRAP STYLE="width: 1%; text-align: left">)%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Effect of preferential tax rate</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10.5</TD><TD NOWRAP STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13.1</TD><TD NOWRAP STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14.0</TD><TD NOWRAP STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Effect of tax-exempt entities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.2</TD><TD NOWRAP STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.1</TD><TD NOWRAP STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1.6</TD><TD NOWRAP STYLE="text-align: left">)%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Effect of change in tax rate</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.5</TD><TD NOWRAP STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Permanent differences (i)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(4.0</TD><TD NOWRAP STYLE="text-align: left">)%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(3.5</TD><TD NOWRAP STYLE="text-align: left">)%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(3.8</TD><TD NOWRAP STYLE="text-align: left">)%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Change in valuation allowance</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(3.0</TD><TD NOWRAP STYLE="text-align: left">)%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(0.4</TD><TD NOWRAP STYLE="text-align: left">)%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1.7</TD><TD NOWRAP STYLE="text-align: left">)%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt">Effect of Super Deduction available to the Group</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">3.4</TD><TD NOWRAP STYLE="padding-bottom: 1pt; text-align: left">%</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2.0</TD><TD NOWRAP STYLE="padding-bottom: 1pt; text-align: left">%</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2.3</TD><TD NOWRAP STYLE="padding-bottom: 1pt; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; text-indent: -10pt; padding-left: 10pt">Effective income tax rate</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(15.9</TD><TD NOWRAP STYLE="padding-bottom: 2.5pt; text-align: left">)%</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(12.7</TD><TD NOWRAP STYLE="padding-bottom: 2.5pt; text-align: left">)%</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(15.3</TD><TD NOWRAP STYLE="padding-bottom: 2.5pt; text-align: left">)%</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 23.05pt">(i)</TD><TD STYLE="text-align: justify">Permanent differences mainly arise from expenses not deductible for tax purposes including primarily
share based compensation costs and expenses incurred by subsidiaries and VIEs.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>(All amount in thousands, except share and per share data,
unless otherwise stated)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.32in; text-align: left"><FONT STYLE="font-size: 10pt"><B>20.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>Income tax (continued)</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.95pt; text-align: justify"><I>Deferred tax assets and
liabilities</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.95pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.95pt; text-align: justify">Deferred taxes were measured
using the enacted tax rates for the periods in which they are expected to be reversed. The tax effects of temporary differences
that give rise to the deferred tax asset balances as of December&nbsp;31, 2014 and 2015 are as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 95%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.32in">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December&nbsp;31,</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right">2014</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right">2015</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">RMB</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">RMB</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -0.1in; padding-left: 0.1in">Deferred tax assets, current:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 74%; text-align: left; text-indent: -0.1in; padding-left: 0.1in">Deferred revenue</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">37,796</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">46,830</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -0.1in; padding-left: 0.1in">Allowance for doubtful accounts receivable, accrued expense and others not currently deductible for tax purposes</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">82,957</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">83,503</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -0.1in; padding-left: 0.1in">Valuation allowance</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(9,317</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(13,412</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -0.1in; padding-left: 0.1in">Total current deferred tax assets, net</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">111,436</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">116,921</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -0.1in; padding-left: 0.1in">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -0.1in; padding-left: 0.1in">Deferred tax assets, non-current:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -0.1in; padding-left: 0.1in">Tax loss carried forward</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14,654</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">39,904</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -0.1in; padding-left: 0.1in">Deferred revenue</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">343</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,414</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -0.1in; padding-left: 0.1in">Impairment of investment</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">798</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,698</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -0.1in; padding-left: 0.1in">Others</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">705</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">251</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -0.1in; padding-left: 0.1in">Valuation allowance (i)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(15,108</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(39,904</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -0.1in; padding-left: 0.1in">Total non-current deferred tax assets, net</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,392</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">3,363</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -0.1in; padding-left: 0.1in">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -0.1in; padding-left: 0.1in">Deferred tax liabilities, non-current:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -0.1in; padding-left: 0.1in">Related to acquired intangible assets</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">26,709</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">16,817</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 23.05pt">(i)</TD><TD STYLE="text-align: justify">Valuation allowance is provided against deferred tax assets when the Group determines that it is
more likely than not that the deferred tax assets will not be utilized in the future. In making such determination, the Group considered
factors including future taxable income exclusive of reversing temporary differences and tax loss carry forwards. Valuation allowance
was provided for net operating loss carry forward because it was more likely than not that such deferred tax assets will not be
realized based on the Group&rsquo;s estimate of its future taxable income. If events occur in the future that allow the Group to
realize more of its deferred income tax than the presently recorded amounts, an adjustment to the valuation allowances will result
in a decrease in tax expense when those events occur.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 23.1pt"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 23.1pt"><I>Tax loss carry forwards</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">As of December&nbsp;31, 2015,
the Group had tax loss carry forwards of approximately RMB159,616, which can be carried forward to offset future taxable income.
The net operating tax loss carry forwards will begin to expire as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 95%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.32in">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right">Amount</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">RMB</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">2016</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">2017</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 87%; text-align: left">2018</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">9,440</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">2019</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">46,932</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">2020</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">103,244</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2.5pt; text-align: left">Total</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">159,616</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">In accordance with PRC Tax Administration
Law on the Levying and Collection of Taxes, the PRC tax authorities generally have up to five years to claw back underpaid tax
plus penalties and interest for PRC entities&rsquo; tax filings. In the case of tax evasion, which is not clearly defined in the
law, there is no limitation on the tax years open for investigation. Accordingly, the PRC entities&rsquo; tax years from 2010 to
2015 remain subject to examination by the tax authorities. There were no ongoing examinations by tax authorities as of December&nbsp;31,
2015.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>(All amount in thousands, except share and per share data,
unless otherwise stated)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 23.05pt"><B>21.</B></TD><TD><B>Common shares</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">During the year ended December
31, 2013, 21,256,900 Class A common shares were issued for the exercised share options, vested restricted shares and restricted
share units, 422,001,838 Class B common shares were converted to Class A common shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">As of December&nbsp;31, 2013,
10,000,000,000 Class&nbsp;A common shares and 1,000,000,000 Class B common shares had been authorized, 622,658,738 Class&nbsp;A
common shares and 485,831,386 Class B common shares had been issued and outstanding, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">During the year ended December
31, 2014, 25,036,140 Class A common shares were issued for the exercised share options, vested restricted shares and restricted
share units and 58,478,690 Class B common shares were converted to Class A common shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">As of December&nbsp;31, 2014,
10,000,000,000 Class&nbsp;A common shares and 1,000,000,000 Class B common shares had been authorized, 706,173,568 Class&nbsp;A
common shares and 427,352,696 Class B common shares had been issued and outstanding, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">On May 4, 2014 and March 5, 2015,
the Company&rsquo;s board of directors approved two share repurchase programs (the &ldquo;Share Repurchase Program&rdquo;) respectively,
pursuant to which the Company may repurchase from time to time at management&rsquo;s discretion, at prevailing market prices in
the open market in accordance with Rule 10b-18 under the Securities Exchange Act of 1934, up to US$200 million in total of the
Company&rsquo;s outstanding ADSs for a period not to exceed twelve (12) months from the date of approval by board of directors.
For the year ended December 31, 2015, the Company had repurchased under the Share Repurchase Program an aggregate of 3,092,556
ADSs, representing 61,851,120 Class A common shares at an average price of US$54.82 per ADS, or US$2.74 per Class A common share,
for aggregate consideration of US$169.5 million. Pursuant to ASC 505-30-30-8, since the shares were repurchased for constructive
retirement, the excess of repurchase price over par value was recorded as deduction of additional paid-in capital upon the repurchase
date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">During the year ended December
31, 2015, 26,110,680 Class A common shares were issued for the exercised share options, vested restricted shares and restricted
share units and 57,794,720 Class B common shares were converted to Class A common shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">As of December&nbsp;31, 2015,
10,000,000,000 Class&nbsp;A common shares and 1,000,000,000 Class B common shares had been authorized, 728,227,848 Class&nbsp;A
common shares and 369,557,976 Class B common shares had been issued and outstanding, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>(All amount in thousands, except share and per share data,
unless otherwise stated)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.32in; text-align: left"><FONT STYLE="font-size: 10pt"><B>22.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>Share based compensation</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 23.05pt"><FONT STYLE="font-size: 10pt"><B>(a)</B></FONT></TD><TD><FONT STYLE="font-size: 10pt"><B>Share options</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">Pre-2009 Scheme Options</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify"><I>Grant of options</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.95pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.95pt; text-align: justify">Before the adoption of the
Employee Equity Incentive Scheme (the &ldquo;2009 Incentive Scheme&rdquo;), 12,705,700 and 8,499,050 share options were granted
to employees through individually signed share option agreements, to acquire common shares of Duowan BVI on a one-to-one basis
on January&nbsp;1, 2008 and 2009 respectively. In addition, on January&nbsp;1, 2008, 3,832,290 share options were granted to one
non-employee for the provision of consulting services to the Group (collectively defined as &ldquo;Pre-2009 Scheme Options&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify"><I>Vesting of options</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.95pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.95pt; text-align: justify">These Pre-2009 Scheme Options
will vest over a four years&rsquo; service period, with 25% of the options vesting after the first anniversary of the vesting inception
date and the remaining 75% in six equal installments over the following 36 months. The options may be exercised provided that both
the service conditions and a performance condition are met. The performance condition is defined to be i) an initial public offering,
ii)&nbsp;completion of a financing meeting certain criteria, iii) an internal reorganization, or iv) a voluntary winding up of
Duowan BVI. The performance condition that is tied to completion of a financing fulfilling certain criteria was met in June 2008
or November 2009.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">The following table summarizes
the activities of the Pre-2009 Scheme Options for employees and non-employee for the years ended December&nbsp;31, 2013, 2014 and
2015:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 95%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.32in">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Number of</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>options</B></P></TD><TD NOWRAP>&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Weighted</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>average</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>exercise</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>price&nbsp;(US$)</B></P></TD><TD NOWRAP>&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Weighted</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>average</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>remaining</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>contractual&nbsp;life</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>(years)</B></P></TD><TD NOWRAP>&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Aggregate</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>intrinsic</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>value</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>(US$)</B></P></TD><TD NOWRAP>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 48%; text-indent: -0.1in; padding-left: 0.1in">Outstanding, January 1, 2013</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">17,870,425</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">0.0055</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">5.37</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">12,642</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt; text-indent: -0.1in; padding-left: 0.1in">Exercised</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(4,648,420</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">0.0045</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">4.30</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -0.1in; padding-left: 0.1in">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -0.1in; padding-left: 0.1in">Outstanding, December&nbsp;31, 2013</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13,222,005</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.0059</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4.40</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">33,162</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 1pt; text-indent: -0.1in; padding-left: 0.1in">Exercised</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(5,841,660</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">0.0057</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">3.24</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -0.1in; padding-left: 0.1in">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -0.1in; padding-left: 0.1in">Outstanding, vested and exercisable, December&nbsp;31, 2014</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,380,345</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.0061</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3.52</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">22,959</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt; text-indent: -0.1in; padding-left: 0.1in">Exercised</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(6,611,970</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">0.0061</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">2.46</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -0.1in; padding-left: 0.1in">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -0.1in; padding-left: 0.1in">Outstanding, vested and exercisable, December&nbsp;31, 2015</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">768,375</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">0.0067</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">2.99</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">2,395</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>(All amount in thousands, except share and per share data,
unless otherwise stated)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 23.05pt"><FONT STYLE="font-size: 10pt"><B>22.</B></FONT></TD><TD><FONT STYLE="font-size: 10pt"><B>Share based compensation (continued)</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23.05pt; text-indent: -23.05pt"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 23.05pt"><FONT STYLE="font-size: 10pt"><B>(a)</B></FONT></TD><TD><FONT STYLE="font-size: 10pt"><B>Share options (continued)</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">Forfeitures are estimated at the time of grant. If
necessary, forfeitures are revised in subsequent periods if actual forfeitures differ from those estimates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">The aggregate intrinsic value
in the table above represents the difference between the Company&rsquo;s common shares as of December&nbsp;31, 2013, 2014 and 2015
and the exercise price.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">Prior to the completion of the
IPO, the Binomial option pricing model is used to determine the fair value of the share options granted to employees and the non-employee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">Upon the completion of the IPO,
the fair value of share options granted to a non-employee with nil exercise price was assessed to be equivalent to the fair value
of the Company&rsquo;s common share. These share options were remeasured at the stock price of the Company&rsquo;s common share
as of December&nbsp;31, 2014 and 2015.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">The total intrinsic value of options
exercised during the year ended December&nbsp;31, 2013, 2014 and 2015 amounted to 64,195, RMB134,844 and RMB122,956, respectively.
For the years ended December&nbsp;31, 2013, 2014 and 2015, the Company recorded share based compensation of RMB14,004, nil and
nil, respectively, using the graded-vesting attribution method for employees and non-employee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">As of December 31, 2015, there
was no unrecognized compensation cost and expense related to Pre-2009 Scheme Options granted to employees and non-employee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">Since January&nbsp;1, 2010, Duowan
BVI granted 61,250,677 restricted shares to employees and 100,000 restricted shares to a non-employee pursuant to the 2009 Incentive
Scheme. As of December 31, 2015, the restricted shares granted to employees and the non-employee were fully vested.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
<P STYLE="margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>(All amount in thousands, except share and per share data,
unless otherwise stated)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.32in; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>22.</B></FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Share based compensation (continued)</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.32in; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(b)</B></FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Restricted shares</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.32in; text-align: justify"><I>Vesting of restricted shares</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.32in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.32in; text-align: justify">The restricted shares have vesting
conditions and will vest 50% after 24 months of the grant date and the remaining 50% will vest in two equal installments over the
next 24 months. Under the restricted shares agreement, no shares may be sold or transferred prior to the occurrence of an exit
event, as defined in the respective restricted share agreements as: i) a listing on any recognized stock exchange, ii) a sale by
Duowan BVI of all or substantially all of its assets, iii) a sale of all of the issued capital of Duowan BVI, or iv) passing for
court order of winding up of Duowan BVI.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.32in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.32in; text-align: justify">If the employee terminates employment,
the service vested portion of the restricted shares may be subject to: (i)&nbsp;repurchase (subject to Company&rsquo;s sole discretion)
by Duowan BVI at fair value of common shares of Duowan BVI which is assessed by the Company with the assistance of an independent
valuation firm; or (ii)&nbsp;be held by a person who is an existing employee of the Group and is designated by the leaving restricted
share holder according to a properly signed escrow agreement to hold such shares for and on his/her behalf. If the leaving employee
fails to deliver a properly signed agreement to Duowan BVI within 30 days from receipt of the notification from Duowan BVI, such
service vested shares shall automatically lapse and expire.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.32in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.32in; text-align: justify">The following table summarizes
the restricted shares activity for the years ended December&nbsp;31, 2013, 2014 and 2015:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 95%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.32in">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right">Number of<BR> restricted<BR> shares</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Weighted<BR> average</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>grant-date<BR> fair&nbsp;value&nbsp;(US$)</B></P></TD><TD NOWRAP>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 74%; text-indent: -10pt; padding-left: 10pt">Outstanding, January 1, 2013</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">18,230,801</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">0.4898</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt">Forfeited</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,581,789</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.8726</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt">Vested</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(11,975,287</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">0.3906</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt">Outstanding, December&nbsp;31, 2013</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,673,725</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.6144</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt">Forfeited</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(159,410</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.9362</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt">Vested</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(4,514,315</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">0.6030</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt">Outstanding, December&nbsp;31, 2014 and 2015</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.32in; text-align: justify">Forfeitures are estimated at the
time of grant. If necessary, forfeitures are revised in subsequent periods if actual forfeitures differ from those estimates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.32in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.32in; text-align: justify">For the years ended December&nbsp;31,
2013, 2014 and 2015, the Company recorded share based compensation of RMB7,300, RMB3,771 and nil, respectively, using the graded-vesting
method for employees and non-employee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>(All amount in thousands, except share and per share data,
unless otherwise stated)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.32in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>22.</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Share based compensation (continued)</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.32in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(c)</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Restricted Share Units</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.32in; text-align: justify">On September&nbsp;16, 2011, the
board of the directors of the Company approved the 2011 Share Incentive Plan, which permits the grant of share options, restricted
shares and restricted share units of up to 43,000,000 shares, to any qualified persons, as determined by the board of the directors
of the Company. On the same date, the Company granted 9,097,000 restricted share units to employees pursuant to the 2011 Share
Incentive Plan, that are subject to vesting over a four to five years&rsquo; period. During the year ended December&nbsp;31, 2012,
the Company granted 18,295,221 restricted share units to employees pursuant to the 2011 Share Incentive Plan, which are subject
to vesting over a two to four years&rsquo; period. No restricted share units were granted to non-employees up to December&nbsp;31,
2012.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.32in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.32in; text-align: justify">In October 2012, the board of
directors of the Company resolved that the maximum aggregate number of Class&nbsp;A common shares which may be issued pursuant
to all awards under the 2011 Incentive Scheme shall be 43,000,000 plus an annual increase of 20,000,000 on the first day of each
fiscal year, beginning from 2013, or such lesser amount of Class&nbsp;A common shares as determined by the board of directors of
the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.32in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.32in; text-align: justify">During the year ended December&nbsp;31,
2013, the Company granted 29,917,989 restricted share units to employees and 48,000 restricted share units to non-employee pursuant
to the 2011 Share Incentive Plan, which are subject to vesting over a three to five years&rsquo; period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.32in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.32in; text-align: justify">During the year ended December&nbsp;31,
2014, the Company granted 9,912,595 restricted share units to employees pursuant to the 2011 Share Incentive Plan, which are subject
to vesting over a 18 months to five years&rsquo; period. No restricted share units were granted to non-employees during the year
ended December 31, 2014.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.32in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.32in; text-align: justify">During the year ended December&nbsp;31,
2015, the Company granted 16,012,644 restricted share units to employees pursuant to the 2011 Share Incentive Plan, which are subject
to vesting over a three years to five years&rsquo; period. No restricted share units were granted to non-employees during the year
ended December 31, 2015.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.32in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.32in; text-align: justify">The following table summarizes
the restricted share units activity for the years ended December&nbsp;31, 2013, 2014 and 2015:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 95%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.32in">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right">Number of<BR> restricted<BR> shares</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Weighted<BR> average</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>grant-date<BR> fair&nbsp;value&nbsp;(US$)</B></P></TD><TD NOWRAP>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 74%; text-indent: -10pt; padding-left: 10pt">Outstanding, January 1, 2013</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">26,695,621</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">1.0415</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt">Granted</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">29,965,989</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.9338</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt">Forfeited</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(3,522,992</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.0699</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt">Vested</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(8,836,018</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">1.0429</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt">Outstanding, December&nbsp;31, 2013</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">44,302,600</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.9639</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt">Granted</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,912,595</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3.5805</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt">Forfeited</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(3,125,430</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.1859</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt">Vested</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(12,283,670</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">1.0144</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt">Outstanding, December&nbsp;31, 2014</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">38,806,095</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.5984</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt">Granted</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">16,012,644</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3.3358</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt">Forfeited</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(7,312,548</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.8920</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt">Vested</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(11,222,589</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">1.4374</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt">Outstanding, December&nbsp;31, 2015</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">36,283,602</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">2.3535</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt">Expected to vest at December&nbsp;31, 2015</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">34,548,581</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">2.3356</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 62; Value: 1 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>(All amount in thousands, except share and per share data,
unless otherwise stated)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.32in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>22.</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Share based compensation (continued)</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.32in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(c)</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Restricted Share Units (continued)</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.32in; text-align: justify">For the years ended December&nbsp;31,
2013, 2014 and 2015, the Company recorded share based compensation of RMB95,792, RMB130,718 and RMB152,205, using the graded-vesting
attribution method.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.32in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.32in; text-align: justify">As of December&nbsp;31, 2015,
total unrecognized compensation expense relating to the restricted share units was RMB 294,041. The expense is expected to be recognized
over a weighted average period of 1.16 years using the graded-vesting attribution method.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.32in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(d)</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Share based awards granted to an employee of a subsidiary</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company completed a business combination
        in 2014 by acquiring 100% of equity interests in two vocational training companies, Xingxue and Chuangzhi (Note 4). In the third
        quarter of 2015, the Company granted share based awards of Xingxue to one of Xingxue's key employee (the &ldquo;Employee&rdquo;).</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under the arrangements entered into by
        the Company and the Employee, the Employee has been granted 20% of Xingxue&rsquo;s equity interests with immediate effect and will
        be entitled to purchase additional equity interests of Xingxue subject to the achievement of certain financial performance metrics
        of Xingxue (&ldquo;call option&rdquo;). These awards should be regarded as share based awards with performance conditions. The
        Company should recognize compensation cost for awards with performance conditions if and when the Company concludes that it is
        probable that the performance condition will be achieved. For the year ended December&nbsp;31, 2015, based on the Company&rsquo;s
        assessment on the probability of performance condition affiliated in this equity-classified award under ASC 718, the Company has
        recognised share based compensation of RMB32,593 for the share based awards granted to the Employee including the initial 20% of
        shares and the additional shares to be granted under the call option.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to the terms of the arrangements
        entered into by the Company and the Employee, if Xingxue does not successfully complete an IPO at a future date while certain financial
        performance metrics have been met, the Employee will be entitled to sell all the equity interests held by the Employee on Xingxue
        to the Company at the then fair value (&ldquo;put option&rdquo;), based on the Company's assessment, as of December 31, 2015, the
        Company considered that the exercise of the put option is not probable. Accordingly, no accretion charge has been recorded for
        the year ended December 31, 2015.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(e)</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Other share based compensation</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">For the years ended December 31, 2013, 2014 and 2015, the Company recorded share based compensation of nil, RMB143 and RMB574 for restricted shares to the founder of a subsidiary of a variable interest entity.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 63; Value: 1 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>(All amount in thousands, except share and per share data,
unless otherwise stated)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.32in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>23.</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Basic and diluted net income per share</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.32in; text-align: justify">Basic and diluted net income per
share for the years ended December&nbsp;31, 2013, 2014 and 2015 are calculated as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 95%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.32in">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="10" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">For the year ended December&nbsp;31,</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right">2013</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right">2014</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right">2015</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right">RMB</TD><TD NOWRAP>&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right">RMB</TD><TD NOWRAP>&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right">RMB</TD><TD NOWRAP>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-indent: -10pt; padding-left: 10pt">Numerator:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 61%; text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt">Net income attributable to the Company</TD><TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; text-align: right">477,727</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; text-align: right">1,064,472</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; text-align: right">1,033,243</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt">Numerator for basic net income per share</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">477,727</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,064,472</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,033,243</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt">Numerator for diluted income per share</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">477,727</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,064,472</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,033,243</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-indent: -10pt; padding-left: 10pt">Denominator:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -10pt; padding-left: 10pt">Denominator for basic calculation&mdash;weighted average number of Class&nbsp;A and Class B common shares outstanding</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,122,475,688</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,153,140,699</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,125,189,978</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt">Dilutive effect of share options</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">16,362,048</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,372,442</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,711,486</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt">Dilutive effect of restricted shares</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14,400,670</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,604,789</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt">Dilutive effect of restricted share units</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">27,882,891</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">32,425,543</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">22,929,699</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt; text-indent: -10pt; padding-left: 10pt">Denominator for diluted calculation</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">1,181,121,297</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">1,198,543,473</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">1,150,831,163</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -10pt; padding-left: 10pt">Basic net income per Class&nbsp;A and Class B common share</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.43</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.92</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.92</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -10pt; padding-left: 10pt">Diluted net income per Class&nbsp;A and Class B common share</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.40</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.89</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.90</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -10pt; padding-left: 10pt">Basic net income per ADS*</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8.51</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">18.46</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">18.37</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -10pt; padding-left: 10pt">Diluted net income per ADS*</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8.09</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">17.76</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">17.96</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 23.05pt"></TD><TD STYLE="width: 18pt">*</TD><TD STYLE="text-align: justify">Each ADS represents 20 Class&nbsp;A common shares.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.32in; text-align: justify">The weighted average number
of common shares outstanding which could potentially dilute basic earnings per share in the future related to the 2019 Convertible
Senior Notes was 57,219,783 and 72,267,200 for the years ended December 31, 2014 and 2015 respectively. The 2019 Convertible Senior
Notes were excluded in the computation of diluted earnings per share in 2015 because the inclusion of such instrument would be
anti-dilutive.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>(All amount in thousands, except share and per share data,
unless otherwise stated)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.32in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>24.</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Related party transactions</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.32in; text-align: justify">The table below sets forth the
major related parties and their relationships with the Group:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 95%; border-collapse: collapse; margin-left: 0.32in">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 58%; border-bottom: black 1pt solid; padding-left: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Major related parties</B></FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 40%; border-bottom: black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Relationship with the Group</B></FONT></TD></TR>
<TR>
    <TD STYLE="padding-left: 9pt; text-indent: -9pt">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Guangzhou Shanghang Information Technology Co., Ltd. (&ldquo;Shanghang&rdquo;)</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Significant influence exercised by the Chairman</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Bigo Inc (&ldquo;Bigo&rdquo;)<SUP>(1)</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Significant influence exercised by the CEO</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Guangzhou Kuyou Information Technology Co., Ltd.(&ldquo;Guangzhou Kuyou&rdquo;) <SUP>(2)</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Equity investment</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Zhuhai Daren Computer Technology Co., Ltd. (&ldquo;Zhuhai Daren&rdquo;) <SUP>(3)</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Equity investment</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Shenzhen Qingdou Network Technology Co., Ltd.(&ldquo;Shenzhen Qingdou&rdquo;)</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Cost investment with significant influence</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Beijing Xianqu Network Technology Co., Ltd.(&ldquo;Beijing Xianqu&rdquo;)</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Cost investment with significant influence</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Shanghai YaoYu Culture Media Co., Ltd.(&ldquo;Shanghai Yaoyu&rdquo;) </FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Cost investment with significant influence</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.32in">(1) In October
2014, the Group entered into an agreement with its CEO to inject Weihui into Bigo, a company set up and which was then
controlled by the CEO. In May 2015, the Group made a further capital injection of RMB122,249 to Bigo and owned an
aggregate of 350 Million shares of Bigo, representing approximately 25% of Bigo&rsquo;s total outstanding shares as of
December 31, 2015. &nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.32in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.32in">(2) In March 2014, the Group made a further capital injection of RMB15,000 to Guangzhou Kuyou and owned 20% of the equity interests in the company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.32in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.32in">(3) In October 2015, the Group made a further capital injection of RMB500 to Zhuhai Daren and owned 40% of the equity interests in the company.</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>(All amount in thousands, except share and per share data,
unless otherwise stated)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.32in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>24.</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Related party transactions (continued)</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.32in; text-align: justify">During the years ended December&nbsp;31,
2013, 2014 and 2015, significant related party transactions were as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 95%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.32in">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-left: 9pt; text-indent: -9pt">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="10" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">For&nbsp;the&nbsp;year&nbsp;ended&nbsp;December&nbsp;31,</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-left: 9pt; text-indent: -9pt">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right">2013</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right">2014</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right">2015</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-left: 9pt; text-indent: -9pt">&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right">RMB</TD><TD NOWRAP>&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right">RMB</TD><TD NOWRAP>&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right">RMB</TD><TD NOWRAP>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 9pt; text-indent: -9pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 61%; text-align: left; padding-left: 9pt; text-indent: -9pt">Repayment from related parties</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">1,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">1,500</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">316,181</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 9pt; text-indent: -9pt">Online games revenue shared from related parties</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">29,528</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">65,247</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">163,912</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 9pt; text-indent: -9pt">Interest-free loan to related parties</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">159,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 9pt; text-indent: -9pt">Payment on behalf of related parties</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">61,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">95,311</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 9pt; text-indent: -9pt">Bandwidth service provided by Shanghang</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">21,272</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">42,470</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">74,661</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 9pt; text-indent: -9pt">Sales of equipment to Bigo</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,058</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -9pt; padding-left: 9pt">Purchase of operating rights for game broadcasting from Shanghai Yaoyu</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11,486</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9pt; padding-left: 9pt">Purchase of operating rights for licensed games from related parties</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,836</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,022</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -9pt; padding-left: 9pt">Others</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,164</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,563</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,095</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.32in; text-align: justify">As of December&nbsp;31, 2014 and 2015, the amounts
due from/to related parties were as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 95%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.32in">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December&nbsp;31,</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right">2014</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right">2015</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right">RMB</TD><TD NOWRAP>&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right">RMB</TD><TD NOWRAP>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -10pt; padding-left: 10pt">Amounts due from related parties</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 74%; text-align: left; text-indent: -10pt; padding-left: 10pt">Other receivables from Bigo</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">61,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">-</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt">Others</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">73</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">5,297</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2.5pt; text-indent: -10pt; padding-left: 10pt">Total</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">61,073</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">5,297</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -10pt; padding-left: 10pt">Amounts due to related parties</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Other payables to Shanghang</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,342</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,167</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Accounts payable to Guangzhou Kuyou</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">24,454</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,017</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Accounts payable to Zhuhai Daren</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,020</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,127</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt">Others</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">76</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,606</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2.5pt; text-indent: -10pt; padding-left: 10pt">Total</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">30,892</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">24,917</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.32in; text-align: justify">The other receivables/payables
from/to related parties are unsecured, interest-free and payable on demand.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>(All amount in thousands, except share and per share data,
unless otherwise stated)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.32in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>25.</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Fair value measurements</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.32in; text-align: justify">Fair value reflects the price
that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants
at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded
at fair value, the Group considers the principal or most advantageous market in which it would transact and considers assumptions
that market participants would use when pricing the assets or liabilities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.32in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.32in; text-align: justify">The Group applies a fair value
hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring
fair value. A financial instrument&rsquo;s categorization within the fair value hierarchy is based upon the lowest level of input
that is significant to the fair value measurement. This guidance specifies a hierarchy of valuation techniques, which is based
on whether the inputs into the valuation technique are observable or unobservable. The hierarchy is as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.32in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.32in; text-align: justify">Level 1&mdash;Valuation techniques
in which all significant inputs are unadjusted quoted prices from active markets for assets or liabilities that are identical to
the assets or liabilities being measured.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.32in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.32in; text-align: justify">Level 2&mdash;Valuation techniques
in which significant inputs include quoted prices from active markets for assets or liabilities that are similar to the assets
or liabilities being measured and/or quoted prices for assets or liabilities that are identical or similar to the assets or liabilities
being measured from markets that are not active. Also, model-derived valuations in which all significant inputs and significant
value drivers are observable in active markets are Level 2 valuation techniques.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.32in; text-align: justify">Level 3&mdash;Valuation techniques
in which one or more significant inputs or significant value drivers are unobservable. Unobservable inputs are valuation technique
inputs that reflect the Group&rsquo;s own assumptions about the assumptions that market participants would use in pricing an asset
or liability.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.32in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.32in; text-align: justify">The fair value guidance describes
three main approaches to measure the fair value of assets and liabilities: (1)&nbsp;market approach; (2)&nbsp;income approach and
(3)&nbsp;cost approach. The market approach uses prices and other relevant information generated from market transactions involving
identical or comparable assets or liabilities. The income approach uses valuation techniques to convert future amounts to a single
present value amount. The measurement is based on the value indicated by current market expectations about those future amounts.
The cost approach is based on the amount that would currently be required to replace an asset.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.32in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.32in; text-align: justify">When available, the Group uses
quoted market prices to determine the fair value of an asset or liability. If quoted market prices are not available, the Group
will measure fair value using valuation techniques that use, when possible, current market-based or independently sourced market
parameters, such as interest rates and currency rates. The Group did not have any other financial instruments that were required
to be measured at fair value on a recurring basis as of December 31, 2015 except for one available-for-sale investment and contingent
consideration.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.32in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.32in; text-align: justify">As the investment date was close
to year end, there was no significant change in fair value of the the available-for-sale investment from the initial investment
date to December 31, 2015.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>(All amount in thousands, except share and per share data,
unless otherwise stated)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.32in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>25.</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Fair value measurements (continued)</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.32in; text-align: justify">The following table summarizes
the Company&rsquo;s liabilities that are measured at fair value on a recurring basis and are categorized using the fair value hierarchy
as of December 31, 2014 and December 31, 2015:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 95%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.32in">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="14" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">As of December 31, 2014</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Level 1</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Level 2</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Level 3</B></FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="14">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 48%; font-weight: bold; text-align: justify; text-indent: -9pt; padding-left: 9pt">Liabilities</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">&nbsp;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">&nbsp;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">&nbsp;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">&nbsp;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; text-indent: -9pt; padding-left: 9pt">Long-term payable:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -9pt; padding-left: 9pt">Contingent consideration in relation to a business acquisition</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">183,000</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">183,000</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 95%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.32in">
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD NOWRAP STYLE="padding-bottom: 1pt; text-align: center; padding-left: 9pt">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">&nbsp;</TD><TD COLSPAN="13" NOWRAP STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>As of December 31, 2015</B></FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD NOWRAP STYLE="width: 48%; padding-bottom: 1pt; text-align: center; padding-left: 9pt">&nbsp;</TD><TD NOWRAP STYLE="width: 1%; font-weight: bold; padding-bottom: 1pt; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: center">&nbsp;</TD><TD NOWRAP STYLE="width: 10%; border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Level 1</B></FONT></TD><TD NOWRAP STYLE="width: 1%; padding-bottom: 1pt; font-weight: bold; text-align: center">&nbsp;</TD><TD NOWRAP STYLE="width: 1%; font-weight: bold; padding-bottom: 1pt; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: center">&nbsp;</TD><TD NOWRAP STYLE="width: 10%; border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Level 2</B></FONT></TD><TD NOWRAP STYLE="width: 1%; padding-bottom: 1pt; font-weight: bold; text-align: center">&nbsp;</TD><TD NOWRAP STYLE="width: 1%; font-weight: bold; padding-bottom: 1pt; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: center">&nbsp;</TD><TD NOWRAP STYLE="width: 10%; border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Level 3</B></FONT></TD><TD NOWRAP STYLE="width: 1%; padding-bottom: 1pt; font-weight: bold; text-align: center">&nbsp;</TD><TD NOWRAP STYLE="width: 1%; font-weight: bold; padding-bottom: 1pt; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: center">&nbsp;</TD><TD NOWRAP STYLE="width: 10%; border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Total</B></FONT></TD><TD NOWRAP STYLE="width: 1%; padding-bottom: 1pt; font-weight: bold; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -9pt; padding-left: 9pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: justify; text-indent: -9pt; padding-left: 9pt">Liabilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; text-indent: -9pt; padding-left: 9pt">Long-term payable:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -9pt; padding-left: 9pt">Contingent consideration in relation to business acquisitions</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.32in; text-align: justify">The following table presents the
changes in level 3 instruments for the years ended 31 December, 2014 and 2015.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 95%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.32in">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">Contingent consideration in <BR>
relation to business<BR>
 acquisitions</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: right; padding-left: 0; text-indent: 0">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">RMB</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0; text-indent: 0">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2.5pt; text-indent: 0; padding-left: 0">Balance as of December 31, 2013</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">-</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 87%; text-align: left; padding-bottom: 1pt; text-indent: 0; padding-left: 9pt">Acquisition of 100 Online in 2014 (Note 4)</TD><TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; text-align: right">183,000</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2.5pt; text-indent: 0; padding-left: 0">Balance as of December 31, 2014</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">183,000</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0; padding-left: 9pt">Acquisition of Beifu in 2015 (Note 4)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">107,306</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: 0; padding-left: 9pt">Fair value change of contingent consideration in 2015</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(290,306</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2.5pt; text-indent: 0; padding-left: 0">Balance as of December 31, 2015</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">-</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.32in; text-align: justify">As for contingent consideration
in relation to business acquisitions, the Company used the Trinomial Tree model in determining the fair value of the contingent
consideration. In applying this model, the Company performs scenario analysis and the fair value of the contingent consideration
was determined based on present value of the total contingent consideration under different scenarios and the probability of each
scenario. The following table summarizes the factors that the Company used to discount the contingent consideration in relation
to acquisition in future years to its present value upon the acquisition date,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 95%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.32in">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid">Initial recognition of contingent consideration in relation to <BR> business acquisitions</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid">Risk free interest rate</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid">Discount rate</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 74%; text-align: justify">Acquisition of 100 Online</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">4.14</TD><TD STYLE="width: 1%; text-align: left">%</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">16</TD><TD STYLE="width: 1%; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">Acquisition of Beifu</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3.81</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">18</TD><TD STYLE="text-align: left">%</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>(All amount in thousands, except share and per share data,
unless otherwise stated)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.32in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>25.</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Fair value measurements (continued)</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.32in; text-align: justify">Pursuant to ASC 805, subsequent
measurement for changes in the fair value of contingent consideration after the acquisition date can be divided into two categories.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.32in"></TD><TD STYLE="width: 0.25in">i.</TD><TD STYLE="text-align: justify">Additional information about facts and circumstances that existed at the acquisition date that
the acquirer obtained after that date;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.32in"></TD><TD STYLE="width: 0.25in">ii.</TD><TD STYLE="text-align: justify">Changes resulting from events after the acquisition date.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.32in; text-align: justify">According to the relevant acquisition
agreements, actual financial performance in specific years may result in subsequent changes to the contingent consideration. Unless
the change is due to additional information about facts already existed at the acquisition date, these changes should be regarded
as resulting from events after the acquisition date and do not constitute measurement period adjustments. Therefore, the second
category will be applied to the Company. The Company will re-measure the fair value of the liability recognized for the contingent
consideration at each reporting date until the contingency is resolved. For the year ended December 31, 2015, the Company recorded
a change in fair value of the contingent consideration of RMB290,306 in other expense pursuant to ASC 805-30-35-1(b).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.32in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.32in; text-align: justify">Apart from the contingent consideration
in relation to business acquisitions and available-for-sale investment, the Group&rsquo;s other financial instruments consist principally
of cash, short-term deposits, accounts receivable, amounts due to/from related parties, accounts payable, certain accrued expenses
and convertible bonds. The recorded values of cash, accounts receivable, amounts due to/from related parties, accounts payable,
certain accrued expenses and convertible bonds are recorded at cost which approximates fair value. The fair value of convertible
bonds is within level 2 of the fair value hierarchy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.32in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>26.</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Commitments and contingencies</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23.8pt; text-align: justify; text-indent: -23.8pt"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.32in; text-align: left"><B>(a)</B></TD><TD STYLE="text-align: justify"><B>Operating lease commitments</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.32in; text-align: justify">The Group leases facilities in
the PRC under non-cancellable operating leases expiring on different dates. Payments under operating leases are expensed on a straight-line
basis over the periods of the respective leases.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.32in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.32in; text-align: justify">Total office rental
expenses under all operating leases were RMB19,423, RMB28,144 and RMB53,674 for the years ended December&nbsp;31, 2013, 2014
and 2015, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.32in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.32in; text-align: justify">As of December&nbsp;31, 2015,
future minimum payments under non-cancellable operating leases consist of the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&#9;&#9;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 95%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.32in">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: right">Office&nbsp;rental</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">RMB</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 87%; text-align: left">2016</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">40,495</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">2017</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">32,247</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">2018</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">19,567</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">2019 and after</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,209</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">93,518</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23.8pt; text-align: justify; text-indent: -23.8pt"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.32in"><B>(b)</B></TD><TD STYLE="text-align: justify"><B>Capital commitment</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.32in; text-align: justify">As of December 31, 2015, the Group
had outstanding capital commitments totaling RMB55,784, which consisted of capital expenditures of a land use right.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23.8pt; text-align: justify; text-indent: -23.8pt"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.32in"><B>(c)</B></TD><TD STYLE="text-align: justify"><B>Litigation</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.32in; text-align: justify">In October 2014, Guangzhou NetEase
Computer System Co., Ltd. (&ldquo;NetEase&rdquo;) brought a copyright infringement claim against the Group in the Intermediate
People&rsquo;s Court of Guangzhou, alleging that the Group&rsquo;s live game broadcasting program has infringed the copyright of
one of their online games called Fantasy Westward Journey. The claimant is seeking RMB100 million for their potential damages,
requesting YY to cease the copyright infringement practices and apologize publicly. This case is still in early stage and the Group
is not able to make a reliable estimate of the potential loss, if any, at this stage.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>(All amount in thousands, except share and per share data,
unless otherwise stated)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.32in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>27.</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Subsequent events</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Group has performed
an evaluation of subsequent events through the date of this report, which is the date the financial statements were issued, with
no other material events or transactions needing recognition or disclosure found.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.32in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>28.</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Restricted net assets</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.32in; text-align: justify">Relevant PRC laws and regulations
permit payments of dividends by the Group&rsquo;s subsidiaries and the VIEs and VIE&rsquo;s subsidiaries incorporated in the PRC
only out of their retained earnings, if any, as determined in accordance with PRC accounting standards and regulations. In addition,
the Company&rsquo;s subsidiaries and the VIEs and VIE&rsquo;s subsidiaries in the PRC are required to annually appropriate 10%
of their net after-tax income to the statutory general reserve fund prior to payment of any dividends, unless such reserve funds
have reached 50% of their respective registered capital. As a result of these and other restrictions under PRC laws and regulations,
the Group&rsquo;s subsidiaries and the VIEs and VIE&rsquo;s subsidiaries incorporated in the PRC are restricted in their ability
to transfer a portion of their net assets to the Company either in the form of dividends, loans or advances, which restricted portion
as calculated under U.S.&nbsp;GAAP amounted to approximately RMB343,090 and RMB2,685,373 as of December&nbsp;31, 2014 and 2015,
respectively. There are no differences between U.S.&nbsp;GAAP and PRC accounting standards in connection with the reported net
assets of the legally owned subsidiaries in the PRC and the VIEs and VIE&rsquo;s subsidiaries. Even though the Company currently
does not require any such dividends, loans or advances from the PRC entities for working capital and other funding purposes, the
Company may in the future require additional cash resources from them due to changes in business conditions, to fund future acquisitions
and development, or merely to declare and pay dividends or distributions to our shareholders. Except for the above, there is no
other restriction on use of proceeds generated by the Group&rsquo;s subsidiaries and the VIEs and VIE&rsquo;s subsidiaries to satisfy
any obligations of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.32in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.32in; text-align: justify">The Company performed a test on
the restricted net assets of consolidated subsidiaries and VIEs in accordance with Securities and Exchange Commission Regulation
S-X Rule 4-08 (e) (3), &ldquo;General Notes to Financial Statements&rdquo; and concluded that the restricted net assets exceeded
25% of the consolidated net assets of the Company as of December 31, 2015 and the condensed financial information of the Company
are required to be presented (Note 30).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.32in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>29.</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Segment Reporting </B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.32in; text-align: justify">Prior to 2015, the Group&rsquo;s
internal reporting to the CODM does not distinguish cost and expenses among segments. Hence, the Group had only one operating segment
prior to 2015.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.32in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.32in; text-align: justify">Starting from&nbsp;the first quarter
of&nbsp;2015, in order to better evaluate the Group&rsquo;s business performance and better allocate resources the CODM began to
review YY IVAS and others, Huya broadcasting, and 100 Education separately.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.32in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.32in; text-align: justify">The CODM assesses the performance
of the operating segments mainly based on net revenues, gross profit / (loss), operating income / (loss) of each reporting segment.
Net revenues of YY IVAS and others are presented for the CODM&rsquo;s review separately. Gross profit and operating income of YY
IVAS and others are presented for the CODM&rsquo;s review on a combined basis as the cost of revenues and operating expenses of
others cannot be distinguished from those of YY IVAS. Net revenues, gross loss and operating loss of Huya broadcasting and 100
education are presented for the CODM&rsquo;s review separately. Segmental information for prior periods was prepared and presented
on the same basis as 2015 for comparative information purpose.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.32in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.32in; text-align: justify">The Group currently does not allocate
assets to all of its segments, as its CODM does not use such information to allocate resources or evaluate the performance of the
operating segments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.32in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.32in; text-align: justify">As the Group&rsquo;s long-lived
assets and revenue are substantially located in and derived from the PRC, no geographical segments are presented.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.32in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.32in; text-align: justify">The Group currently does not allocate
assets to all of its segments, as its CODM does not use such information to allocate resources or evaluate the performance of the
operating segments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>(All amount in thousands, except share and per share data,
unless otherwise stated)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.32in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>29.</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Segment Reporting (continued)</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.32in; text-align: justify">The following table presents summary
information by segment:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.32in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.32in; text-align: justify">For the year ended December 31,
2015:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.32in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 95%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.32in">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">YY IVAS</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">Others</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>YY IVAS</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>and</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>others</B></P></TD><TD NOWRAP>&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Huya</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>broadcasting</B></P></TD><TD NOWRAP>&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>100</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Education</B></P></TD><TD NOWRAP>&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">Total</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">RMB</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">RMB</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">RMB</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">RMB</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">RMB</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">RMB</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -0.1in; padding-left: 0.1in">Net revenues</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -0.1in; padding-left: 0.1in">Internet value-added service</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 22%; text-align: left; padding-left: 0.375in; text-indent: -0.25in">&mdash;Online music and entertainment</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">3,320,052</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">-</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">3,320,052</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">-</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">-</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">3,320,052</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 9pt">&mdash;Online games</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">771,882</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">771,882</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">771,882</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 9pt">&mdash;Online dating</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">651,019</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">651,019</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">651,019</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 9pt">&mdash;Other IVAS</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">561,682</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">561,682</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">356,324</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">918,006</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -0.1in; padding-left: 0.1in">Other revenues</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">112,516</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">112,516</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">123,774</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">236,290</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt; text-indent: -0.1in; padding-left: 0.1in">Total net revenues</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">5,304,635</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">112,516</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">5,417,151</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">356,324</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">123,774</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">5,897,249</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 1pt; text-indent: -0.1in; padding-left: 0.1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Cost of revenues<SUP>(1)</SUP></FONT></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(2,798,064</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(655,066</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(126,614</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(3,579,744</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt; text-indent: -0.1in; padding-left: 0.1in">Gross profit / (loss)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2,619,087</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(298,742</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(2,840</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2,317,505</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-indent: -0.1in; padding-left: 0.1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Operating expenses<SUP>(1)</SUP></B></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -0.1in; padding-left: 0.1in">Research and development expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(445,411</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(66,538</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(36,850</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(548,799</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -0.1in; padding-left: 0.1in">Sales and marketing expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(253,129</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(24,469</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(35,272</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(312,870</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -0.1in; padding-left: 0.1in">General and administrative expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(240,536</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(25,869</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(92,069</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(358,474</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -0.1in; padding-left: 0.1in">Goodwill impairment</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(128,034</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(182,090</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(310,124</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -8.35pt; padding-left: 8.35pt">Fair value change of contingent
    consideration</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">107,306</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">185,165</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">292,471</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt; text-indent: -0.1in; padding-left: 0.1in">Total operating expenses</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(959,804</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(116,876</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(161,116</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(1,237,796</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -0.1in; padding-left: 0.1in">Other income</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">82,300</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">82,300</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt; text-indent: -0.1in; padding-left: 0.1in">Operating income / (loss)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,741,583</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(415,618</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(163,956</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,162,009</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.32in; text-align: justify">(1) Share based compensation was
allocated in cost of revenues and operating expenses as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 95%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.32in">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">YY IVAS and others</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">Huya broadcasting</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">100 Education</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">Total</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">RMB</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">RMB</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">RMB</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">RMB</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 48%">Cost of revenues</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">22,077</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">1,497</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">389</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">23,963</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Research and development expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">59,400</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,754</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,797</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">70,951</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Sales and marketing expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,119</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">164</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,283</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">General and administrative expenses</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">51,260</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">3,302</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">32,613</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">87,175</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 2.45pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Share based compensation expenses</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">135,856</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">9,717</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">39,799</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">185,372</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>(All amount in thousands, except share and per share data,
unless otherwise stated)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.32in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>29.</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Segment Reporting (continued)</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.32in; text-align: justify">For the year ended December 31,
2014:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 95%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.32in">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">YY IVAS</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">Others</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>YY IVAS</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>and</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>others</B></P></TD><TD NOWRAP>&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Huya</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>broadcasting</B></P></TD><TD NOWRAP>&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>100</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Education</B></P></TD><TD NOWRAP>&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">Total</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">RMB</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">RMB</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">RMB</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">RMB</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">RMB</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">RMB</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -0.1in; padding-left: 0.1in">Net revenues</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -0.1in; padding-left: 0.1in">Internet value-added service</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 0.375in; text-indent: -0.25in; width: 22%">&mdash;Online music and entertainment</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">2,109,503</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">-</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">2,109,503</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">-</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">-</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">2,109,503</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -0.1in; padding-left: 16.2pt">&mdash;Online games</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">811,699</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">811,699</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">811,699</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -0.1in; padding-left: 16.2pt">&mdash;Online dating</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">194,134</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">194,134</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">194,134</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -0.1in; padding-left: 16.2pt">&mdash;Other IVAS</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">262,318</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">262,318</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">153,371</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">415,689</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -0.1in; padding-left: 0.1in">Other revenues</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">146,393</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">146,393</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">950</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">147,343</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt; text-indent: -0.1in; padding-left: 0.1in">Total net revenues</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">3,377,654</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">146,393</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">3,524,047</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">153,371</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">950</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">3,678,368</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 1pt; text-indent: -0.1in; padding-left: 0.1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Cost of revenues<SUP>(1)</SUP></FONT></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(1,586,933</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(248,154</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(14,062</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(1,849,149</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt; text-indent: -0.1in; padding-left: 0.1in">Gross profit / (loss)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,937,114</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(94,783</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(13,112</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,829,219</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-indent: -0.1in; padding-left: 0.1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Operating expenses<SUP>(1)</SUP></B></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -0.1in; padding-left: 0.1in">Research and development expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(362,352</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(47,765</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(21,071</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(431,188</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -0.1in; padding-left: 0.1in">Sales and marketing expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(97,983</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(4,399</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(145</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(102,527</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -0.1in; padding-left: 0.1in">General and administrative
    expenses</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(200,535</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(20,954</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(1,530</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(223,019</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt; text-indent: -0.1in; padding-left: 0.1in">Total operating expenses</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(660,870</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(73,118</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(22,746</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(756,734</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -0.1in; padding-left: 0.1in">Other income</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">6,319</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">6,319</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt; text-indent: -0.1in; padding-left: 0.1in">Operating income / (loss)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,282,563</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(167,901</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(35,858</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,078,804</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.32in; text-align: justify">(1) Share based compensation was
allocated in cost of revenues and operating expenses as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 95%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.32in">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">YY IVAS and others</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">Huya broadcasting</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">100 Education</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">Total</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">RMB</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">RMB</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">RMB</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">RMB</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 48%">Cost of revenues</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">16,552</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">1,185</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">300</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">18,037</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Research and development expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">47,315</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,895</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,931</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">54,141</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Sales and marketing expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,803</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,807</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">General and administrative expenses</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">57,938</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,660</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">49</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">59,647</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 2.45pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Share based compensation expenses</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">124,608</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">4,744</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">5,280</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">134,632</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>(All amount in thousands, except share and per share data,
unless otherwise stated)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.32in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>30.</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Additional information &ndash; condensed financial statements</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.32in; text-align: justify">The condensed financial statements
of YY Inc. have been prepared in accordance with SEC Regulation S-X Rule 5-04 and Rule 12-04.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.32in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.32in; text-align: justify">The Company records its investments
in subsidiaries under the equity method of accounting. Such investments to subsidiaries are presented on the balance sheet as &ldquo;Interests
in subsidiaries, VIEs and VIE&rsquo;s subsidiaries&rdquo; and the profit of the subsidiaries is presented as &ldquo;Share of profit
of subsidiaries, VIEs and VIE&rsquo;s subsidiaries&rdquo; in the statement of operations and comprehensive income.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.32in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.32in; text-align: justify">For the VIEs and VIE&rsquo;s subsidiaries,
where the Company is the primary beneficiary, the amount of the Company&rsquo;s investment is included in the balance sheet as
&ldquo;Interests in subsidiaries, VIEs and VIE&rsquo;s subsidiaries&rdquo; and the profit of the VIEs and VIE&rsquo;s subsidiaries
is included in &ldquo;Share of profit of subsidiaries, VIEs and VIE&rsquo;s subsidiaries&rdquo; in the statement of operations
and comprehensive income.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.32in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.32in; text-align: justify">The footnote disclosures contain
supplemental information relating to the operations of the Company and, as such, these financial statements should be read in conjunction
with the notes to the Consolidated Financial Statements of the Company. Certain information and footnote disclosures normally included
in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.32in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.32in; text-align: justify">As of December 31, 2014 and 2015,
there were no material contingencies, significant provisions for long-term obligations, or guarantees of the Company, except for
those, if any, which have been separately disclosed in the consolidated financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>(All amount in thousands, except share and per share data,
unless otherwise stated)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.32in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>30.</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Additional information &ndash; condensed financial statements (continued)</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>(a) Condensed balance sheets of YY Inc. as of December&nbsp;31,
2014 and 2015</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="10" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid">As of December 31,</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right; border-bottom: Black 1pt solid">2014</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right; border-bottom: Black 1pt solid">2015</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right; border-bottom: Black 1pt solid">2015</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right">RMB</TD><TD NOWRAP>&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right">RMB</TD><TD NOWRAP>&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right">US$</TD><TD NOWRAP>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right">&nbsp;</TD><TD NOWRAP>&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right">&nbsp;</TD><TD NOWRAP>&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right">(Note&nbsp;2(e))</TD><TD NOWRAP>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-indent: -10pt; padding-left: 10pt">Assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -10pt; padding-left: 10pt">Current assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 61%; text-align: left; padding-bottom: 2.5pt; text-indent: -10pt; padding-left: 30pt">Amounts due from a subsidiary</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; border-bottom: Black 2.5pt double; text-align: right">2,866,431</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; border-bottom: Black 2.5pt double; text-align: right">1,881,616</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; border-bottom: Black 2.5pt double; text-align: right">290,472</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -10pt; padding-left: 10pt">Non-current assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 30pt">Interests in subsidiaries, VIEs and VIE&rsquo;s subsidiaries</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,643,382</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,944,457</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">608,919</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 30pt">Other non-current assets</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">42,275</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">25,284</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">3,903</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt; text-indent: -10pt; padding-left: 10pt">Total non-current assets</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">2,685,657</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">3,969,741</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">612,822</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt; text-indent: -10pt; padding-left: 10pt">Total assets</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">5,552,088</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">5,851,357</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">903,294</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -10pt; padding-left: 10pt">Liabilities and shareholders&rsquo; equity</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -10pt; padding-left: 10pt">Current liabilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; text-indent: -10pt; padding-left: 30pt">Interests payable</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">13,944</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">14,795</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">2,284</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -10pt; padding-left: 10pt">Non-current liabilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; text-indent: -10pt; padding-left: 30pt">Convertible bonds</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">2,447,980</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">2,597,403</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">400,970</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt; text-indent: -10pt; padding-left: 10pt">Total liabilities</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">2,461,924</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">2,612,198</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">403,254</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -10pt; padding-left: 10pt">Shareholders&rsquo; equity</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; text-indent: -10pt; padding-left: 10pt">Class&nbsp;A common shares (US$0.00001 par value; 10,000,000,000 shares authorized, 706,173,568 shares issued and outstanding as of December&nbsp;31, 2014 and 728,227,848 shares issued and outstanding as of December 31, 2015)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">43</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">43</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; text-indent: -10pt; padding-left: 10pt">Class B common shares (US$0.00001 par value; 1,000,000,000 shares authorized, 427,352,696 shares issued and outstanding as of December&nbsp;31, 2014 and 369,557,976 shares issued and outstanding as of December 31, 2015)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">30</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">27</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Additional paid-in capital</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,900,458</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,011,799</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">310,568</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Retained earnings</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">230,432</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,263,675</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">195,078</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt">Accumulated other comprehensive loss</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(40,799</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(36,385</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(5,617</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt; text-indent: -10pt; padding-left: 10pt">Total shareholders&rsquo; equity</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">3,090,164</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">3,239,159</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">500,040</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -10pt; padding-left: 30pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt; text-indent: -10pt; padding-left: 10pt">Total liabilities and shareholders&rsquo; equity</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">5,552,088</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">5,851,357</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">903,294</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>(All amount in thousands, except share and per share data,
unless otherwise stated)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.32in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>30.</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Additional information &ndash; condensed financial statements (continued)</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>(b) Condensed statements of operations and comprehensive
income of YY Inc. for the years ended December 31, 2013, 2014 and 2015</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="14" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid">For the year ended December&nbsp;31,</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: center">&nbsp;</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right; border-bottom: Black 1pt solid">2013</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right; border-bottom: Black 1pt solid">2014</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right; border-bottom: Black 1pt solid">2015</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right; border-bottom: Black 1pt solid">2015</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right">RMB</TD><TD NOWRAP>&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right">RMB</TD><TD NOWRAP>&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right">RMB</TD><TD NOWRAP>&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right">US$</TD><TD NOWRAP>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right">&nbsp;</TD><TD NOWRAP>&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right">&nbsp;</TD><TD NOWRAP>&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right">&nbsp;</TD><TD NOWRAP>&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right">(Note2(e))</TD><TD NOWRAP>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 48%; text-align: left">Share of profit of subsidiaries, VIEs and VIE&rsquo;s subsidiaries</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">477,727</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">1,121,079</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">1,108,029</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">171,051</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Interest expense</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(56,607</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(74,786</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(11,545</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">Income before income tax expenses</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">477,727</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,064,472</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,033,243</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">159,506</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">Net income</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">477,727</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,064,472</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,033,243</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">159,506</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Other comprehensive (loss) / income:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 9pt">Foreign currency translation adjustments, net of nil tax</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(31,014</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">3,638</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">4,414</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">681</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Comprehensive income</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">446,713</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">1,068,110</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">1,037,657</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">160,187</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>(c) Condensed statements of cash flows of YY Inc. for the
years ended December 31, 2013, 2014 and 2015</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="14" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid">For the year ended December&nbsp;31,</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: center">&nbsp;</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right; border-bottom: Black 1pt solid">2013</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right; border-bottom: Black 1pt solid">2014</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right; border-bottom: Black 1pt solid">2015</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right; border-bottom: Black 1pt solid">2015</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right">RMB</TD><TD NOWRAP>&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right">RMB</TD><TD NOWRAP>&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right">RMB</TD><TD NOWRAP>&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right">US$</TD><TD NOWRAP>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right">&nbsp;</TD><TD NOWRAP>&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right">&nbsp;</TD><TD NOWRAP>&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right">&nbsp;</TD><TD NOWRAP>&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: right">(Note2(e))</TD><TD NOWRAP>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Net cash (used in)/provided by operating activities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 48%; text-align: left">Net cash used in investing activities</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">-</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">(2,412,290</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">-</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">-</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Net cash provided by financing activities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,412,290</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>


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<DOCUMENT>
<TYPE>EX-4.27
<SEQUENCE>2
<FILENAME>v435203_ex4-27.htm
<DESCRIPTION>EXHIBIT 4.27
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit&nbsp;4.27</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>English Summary of </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Contract for State-owned Construction
Land </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Use Right Assignment</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Assignor: Guangzhou Land Resources and Real Estate Administration
Bureau</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Assignee: Guangzhou Huaduo Network Technology Co., Ltd.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>General Provisions</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">1.</TD><TD>In accordance with the Property Law of the People's Republic of China, contract Law of the People's Republic of China, Land
Administration Law of People's Republic of China, the Urban Real Estate Administration Law of the People's Republic of China, relevant
administrative regulations and rules on land supply plicies, the two parties enter into the contract based on the principles of
equality, voluntariness, with compensation and in good faith.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">2.</TD><TD>The ownership of the assigned land belongs to the People's Republic of China. The Assignor can only assign the state-owned
construction land use right to the Assignee in accordance with laws. The resources and objects buried under shall continue to be
owned by the State.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">3.</TD><TD>The Assignee has the right to possess, use, make profit and dispose of the land within the period of assignment, and shall
be entitled to the construction of buildings, fixtures and any auxiliary facilities by making use of the land hereof.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Delivery of the Assigned Land and Payment of the Assignment
Charge</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">4.</TD><TD>The Registered No. of the land parcel under the contract is <U>05015020150011</U>, with the total area of <U>9,958</U> square
meters. Of which, the assigned land area of the land parcel is <U>9,958</U> square meters.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">The assigned land parcel under the contract is located
at <U>Zone A of Pazhou</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">5.</TD><TD>The use purpose of the assigned land is for <U>wholesale and retail (051), accommondation and food/beverage (052), business
and finance (053)</U>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">6.</TD><TD>The Assignor agrees to deliver the assigned land to the Assignee prior to the date of <U>February 20, 2016</U>. The Assignor
agrees that the assigned land shall remain its current status upon delivering the land.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">7.</TD><TD>The assignment charge for the state-owned construction land use right under the contract is RMB<U> 1,859,480,000</U>, with
RMB <U>186,733</U> per square meter.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">8.</TD><TD>The deposit for the assigned land is RMB <U>371,896,000</U>. The deposit shall be regarded as part of the payment of assignment
charge.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">9.</TD><TD>The assignment charge for the state-owned construction land use right shall be paid by installments according to the following
time and amount.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><I>First Phase</I>: RMB <U>929,740,000</U>; Date of
Payment is prior to <U>September 20, 2015</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><I>Second Phase</I>: RMB <U> 929,740,000; </U>Date
of Payment is <U> December 20, 2015</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">As the assignment charge for the state-owned construction
land use right is paid in installments, the Assignee agrees to pay interests to the Assignor. When the second installment is paid
according to payment schedule, the interests shall be based on the interest rate published by the People's Bank of China (PBOC)
on the date when the first installment occurs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">10.</TD><TD>After all the assignment charge of the land is paid up in accordance with the contract, the Assignee may apply for the Certificate
of State-owned Construction Land Use Right Assignment by presenting the contract, payment receipt of the assignment charge and
other relevant materials.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Development, Construction and Utilization of the Assigned
Land</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">11.</TD><TD>The new buildings, fixtures and their auxiliary facilities established on the assigned land under the contract shall be satisfied
with the planning requirement for the assigned land regulated by the municipal (county) planning administrations.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">12.</TD><TD>The Assignee agrees to commence the construction on the assigned land before February 20, 2017 and complete before February
20, 2020.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">In case the commencement of construction needs to
be deferred, the Assignee shall submit the application for deferral to the Assignor 30 days in advance. After the deferral of commencement
is approved by the Assignor, the completion date shall also be deferred accordingly. However, the deferral should not be exceed
one year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">13.</TD><TD>The Assignee should utilize the assigned land according to the purpose and floor area ratio regulated under the contract. Any
alteration of such is prohibited. When the land use purpose needs to be changed, both parties shall complete the formalities of
land use alteration in accordance with relevant laws. Both parties shall sign an alteration agreement on the state-owned construction
land use right assignment or resign a new contract on the land use right assignment. The Assignee shall make a supplementary payment
for the balance between evaluated market price of the contruction land use right with the price under new purpose. The evaluated
market price shall subject to the time when the alteration of land use is approved. The registration of land use alteration shall
be undertaken afterwards.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Transfer, Lease and Mortgage of the State-Owned Construction
Land Use Right</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">14.</TD><TD>The Assignee is entitled to transfer, lease or mortgage, fully or partially, the land use right under the contract provided
that the Assignee has made full payment of the assignment fee, received the Certificate for the Use of State-owned Land and obtained
the land use right assigned. Nevertheless, in the first transfer of the land use rights, investment and development shall be made
in accordance with the contract, and above 25% of the total investment in the development shall have been completed.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Expiration of the Term</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">15.</TD><TD>Upon expiration of the term of the land use right under the contract, the land user may apply for a renewal of the land use
right no less than one year prior to the expiration of the term of use if continued use of the land is needed. The Assignor shall
approve the renewal unless the assigned land under the contract shall be withdrawn for public interests.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">16.</TD><TD>In case application to renew is made by the land user but failed due to the needs of public interests upon expiration of the
term of land assignment, the land user shall return the Certificate of Use of State-owned Land and the Assignor shall recover the
land use right on behalf of the State without compensation and cancel the registration of the land use right in accordance with
related regulations. The Assignor shall recover the above-ground buildings, fixtures and their affiliated facilities on the assigned
land, and give reasonable compensation to the land user based on the residual value of these buildings, fixtures and their affiliated
facilities at the time of recovery.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Liability for Breach of contract</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">17.</TD><TD>The Assignee must make payment of the assignment fee on time as agreed in the contract. In case of failure to pay the assignment
fee on time, the Assignee shall pay the Assignor an overdue fine which is <U>0.1%</U> of the delayed amount on a daily basis as
of the due date of payment. In case the delay in payment exceeds 60 days, the Assignor shall be entitled to terminate the contract
and recover the land use right. The Assignee is not entitled to claim back the down payment, whereas the Assignor may demand compensation
from the Assignee for other losses due to the breach of the contract.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">18.</TD><TD>In case the Assignee ceases to invest in and construct the project due to its own reasons, thus requesting termination of the
contract and applying to return the land to the Assignor, the Assignor shall obtain approval from the People's Government or government
office that formerly approved the land assignment scheme, then return, in accordance with the agreements hereinafter where applicable,
partially or fully the assignment fee except the down payment agreed in the contract (and excluding interests) and recover the
land use right at no consideration for the buildings and structure already constructed within the land parcel. The Assignor may
also call on the Assignee to remove the existing buildings and structures to restore the surface of the land.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">(1) In case the application is made by the Assignee
to the Assignor no less than 60 days before the date of one year from the date of construction commencement agreed in the contract,
the Assignor shall, after withholding the down payment, return the assignment fee already paid by the Assignee;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">(2) In case the application is made by the Assignee
to the Assignor after one year but no less than 60 days before the date of two years from the date of construction commencement
as agreed in the contract, the Assignor shall, after withholding the down payment and imposing the idle land fee, return the remaining
assignment fee that has been paid to the Assignee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">19.</TD><TD>In case the Assignee causes the land for construction to become idle, and the term of idleness reaches one year but is less
than two years, an idle land fee shall be imposed; if the term of idleness reaches two years and construction is yet to commence,
the Assignor is entitled to recover the State-owned land use right without compensation.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">20.</TD><TD>In case the Assignee fails to commence construction at the date agreed in the contract, or a date for delayed construction
is otherwise agreed, the Assignee shall pay the Assignor a penal sum that equals <U>0. 05%</U> of the total assignment fee for
each day that is delayed. The Assignor is entitled to request the Assignee to continue performance of obligations.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">In case the Assignee fails to complete construction
at the date agreed in the contract, or a date for delayed completion is otherwise agreed, the Assignee shall pay the Assignor a
penal sum of <U>0.05% </U>of the total assignment fee for each day that is delayed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">21.</TD><TD>In case the total investment in fixed assets, investment frequency and total investing amount fail to meet the standards as
agreed upon in the contract, the Assignor may, in accordance with the ratio of actual difference to the agreed total investment
and investment frequency, impose a penal sum equal to the same ratio of the total assignment fee, and the Assignor may request
the Assignee to continue performance of obligations.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">22.</TD><TD>In case any index of building volumetric fraction, building density and other index is lower than the minimum standard under
the contract, the Assignor may, in accordance with the ratio of actual difference to the agreed minimum standard, impose a penal
sum equal to the same ratio of the total assignment fee, and the Assignor may request the Assignee to continue performance of obligations.
Where and if any index such as the building volumetric fraction, building density and other index is higher than the maximum standard,
the Assignor is entitled to withdraw the portion in excess of the maximum standard, and in accordance with the ratio of actual
difference to the agreed maximum standard, impose a penal sum equal to the same ratio of the total assignment fee.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">23.</TD><TD>Upon payment of the assignment fee by the Assignee, the Assignor shall deliver the assigned land as scheduled under the contract.
Where the Assignor fails to deliver the assigned land as scheduled and causes a delay in the Assignee's use of land, the Assignor
shall pay to the Assignee a penal sum of <U>1%</U> of the assignment fee already paid by the Assignee, and the term of land use
shall commence on the date of actual delivery. Where the delay in delivering the assigned land exceeds 60 days, and the Assignor
fails to delay the land upon the Assignee's urge, the Assignor shall refund to the Assignee double the amount of deposit and return
the remaining portion of the assignment fee paid, the Assignee may recover damages from the Assignor.</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">24.</TD><TD>In case the Assignor fails to deliver the land as scheduled or the delivered land fails to meet the conditions under the contract
or unilaterally changes the conditions of use of the land, the Assignee is entitled to request performance of the Assignor's obligations
under the contract, and to claim for damages arising out of delayed performance. The term of the land use shall commence on the
date that the condition of the land meets the standards of the contract.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Applicable Laws and Dispute Resolution</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">25.</TD><TD>The conclusion, validity, interpretation, performance and dispute resolution related to the contract shall be governed by the
laws of People's Republic of China.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">26.</TD><TD>Disputes arising from the performance of the contract shall be resolved by both Parties through negotiation. Where negotiation
fails, the dispute shall be submitted to the People's Court for litigation.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Miscellaneous</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">27.</TD><TD>The scheme of land parcel assignment under the contract has been approved by the People's Government of the City of Guangzhou,
the contract shall become effective as of the date of execution by both Parties.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Assignor: </B>/seal/ <B>Guangzhou Land Resources and Real
Estate Administration Bureau</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Signature: /s/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Assignee: </B>/seal/ <B>Guangzhou Huaduo Network Technology
Co., Ltd.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Signature: /s/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Date: August 20, 2015</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



<P STYLE="margin: 0"></P>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.28
<SEQUENCE>3
<FILENAME>v435203_ex4-28.htm
<DESCRIPTION>EXHIBIT 4.28
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit&nbsp;4.28</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 12pt"><B>Exclusive
Business Cooperation Agreement</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This Exclusive Business Cooperation Agreement
(this &ldquo;Agreement&rdquo;) is made and entered into by and between the following parties on August 25, 2015 in Beijing, the
People&rsquo;s Republic of China (&ldquo;<B><I>China</I></B>&rdquo; or the &ldquo;<B><I>PRC</I></B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 48px; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Beijing Bilin Online Information Technology Co., Ltd.</B>, a validly existing limited liability company duly incorporated under the PRC laws, with its registered address at Room 709 Building 1, #39 Anding Road, Chaoyang District, Beijing, China (&ldquo;<B><I>Domestic Company</I></B>&rdquo;); and</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 48px; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Beijing Bilin Changxiang Information Technology Co., Ltd.</B>, a validly existing limited liability company duly incorporated under the PRC laws, with its registered address at A553, 6/F Beijing Jinyuan Shidai Shopping Center, #1 Yuanda Road, Haidian District, Beijing, China (&ldquo;<B><I>WFOE</I></B>&rdquo;).</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Each of Domestic Company and WFOE shall
be hereinafter referred to as a &ldquo;Party&rdquo; respectively, and as the &ldquo;Parties&rdquo; collectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PREAMBLE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">WFOE is a consultancy company engaged in network technology,
computer software technology research and development, technology transfer, technical consulting, technology services, and organize
culture and art communication activities (excluding performance intermediary), enterprise management consulting, investment consulting
and provide specific technical and business advisory services through its domestic subsidiary to the Domestic Company. The Domestic
Company is a company specified in technology development, technology transfer, technology consulting, technology services, technology
promotion; advertisement agency and publishing; culture and art communication; enterprise management consulting; investment consulting
(the &quot;<B><I>Business</I></B>&quot;). The Domestic Company intends to enter into an exclusive agreement with WFOE, through
which WFOE provides technology, consulting and other services related to the Business to the Domestic Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">NOW, THEREFORE, the Parties have reached the following agreements:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-variant: small-caps"><B>1.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-variant: small-caps"><B>Definitions
and Interpretations</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-variant: small-caps"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">1.1</TD><TD STYLE="text-align: justify"><U>Definitions</U>. Unless otherwise provided, in this
Agreement:</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B><I>Business</I></B>
has the meaning assigned to it in the Preamble.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B><I>CIETAC</I></B>
means the China International Economic and Trade Arbitration Commission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B><I>Dispute</I></B>
has the meaning assigned to it in Section 16.2.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B><I>Force Majeure
Event </I></B>has the meaning assigned to it in Section 10.1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B><I>Governmental
Approval</I></B> means all license, permit, approval, ratification, consent, waiver or registration required or issued by PRC government
authorities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B><I>Services</I></B>
has the meaning assigned to it in Section 2.1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B><I>Service Fee</I></B>
has the meaning assigned to it in Section 3.1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B><I>Term</I></B>
has the meaning assigned to it in Section 4.1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Headings</U>. All headings in
this Agreement are for convenience only and shall not affect the interpretation of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Interpretations</U>. Unless otherwise
provided, below words, expressions and references shall have the following meanings:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">When
referring to the terms and exhibits of this Agreement, it shall also include such terms and exhibits as amended from time to time.</FONT></TD>
</TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">When
referring to this Agreement or other agreement or document, it shall also include the modifications, remarks or supplements to
this Agreement or other agreement or document from time to time.</FONT></TD>
</TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">When
referring to any law or statutory provision, it shall also include any revision, extension, combination or replacement related
to such law or provision, and any law or provision that revise, extend, combine or replace the first law or provision, and also
include orders, ordinances, instructions or other subordinate legislation promulgated in accordance with relevant law or provisions.</FONT></TD>
</TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Singular
form shall also include plural form and vice versa.</FONT></TD>
</TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Person
</I></B>include individual, proprietorship, partnership, joint venture, company, joint-stock company, unincorporated organization,
state and government organs, and its assignee, transferee or successor.</FONT></TD>
</TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Include
</I></B>and <B><I>especially</I></B> are special terms for description or emphasis purposes only, and shall not limit any provision
in any way.</FONT></TD>
</TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(g)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
Agreement is drafted jointly by both Parties. No narrow interpretation rule shall be applied to any Party.</FONT></TD>
</TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-variant: small-caps"><B>2.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-variant: small-caps"><B>Scope of Service</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-variant: small-caps"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">2.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Service Description</U>. The
Domestic Company hereby engages WFOE as its exclusive service provider. During the Term of this Agreement, WFOE shall, through
its domestic subsidiary, provide consulting services related to the research and development of electronics, communication and
network technologies to the Domestic Company. Such services include but not limited to technical support, business consulting,
intellectual property licensing, lease of equipment or property, sales, system integration, product research and development, system
maintenance and other services solely considered by WFOE as necessary for the operation of the Domestic Company (the &quot;<B><I>Services</I></B>&quot;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">2.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Exclusiveness</U>. During the
Term of this Agreement, without prior written consent of WFOE, the Domestic Company shall not, whether directly or indirectly,
(i) solicit or accept any services identical or similar to the Services hereunder from any third party; or (ii) enter into cooperation
agreement with any third party on issues related to the subject matter of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-variant: small-caps"><B>3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service
Fee</B></FONT></P>





<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-variant: small-caps"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">3.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Domestic Company shall pay WFOE
a service fee for the Services contemplated in this Agreement (the &quot;<B><I>Service Fee</I></B>&quot;) on a quarterly basis.
The amount of the Service Fee payable for each quarter shall be the net revenue (as recorded in the quarterly management report
of the Domestic Company) of the Domestic Company in that particular quarter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">3.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Domestic Company shall pay the
Service Fee to WFOE within ten (10) days upon the receipt of WFOE&rsquo;s invoice, which shall be enclosed with a document evidencing
the basis for the calculation of such Service Fee. Without prejudice to the provision of Section 3.4 of this Agreement, no deduction,
offset or set-off shall be made when paying the Service Fee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">3.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Domestic Company shall prudently,
duly and timely make its monthly and quarterly management report in accordance to its applicable accounting standard and policies,
and shall provide such reports to WFOE as soon as possible.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">3.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Within ninety (90) days after the
end of each fiscal year, the Domestic Company shall (a) deliver to WFOE the audited financial reports of the Domestic Company of
that fiscal year, which shall be reviewed and attested by an auditor approved by WFOE; and (b) if, as recorded in abovementioned
audited financial statements, the net revenue of the Domestic Company in that fiscal year (A) is greater than the aggregate amount
paid to WFOE by the Domestic Company quarterly in that fiscal year, pay the difference to WFOE; or (B) is less than the aggregate
amount paid to WFOE by the Domestic Company quarterly in that fiscal year, the Domestic Company is entitled to set-off the amount
payable to WFOE in the next fiscal year using such difference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-variant: small-caps"><B>4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Term</B></FONT></P>





<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-variant: small-caps"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">4.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Agreement takes effect as of
the date of execution. Unless terminated in accordance with the provisions of this Agreement or terminated by WFOE in writing,
the term of this Agreement shall be perpetual (the &quot;<B><I>Term</I></B>&quot;). Notwithstanding the above stipulation, after
the execution of this Agreement, the Parties shall review the provision in relation to the Services and the Service Fee from time
to time to decide whether it is necessary to amend or supplement the provisions in this Agreement based on the actual circumstances
at that time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-variant: small-caps"><B>5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Termination</B></FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-variant: small-caps"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">5.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Agreement takes effect upon
execution, and remains effective throughout the Term, unless early terminated by WFOE at its own discretion through a written notice
to the Domestic Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">5.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Before the expiration of the Term
of this agreement, this Agreement shall not be terminated by the Domestic Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-variant: small-caps"><B>6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intellectual
Property Rights</B></FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-variant: small-caps"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">6.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WFOE or its domestic subsidiary
shall have exclusive and proprietary rights and interests in all rights, ownership, interests of the intellectual property rights
arising out of or created during the performance of this Agreement, including but not limited to copyrights, patents, patent applications,
trademarks, software, technology secrets, trade secrets, technical know-how and other intellectual property rights created by the
Domestic Company or WFOE.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">6.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If a research or development is
based on intellectual property rights owned by the Domestic Company, the Domestic Company shall ensure that such intellectual property
rights are free of defects, otherwise the Domestic Company shall be liable for all damages and losses caused by such defects and
incurred by WFOE or its domestic subsidiary. If WFOE or its domestic subsidiary is liable to any third party due to such defects,
WFOE or its domestic subsidiary shall be entitled to indemnity from the Domestic Company for all losses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">6.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WFOE or its domestic subsidiary
may license the intellectual property rights mentioned in Section 6.1 to the Domestic Company and its associated parties on a non-exclusive
basis. Such license shall be subject to a separate agreement entered into by both Parties. Without prior written consent of WFOE
or its domestic subsidiary, the intellectual property rights licensed by WFOE or its domestic subsidiary to the Domestic Company
shall not be transferred or sublicensed to any third party by the Domestic Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-variant: small-caps"><B>7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Undertakings</B></FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-variant: small-caps"><B>&nbsp;</B></FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> 7.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Domestic Company undertakes as follows:</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Without
prior written consent of WFOE, it shall not conduct business outside its ordinary scope of business;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Without
prior written consent of WFOE, it shall not provide to or accept from third party any material loans, except for those happened
in the ordinary course of business;</FONT></TD>
</TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Without
prior written consent of WFOE, it shall not succeed or guarantee any debt, except for those happened in the ordinary course of
business;</FONT></TD>
</TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Without
prior written consent of WFOE, it shall not merge or enter into consortium with any third party, or acquire any third party, or
be acquired or controlled, increase or decrease its registered capital, or in other way change its registered capital structure;</FONT></TD>
</TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
line with the requirement of WFOE, it shall comply with PRC laws, appoint any Person designated by WFOE as the legal representative,
directors and senior officers of the Domestic Company, and not to change or dismiss any director or senior officer without prior
written consent of WFOE;</FONT></TD>
</TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Without
prior written consent of WFOE, it shall not sell to or acquire from third party, or in any other way dispose its material assets,
whether tangible or intangible, except for those happened in the ordinary course of business;</FONT></TD>
</TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(g)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Without
prior written consent of WFOE, it shall not provide guarantee or guarantee in other forms to third party using its assets, or
create any encumbrances to its assets;</FONT></TD>
</TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(h)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">It
shall first consult with WFOE for any amendment to its articles of association;</FONT></TD>
</TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Without
prior written consent of WFOE, it shall not in any way distribute dividends or share interests.</FONT></TD>
</TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(j)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Without
prior written consent of WFOE, it shall not enter into liquidation and division of its remaining property;</FONT></TD>
</TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(k)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Without
prior written consent of WFOE, the Domestic Company shall not solicit or accept any services related to the Business from any
third party, or enter into cooperation agreement with any third party on issues related to the subject matter of this Agreement,
whether through service, lease, business cooperation or any other form;</FONT></TD>
</TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(l)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Without
prior written consent of WFOE, it shall not recruit or employ new employees;</FONT></TD>
</TR></TABLE>



<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(m)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">When
making any decision that may create material effect on the business, operation, assets, right or obligation of the Domestic Company,
it shall consult with WFOE. In addition, the Domestic Company shall implement legitimate business or technical orders or instructions
sent by WFOE from time to time, unless there are obvious material negligence in such orders or instructions; and</FONT></TD>
</TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(n)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Procure
any of its affiliates or subsidiaries to abide by above undertakings.</FONT></TD>
</TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-variant: small-caps"><B>8.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-variant: small-caps"><B>Representations
and Warranties</B></FONT></TD>
</TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-variant: small-caps"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">8.1</TD><TD STYLE="text-align: justify">The Domestic Company represents and warrants to WFOE
as follows:</TD>
</TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Domestic Company is a company legally registered and validly existing in accordance with the PRC laws and is competent and has
obtained the relevant powers and authorizations for owning, operating and leasing its assets and properties and engaging in its
current business. The Domestic Company has obtained all necessary consent and approval from third parties and government agencies
to conduct business in the territory of PRC;</FONT></TD>
</TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Domestic Company has obtained all necessary consent, approval, authorization and order for the execution, delivery and performance
of this Agreement, and the Domestic Company has all rights, powers and abilities to execute, deliver and perform this Agreement.
The execution and performance of this Agreement by the Domestic Company belong to its scope of business.</FONT></TD>
</TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
execution, delivery and performance of this Agreement, and the consummation of the transaction contemplated herein will not (i)
breach any law of PRC; (ii) conflict with any contract entered into by the Domestic Company, or result in any default or breach
of such contract by the Domestic Company; or (iii) be in contrary to any condition of the permits or approvals required for the
Domestic Company to conduct its business; and</FONT></TD>
</TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
Agreement, subject to its terms, constitutes the Domestic Company&rsquo;s legal, valid and binding obligations, and shall be enforceable
against it.</FONT></TD>
</TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">8.2</TD><TD STYLE="text-align: justify">WFOE represents and warrants to the Domestic Company
as follows:</TD>
</TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WFOE
is a company legally registered and validly existing in accordance with the PRC laws;</FONT></TD>
</TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
execution and performance of this Agreement by WFOE are consistent with its corporate qualification and belong to its scope of
business;</FONT></TD>
</TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WFOE
has taken all necessary corporate actions to obtain approval and authorization to enter into this Agreement; and</FONT></TD>
</TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
Agreement, subject to its terms, constitutes WFOE&rsquo;s legal, valid and binding obligations, and shall be enforceable against
it.</FONT></TD>
</TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-variant: small-caps"><B>9.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-variant: small-caps"><B>Default and
Indemnification</B></FONT></TD>
</TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-variant: small-caps"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">9.1</TD><TD STYLE="text-align: justify">Any of below circumstances shall constitute a default
of the Domestic Company under this Agreement:</TD>
</TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Non-payment</U>:
The Domestic Company fails to pay due and payable Service Fee to WFOE in accordance with the terms and conditions of this Agreement;</FONT></TD>
</TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 6; Value: 1 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Breach
of Other Obligations</U>: The Domestic Company fails to perform its obligations under this Agreement, including breaching any
representations or warranties made by the Domestic Company;</FONT></TD>
</TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Loss
of Goodwill</U>: The non-payment of any debt owed by the Domestic Company which is declared to be or becomes due and payable before
maturity, or the non-payment at maturity of any debt owed by the Domestic Company of which the creditor is entitled to declare
due and payable before maturity;</FONT></TD>
</TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Enforcement</U>:
The creditors seize or possess the assets of the Domestic Company, or initiate proceedings to seize, enforce, confiscate or apply
other proceedings on the assets of the Domestic Company; and</FONT></TD>
</TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Regulatory
Measures</U>: Any government organ applies any measure, proceeding, fine or other adverse regulatory measures against the Domestic
Company or its business, including without limitation, repeal or discontinue to issue any government approval.</FONT></TD>
</TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">9.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Domestic Company shall indemnify
and hold harmless WFOE and its director, officers, employees, agents and associated parties from any losses, damages, injuries,
obligations or expenses caused by any lawsuit, claims or other demands against WFOE arising from or caused by the default of the
Domestic Company under this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-variant: small-caps"><B>10.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-variant: small-caps"><B>Force Majeure</B></FONT></TD>
</TR></TABLE>





<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-variant: small-caps"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">10.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If any Party delays or fails to
perform its obligation hereunder due to fire, strike, embargo, government requirement, military action, terrorist assault or terrorist
threats, action of God or other exceptional situation that cannot be overcome or avoided by the Parties and cannot be foreseen
by the Party alleged to be affected by such force majeure when entering this Agreement (each a &ldquo;Force Majeure Event&rdquo;),
such Party shall not be liable. If a Force Majeure Event takes place, the Party being affected shall immediately notify the other
Party; during the existence of the Force Majeure Event, the Party being affected shall suspend its performance of this Agreement,
and the time for performance after the Force Majeure Event is ended for the Party being affected shall be extended accordingly,
the period extended shall be equal to the period of the existence of the Force Majeure Event. The Party being affected shall notify
the other Party in writing within fifteen (15) days after it becomes aware of such Force Majeure Event, to describe the nature
of the Force Majeure Event and the estimated period it may last. Furthermore, the affected Party shall make commercially reasonable
endeavor to reduce the impact of such Force Majeure Event.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-variant: small-caps"><B>11.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-variant: small-caps"><B>No Joint Venture</B></FONT></TD>
</TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-variant: small-caps"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">11.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neither of the Parties hereto intends
to establish any relationship of partnership, delegation, agency or joint venture, and nothing contained in this Agreement shall
be construed as creating any such relationship between the Parties. Under no circumstances shall any Party or its agent or employee
becomes the representative of the other Party, unless otherwise expressly provided in this Agreement; no Party shall act as the
agent, employee or in other name to provide, create or assume any obligation on behalf of the other Party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-variant: small-caps"><B>12.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-variant: small-caps"><B>New Subsidiary</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-variant: small-caps"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">12.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Domestic Company shall procure
all newly added subsidiaries established, organized or created after the execution of this Agreement to accede to this Agreement
in writing to enjoy and comply with all rights, obligations and undertakings of the Domestic Company provided under this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-variant: small-caps"><B>13.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-variant: small-caps"><B>Notice</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-variant: small-caps"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">13.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All the notices and other communications
required by or sent pursuant to this Agreement shall be in both English and Chinese, and shall be delivered to the following address
or facsimile number of relevant Party by telegraph, facsimile or post:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
send to WFOE:</FONT></TD>
</TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.85in; text-align: justify">Address: A553, 6/F Beijing Jinyuan
Shidai Shopping Center, #1 Yuanda Road, Haidian District, Beijing</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.85in; text-align: justify">Telephone: (+8620) 29162114</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.85in; text-align: justify">Attention: David Xueling Li</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.85in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
send to the Domestic Company:</FONT></TD>
</TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.85in; text-align: justify">Address: Room 709 Building 1,
#39 Anding Road, Chaoyang District, Beijing</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.85in; text-align: justify">Telephone: (+8620) 29162114</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.85in; text-align: justify">Attention: David Xueling Li</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-variant: small-caps"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-variant: small-caps"><B>14.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-variant: small-caps"><B>Transfer and
Assign</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-variant: small-caps"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">14.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless with the prior written consent
of WFOE, the Domestic Company has no right to transfer or assign any of its rights and obligations hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">14.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Agreement shall be binding
upon the Domestic Company and its successors and assigns permitted by WFOE, and is enforceable by WFOE and its successors and assigns.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-variant: small-caps"><B>15.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-variant: small-caps"><B>Confidentiality</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-variant: small-caps"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">15.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each Party recognizes and confirms
this Agreement, the content of this Agreement, and any and all oral and written information exchanged among them for the preparation
and performance of this Agreement shall be deemed as confidential information. Each Party shall hold in confidence all such confidential
information, and without the written consent from the other Parties, should not disclose any confidential information to any third
party, provided that, confidential information shall not include information that (a) is or becomes available to the public other
than as a result of disclosure by the receiving Party in violation of this Contract, or (b) any information which must be disclosed
pursuant to laws and regulations, stock trading rules, or as required by order or decree of governmental authorities or courts;
or (c) any information disclosed by either Party to its shareholders, investors, legal or financial advisors in relation to the
transactions contemplated herein, who are bound by confidentiality obligation similar to this provision. Any disclosure of confidential
information by the professionals or institutions engaged by either Party shall be deemed as the disclosure by such Party, and such
Party shall be held liable for breach.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">15.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Section 15 shall survive the
termination of this Agreement and remain in effect for two (2) years of such termination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-variant: small-caps"><B>16.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-variant: small-caps"><B>Governing Law
and Resolution of Disputes</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-variant: small-caps"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">16.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Governing Law</U>. This Agreement,
including the validity, rights and obligations of both Parties under this Agreement, shall be governed by and construed in accordance
with the laws of China.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">16.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Dispute Resolution</U>. The
Parties will firstly attempt in good faith to resolve any and all disputes arising out of or relating to this Agreement, including
disputes related to the existence, validity, interpretation or termination (the &ldquo;<B><I>Dispute</I></B>&rdquo;), through friendly
consultations. If a Dispute is not resolved through friendly consultations within thirty (30) days from the date a Party gives
the other Party written notice of the Dispute, then each Party may submit the dispute to CIETAC for arbitration in accordance with
then effective arbitration rules. The number of arbitration shall be one. If the Parties reject the assignment of arbitrator within
twenty (20) days after any Party gives the notice of arbitration, CIETAC shall assign another arbitrator. The arbitration shall
be conducted in Beijing in Chinese. The award of the arbitration tribunal shall be final and binding upon the Parties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-variant: small-caps"><B>17.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-variant: small-caps"><B>Amendment and
Waiver</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-variant: small-caps"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">17.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Amendment</U>. Any amendment
to this Agreement shall be made in writing, and only takes effect after the execution by all Parties hereunder. The amendments
and supplements duly executed by all the Parties constitute an integral part of this Agreement, and have the same legal effectiveness
as this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">17.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No Implied Waivers</U>. To protect
the rights and interests of WFOE, when necessary, WFOE may exercise the rights under this Agreement at any time, as such rights
are in addition to any right provided by law to WFOE. Unless expressly waived in writing by WFOE, the rights of WFOE shall not
be waived. Any delay in exercising its rights by WFOE shall not constitute the waiver of such right.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-variant: small-caps"><B>18.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-variant: small-caps"><B>Miscellaneous
Provisions</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-variant: small-caps"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">18.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Tax and Expenses</U>. The tax
and expenses applicable to the execution and performance of this Agreement shall be borne by the respective Party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">18.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Further Assurances</U>. On a
legitimate and feasible basis, the Parties hereto agree to use all usable rights or powers and through reasonable endeavor to execute
all necessary documents and do all such other things to ensure the completely, timely compliance and performance of the provisions
and principles of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">18.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Entire Agreement</U>. This Agreement
and other Main Agreements constitute the entire agreement reached among the Parties relating to the Pledge hereof, and supersedes
in their entirety all prior written and oral agreements and understandings among the Parties relating to the subject matter hereof.
The exhibits are incorporated into this Agreement through reference and constitute an integral part of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">18.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Termination</U>. This Agreement
shall enter into its effectiveness upon execution. WFOE is entitled to terminate this Agreement at its own discretion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">18.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Severability and Replacement</U>.
If any single or multiple provisions hereof are judged invalid, illegal or unenforceable in any aspect in accordance with any laws
or regulations, the validity, legality and enforceability of the remaining provisions of this Agreement shall not be affected in
any aspect. The Parties shall in good faith, endeavor to use valid provisions to the extent allowed by laws and reflecting the
intensions of all the Parties, to replace those invalid, illegal or unenforceable provisions, provided that, the economic effects
achieved by such valid provisions shall be similar to the economic effects achieved by those invalid, illegal or unenforceable
provisions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">18.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Counterparts</U>. This Agreement
may be executed in any number of counterparts, each of which shall be deemed an original as against any Party whose signature appears
thereon, and all of which together shall constitute one and the same instrument. Counterparts delivered through email attachments
or facsimile photocopies shall be deemed as effective deliveries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>(The remainder of this page left blank
intentionally)</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">IN WITNESS WHEREOF, the Parties hereto
have caused this Agreement to be executed by their duly authorized representatives as of the date first above written.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Beijing Bilin Changxiang Information Technology Co., Ltd.</B> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/seal/ Beijing Bilin Changxiang Information Technology Co., Ltd.</FONT></TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ David Xueling Li</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name: David Xueling Li</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title: Legal Representative</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Beijing Bilin Online Information Technology Co., Ltd.</B> (seal)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/seal/ Beijing Bilin Online Information Technology Co., Ltd.</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ David Xueling Li</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name: David Xueling Li</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title: Legal Representative</FONT></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<TYPE>EX-4.29
<SEQUENCE>4
<FILENAME>v435203_ex4-29.htm
<DESCRIPTION>EXHIBIT 4.29
<TEXT>
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<P STYLE="margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>Exhibit&nbsp;4.29</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-size: 12pt"><B>Exclusive
Option Agreement</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">This Exclusive Option Agreement (this &ldquo;<B><I>Agreement</I></B>&rdquo;),
dated 25 August, 2015, is made in Beijing, the People&rsquo;s Republic of China (the &ldquo;<B><I>PRC</I></B>&rdquo;), by and between:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21pt">A.</TD><TD STYLE="text-align: justify"><B>David Xueling Li</B>, an individual
                                         with PRC nationality, ID Card number 640204197410230034 (the &ldquo;<B><I>Transferor</I></B>&rdquo;);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 21pt; text-align: justify; text-indent: -21pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21pt">B.</TD><TD STYLE="text-align: justify"><B>Beijing Bilin Changxiang Information Technology Co., Ltd.</B>, a validly existing limited liability
company duly incorporated under the PRC laws, with its registered address at A553, 6/F Beijing Jinyuan Shidai Shopping Center,
#1 Yuanda Road, Haidian District, Beijing, China (the &ldquo;<B><I>Transferee</I></B>&rdquo;); and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 21pt; text-align: justify; text-indent: -21pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21pt">C.</TD><TD STYLE="text-align: justify"><B>Beijing Bilin Online Information Technology Co., Ltd.</B>, a validly existing limited liability
company duly incorporated under the PRC laws, with its registered address at Room 709 Building 1, #39 Anding Road, Chaoyang District,
Beijing, China (the &ldquo;<B><I>Domestic Company</I></B>&rdquo;).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 21pt; text-align: justify; text-indent: -21pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Transferor, Transferee and Domestic Company
shall be hereinafter individually referred to as a &ldquo;Party&rdquo;; collectively, the &ldquo;Parties&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>PREAMBLE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Domestic Company is a company specified
in providing technology development, technology transfer, technology consultancy, technology services and technology promotion;
advertisement agency and publishing; organizing culture and art communication activities; enterprise management consultancy; investment
consultancy services in China (collectively, the &ldquo;<B><I>Business</I></B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Transferor has entered into an Equity Interest
Pledge Agreement, according to which the Transferor shall pledge the rights, ownership and interests of its equity interest to
the Transferee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Transferor further agrees to grant the
Transferee an exclusive option to purchase such equity interest pursuant to the terms and conditions of this Agreement (the &ldquo;<B><I>Option</I></B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">NOW, THEREFORE, the Parties agree as follows
through negotiations:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21pt; text-align: left"><B>1.</B></TD><TD><FONT STYLE="font-variant: small-caps"><B>Definitions
                                         and Interpretations</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left">1.1</TD><TD><U>Definitions</U>. Unless otherwise provided, in this
Agreement:</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B><I>Business</I></B>
has the meaning assigned to it in the Preamble.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B><I>CIETAC</I></B> means
the China International Economic and Trade Arbitration Commission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B><I>China</I></B> means
the People&rsquo;s Republic of China.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B><I>Designated Person</I></B>
has the meaning assigned to it in Section 2.1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B><I>Dispute</I></B> has
the meaning assigned to it in Section 11.2.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B><I>Encumbrance</I></B>
means any mortgage, charge, pledge, lien, assign, hypothecation, security interest, retention of title, option, preemptive right,
right of first refusal, constraint, third party right or interest, any type of favorable arrangement (including transfer or retention
of title that has similar effect), any type of other security agreement, arrangement, burden of right or dissent, or any agreement
that sets forth above burden of right.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B><I>Equity Interest Pledge
Agreement</I></B> means the Equity Interest Pledge Agreement entered into on the same day of this Agreement by and between the
Transferor, Transferee and Domestic Company, according to which the Transferor agrees to pledge its equity interest in the Domestic
Company to the Transferee as a collateral for the repayment of specific loans and amounts payable to the Transferee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B><I>Exclusive Assets
Purchase Agreement</I></B> means the Exclusive Assets Purchase Agreement entered into on the same day of this Agreement by and
between the Transferor, Transferee and Domestic Company, according to which the Domestic Company agrees to grant an exclusive purchase
right of purchasing its assets to the Transferee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B><I>Equity Transfer Agreement</I></B>
has the meaning assigned to it in Section 4.2.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B><I>Exercise Notice</I></B>
has the meaning assigned to it in Section 4.1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B><I>Governmental Approval</I></B>
means all license, permit, approval, ratification, consent, waiver or registration required or issued by PRC government authorities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B><I>Power of Attorney</I></B>
has the meaning assigned to it in Section 4.2.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B><I>Option</I></B> has
the meaning assigned to it in the Preamble.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B><I>RMB</I></B> means
Renminbi, the official currency of PRC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B><I>Shareholder<FONT STYLE="font-family: Times New Roman, Times, Serif">&rsquo;</FONT>s
Resolution</I></B> has the meaning assigned to it in Section 4.2.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B><I>Term</I></B> has
the meaning assigned to it in Section 13.3.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">1.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Headings</U>.
All headings in this Agreement are for convenience only and shall not affect the interpretation of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Interpretations</U>.
Unless otherwise provided, below words, expressions and references shall have the following meanings:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 4.55pt"></TD><TD STYLE="width: 36pt">(a)</TD><TD STYLE="text-align: justify">When referring to the terms and exhibits of this Agreement, it shall also include such terms and
exhibits as amended from time to time.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 40.55pt; text-align: justify; text-indent: -0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 40.55pt; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 4.55pt"></TD><TD STYLE="width: 36pt">(b)</TD><TD STYLE="text-align: justify">When referring to this Agreement or other agreement or document, it shall also include the modifications,
remarks or supplements to this Agreement or other agreement or document from time to time.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 40.55pt; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 4.55pt"></TD><TD STYLE="width: 36pt">(c)</TD><TD STYLE="text-align: justify">When referring to any law or statutory provision, it shall also include any revision, extension,
combination or replacement related to such law or provision, and any law or provision that revise, extend, combine or replace the
first law or provision, and also include orders, ordinances, instructions or other subordinate legislation promulgated in accordance
with relevant law or provisions.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 40.55pt; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 4.55pt"></TD><TD STYLE="width: 36pt">(d)</TD><TD STYLE="text-align: justify">Singular form shall also include plural form and vice versa.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 40.55pt; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 4.55pt"></TD><TD STYLE="width: 36pt">(e)</TD><TD STYLE="text-align: justify"><B><I>Person</I></B> include individual, proprietorship, partnership, joint venture, company, joint-stock
company, unincorporated organization, state and government organs, and its assignee, transferee or successor.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 40.55pt; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 4.55pt"></TD><TD STYLE="width: 36pt">(f)</TD><TD STYLE="text-align: justify"><B><I>Include</I></B> and <B><I>especially</I></B> are special terms for description or emphasis
purposes only, and shall not limit any provision in any way.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 40.55pt; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 4.55pt"></TD><TD STYLE="width: 36pt">(g)</TD><TD STYLE="text-align: justify">This Agreement is drafted jointly by the Parties. No narrow interpretation rule shall be applied
to any Party.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 40.55pt; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 21pt; text-align: left">2.</TD><TD><FONT STYLE="font-variant: small-caps">The Option</FONT></TD>
</TR></TABLE>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">2.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During
the Term of this Agreement, upon written request of the Transferee, the Transferor hereby irrevocably agrees to sell the equity
interest to the Transferee, any Person designated by the Transferee, or assigns of the Transferee hereunder (the &ldquo;<B><I>Designated
Person</I></B>&rdquo;) pursuant to Section 3 and Section 4 of this Agreement. The Transferee or the Designated Person is entitled
to choose to exercise its option to, for once or multiple times, purchase the entire equity interest or any portion thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">2.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to the above Section 2.1, any Person or entity other than the Transferee has no right or option to purchase the equity interest,
and has no current or future right or option to hold such equity interest.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">2.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Domestic Company hereby undertakes, accepts and approves to grant such option to the Transferee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21pt; text-align: left"><B>3.</B></TD><TD><FONT STYLE="font-variant: small-caps"><B>Consideration</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">3.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the Transferee exercises the Option and the purchase right under the Exclusive Assets Purchase Agreement (the &ldquo;<B><I>Exclusive
Assets Purchase Agreement</I></B>&rdquo;) to purchase the assets thereunder (the &ldquo;<B><I>Assets</I></B>&rdquo;), the aggregate
amount of the purchase price of both the equity interest and the assets shall be RMB100.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">3.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
tax, expenses and sundry fees arising from the exercise of the Transferee&rsquo;s option to purchase the equity interest shall
be borne by the respective Party in accordance with the laws of PRC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21pt; text-align: left"><B>4.</B></TD><TD><FONT STYLE="font-variant: small-caps"><B>Exercise
                                         of Option</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">4.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Notice
of Exercising the Option</U>. After the execution of this Agreement, the Transferee may at any time notify the Transferor by written
notice (the &ldquo;<B><I>Exercise Notice</I></B>&rdquo;) to exercise the option. The Exercise Notice shall state clearly (a) the
decision of the Transferee to exercise the option; (b) the portion of equity interest that the Transferee decided to purchase from
the Transferor; (c) the date of the purchase/transfer of the equity interest.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">4.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Transfer
of Equity Interest</U>. The Transferor shall, within five (5) business days after the Transferee sends the Exercise Notice, and
pursuant to the instructions in such Exercise Notice, transfer the title of the equity interest to the Transferee or Designated
Person. The Transferor shall procure the Transferee or Designated Person to be the only registered owner of such equity interest,
without any lien or encumbrances in any form, and shall assist in transferring the title of the transferred rights and interests
to the Transferee or Designated Person through below procedures:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 4.55pt"></TD><TD STYLE="width: 36pt">(a)</TD><TD STYLE="text-align: justify">As the shareholder of the Domestic Company, the Transferor shall execute a shareholder&rsquo;s
resolution (the &ldquo;<B><I>Shareholder&rsquo;s Resolution</I></B>&rdquo;) on the same day of the execution of this Agreement,
to approve the transfer of the Transferor&rsquo;s equity interest to the Transferee or Designated Person. The Shareholder&rsquo;s
Resolution shall (i) be executed in the form and format given in the Exhibit 1 of this Agreement; and (ii) be made in two (2) duplicates.
If the Transferee nominates a Designated Person as the purchaser, the Parties agree to execute and deliver to the Transferee all
necessary documents and perform other actions reasonably requested by the Transferee to ensure the transfer to such Designated
Person.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 40.55pt; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 4.55pt"></TD><TD STYLE="width: 36pt">(b)</TD><TD STYLE="text-align: justify">As the shareholder of the Domestic Company, the Transferor shall execute an Equity Transfer Agreement
(the &ldquo;<B><I>Equity Transfer Agreement</I></B>&rdquo;) on the same day of the execution of this Agreement. The Equity Transfer
Agreement shall (i) be executed in the form and format given in the Exhibit 2 of this Agreement; and (ii) be made in two (2) duplicates.
If the Transferee nominates a Designated Person as the purchaser, the Parties agree to execute and deliver to the Transferee all
necessary documents and perform other actions reasonably requested by the Transferee to ensure the transfer to such Designated
Person.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 40.55pt; text-align: justify; text-indent: -0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 4.55pt"></TD><TD STYLE="width: 36pt">(c)</TD><TD STYLE="text-align: justify">As the shareholder of the Domestic Company, the Transferor shall execute a Power of Attorney (the
&ldquo;<B><I>Power of Attorney</I></B>&rdquo;) on the same day of the execution of this Agreement, to authorize the Transferee
(including the Transferee and the Designated Person) to fill in the date and relevant information on the aforementioned Shareholder&rsquo;s
Resolution and Equity Transfer Agreement, and let the Transferee keep such document.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 40.55pt; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 4.55pt"></TD><TD STYLE="width: 36pt">(d)</TD><TD STYLE="text-align: justify">The Parties shall execute all other necessary agreements or documents, obtain all necessary government
permits and approvals; take all other necessary measures to ensure the effective transfer of the ownership of the equity interest
to the Transferee or Designated Person, and procure the Transferee or Designated Person to be registered as the registered owner
of such equity interest.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 40.55pt; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 4.55pt"></TD><TD STYLE="width: 36pt">(e)</TD><TD STYLE="text-align: justify">If all or part of the provisions of this Agreement or its exhibits are judged invalid in accordance
with PRC laws or regulations, the Parties shall enter into other valid and effective agreement, resolution or document to achieve
the same legal and economic effects as this Agreement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 40.55pt; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21pt; text-align: left"><B>5.</B></TD><TD><FONT STYLE="font-variant: small-caps"><B>Representations
                                         and Warranties</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">5.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Reliance
Confirmation</U>. The Transferor hereby confirms that the Transferee entered in to this Agreement entirely relying on the representations
and warranties made under this Section 5.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">5.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Representations
and Warranties</U>. The Transferor represents and warrants to the Transferee as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">The Transferor is competent in executing and performing this Agreement. The Transferor has obtained
all necessary and appropriate approvals and authorizations require for the execution and performance of this Agreement. The execution,
delivery and performance of this Agreement will not (i) conflict with the articles of association, bylaws and other constitutional
documents of the Domestic Company; (ii) conflict with any contract or document entered into by, and binding upon, the Transferor
and the Domestic Company, or result in any default under such contract or document; (iii) be in contrary to any issuing and/or
retaining condition of the licenses or permits issued to the Domestic Company; (iv) result in the revocation, seizure or appendance
of additional conditions to any license or permit issued to the Domestic Company; and (v) breach any law of PRC.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">This Agreement, subject to its terms, constitutes legal and binding and enforceable obligations
of the Transferor;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">To the best knowledge of the Transferor, and unless the Transferor discloses to the other Parties
in writing, the Transferor is currently not involved in any disputes, litigations, arbitrations, administrative litigations or
any other legal proceedings, and the Transferor is not constrained by any potential disputes, litigations, arbitrations, administrative
litigations or any other legal proceedings;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify">Except for the rights and interests pledged to the Transferee pursuant to the Equity Interest Pledge
Agreement, and the exclusive option granted to the Transferee under this Agreement, the Transferor has not pledge, assign or by
any other means transfer the rights and interests to any third party;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(e)</TD><TD STYLE="text-align: justify">The Transferor is the sole legitimate and registered owner of the equity interest of the rights
and interests of the pledge;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(f)</TD><TD STYLE="text-align: justify">The Transferor has good and marketable title over the rights and interests of the pledge with no
lien or other security interests, except for the rights and interests pledged to the Transferee under the Equity Interest Pledge
Agreement, and the exclusive option granted to the Transferee under this Agreement; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(g)</TD><TD STYLE="text-align: justify">The equity interest of the Domestic Company of the Transferor has been paid up in full, and such
equity interest is bearer equity;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(h)</TD><TD STYLE="text-align: justify">Except for debts arising from the ordinary business of the Domestic Company and the debts already
disclosed to, and approved in writing by, the Transferee, the Domestic Company has no other outstanding debts;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">The Domestic Company shall comply with all PRC laws regarding acquisition.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">5.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Repeated
Application</U>. After the execution of this Agreement, the representations and warranties provided in Section 5.2 of this Agreement
shall be continuously valid. Such representations and warranties shall be deemed as true and valid representations and warranties
throughout the Term of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21pt; text-align: left"><B>6.</B></TD><TD><FONT STYLE="font-variant: small-caps"><B>Affirmative
                                         Covenants</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">6.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During
the Term of this Agreement, the Transferor irrevocably undertakes as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">It shall prudently and effectively operate the business of the Domestic Company and handle the
company&rsquo;s matters, maintain the existence of the Domestic Company in line with good financial and commercial standard and
practice;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">The Transferor shall comply with the provisions of this Agreement, and shall not make any action
or omission that may affect the existence or enforceability of this Agreement;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">The Transferor shall immediately notify the Transferee of any litigation, arbitration, administrative
proceedings related to the Domestic Company or its equity interest;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify">With regard to all claims other than the enforcement of this Agreement and the Equity Interest
Pledge Agreement, the Transferor shall execute all necessary or appropriate documents, file all necessary or appropriate proceedings,
make, or authorize the Transferee or its designated Persons upon the Transferee&rsquo;s request to make, all necessary or appropriate
defense, and take any and all other necessary appropriate measures, to ensure the ownership of the Transferor in the Domestic Company;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(e)</TD><TD STYLE="text-align: justify">The Transferor shall immediately notify the Transferee of any event which may possibly affect any
rights of the Transferee on any portion of the equity interest, or may possibly affect the obligation or security provided by the
Transferor under this Agreement;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(f)</TD><TD STYLE="text-align: justify">The Transferor shall not make any action or omission that may affect the operation and assets value
of the Domestic Company during the Transferor&rsquo;s ordinary operation of the entire business of the Domestic Company;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(g)</TD><TD STYLE="text-align: justify">The Transferor shall provide relevant documents regarding the operation and financial conditions
of the Domestic Company upon the Transferee&rsquo;s request;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(h)</TD><TD STYLE="text-align: justify">If required by the Transferee, the Transferor shall purchase and retain insurances for the assets
and business of the Domestic Company with the insurance companies qualified by the Transferee. The amount and type of insurances
shall be consistent with those purchased by the companies of the same class;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">The Transferor shall not distribute dividends to shareholders in any way without prior written
consent of the Transferee. However, upon the request of the Transferee, the Transferor shall immediately distribute all distributable
profit to the shareholders, after which such shareholders shall pay or transfer such distribution to the Transferee or companies
designated by the Transferee unconditionally; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(j)</TD><TD STYLE="text-align: justify">In accordance with the request of the Transferee and subject to the laws of China, appoint any
Person designated by the Transferee to be the legal representative, director or senior officers of the Domestic Company.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21pt; text-align: left"><B>7.</B></TD><TD><FONT STYLE="font-variant: small-caps"><B>Negative
                                         covenants</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">7.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Transferor irrevocably undertakes not to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 4.5pt"></TD><TD STYLE="width: 36pt">(a)</TD><TD STYLE="text-align: justify">In any way, whether directly or indirectly, sell, contract to sell, transfer, charge or dispose
the equity interest, or set security interest against the equity interest, except for selling or transferring to the Transferee
or its Designated Person in line with this Agreement or the Equity Interest Pledge Agreement;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 40.5pt; text-align: justify; text-indent: -0.5in">&nbsp;</P>


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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 4.5pt"></TD><TD STYLE="width: 36pt">(b)</TD><TD STYLE="text-align: justify">Procure the general meeting or board of directors to approve any sales, contract to sale, transfer,
charge or disposal of the equity interest, or set any security interest against the equity interest, without prior written consent
of the Transferee, except for selling or transferring to the Transferee or its Designated Person in line with this Agreement or
the Equity Interest Pledge Agreement;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 40.5pt; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 4.5pt"></TD><TD STYLE="width: 36pt">(c)</TD><TD STYLE="text-align: justify">Without prior written consent of the Transferee, or outside the ordinary course of business, procure
the general meeting or board of directors to approve any sales, contract to sale, transfer, charge or disposal of the assets of
the Domestic Company, except for selling or transferring to the Transferee or its Designated Person in line with this Agreement
or the Exclusive Assets Purchase Agreement;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 40.5pt; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 4.5pt"></TD><TD STYLE="width: 36pt">(d)</TD><TD STYLE="text-align: justify">Without prior written consent of the Transferee, procure the supplement, change or revision of
the articles of association and bylaws, increment or decrement of registered capital, or change the share structure, of the Domestic
Company;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 40.5pt; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 4.5pt"></TD><TD STYLE="width: 36pt">(e)</TD><TD STYLE="text-align: justify">Without prior written consent of the Transferee, assume, succeed, guarantee or accept any debt,
except for (i) debts arising from ordinary or daily operation, which are not in the form of a loan; (ii) debts disclosed to and
approved in writing by the Transferee;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 40.5pt; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 4.5pt"></TD><TD STYLE="width: 36pt">(f)</TD><TD STYLE="text-align: justify">Without prior written consent of the Transferee, procure the Domestic Company to execute any material
contract, except for those executed in the ordinary course of business;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 40.5pt; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 4.5pt"></TD><TD STYLE="width: 36pt">(g)</TD><TD STYLE="text-align: justify">Without prior written consent of the Transferee, procure the Domestic Company to extend any loan
or facility to any Person, except for those extended in the ordinary course of business;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 40.5pt; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 4.5pt"></TD><TD STYLE="width: 36pt">(h)</TD><TD STYLE="text-align: justify">Without prior written consent of the Transferee, procure the Domestic Company to be merged with
or acquired by any Person, or acquire or invest in any Person.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 40.5pt; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">7.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Transferor agrees that the rights obtained by the Transferee under this Agreement shall not be interrupted or impaired by any legal
proceedings initiated by the Transferor, its successors or its representatives.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 21pt; text-align: left; text-indent: 0in">8.</TD><TD><FONT STYLE="font-variant: small-caps">Notice</FONT></TD>
</TR></TABLE>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">8.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
the notices and other communications required by or sent pursuant to this Agreement shall be in both English and Chinese, and shall
be delivered to the following address or facsimile number of relevant Party by telegraph, facsimile or post:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 4.5pt"></TD><TD STYLE="width: 36pt">(a)</TD><TD STYLE="text-align: justify">If send to the Transferor:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 40.5pt; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.85in; text-align: justify">Address: Building 3-08, Yangcheng
Creative Industry Zone, #309 Huangpu Avenue Middle, Tianhe District, Guangzhou</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.85in; text-align: justify">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.85in; text-align: justify">Telephone: (+8620) 29162114</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.85in; text-align: justify">Attention: David Xueling Li</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.85in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 4.5pt"></TD><TD STYLE="width: 36pt">(b)</TD><TD STYLE="text-align: justify">If send to the Transferee:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 40.5pt; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.85in; text-align: justify">Address: A553, 6/F Beijing Jinyuan
Shidai Shopping Center, #1 Yuanda Road, Haidian District, Beijing</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.85in; text-align: justify">Telephone: (+8620) 29162114</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.85in; text-align: justify">Attention: David Xueling Li</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.85in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 4.5pt"></TD><TD STYLE="width: 36pt">(c)</TD><TD STYLE="text-align: justify">If send to the Domestic Company:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 40.5pt; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.85in; text-align: justify">Address: Room 709 Building 1, #39
Anding Road, Chaoyang District, Beijing</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.85in; text-align: justify">Telephone: (+8620) 29162114</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 61.25pt; text-align: justify">Attention: David Xueling Li</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 61.25pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21pt; text-align: left"><B>9.</B></TD><TD><FONT STYLE="font-variant: small-caps"><B>Transfer
                                         and Assign</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">9.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless
with the prior written consent of the Transferee, the Transferor has no right to transfer or assign any of its rights and obligations
hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">9.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Agreement shall be binding upon the Transferor and its successors and assigns permitted by Transferee, and is enforceable by Transferee
and its successors and assigns.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">9.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the Transferee is restructured for whatever reason, upon the request of the Transferee, the Transferor shall enter into a new agreement
containing the content substantially same to the terms and conditions of this Agreement with the restructured Transferee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21pt; text-align: left"><B>10.</B></TD><TD><FONT STYLE="font-variant: small-caps"><B>Confidentiality</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">10.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
Party recognizes and confirms this Agreement, the content of this Agreement, and any and all oral and written information exchanged
among them for the preparation and performance of this Agreement shall be deemed as confidential information. Each Party shall
hold in confidence all such confidential information, and without the written consent from the other Parties, should not disclose
any confidential information to any third party, provided that, confidential information shall not include information that (a)
is or becomes available to the public other than as a result of disclosure by the receiving Party in violation of this Contract,
or (b) any information which must be disclosed pursuant to laws and regulations, stock trading rules, or as required by order or
decree of governmental authorities or courts; or (c) any information disclosed by either Party to its shareholders, investors,
legal or financial advisors in relation to the transactions contemplated herein, who are bound by confidentiality obligation similar
to this provision. Any disclosure of confidential information by the professionals or institutions engaged by either Party shall
be deemed as the disclosure by such Party, and such Party shall be held liable for breach.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">10.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
section shall survive the termination of this Agreement and remain in effect for two (2) years of such termination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21pt; text-align: left"><B>11.</B></TD><TD><FONT STYLE="font-variant: small-caps"><B>Governing
                                         Law and Resolution of Disputes</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">11.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Governing
Law</U>. This Agreement, including the validity, rights and obligations of both Parties under this Agreement, shall be governed
by and construed in accordance with the laws of China.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">11.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Dispute
Resolution</U>. The Parties will firstly attempt in good faith to resolve any and all disputes arising out of or relating to this
Agreement, including disputes related to the existence, validity, interpretation or termination (the &ldquo;<B><I>Dispute</I></B>&rdquo;),
through friendly consultations. If a Dispute is not resolved through friendly consultations within thirty (30) days from the date
a Party gives the other Party written notice of the Dispute, then each Party may submit the dispute to CIETAC for arbitration in
accordance with then effective arbitration rules. The number of arbitration shall be one. If the Parties reject the assignment
of arbitrator within twenty (20) days after any Party gives the notice of arbitration, CIETAC shall assign another arbitrator.
The arbitration shall be conducted in Beijing in Chinese. The award of the arbitration tribunal shall be final and binding upon
the Parties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21pt; text-align: left"><B>12.</B></TD><TD><FONT STYLE="font-variant: small-caps"><B>Amendment
                                         and Waiver</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">12.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Amendment</U>.
Any amendment to this Agreement shall be made in writing, and only takes effect after the execution by all Parties hereunder. The
amendments and supplements duly executed by all the Parties constitute an integral part of this Agreement, and have the same legal
effectiveness as this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">12.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No
Implied Waivers</U>. To protect the rights and interests of the Transferee, when necessary, the Transferee may exercise the rights
under this Agreement at any time, as such rights are in addition to any right provided by law to the Transferee. Unless expressly
waived in writing by the Transferee, the rights of the Transferee shall not be waived. Any delay in exercising its rights by the
Transferee shall not constitute the waiver of such right.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21pt; text-align: left"><B>13.</B></TD><TD><FONT STYLE="font-variant: small-caps"><B>Miscellaneous
                                         Provisions</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">13.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Further
Assurances</U>. On a legitimate and feasible basis, the Parties hereto agree to use all usable rights or powers and through reasonable
endeavor to execute all necessary documents and do all such other things to ensure the completely, timely compliance and performance
of the provisions and principles of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">13.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Entire
Agreement</U>. This Agreement constitutes the entire agreement reached among the Parties relating to the Option hereof, and supersedes
in their entirety all prior written and oral agreements and understandings among the Parties relating to the subject matter hereof.
The exhibits are incorporated into this Agreement through reference and constitute an integral part of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">13.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Termination</U>.
This Agreement shall enter into its effectiveness upon execution, and remain effective, unless terminated by the Transferee, at
its own discretion, by sending a thirty (30) days prior written notice to other Parties (the &ldquo;<B><I>Term</I></B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">13.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Severability
and Replacement</U>. If any single or multiple provisions hereof are judged invalid, illegal or unenforceable in any aspect in
accordance with any laws or regulations, the validity, legality and enforceability of the remaining provisions of this Agreement
shall not be affected in any aspect. The Parties shall in good faith, endeavor to use valid provisions to the extent allowed by
laws and reflecting the intensions of all the Parties, to replace those invalid, illegal or unenforceable provisions, provided
that, the economic effects achieved by such valid provisions shall be similar to the economic effects achieved by those invalid,
illegal or unenforceable provisions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">13.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Counterparts</U>.
This Agreement may be executed in any number of counterparts, each of which shall be deemed an original as against any Party whose
signature appears thereon, and all of which together shall constitute one and the same instrument. Counterparts delivered through
email attachments or facsimile photocopies shall be deemed as effective deliveries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">13.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Language</U>.
This Agreement is executed in the Chinese language.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><I>&nbsp;</I></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">IN WITNESS WHEREOF, the Parties hereto have
caused this Agreement to be executed by their duly authorized representatives as of the date first above written.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 30%; text-align: justify"><B>Li Xueling</B></TD>
    <TD STYLE="width: 70%; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify">/s/</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Beijing Bilin Changxiang Information Technology
Co., Ltd.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">/seal/ Beijing Bilin Changxiang
Information Technology Co., Ltd.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Signatory: <U>/s/ David Xueling Li</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Name: David Xueling Li</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Title: Legal Representative</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Beijing Bilin Online Information Technology
Co., Ltd.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">/seal/ Beijing Bilin Online Information
Technology Co., Ltd.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Signatory: <U>/s/ David Xueling Li</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Name: David Xueling Li</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Title: Legal Representative&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-transform: uppercase; text-align: center">EXHIBIT 1</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-transform: uppercase; text-align: center">Beijing Bilin
Online Information Technology Co., Ltd.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-transform: uppercase; text-align: center">Shareholder&rsquo;s
Resolution</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The undersigned, being all shareholder of Beijing
Bilin Online Information Technology Co., Ltd. (a limited liability company duly incorporated under PRC laws, hereinafter referred
to as the &ldquo;<B><I>Company</I></B>&rdquo;) and in accordance with the authorization of the Articles of Association of the Company,
hereby unanimously approves below resolutions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">IT IS RESOLVED that the Articles of Association
of the Company shall be replaced with the one amended on the ___ day of ___, 20__, as the Amended Articles of Association of the
Company;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">IT IS FURTHER RESOLVED that the Company is
authorized to approve the transfer of equity interest contemplated in the Equity Transfer Agreement dated ____ ____, 20__ by and
between the Company, David Xueling Li and Beijing Bilin Changxiang Information Technology Co., Ltd., and to perform all obligations thereunder;
and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">IT IS FURTHER RESOLVED that ________ is hereby
authorized to execute the Equity Transfer Agreement and execute on behalf of the Company all documents needed for the government
approval on the Articles of Association approved by this resolution. In addition, such authorized person is authorized to do anything
he considers appropriate and necessary, at his own discretion, for the intent and purpose of implementing this resolution.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">IN WITNESS WHEREOF, the signatory signed above
resolutions on the ___day of ___, 2015.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">David Xueling Li</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-transform: uppercase; text-align: center">EXHIBIT 2</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-size: 12pt; text-transform: none">Equity
Transfer Agreement</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">This Equity Transfer Agreement (this &ldquo;<B><I>Agreement</I></B>&rdquo;)
is made on the ___ day of ___, 20__, by and between:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21pt">A.</TD><TD STYLE="text-align: justify"><B>David Xueling Li</B>, an individual
                                         with PRC nationality, ID Card number 640204197410230034 (the &ldquo;<B><I>Seller</I></B>&rdquo;);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 21pt; text-align: justify; text-indent: -21pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21pt">B.</TD><TD STYLE="text-align: justify"><B>Beijing Bilin Changxiang Information Technology Co., Ltd.</B>, a validly existing limited liability
company duly incorporated under the PRC laws, with its registered address at A553, 6/F Beijing Jinyuan Shidai Shopping Center,
#1 Yuanda Road, Haidian District, Beijing, China (the &ldquo;<B><I>Purchaser</I></B>&rdquo;); and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 21pt; text-align: justify; text-indent: -21pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21pt">C.</TD><TD STYLE="text-align: justify"><B>Beijing Bilin Online Information Technology Co., Ltd.</B>, a validly existing limited liability
company duly incorporated under the PRC laws, with its registered address at Room 709 Building 1, #39 Anding Road, Chaoyang District,
Beijing, China (the &ldquo;<B><I>Company</I></B>&rdquo;).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 21pt; text-align: justify; text-indent: -21pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Seller, Purchaser and Company shall be hereinafter
individually referred to as a &ldquo;Party&rdquo;; collectively, the &ldquo;Parties&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>PREAMBLE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt">(A)</TD><TD STYLE="text-align: justify">The Domestic Company is a company specified in providing technology development, technology transfer,
technology consultancy, technology services and technology promotion; advertisement agency and publishing; organizing culture and
art communication activities; enterprise management consultancy; investment consultancy services in China (collectively, the &ldquo;<B><I>Business</I></B>&rdquo;).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt">(B)</TD><TD STYLE="text-align: justify">The Seller is the 100% legal and equity owner of the registered capital of the Company (the &ldquo;<B><I>Equity
Interest</I></B>&rdquo;). The Seller agrees to sell the Equity Interest to the Purchaser pursuant to the terms and conditions set
forth in this Agreement, and the Purchaser agrees to purchase from the Seller the Equity Interest pursuant to the terms and conditions
set forth in this Agreement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">NOW, THEREFORE, the Parties agree as follows
through negotiations:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left">1.</TD><TD><FONT STYLE="font-variant: small-caps">Transfer
                                         of Equity Interest</FONT></TD>
</TR></TABLE>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Seller hereby agrees to sell all the rights,
title and interests in the Equity Interest held by the Seller without any encumbrances.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left">2.</TD><TD><FONT STYLE="font-variant: small-caps">Transfer
                                         Price</FONT></TD>
</TR></TABLE>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Purchaser shall pay to the Seller or its
representative the transfer price in an amount of RMB ________ (the &ldquo;<B><I>Transfer Price</I></B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left">3.</TD><TD><FONT STYLE="font-variant: small-caps">Notice
                                         and Consent</FONT></TD>
</TR></TABLE>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Seller hereby confirms that the Seller
has notify and obtain consents from the shareholders of the Company in accordance with the laws of PRC, the Articles of Association
and any agreements between the Seller and shareholders related to the Company (if any).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left">4.</TD><TD><FONT STYLE="font-variant: small-caps">Condition
                                         Precedent of the Transfer</FONT></TD>
</TR></TABLE>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The closing of the transfer (the &ldquo;<B><I>Closing</I></B>&rdquo;)
shall only be made upon the satisfaction of below condition precedent:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt">(a)</TD><TD STYLE="text-align: justify">The State Administration for Industry and Commerce (the &ldquo;<B><I>SAIC</I></B>&rdquo;) or its
Beijing branch approves the transfer of equity set forth under this Agreement;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt">(b)</TD><TD STYLE="text-align: justify">If required by applicable laws, the Ministry of Commerce or its Beijing branch approves the transfer
of equity set forth under this Agreement;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt">(c)</TD><TD STYLE="text-align: justify">Apply to the SAIC or its Beijing branch for change of shareholder; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt">(d)</TD><TD STYLE="text-align: justify">Other conditions provided in writing by the Parties.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left">5.</TD><TD><FONT STYLE="font-variant: small-caps">Transfer
                                         of the Agreement</FONT></TD>
</TR></TABLE>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">5.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless
with the prior written consent of the Purchaser, the Seller has no right to transfer or assign any of its rights and obligations
hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">5.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Agreement shall be binding upon the Seller and its successors and assigns permitted by Purchaser, and is enforceable by Purchaser
and its successors and assigns.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">5.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the Purchaser is restructured for whatever reason, upon the request of the Purchaser, the Seller shall enter into a new agreement
containing the content substantially same to the terms and conditions of this Agreement with the restructured Purchaser.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left">6.</TD><TD><FONT STYLE="font-variant: small-caps">Liability
                                         of Default</FONT></TD>
</TR></TABLE>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Any Party shall be liable for all direct and
indirect damages or losses arising from its breach of obligations under this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left">7.</TD><TD><FONT STYLE="font-variant: small-caps">Effectiveness</FONT></TD>
</TR></TABLE>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">This Agreement shall enter into its effectiveness
upon execution (the &ldquo;<B><I>Effective Date</I></B>&rdquo;). The Purchaser is entitled to terminate this Agreement at its own
discretion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left">8.</TD><TD><FONT STYLE="font-variant: small-caps">Governing
                                         Law</FONT></TD>
</TR></TABLE>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">This Agreement, including its validity, rights
and obligations of the Parties hereunder, shall be governed by and construed in accordance with the laws of the PRC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left">9.</TD><TD><FONT STYLE="font-variant: small-caps">Dispute
                                         Resolution</FONT></TD>
</TR></TABLE>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Parties will firstly attempt in good faith
to resolve any and all disputes arising out of or relating to this Agreement, including disputes related to the existence, validity,
interpretation or termination (the &ldquo;<B><I>Dispute</I></B>&rdquo;), through friendly consultations. If a Dispute is not resolved
through friendly consultations within thirty (30) days from the date a Party gives the other Party written notice of the Dispute,
then each Party may submit the dispute to CIETAC for arbitration in accordance with then effective arbitration rules. The number
of arbitration shall be one. If the Parties reject the assignment of arbitrator within twenty (20) days after any Party gives the
notice of arbitration, CIETAC shall assign another arbitrator. The arbitration shall be conducted in Beijing in Chinese. The award
of the arbitration tribunal shall be final and binding upon the Parties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left">10.</TD><TD><FONT STYLE="font-variant: small-caps">Language</FONT></TD>
</TR></TABLE>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">This Agreement is executed in the Chinese language.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left">11.</TD><TD><FONT STYLE="font-variant: small-caps">Miscellaneous
                                         Provisions</FONT></TD>
</TR></TABLE>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Being reasonably requested by the Purchaser,
the Seller agrees to execute and deliver other documents and take other measures to perform its obligations as the Seller under
this Agreement, and perfect all transfer procedures and requirements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">This Agreement may be executed in any number
of counterparts, each of which shall be deemed an original as against any Party whose signature appears thereon, and all of which
together shall constitute one and the same instrument. Counterparts delivered through email attachments or facsimile photocopies
shall be deemed as effective deliveries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><I>&nbsp;</I></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">IN WITNESS WHEREOF, the Parties hereto have
caused this Agreement to be executed by their duly authorized representatives as of the date first above written.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>SELLER:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">Signatory:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">Name: David Xueling Li</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>PURCHASER: Beijing Bilin Changxiang Information
Technology Co., Ltd.</B> (seal)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Signatory:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Name: David Xueling Li</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Title: Legal Representative</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>WFOE: Beijing Bilin Online Information Technology
Co., Ltd.</B> (seal)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Signatory:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Name: David Xueling Li</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Title: Legal Representative</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>



<P STYLE="margin: 0"></P>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.30
<SEQUENCE>5
<FILENAME>v435203_ex4-30.htm
<DESCRIPTION>EXHIBIT 4.30
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit&nbsp;4.30</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Exclusive Assets Purchase Agreement</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This Exclusive Assets Purchase Agreement
(this &ldquo;<B><I>Agreement</I></B>&rdquo;), dated 25 August, 2015, is made in Beijing, the People&rsquo;s Republic of China (the
&ldquo;<B><I>PRC</I></B>&rdquo;), by and between:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21pt">A.</TD><TD STYLE="text-align: justify"><B>Beijing Bilin Changxiang Information Technology Co., Ltd.</B>, a validly existing limited liability
company duly incorporated under the PRC laws, with its registered address at A553, 6/F Beijing Jinyuan Shidai Shopping Center,
#1 Yuanda Road, Haidian District, Beijing, China (the &ldquo;<B><I>WFOE</I></B>&rdquo;); and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21pt; text-align: justify; text-indent: -21pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21pt">B.</TD><TD STYLE="text-align: justify"><B>Beijing Bilin Online Information Technology Co., Ltd.</B>, a validly existing limited liability
company duly incorporated under the PRC laws, with its registered address at Room 709 Building 1, #39 Anding Road, Chaoyang District,
Beijing, China (the &ldquo;<B><I>Domestic Company</I></B>&rdquo;).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21pt; text-align: justify; text-indent: -21pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21pt">C.</TD><TD STYLE="text-align: justify"><B>David Xueling Li</B>, an individual
                                         with PRC nationality, ID Card number 640204197410230034 (the &ldquo;<B><I>Shareholder</I></B>&rdquo;);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21pt; text-align: justify; text-indent: -21pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Domestic Company, WFOE and Shareholder
shall be hereinafter individually referred to as a &ldquo;Party&rdquo;; collectively, the &ldquo;Parties&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PREAMBLE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Domestic Company is a company specified
in providing technology development, technology transfer, technology consultancy, technology services and technology promotion;
advertisement agency and publishing; organizing culture and art communication activities; enterprise management consultancy; investment
consultancy services in China (collectively, the &ldquo;<B><I>Business</I></B>&rdquo;). The Shareholder holds 100% of the equity
interest in the registered capital of the Domestic Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Domestic Company has agreed to grant
WFOE an exclusive purchase right (the &ldquo;<B><I>Purchase Right</I></B>&rdquo;) to purchase the assets of the Domestic Company
being used or to be used in the operation of its Business (the &ldquo;<B><I>Assets</I></B>&rdquo;), regardless of whether such
Assets are the assets currently owned by the Domestic Company, or owned by the Domestic Company by the time WFOE exercise its exclusive
Purchase Right. Such assets include all tangible or intangible assets, machines, devices, instrument and components, real estates,
intellectual property, technical know-how, client list, seller list, and other articles which is capable to allow WFOE operate
the Business in the same way as the Domestic Company, which are particularly suitable and mainly used for the operation of the
Business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">NOW, THEREFORE, the Parties agree as follows
through negotiations:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-variant: small-caps"><B>1.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-variant: small-caps"><B>Definitions
and Interpretations</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-variant: small-caps"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Definitions</U>. Unless otherwise
provided, in this Agreement:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B><I>Assets</I></B>
has the meaning assigned to it in the Preamble.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B><I>Assets Transfer
Date</I></B> has the meaning assigned to it in Section 5.2.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B><I>Business</I></B>
has the meaning assigned to it in the Preamble.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B><I>CIETAC</I></B>
means the China International Economic and Trade Arbitration Commission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B><I>Domestic Company&rsquo;s
PoA</I></B> has the meaning assigned to it in Section 5.2.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B><I>China</I></B>
means the People&rsquo;s Republic of China.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B><I>Damages</I></B>
has the meaning assigned to it in Section 9.2.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B><I>Designated Person</I></B>
has the meaning assigned to it in Section 2.1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B><I>Dispute</I></B>
has the meaning assigned to it in Section 14.2.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B><I>Encumbrance</I></B>
means any mortgage, charge, pledge, lien, assign, hypothecation, security interest, retention of title, option, preemptive right,
right of first refusal, constraint, third party right or interest, any type of favorable arrangement (including transfer or retention
of title that has similar effect), any type of other security agreement, arrangement, burden of right or dissent, or any agreement
that sets forth above burden of right.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify"><B><I>Exclusive Option Agreement</I></B>
means the Exclusive Option Agreement entered into on the same day of this Agreement by and between WFOE, Domestic Company and Shareholder,
according to which the Domestic Company agrees to grant an exclusive option of purchasing its equity interest to WFOE.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B><I>Exercise Notice</I></B>
has the meaning assigned to it in Section 5.1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>Force Majeure Event </I></B>has the
meaning assigned to it in Section 10.1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify"><B><I>Governmental Approval</I></B> means
all license, permit, approval, ratification, consent, waiver or registration required or issued by PRC government authorities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>Purchase Right</I></B> has the meaning
assigned to it in the Preamble.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B><I>RMB</I></B> means
Renminbi, the official currency of PRC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B><I>Shareholder&rsquo;s
PoA </I></B>has the meaning assigned to it in Section 5.1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B><I>Shareholder&rsquo;s
Resolution</I></B> has the meaning assigned to it in Section 5.2.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B><I>Term</I></B>
has the meaning assigned to it in Section 16.3.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Headings</U>.
All headings in this Agreement are for convenience only and shall not affect the interpretation of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Interpretations</U>.
Unless otherwise provided, below words, expressions and references shall have the following meanings:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">(a)</TD><TD STYLE="text-align: justify">When referring to the terms and exhibits of this Agreement,
it shall also include such terms and exhibits as amended from time to time.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40.55pt; text-align: center; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">(b)</TD><TD STYLE="text-align: justify">When referring to this Agreement or other agreement or
document, it shall also include the modifications, remarks or supplements to this Agreement or other agreement or document from
time to time.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40.55pt; text-align: center; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">(c)</TD><TD STYLE="text-align: justify">When referring to any law or statutory provision, it
shall also include any revision, extension, combination or replacement related to such law or provision, and any law or provision
that revise, extend, combine or replace the first law or provision, and also include orders, ordinances, instructions or other
subordinate legislation promulgated in accordance with relevant law or provisions.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40.55pt; text-align: center; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">(d)</TD><TD STYLE="text-align: justify">Singular form shall also include plural form and vice
versa.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40.55pt; text-align: center; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">(e)</TD><TD STYLE="text-align: justify"><B><I>Person</I></B> include individual, proprietorship,
partnership, joint venture, company, joint-stock company, unincorporated organization, state and government organs, and its assignee,
transferee or successor.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40.55pt; text-align: center; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">(f)</TD><TD STYLE="text-align: justify"><B><I>Include</I></B> and <B><I>especially</I></B> are
special terms for description or emphasis purposes only, and shall not limit any provision in any way.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40.55pt; text-align: center; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">(g)</TD><TD STYLE="text-align: justify">This Agreement is drafted jointly by the Parties. No
narrow interpretation rule shall be applied to any Party.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40.55pt; text-align: center; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-variant: small-caps"><B>2.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-variant: small-caps"><B>The
                                         Purchase Right</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.3in; text-align: justify; text-indent: -0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">2.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During
the Term of this Agreement, upon written request of WFOE, the Domestic Company hereby irrevocably agrees to sell the Assets to
WFOE, any Person designated by WFOE, or assigns of WFOE hereunder (the &ldquo;<B><I>Designated Person</I></B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">2.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to the above Section 2.1, any Person or entity other than WFOE has no right or option to purchase the Assets, and has no current
or future right or option to hold such Assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">2.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Shareholder hereby undertakes, accepts and approves to grant such Purchase Right to WFOE.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-variant: small-caps"><B>3.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-variant: small-caps"><B>Consideration</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.3in; text-align: justify; text-indent: -0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">3.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
WFOE exercises the Purchase Right and option to purchase the Assets and the equity interest (the &ldquo;<B><I>Equity Interest</I></B>&rdquo;)
as provided under the Exclusive Option Agreement (the &ldquo;<B><I>Exclusive Option Agreement</I></B>&rdquo;), the aggregate amount
of the purchase price of both the equity interest and the assets shall be RMB100.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-variant: small-caps"><B>4.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-variant: small-caps"><B>No
                                         Assumption of Liability</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.3in; text-align: justify; text-indent: -0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">4.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WFOE
shall not assume, perform or be responsible for any obligations or debts, including (i) the obligations or debts owed by the Domestic
Company to its creditors or shareholders; (ii) any obligation or debt of the Domestic Company related to any transaction; (iii)
tax or other obligations or debts of the Domestic Company arising from the grant of the Purchase Right and the sales of Assets
pursuant to this Agreement and the Assets Transfer Agreement annexed hereto as Exhibit 2; or (iv) contingent obligations or debts
of the Domestic Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-variant: small-caps"><B>5.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-variant: small-caps"><B>Exercise
                                         of Purchase Right</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.3in; text-align: justify; text-indent: -0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">5.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Notice
of Exercising the Purchase Right</U>. After the execution of this Agreement, WFOE may at any time notify the Domestic Company by
written notice (the &ldquo;<B><I>Exercise Notice</I></B>&rdquo;) to exercise the Purchase Right. The Exercise Notice shall state
clearly (a) the decision of WFOE to exercise the Purchase Right; (b) the list of assets that WFOE decided to purchase from the
Domestic Company; (c) the date of the purchase of the Assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">5.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Transfer
of Assets</U>. The Domestic Company shall, within five (5) business days after WFOE sends the Exercise Notice (the &ldquo;<B><I>Assets
Transfer Date</I></B>&rdquo;), and pursuant to the instructions in such Exercise Notice, transfer the Assets to WFOE or Designated
Person. The Domestic Company shall procure WFOE or Designated Person to be the only legal owner of the Assets, without any lien
or encumbrances in any form, and shall assist in transferring the title of the Assets to WFOE or Designated Person through below
procedures:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">(a)</TD><TD STYLE="text-align: justify">The Domestic Company shall execute an Assets Transfer
Agreement (the &ldquo;<B><I>Assets Transfer Agreement</I></B>&rdquo;) on the same day of the execution of this Agreement. The
Assets Transfer Agreement shall (i) be executed in the form and format given in the Exhibit 2 of this Agreement; and (ii) be made
in two (2) duplicates. If WFOE nominates a Designated Person as the purchaser, the Parties agree to execute and deliver to WFOE
all necessary documents and perform other actions reasonably requested by WFOE to ensure the transfer to such Designated Person.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40.55pt; text-align: center; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">(b)</TD><TD STYLE="text-align: justify">The Domestic Company shall execute a Power of Attorney
(the &ldquo;<B><I>Domestic Company&rsquo;s PoA</I></B>&rdquo;) in the form of Exhibit 3 on the same day of the execution of this
Agreement, to authorize WFOE (including WFOE and the Designated Person) to fill in the date and relevant information on the aforementioned
Assets Transfer Agreement, and to authorize WFOE to keep such document.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40.55pt; text-align: center; text-indent: -0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">(c)</TD><TD STYLE="text-align: justify">The Domestic Company shall deliver to WOFE (i) bill of
sale, endorsement, assign, and other due and adequate documents of assign and transfer which contain complete assurance of title,
to grant WFOE or the Designated Person a due, absolute and marketable title of assets, without any lien or Encumbrances; and (ii)
all other data in relation to the Assets and its operation.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40.55pt; text-align: center; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">(d)</TD><TD STYLE="text-align: justify">When delivering the documents provided in above paragraph
(c), the Domestic Company shall also take all measures to ensure the actual possession, operation and control of WFOE or the Designated
Person over the Assets, including executing all other necessary agreements or documents, and obtaining all necessary government
permits and approvals.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40.55pt; text-align: center; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">(e)</TD><TD STYLE="text-align: justify">The Domestic Company shall pay all tax and expenses in
relation to the transfer, assign, transmission and delivery of the Assets, including due and payable sales tax, transfer tax,
filing fee, usage tax, registration fee, etc.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40.55pt; text-align: center; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">(f)</TD><TD STYLE="text-align: justify">After the Assets Transfer Date, upon the request of WFOE
or the Designated Person, the Domestic Company shall execute and deliver to WFOE or the Designated Person other documents of assign
and transfer, and take other measures as reasonably requested by WFOE or the Designated Person, to facilitate the assign and transfer
of the Assets to WFOE or the Designated Person, and ensure the possession by WFOE or the Designated Person of such Assets.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40.55pt; text-align: center; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">(g)</TD><TD STYLE="text-align: justify">The Shareholder shall execute a shareholder&rsquo;s resolution
(the &ldquo;<B><I>Shareholder&rsquo;s Resolution</I></B>&rdquo;) on the same day of the execution of this Agreement, to approve
the transfer of the Assets to WFOE. The Shareholder&rsquo;s Resolution shall (i) be executed in the form and format given in the
Exhibit 1 of this Agreement; and (ii) be made in two (2) duplicates. If WFOE nominates a Designated Person as the purchaser, the
Parties agree to execute and deliver to WFOE or Designated Person all necessary documents and perform other actions reasonably
requested by WFOE or Designated Person to ensure the transfer to such Designated Person.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40.55pt; text-align: center; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">(h)</TD><TD STYLE="text-align: justify">The Shareholder shall execute a Power of Attorney on
the same day of the execution of this Agreement, to authorize WFOE (including WFOE and the Designated Person) to fill in the date
and relevant information on the aforementioned Shareholder&rsquo;s Resolution, and to authorize WFOE to keep such document.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40.55pt; text-align: center; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">(i)</TD><TD STYLE="text-align: justify">The Parties hereto shall execute all other necessary
agreements or documents, obtain all necessary government permits and approvals; take all other necessary measures to ensure the
effective transfer of the ownership of the Assets to WFOE or Designated Person.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40.55pt; text-align: center; text-indent: -0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">(j)</TD><TD STYLE="text-align: justify">If all or part of the provisions of this Agreement or
its exhibits are judged invalid in accordance with PRC laws or regulations, the Parties shall enter into other valid and effective
agreement, resolution or document to achieve the same legal and economic effects as this Agreement.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40.55pt; text-align: center; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-variant: small-caps"><B>6.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-variant: small-caps"><B>Representations
                                         and Warranties</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.3in; text-align: justify; text-indent: -0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">6.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Reliance
Confirmation</U>. The Domestic Company hereby confirms that WFOE entered in to this Agreement entirely relying on the representations
and warranties made under this Section 6.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">6.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Representations
and Warranties</U>. The Domestic Company represents and warrants to WFOE as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">(a)</TD><TD STYLE="text-align: justify">The Domestic Company is a company legally registered
and validly existing in accordance with the PRC laws and is competent and has obtained the relevant powers and authorizations
for owning, operating and leasing its assets and properties and engaging in its current business. The Domestic Company has obtained
all necessary and appropriate approvals and authorizations require for the execution and performance of this Agreement. The execution,
delivery and performance of this Agreement will not (i) conflict with the articles of association, bylaws and other constitutional
documents of the Domestic Company; (ii) conflict with any contract or document entered into by, and binding upon, the Transferor
and the Domestic Company, or result in any default under such contract or document; (iii) be in contrary to any issuing and/or
retaining condition of the licenses or permits issued to the Domestic Company; (iv) result in the revocation, seizure or appendance
of additional conditions to any license or permit issued to the Domestic Company; and (v) breach any law of PRC.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">(a)</TD><TD STYLE="text-align: justify">The Domestic Company is competent in executing and performing
this Agreement. The Domestic Company has obtained all necessary and appropriate approvals and authorizations require for the execution
and performance of this Agreement.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: center; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">(b)</TD><TD STYLE="text-align: justify">This Agreement, subject to its terms, constitutes the
Domestic Company&rsquo;s legal, valid and binding obligations, and shall be enforceable against it.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: center; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">(c)</TD><TD STYLE="text-align: justify">To the best knowledge of the Domestic Company, and unless
the Domestic Company discloses to the other Parties in writing, the Domestic Company is currently not involved in any disputes,
litigations, arbitrations, administrative litigations or any other legal proceedings, and the Domestic Company is not constrained
by any potential disputes, litigations, arbitrations, administrative litigations or any other legal proceedings;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: center; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">(d)</TD><TD STYLE="text-align: justify">Except for debts arising from the ordinary business of
the Domestic Company and the debts already disclosed to, and approved in writing by, WFOE, the Domestic Company has no other outstanding
debts;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: center; text-indent: -0.5in">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">(e)</TD><TD STYLE="text-align: justify">Except for the exclusive purchase right granted to WFOE
under this Agreement, the Domestic Company has not pledge, assign or by any other means dispose its Assets to any third party,
unless within its ordinary course of business;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: center; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">(f)</TD><TD STYLE="text-align: justify">The Domestic Company is the sole legitimate and registered
beneficial owner of the Assets; and</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: center; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">(g)</TD><TD STYLE="text-align: justify">The Domestic Company has good and marketable title over
the Assets with no lien or other security interests, except for the exclusive purchase right granted to WFOE under this Agreement.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: center; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">6.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Repeated
Application</U>. After the execution of this Agreement, the representations and warranties provided in Section 6.2 of this Agreement
shall be continuously valid. Such representations and warranties shall be deemed as true and valid representations and warranties
throughout the Term of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-variant: small-caps"><B>7.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-variant: small-caps"><B>Affirmative
                                         Covenants</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.3in; text-align: justify; text-indent: -0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">7.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During the Term of this Agreement, the Domestic Company
irrevocably undertakes as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">(a)</TD><TD STYLE="text-align: justify">It shall prudently and effectively operate the business
of the Domestic Company and handle the company&rsquo;s matters, maintain the existence of the Domestic Company in line with good
financial and commercial standard and practice;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: center; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">(b)</TD><TD STYLE="text-align: justify">The Domestic Company shall comply with the provisions
of this Agreement, and shall not make any action or omission that may affect the existence or enforceability of this Agreement;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: center; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">(c)</TD><TD STYLE="text-align: justify">The Domestic Company shall immediately notify WFOE in
writing of any litigation, arbitration or administrative proceedings related to the Assets upon such litigation, arbitration or
administrative proceedings is initiated or is threatened to be initiated;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: center; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">(d)</TD><TD STYLE="text-align: justify">With regard to all claims other than the enforcement
of this Agreement, the Domestic Company shall execute all necessary or appropriate documents, file all necessary or appropriate
proceedings, make, or authorize WFOE or its Designated Persons upon WFOE&rsquo;s request to make, all necessary or appropriate
defense, and take any and all other necessary appropriate measures, to ensure the ownership of the Domestic Company in the Assets;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: center; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">(e)</TD><TD STYLE="text-align: justify">The Domestic Company shall immediately notify WFOE of
any event which may possibly affect the entirety or enforceability of the Purchase Right of WFOE, or may possibly affect the obligation
or security provided by the Domestic Company under this Agreement;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: center; text-indent: -0.5in">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">(f)</TD><TD STYLE="text-align: justify">The Domestic Company shall not make any action or omission
that may affect the operation and assets value of the Domestic Company during the Domestic Company&rsquo;s ordinary operation
of the entire business of the Domestic Company;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: center; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">(g)</TD><TD STYLE="text-align: justify">The Domestic Company shall provide relevant documents
regarding the operation and financial conditions of the Domestic Company upon WFOE&rsquo;s request;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: center; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">(h)</TD><TD STYLE="text-align: justify">If required by WFOE, the Domestic Company shall purchase
and retain insurances for the assets and business of the Domestic Company with the insurance companies qualified by WFOE. The
amount and type of insurances shall be consistent with those purchased by the companies of the same class;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: center; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">(i)</TD><TD STYLE="text-align: justify">The Domestic Company shall not distribute dividends to
shareholders in any way without prior written consent of WFOE. However, upon the request of WFOE, the Domestic Company shall immediately
distribute all distributable profit to the shareholders, after which such shareholders shall pay or transfer such distribution
to WFOE or companies designated by WFOE unconditionally; and</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: center; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">(j)</TD><TD STYLE="text-align: justify">In accordance with the request of WFOE and subject to
the laws of China, appoint any Person designated by WFOE to be the legal representative, director or senior officers of the Domestic
Company.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: center; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-variant: small-caps"><B>8.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-variant: small-caps"><B>Negative
                                         Covenants</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.3in; text-align: justify; text-indent: -0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">8.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During
the Term of this Agreement, the Domestic Company irrevocably undertakes not to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">(a)</TD><TD STYLE="text-align: justify">In any way, whether directly or indirectly, sell, contract
to sell, transfer, charge or dispose the Assets, or set security interest against such Assets, except for selling or transferring
to WFOE or its Designated Person in line with this Agreement;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: center; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">(b)</TD><TD STYLE="text-align: justify">Without prior written consent of WFOE, supplement, change
or revise of the articles of association and bylaws, increment or decrement of registered capital, or change the share structure,
of the Domestic Company in any way;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: center; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">(c)</TD><TD STYLE="text-align: justify">Without prior written consent of WFOE, assume, succeed,
guarantee or accept any debt, except for (i) debts arising from ordinary or daily operation, which are not in the form of a loan;
(ii) debts disclosed to and approved in writing by the Transferee;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: center; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">(d)</TD><TD STYLE="text-align: justify">Without prior written consent of WFOE, execute any material
contract, except for those executed in the ordinary course of business;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: center; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">(e)</TD><TD STYLE="text-align: justify">Without prior written consent of WFOE, extend any loan
or facility to any Person, except for those extended in the ordinary course of business;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: center; text-indent: -0.5in">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">(f)</TD><TD STYLE="text-align: justify">Without prior written consent of WFOE, merge with or
be acquired by any Person, or acquire or invest in any Person.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: center; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">8.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Domestic Company agrees that the rights obtained by WFOE under this Agreement shall not be interrupted or impaired by any legal
proceedings initiated by the Domestic Company, its successors or its representatives.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-variant: small-caps"><B>9.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-variant: small-caps"><B>Indemnification</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.3in; text-align: justify; text-indent: -0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">9.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Domestic Company hereby agrees to indemnify and hold harmless WFOE from any damage if WFOE incurs any damage due to below matters:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">(a)</TD><TD STYLE="text-align: justify">The Domestic Company makes false representations and
warranties under this Agreement;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: center; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">(b)</TD><TD STYLE="text-align: justify">The Domestic Company breaches its undertakings under
this Agreement; and</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: center; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">(c)</TD><TD STYLE="text-align: justify">Any obligation or debt of the Domestic Company that becomes
or is about to become mature and may affect the Assets, regardless of whether such obligation or debt is aggregated, absolute,
contingent or in other form.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: center; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">9.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
this Agreement, <B><I>Damages</I></B> includes any claim, litigation, order, loss, cost, expense, (joint) liability, fine and damages,
including legal fees arising from investigations or avoidance of investigation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-variant: small-caps"><B>10.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-variant: small-caps"><B>Force
                                         Majeure</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.3in; text-align: justify; text-indent: -0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">10.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If any Party delays or fails to perform its obligation
hereunder due to fire, strike, embargo, government requirement, military action, terrorist assault or terrorist threats, action
of God or other exceptional situation that cannot be overcome or avoided by the Parties and cannot be foreseen by the Party alleged
to be affected by such force majeure when entering this Agreement (each a &ldquo;Force Majeure Event&rdquo;), such Party shall
not be liable. If a Force Majeure Event takes place, the Party being affected shall immediately notify the other Party; during
the existence of the Force Majeure Event, the Party being affected shall suspend its performance of this Agreement, and the time
for performance after the Force Majeure Event is ended for the Party being affected shall be extended accordingly, the period extended
shall be equal to the period of the existence of the Force Majeure Event. The Party being affected shall notify the other Party
in writing within fifteen (15) days after it becomes aware of such Force Majeure Event, to describe the nature of the Force Majeure
Event and the estimated period it may last. Furthermore, the affected Party shall make commercially reasonable endeavor to reduce
the impact of such Force Majeure Event.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-variant: small-caps"><B>11.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-variant: small-caps"><B>Notice</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.3in; text-align: justify; text-indent: -0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">11.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
the notices and other communications required by or sent pursuant to this Agreement shall be in both English and Chinese, and shall
be delivered to the following address or facsimile number of relevant Party by telegraph, facsimile or post:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">(a)</TD><TD STYLE="text-align: justify">If send to the Domestic Company:</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: center; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.85in">Address: Room 709 Building 1, #39 Anding Road, Chaoyang
District, Beijing</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.85in">Telephone: (+8620) 29162114</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 61.25pt">Attention: David Xueling Li</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 61.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">(b)</TD><TD STYLE="text-align: justify">If send to WFOE:</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: center; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.85in">Address: A553, 6/F Beijing Jinyuan Shidai Shopping
Center, #1 Yuanda Road, Haidian District, Beijing</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.85in">Telephone: (+8620) 29162114</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.85in">Attention: David Xueling Li</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.85in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">(c)</TD><TD STYLE="text-align: justify">If send to the Shareholder:</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: center; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.85in">Address: Building 3-08, Yangcheng Creative Industry
Zone, #309 Huangpu Avenue Middle, Tianhe District, Guangzhou</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.85in">Telephone: (+8620) 29162114</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.85in">Attention: David Xueling Li</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.85in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-variant: small-caps"><B>12.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-variant: small-caps"><B>Transfer
                                         and Assign</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.3in; text-align: justify; text-indent: -0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">12.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless
with the prior written consent of WFOE, the Domestic Company has no right to transfer or assign any of its rights and obligations
hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">12.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Agreement shall be binding upon the Domestic Company and its successors and assigns permitted by WFOE, and is enforceable by WFOE
and its successors and assigns.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">12.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
WFOE is restructured for whatever reason, upon the request of WFOE, the Domestic Company shall enter into a new agreement containing
the content substantially same to the terms and conditions of this Agreement with the restructured WFOE.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-variant: small-caps"><B>13.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-variant: small-caps"><B>Confidentiality</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.3in; text-align: justify; text-indent: -0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">13.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
Party recognizes and confirms this Agreement, the content of this Agreement, and any and all oral and written information exchanged
among them for the preparation and performance of this Agreement shall be deemed as confidential information. Each Party shall
hold in confidence all such confidential information, and without the written consent from the other Parties, should not disclose
any confidential information to any third party, provided that, confidential information shall not include information that (a)
is or becomes available to the public other than as a result of disclosure by the receiving Party in violation of this Contract,
or (b) any information which must be disclosed pursuant to laws and regulations, stock trading rules, or as required by order or
decree of governmental authorities or courts; or (c) any information disclosed by either Party to its shareholders, investors,
legal or financial advisors in relation to the transactions contemplated herein, who are bound by confidentiality obligation similar
to this provision. Any disclosure of confidential information by the professionals or institutions engaged by either Party shall
be deemed as the disclosure by such Party, and such Party shall be held liable for breach.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">13.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Section 13 shall survive the termination of this Agreement and remain in effect for two (2) years of such termination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-variant: small-caps"><B>14.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-variant: small-caps"><B>Governing
                                         Law and Resolution of Disputes</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.3in; text-align: justify; text-indent: -0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">14.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Governing
Law</U>. This Agreement, including the validity, rights and obligations of both Parties under this Agreement, shall be governed
by and construed in accordance with the laws of China.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">14.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Dispute
Resolution</U>. The Parties will firstly attempt in good faith to resolve any and all disputes arising out of or relating to this
Agreement, including disputes related to the existence, validity, interpretation or termination (the &ldquo;<B><I>Dispute</I></B>&rdquo;),
through friendly consultations. If a Dispute is not resolved through friendly consultations within thirty (30) days from the date
a Party gives the other Party written notice of the Dispute, then each Party may submit the dispute to CIETAC for arbitration in
accordance with then effective arbitration rules. The number of arbitration shall be one. If the Parties reject the assignment
of arbitrator within twenty (20) days after any Party gives the notice of arbitration, CIETAC shall assign another arbitrator.
The arbitration shall be conducted in Beijing in Chinese. The award of the arbitration tribunal shall be final and binding upon
the Parties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-variant: small-caps"><B>15.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-variant: small-caps"><B>Amendment
                                         and Waiver</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.3in; text-align: justify; text-indent: -0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">15.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Amendment</U>.
Any amendment to this Agreement shall be made in writing, and only takes effect after the execution by all Parties hereunder. The
amendments and supplements duly executed by all the Parties constitute an integral part of this Agreement, and have the same legal
effectiveness as this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">15.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No
Implied Waivers</U>. To protect the rights and interests of WFOE, when necessary, WFOE may exercise the rights under this Agreement
at any time, as such rights are in addition to any right provided by law to WFOE. Unless expressly waived in writing by WFOE, the
rights of WFOE shall not be waived. Any delay in exercising its rights by WFOE shall not constitute the waiver of such right.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-variant: small-caps"><B>16.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-variant: small-caps"><B>Miscellaneous
                                         Provisions</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.3in; text-align: justify; text-indent: -0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">16.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Further
Assurances</U>. On a legitimate and feasible basis, the Parties hereto agree to use all usable rights or powers and through reasonable
endeavor to execute all necessary documents and do all such other things to ensure the completely, timely compliance and performance
of the provisions and principles of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">16.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Entire
Agreement</U>. This Agreement constitutes the entire agreement reached among the Parties relating to the Option hereof, and supersedes
in their entirety all prior written and oral agreements and understandings among the Parties relating to the subject matter hereof.
The exhibits are incorporated into this Agreement through reference and constitute an integral part of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">16.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Termination</U>.
This Agreement shall enter into its effectiveness upon execution, and remain effective, unless terminated by WFOE at its own discretion
by sending a thirty (30) days prior written notice to other Parties (the &ldquo;<B><I>Term</I></B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">16.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Severability
and Replacement</U>. If any single or multiple provisions hereof are judged invalid, illegal or unenforceable in any aspect in
accordance with any laws or regulations, the validity, legality and enforceability of the remaining provisions of this Agreement
shall not be affected in any aspect. The Parties shall in good faith, endeavor to use valid provisions to the extent allowed by
laws and reflecting the intensions of all the Parties, to replace those invalid, illegal or unenforceable provisions, provided
that, the economic effects achieved by such valid provisions shall be similar to the economic effects achieved by those invalid,
illegal or unenforceable provisions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">16.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Counterparts</U>.
This Agreement may be executed in any number of counterparts, each of which shall be deemed an original as against any Party whose
signature appears thereon, and all of which together shall constitute one and the same instrument. Counterparts delivered through
email attachments or facsimile photocopies shall be deemed as effective deliveries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">16.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Language</U>.
This Agreement is executed in the Chinese language.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>(The remainder of this page left blank
intentionally)</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.85in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">IN WITNESS WHEREOF, the Parties hereto
have caused this Agreement to be executed by their duly authorized representatives as of the date first above written.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Beijing Bilin Changxiang Information Technology Co., Ltd.</B> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 11%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 28%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 61%; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Signatory:</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ David Xueling Li</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name: David Xueling Li</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title: Legal Representative</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Beijing Bilin Online Information Technology Co., Ltd.</B> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Signatory:</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ David Xueling Li</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name: David Xueling Li</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title: Legal Representative</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>David Xueling Li</B></FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ David Xueling Li</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>EXHIBIT
1</B></FONT>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Beijing Bilin Online Information Technology Co., Ltd.<BR></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Shareholder&rsquo;s Resolution</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The undersigned, being all shareholder
of Beijing Bilin Online Information Technology Co., Ltd. (a limited liability company duly incorporated under PRC laws, hereinafter
referred to as the &ldquo;<B><I>Company</I></B>&rdquo;) and in accordance with the authorization of the Articles of Association
of the Company, hereby unanimously approves below resolutions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">IT IS RESOLVED that the Company is hereby
authorized to enter into the Assets Transfer Agreement dated ____ ____, 20__ by and between the Company and Beijing Bilin Changxiang
Information Technology Co., Ltd., and to perform all obligations thereunder; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">IT IS FURTHER RESOLVED that ________ is
hereby authorized to execute all documents needed for applying for the government approval on the execution and performance of
the Assets Transfer Agreement. In addition, such authorized person is authorized to do anything he considers appropriate and necessary,
at his own discretion, for the intent and purpose of implementing this resolution.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">IN WITNESS WHEREOF, the signatory signed
above resolutions on the ___day of ___, 2015.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 25%; border-bottom: Black 1pt solid; padding-right: 0.5pt; padding-left: 0.5pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 75%; padding-right: 0.5pt; padding-left: 0.5pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: justify">David Xueling Li</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: justify">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><B>EXHIBIT
2</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><B></B></FONT><B><FONT STYLE="font-size: 12pt">Assets Transfer Agreement</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 60pt; text-indent: -12pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This Assets Transfer Agreement (this &ldquo;<B><I>Agreement</I></B>&rdquo;)
is made on the ___ day of ___, 20__, by and between:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21pt">A.</TD><TD STYLE="text-align: justify"><B>Beijing Bilin Online Information Technology Co., Ltd.</B>, a validly existing limited liability
company duly incorporated under the PRC laws, with its registered address at Room 709 Building 1, #39 Anding Road, Chaoyang District,
Beijing, China (the &ldquo;<B><I>Seller</I></B>&rdquo;).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21pt; text-align: justify; text-indent: -21pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21pt">B.</TD><TD STYLE="text-align: justify"><B>Beijing Bilin Changxiang Information Technology Co., Ltd.</B>, a validly existing limited liability
company duly incorporated under the PRC laws, with its registered address at A553, 6/F Beijing Jinyuan Shidai Shopping Center,
#1 Yuanda Road, Haidian District, Beijing, China (the &ldquo;<B><I>Purchaser</I></B>&rdquo;); and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21pt; text-align: justify; text-indent: -21pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Seller and Purchaser shall be hereinafter
individually referred to as a &ldquo;Party&rdquo;; collectively, the &ldquo;Parties&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PREAMBLE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt">(A)</TD><TD STYLE="text-align: justify">The Seller is a company specified in providing technology development, technology transfer, technology consultancy, technology
services and technology promotion; advertisement agency and publishing; organizing culture and art communication activities; enterprise
management consultancy; investment consultancy services in China (collectively, the &ldquo;<B><I>Business</I></B>&rdquo;).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-indent: -35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt">(B)</TD><TD STYLE="text-align: justify">The Seller has agreed to sell the assets of the Seller being used or to be used in the operation of its Business (the &ldquo;<B><I>Assets</I></B>&rdquo;),
regardless of whether such Assets are the assets currently owned by the Seller, or owned by the Seller by the time the Purchaser
exercise its exclusive Purchase Right. Such assets include all tangible or intangible assets, machines, devices, instrument and
components, real estates, intellectual property, technical know-how, client list, seller list, and other articles which is capable
to allow WFOE operate the Business in the same way as the Domestic Company, which are particularly suitable and mainly used for
the operation of the Business; the Purchaser agrees to purchase the same.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-indent: -35.45pt">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">NOW, THEREFORE, the Parties agree as follows through negotiations:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-variant: small-caps"><B>1.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-variant: small-caps"><B>Transfer
                                         of Assets</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.3in; text-align: justify; text-indent: -0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Seller hereby agrees to sell all Assets and all related
rights, title and interests in such Assets (as listed in Exhibit 1) without any encumbrances pursuant to the terms and conditions
of this Agreement and the Exclusive Assets Purchase Agreement entered into by and between the Seller and Purchaser date ___ ___,
20__. The Purchaser hereby agrees to accept such transfer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-variant: small-caps"><B>2.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-variant: small-caps"><B>Transfer
                                         Price</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.3in; text-align: justify; text-indent: -0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Purchaser shall pay to the Seller or its representative
the transfer price in an amount of RMB ________ (the &ldquo;<B><I>Transfer Price</I></B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-variant: small-caps"><B>3.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-variant: small-caps"><B>Exclusion
                                         of Liability</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.3in; text-align: justify; text-indent: -0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">For the avoidance of doubt, the Purchaser shall not bear any
liability in relation to below circumstances:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt">(a)</TD><TD STYLE="text-align: justify">Assets existing at or before the closing of the transfer, including any undue or payable amount
of the Seller in acquiring any of the Assets;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: -35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt">(b)</TD><TD STYLE="text-align: justify">Any liability of default, negligence, breach of duty or other liability owed to third party due
to the action, omission, negligence or default of the Seller and its employee, agent or representative; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: -35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt">(c)</TD><TD STYLE="text-align: justify">Any fee and expenses in relation to the Assets payable by the Seller.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: -35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-variant: small-caps"><B>4.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-variant: small-caps"><B>Liability
                                         of Default</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.3in; text-align: justify; text-indent: -0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Any Party shall be liable for all direct and indirect damages
or losses arising from its breach of obligations under this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-variant: small-caps"><B>5.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-variant: small-caps"><B>Transfer
                                         of the Agreement</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.3in; text-align: justify; text-indent: -0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">5.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless with the prior written consent of the Purchaser, the Seller has no right to
transfer or assign any of its rights and obligations hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">5.2&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;This Agreement shall be binding upon the Seller and its successors and assigns permitted by
Purchaser, and is enforceable by Purchaser and its successors and assigns.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">5.3&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;If the Purchaser is restructured for whatever reason, upon the request of the Purchaser, the
Seller shall enter into a new agreement containing the content substantially same to the terms and conditions of this
Agreement with the restructured Purchaser.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-variant: small-caps"><B>6.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-variant: small-caps"><B>Effectiveness</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.3in; text-align: justify; text-indent: -0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This Agreement shall enter into its effectiveness upon execution.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-variant: small-caps"><B>7.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-variant: small-caps"><B>Governing
                                         Law</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.3in; text-align: justify; text-indent: -0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This Agreement, including its validity, rights and obligations
of the Parties hereunder, shall be governed by and construed in accordance with the laws of the PRC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-variant: small-caps"><B>8.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-variant: small-caps"><B>Dispute
                                         Resolution</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.3in; text-align: justify; text-indent: -0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Parties will firstly attempt in good faith to resolve any
and all disputes arising out of or relating to this Agreement, including disputes related to the existence, validity, interpretation
or termination (the &ldquo;<B><I>Dispute</I></B>&rdquo;), through friendly consultations. If a Dispute is not resolved through
friendly consultations within thirty (30) days from the date a Party gives the other Party written notice of the Dispute, then
each Party may submit the dispute to CIETAC for arbitration in accordance with then effective arbitration rules. The number of
arbitration shall be one. If the Parties reject the assignment of arbitrator within twenty (20) days after any Party gives the
notice of arbitration, CIETAC shall assign another arbitrator. The arbitration shall be conducted in Beijing in Chinese. The award
of the arbitration tribunal shall be final and binding upon the Parties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-variant: small-caps"><B>9.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-variant: small-caps"><B>Language</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.3in; text-align: justify; text-indent: -0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This Agreement is executed in the Chinese language.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-variant: small-caps"><B>10.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-variant: small-caps"><B>Miscellaneous
                                         Provisions</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.3in; text-align: justify; text-indent: -0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Being reasonably requested by the Purchaser, the Seller agrees
to execute and deliver other documents and take other measures to perform its obligations as the Seller under this Agreement, and
perfect all transfer procedures and requirements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This Agreement may be executed in any number of counterparts,
each of which shall be deemed an original as against any Party whose signature appears thereon, and all of which together shall
constitute one and the same instrument. Counterparts delivered through email attachments or facsimile photocopies shall be deemed
as effective deliveries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>(The remainder of this page left blank
intentionally)</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>&nbsp;</I></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">IN WITNESS WHEREOF, the Parties hereto
have caused this Agreement to be executed by their duly authorized representatives as of the date first above written.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>SELLER: Beijing Bilin Online Information
Technology Co., Ltd.</B> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Signatory:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Name: David Xueling Li</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Title: Legal Representative</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>PURCHASER: Beijing Bilin Changxiang
Information Technology Co., Ltd.</B> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Signatory:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Name: David Xueling Li</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Title: Legal Representative</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><B>EXHIBIT
3</B></FONT><B><BR></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B><FONT STYLE="font-size: 12pt">Power of Attorney</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 60pt; text-indent: -12pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>WHEREAS:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Beijing Bilin Online Information Technology
Co., Ltd., a validly existing limited liability company duly incorporated under the PRC laws, with its registered address at Room
709 Building 1, #39 Anding Road, Chaoyang District, Beijing, China (the &ldquo;<B><I>Domestic Company</I></B>&rdquo;), David Xueling Li,
an individual with PRC nationality, ID Card number 640204197410230034 (the &ldquo;<B><I>Transferor</I></B>&rdquo;), and Beijing
Bilin Changxiang Information Technology Co., Ltd., a validly existing limited liability company duly incorporated under the PRC
laws, with its registered address at A553, 6/F Beijing Jinyuan Shidai Shopping Center, #1 Yuanda Road, Haidian District, Beijing,
China (the &ldquo;<B><I>WFOE</I></B>&rdquo;) have entered into an Exclusive Assets Purchase Agreement on 25 August, 2015 (the &ldquo;<B><I>Exclusive
Assets Purchase Agreement</I></B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>THEREFORE:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Domestic Company hereby irrevocably
authorizes WFOE (including WFOE and its Designated Person) to fill in the date and relevant information in the Assets Transfer
Agreement under the Exclusive Assets Purchase Agreement, and authorizes WFOE to retain such document.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Shareholder hereby irrevocably authorized
WFOE (including WFOE and its Designated Person) to fill in the date and relevant information in the Shareholder&rsquo;s Resolution
under the Exclusive Assets Purchase Agreement, and authorizes WFOE to retain such document.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This Power of Attorney shall become continuously
effective from ___ ___, 2015 and shall not be revoked.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>(The remainder of this page left blank
intentionally)</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>&nbsp;</I></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This page being the execution page of the
Power of Attorney.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>DOMESTIC COMPANY: Beijing Bilin Online
Information Technology Co., Ltd.</B> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Signatory:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Name: David Xueling Li</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Title: Legal Representative</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 40%; padding-right: 0.5pt; padding-left: 0.5pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B>SHAREHOLDER: David Xueling Li</B></FONT></TD>
    <TD STYLE="width: 60%; padding-right: 0.5pt; padding-left: 0.5pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 0.5pt; padding-left: 0.5pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; text-align: justify">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(Signature)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.31
<SEQUENCE>6
<FILENAME>v435203_ex4-31.htm
<DESCRIPTION>EXHIBIT 4.31
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit&nbsp;4.31</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 12pt"><B>Equity
Interest Pledge Agreement</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This Equity Interest Pledge Agreement (this
&ldquo;<B><I>Agreement</I></B>&rdquo;), dated 25 August, 2015, is made in Beijing, the People&rsquo;s Republic of China (the &ldquo;<B><I>PRC</I></B>&rdquo;),
by and between:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 48px; font-size: 10pt"><FONT STYLE="font-size: 10pt">A.</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><B>David Xueling Li</B>, an individual with PRC nationality, ID Card number
    640204197410230034 (the &ldquo;<B><I>Pledgor</I></B>&rdquo;);</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 48px; font-size: 10pt"><FONT STYLE="font-size: 10pt">B.</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Beijing Bilin Changxiang Information Technology Co., Ltd.</B>, a validly existing limited liability company duly incorporated under the PRC laws, with its registered address at A553, 6/F Beijing Jinyuan Shidai Shopping Center, #1 Yuanda Road, Haidian District, Beijing, China (the &ldquo;<B><I>Beneficiary</I></B>&rdquo;); and</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 48px; font-size: 10pt"><FONT STYLE="font-size: 10pt">C.</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Beijing Bilin Online Information Technology Co., Ltd.</B>, a validly existing limited liability company duly incorporated under the PRC laws, with its registered address at Room 709 Building 1, #39 Anding Road, Chaoyang District, Beijing, China (the &ldquo;<B><I>Domestic Company</I></B>&rdquo;).</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pledgor, Beneficiary and Domestic Company
shall be hereinafter individually referred to as a &ldquo;Party&rdquo;; collectively, the &ldquo;Parties&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PREAMBLE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Domestic Company is a company specified
in providing technology development, technology transfer, technology consultancy, technology services and technology promotion;
advertisement agency and publishing; organizing culture and art communication activities; enterprise management consultancy; investment
consultancy services in China (collectively, the &ldquo;<B><I>Business</I></B>&rdquo;). The Pledgor holds 100% of the equity interest
in the registered capital of the Domestic Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Parties have entered into a series
of other main agreements related to this Agreement, as attached hereto as Exhibit 1 (the &ldquo;<B><I>Main Agreements</I></B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Pledgor agrees to pledge all of the
rights, titles and interest (&ldquo;<B><I>Rights and Interests</I></B>&rdquo;) vested in its equity interests in the Domestic Company,
which represents 100% of the registered capital of the Domestic Company, to the Beneficiary as security for the performance of
the payment obligations under the Main Agreements, and further agrees to enter into this Agreement, to secure all its obligation
under the Main Agreements to the Beneficiary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">NOW, THEREFORE, the Parties agree as follows
through negotiations:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0px"></TD><TD STYLE="width: 48px; text-align: left"><FONT STYLE="font-variant: small-caps"><B>1.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-variant: small-caps"><B>Definitions and
Interpretations</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-variant: small-caps"><B>&nbsp;</B></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0px"></TD><TD STYLE="width: 48px; text-align: left">1.1</TD><TD STYLE="text-align: justify"><U>Definitions</U>. Unless otherwise provided, in this
Agreement:</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B><I>Business</I></B>
has the meaning assigned to it in the Preamble.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B><I>CIETAC</I></B>
means the China International Economic and Trade Arbitration Commission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B><I>China</I></B>
means the People&rsquo;s Republic of China.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B><I>Dispute</I></B>
has the meaning assigned to it in Section 15.2.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B><I>Encumbrance</I></B>
means any mortgage, charge, pledge, lien, assign, hypothecation, security interest, retention of title, option, preemptive right,
right of first refusal, constraint, third party right or interest, any type of favorable arrangement (including transfer or retention
of title that has similar effect), any type of other security agreement, arrangement, burden of right or dissent, or any agreement
that sets forth above burden of right.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B><I>Event of Default</I></B>
has the meaning assigned to it in Section 5.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B><I>Exclusive Assets
Purchase Agreement</I></B> means the Exclusive Assets Purchase Agreement entered into on the same day of this Agreement by and
between the Beneficiary, Domestic Company and Pledgor, according to which the Domestic Company agrees to grant an exclusive purchase
right of purchasing its assets to the Beneficiary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B><I>Exclusive Option
Agreement</I></B> means the Exclusive Option Agreement entered into on the same day of this Agreement by and between the Pledgor,
Domestic Company and Beneficiary, according to which the Pledgor agrees to grant an exclusive option of purchasing its pledged
equity right to the Beneficiary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B><I>Governmental
Approval</I></B> means all license, permit, approval, ratification, consent, waiver or registration required or issued by PRC government
authorities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B><I>Notice of Default</I></B>
has the meaning assigned to it in Section 5.1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B><I>Debt</I></B>
has the meaning assigned to it in Section 2.2.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B><I>Main Agreements</I></B>
has the meaning assigned to it in the Preamble, including the Exclusive Assets Purchase Agreement, the Exclusive Option Agreement,
the Exclusive Business Cooperation Agreement and the Power of Attorney, as attached hereto as Exhibit 1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B><I>Pledge</I></B>
has the meaning assigned to it in Section 2.1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B><I>Rights and Interests
of Pledge</I></B> has the meaning assigned to it in Section 2.1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B><I>RMB</I></B> means
Renminbi, the official currency of PRC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B><I>Term</I></B>
has the meaning assigned to it in Section 3.1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Headings</U>. All headings in this Agreement are for convenience only and shall not affect the interpretation of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Interpretations</U>. Unless otherwise provided, below words, expressions and references shall have the following meanings:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 48px; font-size: 10pt"><FONT STYLE="font-size: 10pt">(a)</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">When referring to the terms and exhibits of this Agreement, it shall also include such terms and exhibits as amended from time to time.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 48px; font-size: 10pt"><FONT STYLE="font-size: 10pt">(b)</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">When referring to this Agreement or other agreement or document, it shall also include the modifications, remarks or supplements to this Agreement or other agreement or document from time to time.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 48px; font-size: 10pt"><FONT STYLE="font-size: 10pt">(c)</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">When referring to any law or statutory provision, it shall also include any revision, extension, combination or replacement related to such law or provision, and any law or provision that revise, extend, combine or replace the first law or provision, and also include orders, ordinances, instructions or other subordinate legislation promulgated in accordance with relevant law or provisions.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px"></TD>
    <TD STYLE="width: 48px; font-size: 10pt"><FONT STYLE="font-size: 10pt">(d)</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Singular form shall also include plural form and vice versa.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 48px; font-size: 10pt"><FONT STYLE="font-size: 10pt">(e)</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B><I>Person</I></B> include individual, proprietorship, partnership, joint venture, company, joint-stock company, unincorporated organization, state and government organs, and its assignee, transferee or successor.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 48px; font-size: 10pt"><FONT STYLE="font-size: 10pt">(f)</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B><I>Include</I></B> and <B><I>especially</I></B> are special terms for description or emphasis purposes only, and shall not limit any provision in any way.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 48px; font-size: 10pt"><FONT STYLE="font-size: 10pt">(g)</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">This Agreement is drafted jointly by the Parties. No narrow interpretation rule shall be applied to any Party.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-variant: small-caps"><B>2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Rights and Interests of Pledge</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-variant: small-caps"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">2.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Pledgor hereby pledges any and all equity interests and rights, titles and interests of pledgee, as well as any right attached
thereto (collectively, the &ldquo;<B><I>Rights and Interests of Pledge</I></B>&rdquo;) of the Domestic Company owned by it now
and acquired in the future to the Beneficiary and its successor as security for the Pledgor&rsquo;s repayment and performance of
the Pledgor&rsquo;s debt and obligations (the &ldquo;<B><I>Pledge</I></B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">2.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
This Agreement and the Pledge provided herein are to secure: (a) the obligations of the Pledgor and Domestic Company under the
Main Agreements, including but not limited to repay any debt or owing (collectively, the &ldquo;<B><I>Debt</I></B>&rdquo;); (b)
all direct, indirect, consequential and foreseeable loss incurred by the Beneficiary and its successor due to any Event of Default
on the part of the Pledgor and/or Domestic Company. The amount of such loss shall be calculated based on, among others, reasonable
business plan and profit forecast of the Beneficiary and its successor, and the cooperation reward payable by Domestic Company
under the Exclusive Business Cooperation Agreement; (c) disbursement by the Beneficiary and its successor on realizing their right
of pledgee obtained under this Agreement; and (d) other obligations that the Pledgor assumes under this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">2.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The effectiveness of the security: (a) the effectiveness of the security provided under this Agreement shall not be affected by
any modification or changes to any of the Main Agreements, and the security provided under this Agreement remains effective for
all obligations of the Pledgor and Domestic Company under such modified Main Agreements; (b) the invalidation, repeal or cancellation
of the Main Agreements shall not affect the effectiveness of this Agreement. If any of the Main Agreements becomes null or invalid,
or is repealed or cancelled, or the Pledgor and/or Domestic Company fails to perform its obligation, the Beneficiary is entitled
to realize the right of pledge in line with this Agreement forthwith.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-variant: small-caps"><B>3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Pledge Term</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-variant: small-caps"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">3.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
This Pledge becomes effective immediately after the equity interests pledged hereunder is recorded on the share register of the
Domestic Company, and remains valid until the Pledgor and Domestic Company fully performed their obligations under this Agreement
and the Main Agreements, or the Beneficiary realize all of its right of pledge provided under this Agreement (the &ldquo;<B><I>Term</I></B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">3.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Pledgor and Domestic Company shall record the equity interests pledge on the share register of the Company, and register the
Pledge with the State Administration for Industry and Commerce (or Beijing local industry and commerce administration authority).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-variant: small-caps"><B>4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Perfection of the Pledge</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-variant: small-caps"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">4.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Upon request of the Beneficiary, the Pledgor hereby undertakes to sign all certificates, agreements, covenants, undertakings or
notices, and procure other Parties or individuals to sign all certificates, agreements, covenants, undertakings or notices requested
by the Beneficiary, to facilitate the perfection or exercise of the Beneficiary&rsquo;s rights provided in this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">4.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon the execution of this Agreement, the Pledgor shall sign and deliver its capital contribution certificate (the &ldquo;<B><I>Capital
Contribution Certificate</I></B>&rdquo;) in the form provided in the Exhibit 2 of this Agreement, and the share register of the
Domestic Company (the &ldquo;<B><I>Share Register</I></B>&rdquo;) in the form provided in the Exhibit 3 of this Agreement. The
Beneficiary shall remain the custodian of such documents throughout the whole Term of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">4.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Within three (3) working days upon the completion of the registration of the Pledge, the Pledgor and Beneficiary shall notarize
the Pledge under this Agreement with competent notary public.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">4.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Pledgor, Domestic Company and WFOE shall register the Pledge within fifteen working days upon the execution of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-variant: small-caps"><B>5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Enforcement of the Pledge</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-variant: small-caps"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">5.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
If the Pledgor finds any Event of Default, the Pledgor shall forthwith notify the Beneficiary in writing. Upon the occurrence of
any Event of Default, or any time thereafter, the Beneficiary is entitled to deliver written notice of default (the &ldquo;<B><I>Notice
of Default</I></B>&rdquo;) to the Pledgor. The Notice of Default may require the Pledgor pay to the Beneficiary due and payable
amounts and other due payment obligations immediately. For the purpose of this Agreement, &ldquo;<B><I>Event of Default</I></B>&rdquo;
shall mean one or more of following situations:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 48px; font-size: 10pt"><FONT STYLE="font-size: 10pt">(a)</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">The Pledgor or Domestic Company breaches any provision of the Main Agreements or this Agreement, including but not limited to the Main Agreements, and representations, warranties and undertakings in this Agreement;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px"></TD>
    <TD STYLE="width: 48px; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;(b)</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">The Main Agreements are invalidated, repealed cancelled or terminated;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 48px; font-size: 10pt"><FONT STYLE="font-size: 10pt">(c)</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">The Domestic Company suspends its operation, is liquidated or wind-up, or is ordered to suspend its operation, to be liquidated or wind-up;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 48px; font-size: 10pt"><FONT STYLE="font-size: 10pt">(d)</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">The Pledgor is involved in any disputes, litigations, arbitrations or administrative proceedings or any other legal proceedings related to the Rights and Interests of Pledge, which is considered by the Beneficiary or its successor to be possible to create adverse effect on the performance of the Pledgor&rsquo;s obligations under this Agreement;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px"></TD>
    <TD STYLE="width: 48px; font-size: 10pt"><FONT STYLE="font-size: 10pt">(e)</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Other events provided by law.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">5.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
After the delivery of Notice of Default in accordance with this Agreement, the Beneficiary or its authorized agent may decide,
at its sole discretion, to exercise any of below rights, remedies and powers, without further notify the Pledgor:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 48px; font-size: 10pt"><FONT STYLE="font-size: 10pt">(a)</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Subject to the terms and conditions of this Agreement, obtain all rights, titles and interests of the Rights and Interests of Pledge, and terminates all rights of the Pledgor related to such rights and interests or equity interest; or, when the law provides that the Beneficiary is not allowed to hold all or any of the Rights and Interests of Pledge, transfer the Rights and Interests of Pledge to a third party designated by the Beneficiary to remedy the non-performance of the main obligation of the Pledgor.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 48px; font-size: 10pt"><FONT STYLE="font-size: 10pt">(b)</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">At its own discretion, exercise all power of voting, rights of the artificial person and other rights in the general meeting of the Domestic Company or other meetings which may affect the Rights and Interests of Pledge and equity interest, where all such rights of the Pledgor related to the Rights and Interests of Pledge and equity interest shall be suspended;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 48px; font-size: 10pt"><FONT STYLE="font-size: 10pt">(c)</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">At its own discretion, exercise all rights of conversion, sales, transfer, subscription, and other rights, powers, privileges or options, where all such rights of the Pledgor related to the Rights and Interests of Pledge and equity interest shall be suspended;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 48px; font-size: 10pt"><FONT STYLE="font-size: 10pt">(d)</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Receive from the Pledgor all proceeds generated from the Rights and Interests of Pledge and equity interest, including dividends, interests or any other sums, where all such rights of the Pledgor related to the Rights and Interests of Pledge and equity interest shall be suspended;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px"></TD>
    <TD STYLE="width: 48px; font-size: 10pt"><FONT STYLE="font-size: 10pt">(e)</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Sell, grant the right of purchase, assign, deliver, transfer or dispose in any other way the entire or any portion of the Rights and Interests of Pledge and equity interest, through public or internal sales, without publishing advertisements or notifying the intention, time and venue of the sales, and without sending performance requests to the other Party;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 48px; font-size: 10pt"><FONT STYLE="font-size: 10pt">(f)</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Sell, grant the right of purchase, assign, deliver, transfer or dispose in any other way the entire or any portion of the Rights and Interests of Pledge and equity interest, through public or internal sales, in exchange of cash, sales on credit, other assets or other consideration or terms or conditions solely decided by the Beneficiary upon the delivery or future deliveries;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 48px; font-size: 10pt"><FONT STYLE="font-size: 10pt">(g)</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Exercise any power granted to the Pledgor by any law, agreement, contract or articles of associations of the Domestic Company, where the Pledgor shall suspend its exercise of such power;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 48px; font-size: 10pt"><FONT STYLE="font-size: 10pt">(h)</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">To exercise the powers granted by this Agreement, conduct any action that is necessary, contingent or auxiliary to the exercise of such powers;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 48px; font-size: 10pt"><FONT STYLE="font-size: 10pt">(i)</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Exercise all powers of vote, consent and other powers of the ownership related to the Rights and Interests of Pledge and equity interest, including all powers required for replacing the directors of the Domestic Company; and</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 48px; font-size: 10pt"><FONT STYLE="font-size: 10pt">(j)</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Subject to applicable laws, perform all actions required to exercise, perform and enforce the Pledge provided under this Agreement.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">5.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The rights and remedies provided above are rights and remedies in addition to all rights and remedies that the Beneficiary can
obtain in accordance with applicable law. Under this Section 5, the rights and remedies provided above are only sample instances
of the rights, remedies and powers enjoyed by the Beneficiary, and shall not be understood as limiting the rights, remedies and
powers actually enjoyed by the Beneficiary in any way.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">5.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Upon the request of the Beneficiary, execute all necessary documents required to dispose the Rights and Interests of Pledge or
equity interest in accordance with the terms and conditions of this Agreement, and take other measures required to dispose the
Rights and Interests of Pledge or equity interest.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-variant: small-caps"><B>6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Disbursements and Costs</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-variant: small-caps"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">6.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
All actual disbursements related to the grant and enforcement of the Pledge provided in this Agreement, including stamp tax, other
tax and legal fees, shall be borne by the respective Party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-variant: small-caps"><B>7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Dividends and Power of Voting</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-variant: small-caps"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">7.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>The Distribution and Payment of Dividends</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 48px; font-size: 10pt"><FONT STYLE="font-size: 10pt">(a)</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Without prior written consent of the Beneficiary, the Domestic Company shall not distribute dividends at any time, unless the Pledgor has unconditionally and irrevocably paid all due and payable amounts under the Main Agreements to the Beneficiary, and has performed all obligations under the Main Agreements in full.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 48px; font-size: 10pt"><FONT STYLE="font-size: 10pt">(b)</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Without prior written consent of the Beneficiary, the Pledgor shall not procure the Domestic Company to issue any other equity interest, unless the Pledgor has unconditionally and irrevocably paid all due and payable amounts under the Main Agreements to the Beneficiary, and has performed all obligations under the Main Agreements in full.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">7.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Power of Voting</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 48px; font-size: 10pt"><FONT STYLE="font-size: 10pt">(a)</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">During the Term of this Agreement, no power of voting shall be vested in, or exercised by, the Pledgor.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 48px; font-size: 10pt"><FONT STYLE="font-size: 10pt">(b)</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">The Pledgor hereby authorizes the Beneficiary, during the Term of this Agreement, to exercise the right of voting in each general meeting of the Domestic Company, whether such general meeting is ordinary or special. The Pledgor hereby authorizes the Beneficiary to exercise all documents required for the Beneficiary to exercise the Pledgor&rsquo;s right of voting and other rights as the shareholder of the Domestic Company, and take all such measures required for the Beneficiary to exercise the Pledgor&rsquo;s right of voting and other rights as the shareholder of the Domestic Company. The Pledgor shall immediately notify the Beneficiary in writing upon the Pledgor&rsquo;s receipt of any notice of general meeting in accordance with the articles of association of the Domestic Company.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-variant: small-caps"><B>8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Representations and Warranties</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-variant: small-caps"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">8.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Reliance Confirmation</U>. The Pledgor hereby confirms that the Beneficiary entered in to this Agreement entirely relying on
the representations and warranties made under this Section 8.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">8.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Representations and Warranties</U>. The Pledgor represents and warrants to the Beneficiary as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 48px; font-size: 10pt"><FONT STYLE="font-size: 10pt">(a)</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">The Pledgor is competent in executing and performing this Agreement. The Pledgor has obtained all necessary and appropriate approvals and authorizations require for the execution and performance of this Agreement.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 48px; font-size: 10pt"><FONT STYLE="font-size: 10pt">(b)</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">This Agreement constitutes legal and binding and enforceable obligations of the Pledgor in line with its terms and provisions.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 48px; font-size: 10pt"><FONT STYLE="font-size: 10pt">(c)</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">To the best knowledge of the Pledgor, unless otherwise disclosed in writing to the other Parties by the Pledgor, the Pledgor is currently not involved in any disputes, litigations, arbitrations, administrative litigations or any other legal proceedings.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 48px; font-size: 10pt"><FONT STYLE="font-size: 10pt">(d)</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Except for debts arising from the ordinary business of the Domestic Company and the debts already disclosed to, and approved in writing by, the Beneficiary, the Domestic Company has no other outstanding debts;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 48px; font-size: 10pt"><FONT STYLE="font-size: 10pt">(e)</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Except for the Rights and Interests of Pledge pledged to the Beneficiary and the exclusive option granted to the Beneficiary under the Exclusive Option Agreement, the Pledgor has not pledge, assign or by any other means transfer the Rights and Interests of Pledge to any third party;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 48px; font-size: 10pt"><FONT STYLE="font-size: 10pt">(f)</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">During the Term of this Agreement, except for the exclusive purchase right granted to the Beneficiary under the Exclusive Assets Purchase Agreement, the Pledgor has used and will use its best endeavor to ensure that the Domestic Company has not charged, pledged or in any other way disposed the assets of the Domestic Company, and will not charge, pledge or in any other way dispose such assets, unless within the ordinary course of business;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 48px; font-size: 10pt"><FONT STYLE="font-size: 10pt">(g)</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">The Pledgor is the sole legitimate and registered owner of the equity interest of the Rights and Interests of Pledge.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 48px; font-size: 10pt"><FONT STYLE="font-size: 10pt">(h)</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">The Pledgor has good and marketable title over the Rights and Interests of Pledge with no lien or other security interests, except for the Rights and Interests of Pledge pledged to the Beneficiary under this Agreement, and the exclusive purchase right granted to the Beneficiary under the Exclusive Option Agreement.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 48px; font-size: 10pt"><FONT STYLE="font-size: 10pt">(i)</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">The equity interest of the Domestic Company of the Pledgor has been paid up in full, and such equity interest is bearer equity; and</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 48px; font-size: 10pt"><FONT STYLE="font-size: 10pt">(j)</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">The pledge, assign or delivery of the Rights and Interests of Pledge in accordance with this Agreement will create valid absolute priority lien and absolute priority perfect security interest to guarantee the repayment of the Debt.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">8.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Repeated Application</U>. After the execution of this Agreement, the representations and warranties provided in Section 8.2
of this Agreement shall be continuously valid. Such representations and warranties shall be deemed as true and valid representations
and warranties throughout the Term of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-variant: small-caps"><B>9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Affirmative Covenants</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-variant: small-caps"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">9.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
During the Term of this Agreement, the Pledgor irrevocably undertakes as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 48px; font-size: 10pt"><FONT STYLE="font-size: 10pt">(a)</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">The Pledgor shall comply with the provisions of this Agreement and perform other obligations under the Main Agreements, and shall not make any action or omission that may affect the existence or enforceability of this Agreement or any other Main Agreements;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 48px; font-size: 10pt"><FONT STYLE="font-size: 10pt">(b)</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">With regard to all claims other than the enforcement of this Agreement and the Exclusive Option Agreement, the Pledgor shall execute all necessary or appropriate documents, file all necessary or appropriate proceedings, make, or authorize the Beneficiary or its designated Persons upon the Beneficiary&rsquo;s request to make, all necessary or appropriate defense, and take any and all other necessary appropriate measures, to ensure the ownership in the Rights and Interests of Pledge of the Pledgor;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 48px; font-size: 10pt"><FONT STYLE="font-size: 10pt">(c)</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">The Pledgor shall immediately notify the Beneficiary of any litigation, arbitration, administrative proceedings related to the Domestic Company or its equity interest;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 48px; font-size: 10pt"><FONT STYLE="font-size: 10pt">(d)</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">The Pledgor shall immediately notify the Beneficiary of any event which may possibly affect any portion of the Rights and Interests of Pledge enjoyed by the Beneficiary, or may possibly affect the obligation or security provided under this Agreement or other Main Agreements;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 48px; font-size: 10pt"><FONT STYLE="font-size: 10pt">(e)</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">The Pledgor shall not make any action or omission that may affect the operation and assets value of the Domestic Company during the Pledgor&rsquo;s ordinary operation of the entire business of the Domestic Company;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 48px; font-size: 10pt"><FONT STYLE="font-size: 10pt">(f)</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">The Pledgor shall provide relevant documents regarding the operation and financial conditions of the Domestic Company upon the Beneficiary&rsquo;s request;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 48px; font-size: 10pt"><FONT STYLE="font-size: 10pt">(g)</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">If required by the Beneficiary, the Pledgor shall purchase and retain insurances for the assets and business of the Domestic Company with the insurance companies qualified by the Beneficiary. The amount and type of insurances shall be consistent with those purchased by the companies of the same class;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 48px; font-size: 10pt"><FONT STYLE="font-size: 10pt">(h)</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">The Pledgor shall not distribute dividends to shareholders in any way without prior written consent of the Beneficiary. However, upon the request of the Beneficiary, the Pledgor shall immediately distribute all distributable profit to the shareholders, after which such shareholders shall pay or transfer such distribution to the Beneficiary or companies designated by the Beneficiary unconditionally; and</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 48px; font-size: 10pt"><FONT STYLE="font-size: 10pt">(i)</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">In accordance with the request of the Beneficiary and subject to the laws of China, appoint any Person designated by the Beneficiary to be the legal representative, director or senior officers of the Domestic Company.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-variant: small-caps"><B>10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Negative Covenants</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-variant: small-caps"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">10.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Pledgor irrevocably undertakes not to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 48px; font-size: 10pt"><FONT STYLE="font-size: 10pt">(a)</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">In any way, whether directly or indirectly, sell, contract to sell, transfer, charge or dispose the Rights and Interests of Pledge, or set security interest against the Rights and Interests of Pledge, except for selling or transferring to the Beneficiary or its designated Person in line with this Agreement or the Exclusive Option Agreement;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 48px; font-size: 10pt"><FONT STYLE="font-size: 10pt">(b)</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Procure the general meeting or board of directors to approve any sales, contract to sale, transfer, charge or disposal of the Rights and Interests of Pledge, or set any security interest against the Rights and Interests of Pledge, without prior written consent of the Beneficiary, except for selling or transferring to the Beneficiary or its designated Person in line with this Agreement or the Exclusive Option Agreement;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 48px; font-size: 10pt"><FONT STYLE="font-size: 10pt">(c)</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Without prior written consent of the Beneficiary, or outside the ordinary course of business, procure the general meeting or board of directors to approve any sales, contract to sale, transfer, charge or disposal of the assets of the Domestic Company, except for selling or transferring to the Beneficiary or its designated Person in line with this Agreement or the Exclusive Assets Purchase Agreement;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 48px; font-size: 10pt"><FONT STYLE="font-size: 10pt">(d)</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Without prior written consent of the Beneficiary, procure the supplement, change or revision of the articles of association and bylaws, increment or decrement of registered capital, or change the share structure, of the Domestic Company;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 48px; font-size: 10pt"><FONT STYLE="font-size: 10pt">(e)</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Without prior written consent of the Beneficiary, assume, succeed, guarantee or accept any debt, except for (i) debts arising from ordinary or daily operation, which are not in the form of a loan; (ii) debts disclosed to and approved in writing by the Beneficiary;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 48px; font-size: 10pt"><FONT STYLE="font-size: 10pt">(f)</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Without prior written consent of the Beneficiary, procure the Domestic Company to execute any material contract, except for those executed in the ordinary course of business;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 48px; font-size: 10pt"><FONT STYLE="font-size: 10pt">(g)</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Without prior written consent of the Beneficiary, procure the Domestic Company to extend any loan or facility to any Person, except for those extended in the ordinary course of business;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 48px; font-size: 10pt"><FONT STYLE="font-size: 10pt">(h)</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Without prior written consent of the Beneficiary, procure the Domestic Company to be merged with or acquired by any Person, or acquire or invest in any Person.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">10.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Pledgor agrees that the rights obtained by the Beneficiary under this Agreement shall not be interrupted or impaired by any
legal proceedings initiated by the Pledgor, its successors or its representatives.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-variant: small-caps"><B>11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Change of Circumstances</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-variant: small-caps"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">11.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
As a supplement to the terms of this Agreement and not to conflict with the terms of this Agreement, anytime when China promulgates
a law or makes any changes to a law, or the interpretation or application of such laws, or changes the procedures of relevant registration,
thereby makes the Beneficiary consider the continuous effectiveness of this Agreement and/or disposing Rights and Interests of
Pledge in accordance with this Agreement illegal or conflict with such laws, upon and in accordance with written instructions of
the Beneficiary, the Pledgor shall immediately take measures and/or execute any agreements or other documents, to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px"></TD>
    <TD STYLE="width: 48px; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;(a)</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;Ensure the effectiveness of this Agreements;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 48px; font-size: 10pt"><FONT STYLE="font-size: 10pt">(b)</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Assist in disposing the Rights and Interests of Pledge in accordance with this Agreement; and/or</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 48px; font-size: 10pt"><FONT STYLE="font-size: 10pt">(c)</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Retain or realize the purpose of this Agreement, or retain or realize the security interest created under this Agreement.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-variant: small-caps"><B>12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Notice</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-variant: small-caps"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">12.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
All the notices and other communications required by or sent pursuant to this Agreement shall be in both English and Chinese, and
shall be delivered to the following address or facsimile number of relevant Party by telegraph, facsimile or post:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px; font-size: 10pt"><FONT STYLE="font-size: 10pt">(a)</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">If send to the Pledgor:</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.85in; text-align: justify">Address: Building 3-08, Yangcheng
Creative Industry Zone, #309 Huangpu Avenue Middle, Tianhe District, Guangzhou</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.85in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.85in; text-align: justify">Telephone: (+8620) 29162114</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.85in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.85in; text-align: justify">Attention: David Xueling Li</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.85in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px; font-size: 10pt"><FONT STYLE="font-size: 10pt">(b)</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">If send to the Beneficiary:</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.85in; text-align: justify">Address: A553, 6/F Beijing Jinyuan
Shidai Shopping Center, #1 Yuanda Road, Haidian District, Beijing</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.85in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.85in; text-align: justify">Telephone: (+8620) 29162114</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.85in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.85in; text-align: justify">Attention: David Xueling Li</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.85in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px; font-size: 10pt"><FONT STYLE="font-size: 10pt">(c)</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">If send to the Domestic Company:</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.85in; text-align: justify">Address: Room 709 Building 1,
#39 Anding Road, Chaoyang District, Beijing</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.85in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.85in; text-align: justify">Telephone: (+8620) 29162114</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.85in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 61.25pt; text-align: justify">Attention: David Xueling Li</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 61.25pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-variant: small-caps"><B>13.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Transfer of Agreement</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-variant: small-caps"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">13.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Unless with the prior written consent of the Beneficiary, the Pledgor has no right to grant or transfer any of its rights and obligations
hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">13.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
This Agreement shall be binding upon the Pledgor and its successors and assigns permitted by the Beneficiary, and inure to the
benefit of the Pledgee and its successors and assigns.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">13.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
If the Beneficiary is restructured for whatever reason, upon the request of the Beneficiary, the Pledgor shall enter into a new
agreement containing the content substantially same to the terms and conditions of this Agreement with the restructured Beneficiary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-variant: small-caps"><B>14.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Confidentiality</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-variant: small-caps"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">14.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Each Party recognizes and confirms this Agreement, the content of this Agreement, and any and all oral and written information
exchanged among them for the preparation and performance of this Agreement shall be deemed as confidential information. Each Party
shall hold in confidence all such confidential information, and without the written consent from the other Parties, should not
disclose any confidential information to any third party, provided that, confidential information shall not include information
that (a) is or becomes available to the public other than as a result of disclosure by the receiving Party in violation of this
Contract, or (b) any information which must be disclosed pursuant to laws and regulations, stock trading rules, or as required
by order or decree of governmental authorities or courts; or (c) any information disclosed by either Party to its shareholders,
investors, legal or financial advisors in relation to the transactions contemplated herein, who are bound by confidentiality obligation
similar to this provision. Any disclosure of confidential information by the professionals or institutions engaged by either Party
shall be deemed as the disclosure by such Party, and such Party shall be held liable for breach.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">14.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
This Section 14 shall survive the termination of this Agreement and remain in effect for two (2) years of such termination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-variant: small-caps"><B>15.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Applicable Laws and Dispute Resolution</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-variant: small-caps"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">15.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Applicable Laws</U>. This Agreement, including its validity, rights and obligations of the Parties hereunder, shall be governed
by and construed in accordance with the laws of the PRC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">15.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Dispute Resolution</U>. The Parties will firstly attempt in good faith to resolve any and all disputes arising out of or relating
to this Agreement, including disputes related to the existence, validity, interpretation or termination (the &ldquo;<B><I>Dispute</I></B>&rdquo;),
through friendly consultations. If a Dispute is not resolved through friendly consultations within thirty (30) days from the date
a Party gives the other Party written notice of the Dispute, then each Party may submit the dispute to CIETAC for arbitration in
accordance with then effective arbitration rules. The number of arbitration shall be one. If the Parties reject the assignment
of arbitrator within twenty (20) days after any Party gives the notice of arbitration, CIETAC shall assign another arbitrator.
The arbitration shall be conducted in Beijing in Chinese. The award of the arbitration tribunal shall be final and binding upon
the Parties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-variant: small-caps"><B>16.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Amendment and Waiver</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-variant: small-caps"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">16.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Amendment</U>. Any amendment to this Agreement shall be made in writing, and only takes effect after the execution by all Parties
hereunder. The amendments and supplements duly executed by all the Parties constitute an integral part of this Agreement, and have
the same legal effectiveness as this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">16.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>No Implied Waivers</U>. To protect the rights and interests of the Beneficiary, when necessary, the Beneficiary may exercise
the rights under this Agreement at any time, as such rights are in addition to any right provided by law to the Beneficiary. Unless
expressly waived in writing by the Beneficiary, the rights of the Beneficiary shall not be waived. Any delay in exercising its
rights by the Beneficiary shall not constitute the waiver of such right.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-variant: small-caps"><B>17.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Miscellaneous Provisions</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-variant: small-caps"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">17.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Liability of Default</U>. If the Pledgor breaches any provision of this Agreement, the Pledgor constitutes a default. The Beneficiary
is then entitled to require the Obligor to assume consequences in accordance with this Agreement, including realizing the Pledge
under this Agreement. Any breaching Party shall indemnify the other Parties for all direct economic losses arising from its default.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">17.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Further Assurances</U>. On a legitimate and feasible basis, the Parties hereto agree to use all usable rights or powers and
through reasonable endeavor to execute all necessary documents and do all such other things to ensure the completely, timely compliance
and performance of the provisions and principles of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">17.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Entire Agreement</U>. This Agreement and other Main Agreements constitute the entire agreement reached among the Parties relating
to the Pledge hereof, and supersedes in their entirety all prior written and oral agreements and understandings among the Parties
relating to the subject matter hereof. The exhibits are incorporated into this Agreement through reference and constitute an integral
part of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">17.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Termination</U>.
This Agreement shall enter into its effectiveness upon execution. The Beneficiary is entitled to terminate this Agreement at its
own discretion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">17.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Severability and Replacement</U>. If any single or multiple provisions hereof are judged invalid, illegal or unenforceable in
any aspect in accordance with any laws or regulations, the validity, legality and enforceability of the remaining provisions of
this Agreement shall not be affected in any aspect. The Parties shall in good faith, endeavor to use valid provisions to the extent
allowed by laws and reflecting the intensions of all the Parties, to replace those invalid, illegal or unenforceable provisions,
provided that, the economic effects achieved by such valid provisions shall be similar to the economic effects achieved by those
invalid, illegal or unenforceable provisions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">17.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Counterparts</U>. This Agreement may be executed in any number of counterparts, each of which shall be deemed an original as
against any Party whose signature appears thereon, and all of which together shall constitute one and the same instrument. Counterparts
delivered through email attachments or facsimile photocopies shall be deemed as effective deliveries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">17.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Language</U>. This Agreement is executed in the Chinese language.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>(The remainder of this page left blank
intentionally)</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">IN WITNESS WHEREOF, the Parties hereto
have caused this Agreement to be executed by their duly authorized representatives as of the date first above written.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>PLEDGOR:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Signatory: /s/ David Xueling Li</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Name: David Xueling Li</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>BENEFICIARY: Beijing Bilin Changxiang
Information Technology Co., Ltd.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Signatory: /s/ David Xueling Li</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Name: David Xueling Li</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Title: Legal Representative</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>DOMESTIC COMPANY: Beijing Bilin Online
Information Technology Co., Ltd.</B> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Signatory: /s/ David Xueling Li</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Name: David Xueling Li</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Title: Legal Representative</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; text-transform: uppercase"><B>Exhibit
1</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 37%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Name
    of Agreement</B></FONT></TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 35%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Parties</B></FONT></TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 26%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Date
    of Agreement</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exclusive Assets Purchase
    Agreement</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pledgor, Beneficiary
    and Domestic Company</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">25 August, 2015</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exclusive Option Agreement</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pledgor, Beneficiary
    and Domestic Company</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">25 August, 2015</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exclusive Business Cooperation
    Agreement</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Domestic Company and
    Beneficiary</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">25 August, 2015</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Power of Attorney</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pledgor</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">25 August, 2015</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Main
Agreements</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Exhibit
2</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Capital Contribution Certificate</B><BR>
<B>of the Domestic Company</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">It is hereby certified that ______ (ID
Card number:__________________) holds 100% equity interest of Beijing Bilin Online Information Technology Co., Ltd., and such 100%
equity interest has been pledged to WFOE.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Signatory:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Name:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Title: Legal Representative</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(Seal of Beijing Bilin Online Information
Technology Co., Ltd.)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Exhibit
3</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Share Register </B><BR>
<B>of the Domestic Company</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><I>(Omitted)</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>



<P STYLE="margin: 0"></P>

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<DOCUMENT>
<TYPE>EX-4.32
<SEQUENCE>7
<FILENAME>v435203_ex4-32.htm
<DESCRIPTION>EXHIBIT 4.32
<TEXT>
<HTML>
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     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit&nbsp;4.32</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 12pt"><B>Power
of Attorney</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The undersigned, David Xueling Li, an individual
with PRC nationality, with the ID Card number 640204197410230034, hereby declares and confirms as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 56.7pt">(1)</TD><TD STYLE="text-align: justify">The undersigned holds 100% of the rights and interests (the &ldquo;<B><I>Rights and Interests</I></B>&rdquo;)
in the registered capital of Beijing Bilin Online Information Technology Co., Ltd., a limited liability company duly incorporated
and validly existing under the PRC laws (the &ldquo;<B><I>Domestic Company</I></B>&rdquo;).</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 56.7pt">(2)</TD><TD STYLE="text-align: justify">The undersigned hereby irrevocably authorizes Beijing Bilin Changxiang Information Technology Co.,
Ltd., a company duly incorporated and validly existing under the PRC laws (the &ldquo;<B><I>WFOE</I></B>&rdquo;), or any succeeding
person or entity who has obtained the business of WFOE through merger, acquisition or integration (the &ldquo;<B><I>Successor</I></B>&rdquo;),
to handle any and all matters in relation to the Domestic Company and its rights and interests, and to exercise all rights of the
undersigned as the holder of the Rights and Interests, in the name of the undersigned. This Power of Attorney grants to WFOE the
following rights and authorizations, including without limitation:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 27pt">(a)</TD><TD STYLE="text-align: justify">WFOE or the Successor may, as the sole agent of the undersigned, handle any and all matters in
relation to the Rights and Interests, including but not limited to (i) attend the general meetings of the Domestic Company; (ii)
exercise all voting rights of shareholders and other rights enjoyed by the undersigned pursuant to PRC laws and the article of
association of the Domestic Company, including but not limited to the sales, transfer, pledge, or disposal in other way, of the
whole or part of the Rights and Interests; (iii) appoint the legal representative, chairman, director, supervisor, chief executive
officer and any other senior officers of the Domestic Company on behalf of the undersigned; and (iv) overlook the operation result
of the Domestic Company; (v) access the financial information of the Domestic Company at any time; (vi) in case the conducts of
directors or senior officers of the Domestic Company harm the interest of the Domestic Company or its shareholders, initiate shareholder
derivative litigation or other legal proceedings against such directors or senior officers; (vii) approve annual budget or distribution
of dividends; and (viii) any other shareholder&rsquo;s rights granted to the shareholders by the articles of association of the
Domestic Company and its amendments from time to time, or/and relevant laws and regulations.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 27pt">(b)</TD><TD STYLE="text-align: justify">The undersigned further authorizes WFOE to enter into contracts or documents relating to the operation
of the Domestic Company on behalf of the undersigned, including but not limited to any contract of transfer, in order to perform
the obligations under the Exclusive Option Agreement, the Exclusive Assets Purchase Agreement and the Equity Interest Pledge Agreement
entered into by the undersigned on 25 August, 2015. This authorization shall also include the rights to execute any other documents
for the perfection of the rights and interests under the aforementioned agreements.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 27pt">(c)</TD><TD STYLE="text-align: justify">As solely decided by WFOE and without the necessity of informing the undersigned or obtain further
consent from the undersigned, WFOE is also entitled to authorize any third party to exercise the power hereunder, and transfer
the rights hereunder to any third party to allow such third party to exercise such rights.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 56.7pt">(3)</TD><TD STYLE="text-align: justify">All actions taken by WFOE or the Successor in relation to the Rights and Interests shall be deemed
as taken by the undersigned in person, without the necessity of consulting with the undersigned in advance; all documents executed
by WFOE or the Successor in relation to the Rights and Interests shall be deemed as executed by the undersigned in person. The
undersigned hereby confirms, ratifies and approves such actions taken by or documents executed by WFOE or the Successor.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 56.7pt">(4)</TD><TD STYLE="text-align: justify">The undersigned has agreed to transfer the Rights and Interests to WFOE or any person or entity
designated by WFOE in line with the Exclusive Option Agreement entered into by and between the undersigned, WFOE and the Domestic
Company (the &ldquo;<B><I>Exclusive Option Agreement</I></B>&rdquo;). To ensure the performance of the Exclusive Option Agreement,
the undersigned hereby undertakes as follows:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 27pt">(a)</TD><TD STYLE="text-align: justify">The undersigned has executed the Equity Transfer Agreement (the &ldquo;<B><I>Equity Transfer Agreement</I></B>&rdquo;),
and has execute the Shareholder&rsquo;s Resolution to approve such transfer. At any time upon the request of WFOE, the undersigned
shall immediately transfer the Rights and Interests to WFOE or the Successor. The date of execution and the name of the transferee
on such Equity Transfer Agreement and the Shareholder&rsquo;s Resolution are left blank.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 27pt">(b)</TD><TD STYLE="text-align: justify">The undersigned hereby irrevocably authorizes WFOE to fill in the date of execution and the name
of the transferee in the Equity Transfer Agreement, and the undersigned hereby agrees that the Equity Transfer Agreement shall
be kept by WFOE;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 27pt">(c)</TD><TD STYLE="text-align: justify">The undersigned hereby irrevocably authorizes WFOE to, for the purpose of the effective transfer
of the Rights and Interests to WFOE and the Successor, execute additional documents as required by law or government on behalf
of the undersigned; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 27pt">(d)</TD><TD STYLE="text-align: justify">The undersigned hereby confirms that the undersigned is and will continue to be bound by the obligations
under the Exclusive Option Agreement and the Equity Transfer Agreement, and undertakes to perform all such obligations upon written
request of WFOE.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 56.7pt">(5)</TD><TD STYLE="text-align: justify">The undersigned has agreed to procure the Domestic Company to transfer its assets to WFOE or any
person or entity designated by WFOE, pursuant to the Exclusive Assets Purchase Agreement by and between the Domestic Company, the
undersigned and WFOE (the &ldquo;<B><I>Exclusive Assets Purchase Agreement</I></B>&rdquo;), including executing and delivering
the Shareholder&rsquo;s Resolution which approves such transfer;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 56.7pt">(6)</TD><TD STYLE="text-align: justify">The undersigned further agrees and undertakes to WFOE that if the undersigned receives any dividends,
interests, capital distribution in any other form, remaining assets after liquidation, or incomes or considerations generated from
the transfer of equity by virtue of the equity interest of the Domestic Company held by the undersigned, the undersigned shall,
to the extent permitted by law, pay all of these dividends, interests, capital distribution, assets, incomes or considerations
to WFOE in full without requesting for any compensation.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 56.7pt">(7)</TD><TD STYLE="text-align: justify">All actions taken by WFOE or the Successor in line with this Power of Attorney shall be deemed
as taken by the undersigned in person; all documents executed by WFOE or the Successor in relation to the Rights and Interests
shall be deemed as executed by the undersigned in person. The undersigned hereby confirms, ratifies and approves such actions taken
by or documents executed by WFOE or the Successor, and accepts and assumes corresponding responsibility for all legal consequences
arising from the authorizations made by the undersigned under this Power of Attorney.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 56.7pt">(8)</TD><TD STYLE="text-align: justify">The undersigned hereby waives all rights enjoyed by the undersigned as the holder of the Rights
and Interests. Such rights have been irrevocably authorized to WFOE through this Power of Attorney, and the undersigned shall not
exercise or attempt to exercise any of such rights.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 56.7pt">(9)</TD><TD STYLE="text-align: justify">The undersigned hereby agrees that if the equity held by the undersigned in the Domestic Company
increases, whether through increment of capital contribution or not, any additional equity held by any shareholder shall be subject
to this Agreement, and WFOE shall have the right to exercise the shareholder&rsquo;s rights as provided in Section 2 over such
additional equity on behalf of the undersigned; similarly, if any person obtains equity of the Domestic Company, whether through
voluntary transfer, transfer by operation of law, mandatory auction or in any other way, the undersigned shall procure such transferee
to agree that all equity of the Domestic Company it obtained is subject to this Agreement, and WFOE is entitled to exercise the
shareholder&rsquo;s rights as provided in Section 2 over such equity.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 56.7pt; text-align: left">(10)</TD><TD STYLE="text-align: justify">This Power of Attorney is attached with rights and interests.
Throughout the period that the undersigned is a shareholder of the Domestic Company, this Power of Attorney shall remain effective
from the day of issue and shall not be revoked</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify; text-indent: -56.7pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>(Remainder of this page left blank intentionally;
execution page to follow)</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Execution Page)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: left; vertical-align: middle"><FONT STYLE="font-size: 10pt">Name of the Shareholder: David Xueling Li</FONT></TD>
    <TD STYLE="text-align: left; vertical-align: middle">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: left; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: middle">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: left; vertical-align: middle">/s/ David Xueling Li</TD>
    <TD STYLE="text-align: left; vertical-align: middle">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: left; vertical-align: middle"><FONT STYLE="font-size: 10pt">(Signature)</FONT></TD>
    <TD STYLE="text-align: left; vertical-align: middle">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%; text-align: left; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="width: 44%; text-align: left; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="width: 50%; text-align: left; vertical-align: middle">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; vertical-align: middle"><FONT STYLE="font-size: 10pt">Date:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; vertical-align: middle">August 25, 2015</TD>
    <TD STYLE="text-align: left; vertical-align: middle">&nbsp;</TD></TR>
</TABLE>


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    <!-- Field: /Page -->

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<DOCUMENT>
<TYPE>EX-8.1
<SEQUENCE>8
<FILENAME>v435203_ex8-1.htm
<DESCRIPTION>EXHIBIT 8.1
<TEXT>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Exhibit&nbsp;8.1</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">List of Subsidiaries and Consolidated
Affiliated Entities of YY Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 79%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 20%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Place&nbsp;of&nbsp;Incorporation</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Subsidiaries</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Duowan Entertainment Corporation</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">BVI</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">NeoTasks Inc.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cayman Islands</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">NeoTasks Limited</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hong Kong</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Guangzhou Huanju Shidai Information Technology Co., Ltd.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PRC</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Huanju Shidai Technology (Beijing) Co., Ltd.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PRC</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Zhuhai Duowan Information Technology Co., Ltd.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PRC</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Zhuhai Huanju Shidai Information Technology Co., Ltd</TD>
    <TD>&nbsp;</TD>
    <TD>PRC</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Engage Capital Partners I.L.P.</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cayman Islands</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">BiLin Information Technology Co., Ltd.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cayman Islands</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">BiLin Information Technology Co., Limited</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hong Kong</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Beijing Bilin Changxiang Information Technology Co., Ltd</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PRC</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Consolidated Affiliated Entities</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Beijing Tuda Science and Technology Co., Ltd.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PRC</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Guangzhou Huaduo Network Technology Co., Ltd.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PRC</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Guangzhou Juhui Information Technology Co., Ltd.*</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PRC</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Guangzhou Huanju Media Co., Ltd.*</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PRC</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Beijing Huanqiu Chuangzhi Software Co., Ltd.*</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PRC</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">100-Online Education Technology (Beijing) Co., Ltd.*</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PRC</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Beijing Dubooker Culture Communication Co., Ltd.*</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PRC</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Beijing Huanqiu Xingxue Technology Development Co., Ltd.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PRC</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Beijing Yunke Online Technology Development Co., Ltd.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PRC</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Guangzhou Zhuque Information Technology Co., Ltd.*</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PRC</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shanghai Beifu Culture Communication Co., Ltd.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PRC</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shanghai Lanyu Trading Co., Ltd.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PRC</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shanghai Fulan Electronic Technology Co., Ltd.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PRC</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Guangzhou Huanju Electronic Commerce Co., Ltd.*</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PRC</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Zhuhai Huanju Interactive Entertainment Technology Co., Ltd.*</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PRC</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Beijing Bilin Online Information Technology Co., Ltd.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PRC</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shanghai Yilian Equity Investment Partnership (LP)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>PRC</TD></TR>
</TABLE>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">* Wholly owned subsidiaries of Guangzhou Huaduo Network Technology
Co., Ltd.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<TYPE>EX-12.1
<SEQUENCE>9
<FILENAME>v435203_ex12-1.htm
<DESCRIPTION>EXHIBIT 12.1
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit&nbsp;12.1</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Certification by the Principal Executive
Officer<BR>
Pursuant to Section&nbsp;302 of the Sarbanes-Oxley Act of 2002</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">I, David Xueling Li, certify that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.</TD><TD>I have reviewed this annual report on Form&nbsp;20-F of YY Inc. (the &quot;Company&quot;);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.</TD><TD>Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact
necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with
respect to the period covered by this report;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">3.</TD><TD>Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in
all material respects the financial condition, results of operations and cash flows of the Company as of, and for, the periods
presented in this report;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4.</TD><TD>The Company's other certifying officer(s)&nbsp;and I are responsible for establishing and maintaining disclosure controls and
procedures (as defined in Exchange Act Rules&nbsp;13a-15(e)&nbsp;and 15d-15(e)) and internal control over financial reporting (as
defined in Exchange Act Rules&nbsp;13a-15(f)&nbsp;and 15d-15(f)) for the Company and have:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD>designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our
supervision, to ensure that material information relating to the Company, including its consolidated subsidiaries, is made known
to us by others within those entities, particularly during the period in which this report is being prepared;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD>designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed
under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of
financial statements for external purposes in accordance with generally accepted accounting principles;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD>evaluated the effectiveness of the Company's disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on
such evaluation; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD>disclosed in this report any change in the Company's internal control over financial reporting that occurred during the period
covered by this annual report that has materially affected, or is reasonably likely to materially affect, the Company's internal
control over financial reporting; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">5.</TD><TD>The Company's other certifying officer(s)&nbsp;and I have disclosed, based on our most recent evaluation of internal control
over financial reporting, to the Company's auditors and the audit committee of the Company's board of directors (or persons performing
the equivalent functions):</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD>all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting
which are reasonably likely to adversely affect the Company's ability to record, process, summarize and report financial information;
and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(b)</TD><TD STYLE="text-align: justify">any fraud, whether or not material, that involves management
or other employees who have a significant role in the Company's internal control over financial reporting.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">Date:</TD>
    <TD STYLE="width: 45%">April 28, 2016</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">/s/ David Xueling Li</P></TD>
    <TD>
</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Name:</TD>
    <TD>David Xueling Li</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Title:</TD>
    <TD>Chief Executive Officer</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<TYPE>EX-12.2
<SEQUENCE>10
<FILENAME>v435203_ex12-2.htm
<DESCRIPTION>EXHIBIT 12.2
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit&nbsp;12.2</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Certification by the Principal Financial
Officer<BR>
Pursuant to Section&nbsp;302 of the Sarbanes-Oxley Act of 2002</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">I, Eric He, certify that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.</TD><TD>I have reviewed this annual report on Form&nbsp;20-F of YY Inc. (the &quot;Company&quot;);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.</TD><TD>Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact
necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with
respect to the period covered by this report;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">3.</TD><TD>Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in
all material respects the financial condition, results of operations and cash flows of the Company as of, and for, the periods
presented in this report;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4.</TD><TD>The Company's other certifying officer(s)&nbsp;and I are responsible for establishing and maintaining disclosure controls and
procedures (as defined in Exchange Act Rules&nbsp;13a-15(e)&nbsp;and 15d-15(e)) and internal control over financial reporting (as
defined in Exchange Act Rules&nbsp;13a-15(f)&nbsp;and 15d-15(f)) for the Company and have:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD>designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our
supervision, to ensure that material information relating to the Company, including its consolidated subsidiaries, is made known
to us by others within those entities, particularly during the period in which this report is being prepared;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD>designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed
under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of
financial statements for external purposes in accordance with generally accepted accounting principles;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD>evaluated the effectiveness of the Company's disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on
such evaluation; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD>disclosed in this report any change in the Company's internal control over financial reporting that occurred during  the
                                                               period covered by this annual report that has materially affected, or is reasonably likely to
                                                               materially                                                                affect,
                                                               the                                                                                                          Company's
                                                               internal                                                                control
                                                               over                                                                                                     financial
                                                               reporting;                                                                and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">5.</TD><TD>The Company's other certifying officer(s)&nbsp;and I have disclosed, based on our most recent evaluation of internal control
over financial reporting, to the Company's auditors and the audit committee of the Company's board of directors (or persons performing
the equivalent functions):</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD>all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting
which are reasonably likely to adversely affect the Company's ability to record, process, summarize and report financial information;
and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(b)</TD><TD STYLE="text-align: justify">any fraud, whether or not material, that involves management
or other employees who have a significant role in the Company's internal control over financial reporting.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">Date:</TD>
    <TD STYLE="width: 45%">April 28, 2016</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>By:</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; border-bottom: Black 0.5pt solid">/s/ Eric He</P></TD>
    <TD>
</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Name:</TD>
    <TD>Eric He</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Title:</TD>
    <TD>Chief Financial Officer</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<TYPE>EX-13.1
<SEQUENCE>11
<FILENAME>v435203_ex13-1.htm
<DESCRIPTION>EXHIBIT 13.1
<TEXT>
<HTML>
<HEAD>
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</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 13.1</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Certification by the Principal Executive
Officer<BR>
Pursuant to Section&nbsp;906 of the Sarbanes-Oxley Act of 2002</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In connection with the Annual Report of YY Inc. (the &quot;Company&quot;)
on Form&nbsp;20-F for the year ended December&nbsp;31, 2015 as filed with the Securities and Exchange Commission on the date hereof
(the &quot;Report&quot;),&nbsp;I, David Xueling Li, Chief Executive Officer of the Company, hereby certify, pursuant to 18 U.S.C.
Section&nbsp;1350, as adopted pursuant to Section&nbsp;906 of the Sarbanes-Oxley Act of 2002, that to my knowledge:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.</TD><TD>The Report fully complies with the requirements of Section&nbsp;13(a)&nbsp;or 15(d)&nbsp;of the Securities Exchange Act of
1934; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.</TD><TD>The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations
of the Company.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">Date:</TD>
    <TD STYLE="width: 45%">April 28, 2016</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">/s/ David Xueling Li</P></TD>
    <TD>
</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Name:</TD>
    <TD>David Xueling Li</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Title:</TD>
    <TD>Chief Executive Officer</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>


<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<DOCUMENT>
<TYPE>EX-13.2
<SEQUENCE>12
<FILENAME>v435203_ex13-2.htm
<DESCRIPTION>EXHIBIT 13.2
<TEXT>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Exhibit 13.2</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Certification by the Principal Financial
Officer<BR>
Pursuant to Section&nbsp;906 of the Sarbanes-Oxley Act of 2002</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In connection with the Annual Report of YY Inc. (the &quot;Company&quot;)
on Form&nbsp;20-F for the year ended December&nbsp;31, 2015 as filed with the Securities and Exchange Commission on the date hereof
(the &quot;Report&quot;),&nbsp;I, Eric He, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section&nbsp;1350,
as adopted pursuant to Section&nbsp;906 of the Sarbanes-Oxley Act of 2002, that to my knowledge:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(1)</TD><TD>The Report fully complies with the requirements of Section&nbsp;13(a)&nbsp;or 15(d)&nbsp;of the Securities Exchange Act of
1934; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(2)</TD><TD>The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations
of the Company.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">Date:</TD>
    <TD STYLE="width: 45%">April 28, 2016</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">/s/ Eric He</P></TD>
    <TD>
</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Name:</TD>
    <TD>Eric He</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Title:</TD>
    <TD>Chief Financial Officer</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<DOCUMENT>
<TYPE>EX-15.1
<SEQUENCE>13
<FILENAME>v435203_ex15-1.htm
<DESCRIPTION>EXHIBIT 15.1
<TEXT>
<HTML>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Exhibit 15.1</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 62%">April 28, 2016</TD>
    <TD STYLE="width: 38%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Matter No.:&nbsp;&nbsp;822568</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Doc Ref:&nbsp;&nbsp;pl/al/102498676</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>+852 2842 9551</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-decoration: underline"><U>Paul.lim@conyersdill.com</U></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Directors</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">YY Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Building B-1, North Block of Wanda Plaza</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">No. 79 Wanbo Er Road</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Nancun Town, Panyu District</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Guangzhou 511442</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The People's Republic of China</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dear Sirs,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Re:&nbsp; YY Inc. <B>(</B>the<B> &quot;Company&quot;)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We refer to the annual report of the Company
for the fiscal year ended 31 December, 2015 on Form 20-F filed pursuant to Section 13 or 15(D) of the U.S. Securities Exchange
Act of 1934 on or about 28 April, 2016 (the &ldquo;<B>Form 20-F</B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We consent to the filing of this
letter as an exhibit to the annual report of the Company on Form 20-F with the U.S. Securities Exchange Commission and to the
inclusion therein of the reference to our name on page 82 of the annual report under the heading &ldquo;Taxation &ndash;
Cayman Islands&rdquo; in the form and context in which they appear, and further consent to the incorporation by reference of
the summary of our opinion under this heading (&ldquo;Taxation &ndash; Cayman Islands&rdquo;) in the form and context in
which they appear into the Company's registration statement on Form S-8 (No. 333-187074) that was filed on March 6, 2013.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In giving such consent, we do not hereby admit that we are experts
within the meaning of Section 11 of the U.S. Securities Act, 1933 or that we are in the category of persons whose consent is required
under Section 7 of the Securities Act, 1933 or the Rules and Regulations of the U.S. Securities Exchange Commission promulgated
thereunder.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Yours faithfully,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; border-bottom: Black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">/s/ Conyers Dill &amp; Pearman</P></TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Conyers Dill&nbsp;&amp; Pearman</B></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<DOCUMENT>
<TYPE>EX-15.2
<SEQUENCE>14
<FILENAME>v435203_ex15-2.htm
<DESCRIPTION>EXHIBIT 15.2
<TEXT>
<HTML>
<HEAD>
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</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 15.2</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><IMG SRC="tex99-1_logo.jpg" ALT=""></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">FANGDA PARTNERS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>Shanghai&#9744;Beijing&#9744; Shenzhen&#9744;
Hong Kong</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">http://www.fangdalaw.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">E-mail:</TD>
    <TD>email@fangdalaw.com</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Tel.:</TD>
    <TD>86-21-2208-1166</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Fax:</TD>
    <TD>86-21-5298-5599</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Ref.:</TD>
    <TD>16GC0025</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%">32/F, Plaza 66 Tower 1</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>1266 Nan Jing West Road</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Shanghai 200040, PRC</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">To:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>YY Inc.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Building B-1, North Block of Wanda Plaza</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">No. 79 Wanbo Er Road</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Nancun Town, Panyu District</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Guangzhou 511442</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The People's Republic of China</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">April 28, 2016</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Re:&nbsp;&nbsp;&nbsp;&nbsp; <U>2015 Annual Report on Form
20-F of YY Inc.</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dear Sirs,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We consent to the reference to our firm under the headings &quot;Item
3. Key Information&mdash;D. Risk Factors,&quot; &quot;Item 4. Information on the Company&mdash;B. Business Overview&mdash;PRC Regulation,&quot;
and &quot;Item 5. Operating and Financial Review and Prospects&mdash;A. Operating Results&mdash;Critical Accounting Policies&quot;
in YY Inc.'s Annual Report on Form&nbsp;20-F for the year ended December&nbsp;31, 2015, which will be filed with the Securities
and Exchange Commission (the &quot;<B>SEC</B>&quot;) in the month of April, 2016, and further consent to the incorporation by reference
of the summaries of our opinions under these captions into the Company's registration statement on Form S-8 (No. 333-187074) that
was filed on March 6, 2013. We also consent to the filing with the SEC of this consent letter as an exhibit to the Annual Report
on Form&nbsp;20-F for the year ended December&nbsp;31, 2015.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 50%">Yours sincerely,</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Fangda Partners</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Fangda Partners</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<TYPE>EX-15.3
<SEQUENCE>15
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<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 15.3</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">CONSENT OF INDEPENDENT REGISTERED PUBLIC
ACCOUNTING FIRM</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We hereby consent to the incorporation by reference in the
Registration Statement on Form&nbsp;S-8 (No.&nbsp;333-187074) of our report dated April 28, 2016 relating to the financial
statements and the effectiveness of internal control over financial reporting, which appears in this Form&nbsp;20-F.</P>

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    <TD STYLE="width: 50%; border-bottom: Black 1pt solid">/s/ PricewaterhouseCoopers Zhong Tian LLP</TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">PricewaterhouseCoopers Zhong Tian LLP</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Shanghai, the People's Republic of China</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>April 28, 2016</TD>
    <TD>&nbsp;</TD></TR>
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&lt;td style="text-align: left; text-indent: -10pt; padding-left: 10pt;"&gt;Net assets acquired&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font&gt;1,882&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
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&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -10pt; padding-left: 10pt;"&gt;Identifiable&amp;#160;intangible&amp;#160;assets&amp;#160;acquired&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -0.25in; padding-left: 41pt;"&gt;&lt;font style="font-family: Times New Roman, Times, Serif;"&gt;-&amp;#160;&amp;#160;&amp;#160;&lt;font style="font-size: 10pt;"&gt;Brand names&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font&gt;42,000&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-indent: -0.25in; padding-left: 41pt;"&gt;-&amp;#160;&amp;#160;&amp;#160;Others&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font&gt;18,300&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff; vertical-align: bottom;"&gt;
&lt;td style="text-indent: -10pt; padding-left: 10pt;"&gt;Goodwill&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font&gt;195,893&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
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&lt;td style="text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt;"&gt;Deferred tax liabilities&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;&lt;font&gt;(15,075&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt;"&gt;)&lt;/td&gt;
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&lt;td style="padding-bottom: 2.5pt; text-indent: -10pt; padding-left: 10pt; font-weight: bold;"&gt;Total&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;&lt;font&gt;243,000&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
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&lt;div style="margin-left: 23pt;"&gt;
&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; width: 95%; /* margin-left: 0.100000001490116px;"&gt;

&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; text-align: center; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;" colspan="6"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;December&amp;#160;31,&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
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&lt;td style="font-size: 10pt; text-align: center; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
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&lt;td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;2015&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; text-align: center; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; text-align: center; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;RMB&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;RMB&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: center; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;/font&gt;&lt;/td&gt;
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&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;" colspan="2"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
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&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px; width: 70%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Accounts receivable, gross&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 12%;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;314,778&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 12%;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;191,144&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Less:&amp;#160;allowance&amp;#160;for&amp;#160;doubtful&amp;#160;receivables&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;(57,342&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;(58,791&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left; text-indent: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Accounts receivable, net&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;257,436&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; /* border-bottom: #000000 1pt solid !important; */ white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;132,353&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; /* border-bottom: #000000 1pt solid !important; */ white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;The following table summarized the details of the Company's allowance for doubtful accounts:&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;div style="margin-left: 23pt;"&gt;
&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; width: 95%; /* margin-left: 0.100000001490116px;"&gt;

&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; text-align: center; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;" colspan="10"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;For&amp;#160;the&amp;#160;year&amp;#160;ended&amp;#160;December 31,&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; text-align: center; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;2013&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;2014&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;2015&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; text-align: center; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;RMB&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;RMB&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;RMB&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;" colspan="2"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px; width: 55%; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Balance at beginning of the year&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; width: 1%; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; width: 1%; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 12%; background-color: rgb(204, 238, 255);"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;(5,716&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap; width: 1%; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 12%; background-color: rgb(204, 238, 255);"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;(31,214&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap; width: 1%; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 12%; background-color: rgb(204, 238, 255);"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;(57,342&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap; width: 1%; background-color: rgb(204, 238, 255);"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Additions&amp;#160;charged&amp;#160;to&amp;#160;general&amp;#160;and&amp;#160;administrative&amp;#160;expenses&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;(31,987&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;(26,246&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;(1,449&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Write-off during the year&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;6,489&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;118&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;-&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left; text-indent: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; text-align: left; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; text-align: left; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Balance at end of the year&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;(31,214&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: middle; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;(57,342&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: middle; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;(58,791&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: middle; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;)&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;/div&gt;</us-gaap:LoansNotesTradeAndOtherReceivablesDisclosureTextBlock>
  <us-gaap:EffectiveIncomeTaxRateContinuingOperations id="Tag813" contextRef="D2015-01-01_To_2015-12-31" unitRef="Pure" decimals="3">0.153</us-gaap:EffectiveIncomeTaxRateContinuingOperations>
  <us-gaap:ScheduleOfAccountsNotesLoansAndFinancingReceivableTextBlock id="Tag814" contextRef="D2015-01-01_To_2015-12-31">&lt;div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"&gt;
&lt;div style="margin-left: 23pt;"&gt;
&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; width: 95%; /* margin-left: 0.100000001490116px;"&gt;

&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; text-align: center; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;" colspan="6"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;December&amp;#160;31,&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; text-align: center; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;2014&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;2015&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; text-align: center; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; text-align: center; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;RMB&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;RMB&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: center; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;" colspan="2"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px; width: 70%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Accounts receivable, gross&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 12%;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;314,778&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 12%;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;191,144&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Less:&amp;#160;allowance&amp;#160;for&amp;#160;doubtful&amp;#160;receivables&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;(57,342&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;(58,791&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left; text-indent: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Accounts receivable, net&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;257,436&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; /* border-bottom: #000000 1pt solid !important; */ white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;132,353&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; /* border-bottom: #000000 1pt solid !important; */ white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;</us-gaap:ScheduleOfAccountsNotesLoansAndFinancingReceivableTextBlock>
  <us-gaap:AllowanceForCreditLossesOnFinancingReceivablesTableTextBlock id="Tag815" contextRef="D2015-01-01_To_2015-12-31">&lt;div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"&gt;
&lt;div style="margin-left: 23pt;"&gt;
&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; width: 95%; /* margin-left: 0.100000001490116px;"&gt;

&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; text-align: center; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;" colspan="10"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;For&amp;#160;the&amp;#160;year&amp;#160;ended&amp;#160;December 31,&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; text-align: center; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;2013&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;2014&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;2015&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
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&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; text-align: center; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
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&lt;td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
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&lt;td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
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&lt;td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;" colspan="2"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px; width: 55%; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Balance at beginning of the year&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; width: 1%; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; width: 1%; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 12%; background-color: rgb(204, 238, 255);"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;(5,716&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap; width: 1%; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 12%; background-color: rgb(204, 238, 255);"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;(31,214&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap; width: 1%; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 12%; background-color: rgb(204, 238, 255);"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;(57,342&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap; width: 1%; background-color: rgb(204, 238, 255);"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Additions&amp;#160;charged&amp;#160;to&amp;#160;general&amp;#160;and&amp;#160;administrative&amp;#160;expenses&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;(31,987&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;(26,246&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;(1,449&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Write-off during the year&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;6,489&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;118&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;-&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left; text-indent: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; text-align: left; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; text-align: left; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Balance at end of the year&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;(31,214&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: middle; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;(57,342&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: middle; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;(58,791&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: middle; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;)&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;</us-gaap:AllowanceForCreditLossesOnFinancingReceivablesTableTextBlock>
  <us-gaap:OtherCurrentAssetsTextBlock id="Tag816" contextRef="D2015-01-01_To_2015-12-31">&lt;div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"&gt;
&lt;div class="CursorPointer"&gt;
&lt;table cellspacing="0" cellpadding="0" style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; border-collapse: collapse; width: 100%;"&gt;

&lt;tr style="vertical-align: top;"&gt;
&lt;td style="padding-right: 0.8pt;font-family: 'times new roman';width: 23pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;9.&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-right: 0.8pt;font-family: 'times new roman';/* width: 95%; */"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;Prepayments and other current assets&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt;
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&lt;div style="display: block;"&gt;
&lt;div style="margin-left: 23pt;" class="CursorPointer"&gt;
&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; width: 95%; margin-left: 0px;"&gt;

&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; text-align: center; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; padding-bottom: 1pt; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important;" colspan="6"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;December&amp;#160;31,&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font: bold 10pt times new roman, times, serif; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; text-align: center; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-align: right;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;2014&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-align: right;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;2015&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; text-align: center; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-align: right;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;RMB&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-align: right;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;RMB&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top;" colspan="2"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman'; width: 70%; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Prepayments&amp;#160;and&amp;#160;deposits&amp;#160;to&amp;#160;vendors&amp;#160;and&amp;#160;content&amp;#160;providers&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; width: 1%; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; width: 1%; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; width: 12%; background-color: rgb(204, 238, 255);"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;54,330&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; width: 12%; background-color: rgb(204, 238, 255);"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;71,354&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman';"&gt;Interests receivable&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;98,355&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;font&gt;41,220&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman'; background-color: #cceeff;"&gt;Employee advances&lt;br/&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;font&gt;5,144&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;12,484&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman';"&gt;Rental and other deposits&lt;br/&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;6,093&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;12,111&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Loans receivable&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;34,502&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;1,338&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding: 0px; text-indent: 0px; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Others&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; padding-bottom: 1pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;5,715&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; padding-bottom: 1pt; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;9,316&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-size: 10pt; padding: 0px; font-family: 'times new roman'; vertical-align: top; text-align: left; text-indent: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding: 0px; text-indent: 0px; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;Total&lt;/strong&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; padding-bottom: 1pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;204,139&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; padding-bottom: 1pt; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;147,823&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;</us-gaap:OtherCurrentAssetsTextBlock>
  <us-gaap:ScheduleOfOtherCurrentAssetsTableTextBlock id="Tag817" contextRef="D2015-01-01_To_2015-12-31">&lt;div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"&gt;
&lt;div style="display: block;"&gt;
&lt;div style="margin-left: 23pt;" class="CursorPointer"&gt;
&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; width: 95%; margin-left: 0px;"&gt;

&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; text-align: center; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; padding-bottom: 1pt; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important;" colspan="6"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;December&amp;#160;31,&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font: bold 10pt times new roman, times, serif; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; text-align: center; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-align: right;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;2014&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-align: right;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;2015&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; text-align: center; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-align: right;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;RMB&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-align: right;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;RMB&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top;" colspan="2"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman'; width: 70%; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Prepayments&amp;#160;and&amp;#160;deposits&amp;#160;to&amp;#160;vendors&amp;#160;and&amp;#160;content&amp;#160;providers&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; width: 1%; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; width: 1%; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; width: 12%; background-color: rgb(204, 238, 255);"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;54,330&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; width: 12%; background-color: rgb(204, 238, 255);"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;71,354&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman';"&gt;Interests receivable&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;98,355&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;font&gt;41,220&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman'; background-color: #cceeff;"&gt;Employee advances&lt;br/&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;font&gt;5,144&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;12,484&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman';"&gt;Rental and other deposits&lt;br/&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;6,093&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;12,111&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Loans receivable&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;34,502&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;1,338&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding: 0px; text-indent: 0px; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Others&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; padding-bottom: 1pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;5,715&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; padding-bottom: 1pt; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;9,316&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-size: 10pt; padding: 0px; font-family: 'times new roman'; vertical-align: top; text-align: left; text-indent: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding: 0px; text-indent: 0px; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;Total&lt;/strong&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; padding-bottom: 1pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;204,139&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; padding-bottom: 1pt; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;147,823&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;/div&gt;</us-gaap:ScheduleOfOtherCurrentAssetsTableTextBlock>
  <us-gaap:OtherNoncashIncome id="Tag818" contextRef="D2015-01-01_To_2015-12-31" unitRef="USD" xsi:nil="true" />
  <yy:RestrictedShortTermDepositsTextBlock id="Tag819" contextRef="D2015-01-01_To_2015-12-31">&lt;div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"&gt;
&lt;table cellspacing="0" cellpadding="0" style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; border-collapse: collapse; width: 100%;" width="100%"&gt;

&lt;tr style="vertical-align: top;"&gt;
&lt;td style="padding-right: 0.8pt; font-family: 'times new roman'; width: 23pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;7.&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-right: 0.8pt; font-family: 'times new roman'; /* width: 95%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;Restricted short-term deposits&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;div style="display: block;"&gt;
&lt;div style="text-align: justify; ;display: block;"&gt;
&lt;table style="width: 95%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; margin-left: 0.30in;" cellspacing="0" cellpadding="0" width="100%"&gt;

&lt;tr style="vertical-align: bottom;"&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="6"&gt;December&amp;#160;31,&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="font-weight: bold;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; font-weight: bold;" colspan="2"&gt;2014&lt;/td&gt;
&lt;td style="font-weight: bold;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="font-weight: bold;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; font-weight: bold;" colspan="2"&gt;2015&lt;/td&gt;
&lt;td style="font-weight: bold;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;" colspan="2"&gt;RMB&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;" colspan="2"&gt;RMB&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;" colspan="2"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;" colspan="2"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -10pt; padding-left: 10pt; width: 70%;"&gt;Pledge short-term deposits for one pending litigation (i)&lt;/td&gt;
&lt;td style="width: 1%;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 1%;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 12%;"&gt;&lt;font&gt;100,000&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 1%;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 1%;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 1%;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 12%;"&gt;&lt;font&gt;110,000&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 1%;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt;"&gt;Pledge short-term deposits for bank borrowing facilities (ii)&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;&lt;font&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;&lt;font&gt;279,221&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff; vertical-align: bottom;"&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="padding-bottom: 2.5pt; text-indent: -10pt; padding-left: 10pt; font-weight: bold;"&gt;Total&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;&lt;font&gt;100,000&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;&lt;font&gt;389,221&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in;"&gt;&amp;#160;&lt;/p&gt;
&lt;table width="97%" cellpadding="0" border="0" cellspacing="0" style="margin-left: 0.30in;"&gt;

&lt;tr&gt;
&lt;td style="vertical-align: top; width: 2%;" valign="top"&gt;&lt;font style="font-size: 10pt;"&gt;(i)&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 98%;"&gt;
&lt;div&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'times new roman', times;"&gt;As of December 31, 2014 and 2015, the Group had restricted short-term deposits balance of RMB100 million and RMB 110 million representing pledged deposit for one pending litigation in which the Group is the claimant and has applied to the court to freeze the assets of the defendant. Pursuant to relevant PRC laws and regulations, the Group had to deposit a certain amount of cash as pledged deposit in order to submit the application to the court requesting to freeze the defendant's assets.&lt;/font&gt;&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in;"&gt;&amp;#160;&lt;/p&gt;
&lt;table width="97%" cellpadding="0" border="0" cellspacing="0" style="margin-left: 0.30in;"&gt;

&lt;tr&gt;
&lt;td style="vertical-align: top; width: 2%;" valign="top"&gt;&lt;font style="font-size: 10pt;"&gt;(ii)&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 98%;"&gt;
&lt;div&gt;&lt;font style="font-size: 10pt;"&gt;As of December 31, 2015, the Company had offshore restricted short-term deposits balance set aside for a period of 12 months or less of approximately RMB279 million for bank borrowing facilities.&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in;"&gt;&amp;#160;&lt;/p&gt;
&lt;table width="97%" cellpadding="0" border="0" cellspacing="0" style="margin-left: 0.30in;"&gt;

&lt;tr&gt;
&lt;td style="vertical-align: top; width: 2%;" valign="top"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;(iii)&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 98%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;In 2015, the Company had short-term deposits of RMB&lt;font&gt;700&lt;/font&gt;&amp;#160;million,&amp;#160;&lt;font style="color: #000000; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;"&gt;and a short term borrowing of&amp;#160;&lt;/font&gt;RMB&lt;font&gt;697&lt;/font&gt;&amp;#160;million with the same domestic bank in the PRC, and the Company paid off the short term borrowing with the short-term deposits.&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;/font&gt;&lt;br/&gt;&lt;/p&gt;
&lt;/div&gt;</yy:RestrictedShortTermDepositsTextBlock>
  <us-gaap:GoodwillDisclosureTextBlock id="Tag820" contextRef="D2015-01-01_To_2015-12-31">&lt;div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"&gt;
&lt;div class="CursorPointer"&gt;
&lt;table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse;"&gt;

&lt;tr style="vertical-align: top;"&gt;
&lt;td style="width: 0.25in;"&gt;&lt;font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"&gt;&lt;b&gt;13.&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"&gt;&lt;b&gt;Goodwill&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: top;"&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: top;"&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"&gt;The changes in the carrying amount of goodwill for the years ended December 31, 2014 and 2015 were as follows:&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;div class="CursorPointer" align="left"&gt;
&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse;font-style: normal;font-variant: normal;font-weight: normal;font-stretch: normal;font-size: 10pt;line-height: normal;font-family: 'times new roman', times, serif;width: 96%;margin-left: 0.25in;"&gt;

&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px; width: 60px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; width: 20px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; width: 20px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 10px; text-align: center;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: bold; letter-spacing: normal; line-height: normal; orphans: auto; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none;"&gt;YY&amp;#160;IVAS&amp;#160;and&lt;/font&gt;&amp;#160;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 20px;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 20px;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 10px; text-align: center;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 20px; text-align: center;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 10px; text-align: center;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 20px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px; width: 60px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; width: 20px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; width: 20px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 10px; text-align: center;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: bold; letter-spacing: normal; line-height: normal; orphans: auto; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none;"&gt;others&amp;#160;&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 20px;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 20px;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 10px; text-align: center;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: bold; letter-spacing: normal; line-height: normal; orphans: auto; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none;"&gt;100&amp;#160;Education&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 20px; text-align: center;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 10px; text-align: center;"&gt;&lt;strong&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;"&gt;Total&lt;/font&gt;&lt;/font&gt;&lt;/strong&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 20px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px; width: 60px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; width: 20px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; width: 20px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 10px; text-align: center; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: bold; letter-spacing: normal; line-height: normal; orphans: auto; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none;"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none;"&gt;RMB&lt;/font&gt;&amp;#160;&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 20px;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 20px;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 10px; text-align: center; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none;"&gt;RMB&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 20px; text-align: center;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 10px; text-align: center; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none;"&gt;RMB&lt;/font&gt;&amp;#160;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 20px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px; width: 60px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; width: 20px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; width: 20px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 10px;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 20px;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 20px;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 10px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 20px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 10px;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 20px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px; width: 55%; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;Balance as of December 31, 2013&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; width: 1%; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; width: 1%; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; width: 12%; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;1,577&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 1%; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 1%; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; white-space: nowrap; text-align: right; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; width: 12%; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;font&gt;-&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 2%; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; width: 12%; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;1,577&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 10px; font-family: 'times new roman'; padding: 0px;"&gt;Increase in goodwill related to acquisition (i)&lt;br/&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;2,527&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; white-space: nowrap; text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;font&gt;296,275&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;298,802&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 10px; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Foreign&amp;#160;currency translation adjustment&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal;font-variant: normal;font-weight: normal;font-stretch: normal;font-size: 10pt;line-height: normal;text-align: left;font-family: 'times new roman';padding: 0px;border-bo;t;-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;3&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; white-space: nowrap; text-align: right; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;font&gt;-&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;3&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; line-height: normal; text-indent: 0px; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times;"&gt;&lt;font style="font-size: 13.3333px;"&gt;Balance&amp;#160;as of December 31,2014&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;4,107&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; white-space: nowrap; text-align: right; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &lt;font&gt;296,275&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;300,382&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 10px; font-family: 'times new roman'; padding: 0px;"&gt;Increase&amp;#160;in&amp;#160;goodwill&amp;#160;related&amp;#160;to&amp;#160;acquisition&amp;#160;(i)&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;161,326&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; white-space: nowrap; text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;font&gt;-&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;161,326&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 10px; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Impairment charges (ii)&lt;br/&gt;&lt;font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: left; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important; /* background-color: #cceeff;"&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;(128,035&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; text-align: left; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;)&amp;#160;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; white-space: nowrap; text-align: right; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;font&gt;(182,089&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;)&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;(310,124&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px 0px 0px; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;)&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 10px; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: left; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important; /* background-color: #ffffff;"&gt;Foreign&amp;#160;currency translation adjustment&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;54&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; white-space: nowrap; text-align: right; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;font&gt;-&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;54&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important; /* background-color: #ffffff;"&gt;Balance as of December 31, 2015&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;37,452&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; white-space: nowrap; text-align: right; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &lt;font&gt;114,186&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;151,638&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;(i) In December 2014, the Company purchased &lt;font&gt;100&lt;/font&gt;% equity interest of 100 Online and Dubooker. Goodwill of RMB&lt;font&gt;195,893&lt;/font&gt;&amp;#160;was recognized in the segment of 100 Education from this business acquisition (Note 4).&lt;br/&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;In December 2014, the Company purchased &lt;font&gt;100&lt;/font&gt;% equity interest of &lt;font style="color: #000000; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important; /* background-color: #ffffff;"&gt;Xingxue and Chuangzhi&lt;/font&gt;. Goodwill of RMB&lt;font&gt;100,382&lt;/font&gt;&amp;#160;was recognized in the segment of 100 Education from this business acquisition (Note 4).&lt;br/&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;&lt;br/&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none;"&gt;In February 2015, the Company purchased &lt;font&gt;70&lt;/font&gt;% equity interest of Beifu. Goodwill of RMB&lt;font&gt;147,388&lt;/font&gt;&amp;#160;was recognized in the segment of YY IVAS and others from this business acquisition (Note 4).&lt;br/&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none;"&gt;&lt;/font&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="text-align: justify; margin: 0pt 0px 0pt 0.25in; font: 10pt Times New Roman, Times, Serif;"&gt;Goodwill represents the synergy effects of the business combination&lt;/p&gt;
&lt;p style="text-align: justify; margin: 0pt 0px 0pt 0.25in; font: 10pt Times New Roman, Times, Serif;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="text-align: justify; margin: 0pt 0px 0pt 0.25in; font: 10pt Times New Roman, Times, Serif;"&gt;(ii) The Group performs its annual goodwill impairment test of each reporting unit as of October 1, or more frequently, if certain events or circumstances warrant. Events or changes in circumstances which might indicate potential impairment in goodwill include the company-specific factors, including, but not limited to, stock price volatility, market capitalization relative to net book value, and projected revenue, market growth and operating results.&lt;/p&gt;
&lt;p style="margin: 0pt 0px 0pt 0.25in; font: 10pt Times New Roman, Times, Serif;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="text-align: justify; margin: 0pt 0px 0pt 0.25in; font: 10pt Times New Roman, Times, Serif;"&gt;The Company performed goodwill impairment tests to determine if goodwill impairment indicators existed as of 2014 year end, and the results of these tests indicated that the Company's goodwill was not impaired.&lt;/p&gt;
&lt;p style="margin: 0pt 0px 0pt 0.25in; font: 10pt Times New Roman, Times, Serif;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="text-align: justify; margin: 0pt 0px 0pt 0.25in; font: 10pt Times New Roman, Times, Serif;"&gt;In June 2015, it was noted that 100 Online's financial and operational performance in the first half year of 2015 was behind the original budget resulting from unexpected fierce market competition and the resignation of a number of key personnel in 100 Online. Accordingly, the Group performed an interim assessment on the goodwill impairment related to 100 Online and recognized an estimated goodwill impairment charge of RMB&lt;font&gt;110,699&lt;/font&gt;. Correspondingly, long-term payable amounting to RMB&lt;font&gt;111,547&lt;/font&gt; in relation to the contingent consideration was reversed.&lt;/p&gt;
&lt;p style="margin: 0pt 0px 0pt 0.25in; font: 10pt Times New Roman, Times, Serif;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="text-align: justify; margin: 0pt 0px 0pt 0.25in; font: 10pt Times New Roman, Times, Serif;"&gt;In the annual goodwill impairment assessment, the Group has noted further impairment indicator for 100 Online as well as impairment indicator for Beifu as certain key personnel of 100 Online and Beifu resigned in the third quarter of 2015. Based on the result of the annual impairment assessment, for 100 Online, an impairment charge of RMB&lt;font&gt;71,390&lt;/font&gt; was recognised and correspondingly, long-term payable amounting to RMB&lt;font&gt;73,618&lt;/font&gt; in relation to the contingent consideration was reversed; For Beifu, an impairment charge of RMB&lt;font&gt;128,035&lt;/font&gt; was recognised and correspondingly, long-term payable amounting to RMB &lt;font&gt;107,306&lt;/font&gt; in relation to the contingent consideration was reversed.&lt;/p&gt;
&lt;p style="margin: 0pt 0px 0pt 0.25in; font: 10pt Times New Roman, Times, Serif;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="text-align: justify; margin: 0pt 0px 0pt 0.25in; font: 10pt Times New Roman, Times, Serif;"&gt;The above goodwill impairment assessments on 100 Online and Beifu weighted the results from the income approach and considered a combination of factors, including, but not limited to, market conditions, expected future cash flows, growth rates and discount rates, which require the Group to make certain estimates and assumptions regarding industry economic factors and future profitability of the business.&lt;/p&gt;
&lt;/div&gt;</us-gaap:GoodwillDisclosureTextBlock>
  <us-gaap:ScheduleOfGoodwillTextBlock id="Tag821" contextRef="D2015-01-01_To_2015-12-31">&lt;div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"&gt;
&lt;div class="CursorPointer" align="left"&gt;
&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse;font-style: normal;font-variant: normal;font-weight: normal;font-stretch: normal;font-size: 10pt;line-height: normal;font-family: 'times new roman', times, serif;width: 96%;margin-left: 0.25in;"&gt;

&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px; width: 60px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; width: 20px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; width: 20px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 10px; text-align: center;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: bold; letter-spacing: normal; line-height: normal; orphans: auto; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none;"&gt;YY&amp;#160;IVAS&amp;#160;and&lt;/font&gt;&amp;#160;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 20px;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 20px;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 10px; text-align: center;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 20px; text-align: center;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 10px; text-align: center;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 20px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px; width: 60px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; width: 20px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; width: 20px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 10px; text-align: center;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: bold; letter-spacing: normal; line-height: normal; orphans: auto; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none;"&gt;others&amp;#160;&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 20px;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 20px;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 10px; text-align: center;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: bold; letter-spacing: normal; line-height: normal; orphans: auto; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none;"&gt;100&amp;#160;Education&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 20px; text-align: center;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 10px; text-align: center;"&gt;&lt;strong&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;"&gt;Total&lt;/font&gt;&lt;/font&gt;&lt;/strong&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 20px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px; width: 60px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; width: 20px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; width: 20px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 10px; text-align: center; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: bold; letter-spacing: normal; line-height: normal; orphans: auto; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none;"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none;"&gt;RMB&lt;/font&gt;&amp;#160;&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 20px;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 20px;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 10px; text-align: center; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none;"&gt;RMB&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 20px; text-align: center;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 10px; text-align: center; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none;"&gt;RMB&lt;/font&gt;&amp;#160;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 20px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px; width: 60px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; width: 20px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; width: 20px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 10px;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 20px;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 20px;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 10px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 20px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 10px;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 20px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px; width: 55%; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;Balance as of December 31, 2013&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; width: 1%; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; width: 1%; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; width: 12%; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;1,577&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 1%; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 1%; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; white-space: nowrap; text-align: right; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; width: 12%; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;font&gt;-&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 2%; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; width: 12%; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;1,577&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 10px; font-family: 'times new roman'; padding: 0px;"&gt;Increase in goodwill related to acquisition (i)&lt;br/&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;2,527&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; white-space: nowrap; text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;font&gt;296,275&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;298,802&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 10px; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Foreign&amp;#160;currency translation adjustment&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal;font-variant: normal;font-weight: normal;font-stretch: normal;font-size: 10pt;line-height: normal;text-align: left;font-family: 'times new roman';padding: 0px;border-bo;t;-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;3&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; white-space: nowrap; text-align: right; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;font&gt;-&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;3&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
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&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; line-height: normal; text-indent: 0px; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times;"&gt;&lt;font style="font-size: 13.3333px;"&gt;Balance&amp;#160;as of December 31,2014&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;4,107&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; white-space: nowrap; text-align: right; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &lt;font&gt;296,275&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;300,382&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
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&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 10px; font-family: 'times new roman'; padding: 0px;"&gt;Increase&amp;#160;in&amp;#160;goodwill&amp;#160;related&amp;#160;to&amp;#160;acquisition&amp;#160;(i)&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;161,326&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; white-space: nowrap; text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;font&gt;-&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;161,326&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 10px; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Impairment charges (ii)&lt;br/&gt;&lt;font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: left; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important; /* background-color: #cceeff;"&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;(128,035&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; text-align: left; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;)&amp;#160;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; white-space: nowrap; text-align: right; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;font&gt;(182,089&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;)&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;(310,124&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px 0px 0px; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;)&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 10px; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: left; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important; /* background-color: #ffffff;"&gt;Foreign&amp;#160;currency translation adjustment&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;54&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; white-space: nowrap; text-align: right; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;font&gt;-&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;54&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important; /* background-color: #ffffff;"&gt;Balance as of December 31, 2015&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;37,452&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; white-space: nowrap; text-align: right; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &lt;font&gt;114,186&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;151,638&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;</us-gaap:ScheduleOfGoodwillTextBlock>
  <us-gaap:Depreciation id="Tag822" contextRef="D2015-01-01_To_2015-12-31" unitRef="CNY" decimals="-3">122098000</us-gaap:Depreciation>
  <us-gaap:ProceedsFromCollectionOfLongtermLoansToRelatedParties id="Tag823" contextRef="D2015-01-01_To_2015-12-31" unitRef="CNY" decimals="-3">160000000</us-gaap:ProceedsFromCollectionOfLongtermLoansToRelatedParties>
  <us-gaap:ProceedsFromCollectionOfLongtermLoansToRelatedParties id="Tag824" contextRef="D2015-01-01_To_2015-12-31" unitRef="USD" decimals="-3">24700000</us-gaap:ProceedsFromCollectionOfLongtermLoansToRelatedParties>
  <us-gaap:PropertyPlantAndEquipmentDisclosureTextBlock id="Tag825" contextRef="D2015-01-01_To_2015-12-31">&lt;div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"&gt;
&lt;div class="CursorPointer"&gt;
&lt;table cellspacing="0" cellpadding="0" style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; border-collapse: collapse; width: 100%;"&gt;

&lt;tr style="vertical-align: top;"&gt;
&lt;td style="padding-right: 0.8pt;font-family: 'times new roman';width: 23pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;11.&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-right: 0.8pt;font-family: 'times new roman';/* width: 95%; */"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;Property and equipment, net&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Property and equipment consists of the following:&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;div style="display: block;"&gt;
&lt;div style="margin-left: 23pt;"&gt;
&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; width: 95%; /* margin-left: 0.100000001490116px;"&gt;

&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; text-align: center; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;" colspan="6"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;December 31,&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; text-align: center; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;2014&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;2015&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: center; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; text-align: center; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;RMB&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;RMB&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: center; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;" colspan="2"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;" colspan="2"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Gross carrying amount&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: right; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: right; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="/* font-weight: bold; */font-style: normal;font-variant: normal;font-stretch: normal;font-size: 10pt;line-height: normal;text-align: left;text-indent: 0px;font-family: 'times new roman';padding: 0px;width: 70%;"&gt;Building&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: right; font-family: 'times new roman'; padding: 0px; width: 12%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;-&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: right; font-family: 'times new roman'; padding: 0px; width: 12%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;482,387&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-align: left; text-indent: 0px; padding: 0px; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Servers,&amp;#160;computers&amp;#160;and&amp;#160;equipment&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;304,117&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;453,441&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-align: left; text-indent: 0px; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Leasehold improvements&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;32,392&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;69,929&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-align: left; text-indent: 0px; padding: 0px; background-color: #cceeff;"&gt;Decoration&lt;br/&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;font&gt;-&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;font&gt;66,140&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-align: left; text-indent: 0px; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Furniture,&amp;#160;fixture&amp;#160;and&amp;#160;office&amp;#160;equipment&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;13,879&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;26,098&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-align: left; text-indent: 0px; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Motor vehicles&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;10,815&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;12,835&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-align: left; text-indent: 0px; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Construction in progress&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;31,786&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;1,937&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-size: 10pt; text-indent: 0px; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; text-align: left; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-indent: 0px; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Total&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;392,989&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;1,112,767&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-align: left; text-indent: 0px; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Less: accumulated depreciation&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;(158,761&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;(269,318&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left; text-indent: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-align: left; text-indent: 0px; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Property and equipment, net&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;234,228&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;843,449&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Depreciation expense for the years ended December 31, 2013, 2014 and 2015 were RMB&lt;font&gt;44,963&lt;/font&gt;, RMB&lt;font&gt;68,035&lt;/font&gt;&amp;#160;and RMB&lt;font&gt;122,098&lt;/font&gt;, respectively.&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;</us-gaap:PropertyPlantAndEquipmentDisclosureTextBlock>
  <us-gaap:PropertyPlantAndEquipmentTextBlock id="Tag826" contextRef="D2015-01-01_To_2015-12-31">&lt;div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"&gt;
&lt;div style="display: block;"&gt;
&lt;div style="margin-left: 23pt;"&gt;
&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; width: 95%; /* margin-left: 0.100000001490116px;"&gt;

&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; text-align: center; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;" colspan="6"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;December 31,&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; text-align: center; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;2014&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;2015&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: center; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; text-align: center; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;RMB&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;RMB&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: center; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;" colspan="2"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;" colspan="2"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Gross carrying amount&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: right; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: right; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="/* font-weight: bold; */font-style: normal;font-variant: normal;font-stretch: normal;font-size: 10pt;line-height: normal;text-align: left;text-indent: 0px;font-family: 'times new roman';padding: 0px;width: 70%;"&gt;Building&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: right; font-family: 'times new roman'; padding: 0px; width: 12%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;-&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: right; font-family: 'times new roman'; padding: 0px; width: 12%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;482,387&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-align: left; text-indent: 0px; padding: 0px; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Servers,&amp;#160;computers&amp;#160;and&amp;#160;equipment&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;304,117&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;453,441&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-align: left; text-indent: 0px; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Leasehold improvements&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;32,392&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;69,929&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-align: left; text-indent: 0px; padding: 0px; background-color: #cceeff;"&gt;Decoration&lt;br/&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;font&gt;-&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;font&gt;66,140&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-align: left; text-indent: 0px; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Furniture,&amp;#160;fixture&amp;#160;and&amp;#160;office&amp;#160;equipment&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;13,879&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;26,098&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-align: left; text-indent: 0px; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Motor vehicles&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;10,815&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;12,835&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-align: left; text-indent: 0px; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Construction in progress&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;31,786&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;1,937&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-size: 10pt; text-indent: 0px; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; text-align: left; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-indent: 0px; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Total&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;392,989&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;1,112,767&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-align: left; text-indent: 0px; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Less: accumulated depreciation&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;(158,761&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;(269,318&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left; text-indent: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-align: left; text-indent: 0px; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Property and equipment, net&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;234,228&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;843,449&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;/div&gt;</us-gaap:PropertyPlantAndEquipmentTextBlock>
  <us-gaap:ComprehensiveIncomePolicyPolicyTextBlock id="Tag827" contextRef="D2015-01-01_To_2015-12-31">&lt;div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"&gt;
&lt;div class="CursorPointer"&gt;
&lt;table style="font: 10pt/normal 'times new roman', times, serif; width: 100%; border-collapse: collapse; font-size-adjust: none; font-stretch: normal;" cellspacing="0" cellpadding="0"&gt;

&lt;tr style="vertical-align: top;"&gt;
&lt;td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; width: 4%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;(ii)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; width: 96%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;Comprehensive income&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;Comprehensive income is defined as the change in equity of the Company during a period arising from transactions and other events and circumstances excluding transactions resulting from investments by shareholders and distributions to shareholders. Comprehensive income is reported in the consolidated statements of operations and comprehensive income. Accumulated other comprehensive (loss)/income of the Group includes the foreign currency translation adjustments.&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px; font-size-adjust: none; font-stretch: normal;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;/div&gt;</us-gaap:ComprehensiveIncomePolicyPolicyTextBlock>
  <yy:PaymentsForLoansToEmployeeAndThirdParties id="Tag828" contextRef="D2015-01-01_To_2015-12-31" unitRef="USD" decimals="-3">932000</yy:PaymentsForLoansToEmployeeAndThirdParties>
  <yy:ProceedsFromRepaymentOfLoansFromEmployeesAndThirdParties id="Tag829" contextRef="D2015-01-01_To_2015-12-31" unitRef="CNY" decimals="-3">13237000</yy:ProceedsFromRepaymentOfLoansFromEmployeesAndThirdParties>
  <us-gaap:CostAndEquityMethodInvestmentsDisclosureTextBlock id="Tag830" contextRef="D2015-01-01_To_2015-12-31">&lt;div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"&gt;
&lt;div style="display: block;"&gt;
&lt;div style="display: block;"&gt;
&lt;div class="CursorPointer"&gt;
&lt;table cellspacing="0" cellpadding="0" style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; border-collapse: collapse; width: 100%;"&gt;

&lt;tr style="vertical-align: top;"&gt;
&lt;td style="padding-right: 0.8pt; font-family: 'times new roman'; width: 23pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;10.&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-right: 0.8pt; font-family: 'times new roman'; /* width: 95%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;Investments&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;div style="margin-left: 23pt;"&gt;
&lt;div class="CursorPointer"&gt;
&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; width: 95%; /* margin-left: 23pt;"&gt;

&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; text-align: center; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; padding-bottom: 1pt; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important;" colspan="6"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;December&amp;#160;31,&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font: bold 10pt times new roman, times, serif; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; text-align: center; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-align: right;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;2014&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-align: right;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;2015&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; text-align: center; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-align: right;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;RMB&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-align: right;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;RMB&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top;" colspan="2"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; padding: 0px; font-family: 'times new roman'; text-indent: 0px; width: 70%; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Cost&amp;#160;investments (i)&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; width: 1%; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; width: 1%; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; width: 12%; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;153,024&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; width: 12%; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;516,446&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; padding: 0px; text-indent: 0px; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Equity&amp;#160;investments&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; padding-bottom: 1pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;33,630&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; padding-bottom: 1pt; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;44,994&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-size: 10pt; padding-left: 1.4pt; font-family: 'times new roman'; vertical-align: top; text-align: left; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Available-for-sale debt security (ii)&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding: 0px; text-align: right; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;font&gt;-&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding: 0px; text-align: right; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;font&gt;6,117&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding: 0px; text-indent: 0px; font-family: 'times new roman'; width: 20px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding-bottom: 1pt; font-family: 'times new roman'; width: 20px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; width: 20px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; width: 20px;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 20px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding-bottom: 1pt; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 20px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 20px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; width: 20px;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 20px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding: 0px; text-indent: 0px; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Total&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding-bottom: 1pt; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;186,654&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding-bottom: 1pt; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;567,557&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;table width="97%" cellpadding="0" border="0" cellspacing="0" style="margin-left: 23pt;"&gt;

&lt;tr&gt;
&lt;td style="width: 3%; vertical-align: top;" valign="top"&gt;&lt;font style="font-size: 10pt;"&gt;(i)&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 97%;"&gt;
&lt;div&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;/font&gt;
&lt;div style="text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;In 2015, the Group entered into agreements to acquire minority stake of &lt;font&gt;16&lt;/font&gt; entities with total consideration of RMB&lt;font&gt;351,800&lt;/font&gt;. The investments were not investment in common stock or in-substance common stock and therefore were precluded from applying the equity method of accounting. They have been accounted for as investments under cost method, since all of these equity securities do not have a readily determinable fair value.&lt;/font&gt;&lt;/div&gt;
&lt;/div&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;div align="center"&gt;
&lt;div class="CursorPointer"&gt;
&lt;table width="97%" cellpadding="0" border="0" cellspacing="0" style="margin-left: 23pt;"&gt;

&lt;tr&gt;
&lt;td style="vertical-align: top; width: 3%;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;(ii)&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 97%;"&gt;
&lt;div style="text-align: justify;"&gt;
&lt;div&gt;&lt;font style="font-size: 10pt;"&gt;In September 2015, the Group entered into share purchase agreements to acquire &lt;font&gt;4.25&lt;/font&gt;% equity stake of a company with a total consideration of RMB&lt;font&gt;6,117&lt;/font&gt;. The Group recorded this investment as an available-for-sale debt security since the preferred shares purchased by the Group are redeemable at the option of the Group. Subsequent to initial recognition, the available-for-sale debt security is measured at fair value at every period end. There was no significant change in fair value of the investment from the investment date to December 31, 2015.&lt;/font&gt;&lt;/div&gt;
&lt;/div&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;table width="97%" cellpadding="0" border="0" cellspacing="0" style="margin-left: 23pt;"&gt;

&lt;tr&gt;
&lt;td style="width: 3%; vertical-align: top;" valign="top"&gt;&lt;font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important; /* background-color: #fffff0;"&gt;(iii)&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 97%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;The Group monitors its investments for other-than-temporary impairment by considering factors including, but not limited to, current economic and market conditions, the operating performance of the companies including current earnings trends and other company-specific information. In 2015, based on the Group's assessment, an impairment charge of RMB&lt;font&gt;6,000&lt;/font&gt; was recorded in relation to the carrying value of one of its investments under cost method due to the significant deterioration in the earnings performance and business prospects of the investee.&lt;/font&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;div align="center"&gt;
&lt;div class="CursorPointer"&gt;&lt;br/&gt;&lt;/div&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;/div&gt;</us-gaap:CostAndEquityMethodInvestmentsDisclosureTextBlock>
  <us-gaap:NetCashProvidedByUsedInInvestingActivitiesContinuingOperations id="Tag831" contextRef="D2015-01-01_To_2015-12-31" unitRef="CNY" decimals="-3">-1048022000</us-gaap:NetCashProvidedByUsedInInvestingActivitiesContinuingOperations>
  <us-gaap:NetCashProvidedByUsedInInvestingActivitiesContinuingOperations id="Tag832" contextRef="D2015-01-01_To_2015-12-31" unitRef="USD" decimals="-3">-161787000</us-gaap:NetCashProvidedByUsedInInvestingActivitiesContinuingOperations>
  <us-gaap:ProceedsFromStockOptionsExercised id="Tag833" contextRef="D2015-01-01_To_2015-12-31" unitRef="CNY" decimals="-3">245000</us-gaap:ProceedsFromStockOptionsExercised>
  <us-gaap:ProceedsFromStockOptionsExercised id="Tag834" contextRef="D2015-01-01_To_2015-12-31" unitRef="USD" decimals="-3">38000</us-gaap:ProceedsFromStockOptionsExercised>
  <us-gaap:PaymentsToFundLongtermLoansToRelatedParties id="Tag835" contextRef="D2015-01-01_To_2015-12-31" unitRef="CNY" decimals="-3">159000000</us-gaap:PaymentsToFundLongtermLoansToRelatedParties>
  <us-gaap:PaymentsToFundLongtermLoansToRelatedParties id="Tag836" contextRef="D2015-01-01_To_2015-12-31" unitRef="USD" decimals="-3">24545000</us-gaap:PaymentsToFundLongtermLoansToRelatedParties>
  <us-gaap:PaymentsOfStockIssuanceCosts id="Tag837" contextRef="D2015-01-01_To_2015-12-31" unitRef="CNY" xsi:nil="true" />
  <us-gaap:PaymentsOfStockIssuanceCosts id="Tag838" contextRef="D2015-01-01_To_2015-12-31" unitRef="USD" xsi:nil="true" />
  <us-gaap:NetCashProvidedByUsedInFinancingActivitiesContinuingOperations id="Tag839" contextRef="D2015-01-01_To_2015-12-31" unitRef="CNY" decimals="-3">-337143000</us-gaap:NetCashProvidedByUsedInFinancingActivitiesContinuingOperations>
  <yy:CostAndEquityMethodInvestmentsTableTextBlock id="Tag840" contextRef="D2015-01-01_To_2015-12-31">&lt;div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"&gt;
&lt;div style="margin-left: 23pt;"&gt;
&lt;div class="CursorPointer"&gt;
&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; width: 95%; /* margin-left: 23pt;"&gt;

&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; text-align: center; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; padding-bottom: 1pt; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important;" colspan="6"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;December&amp;#160;31,&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font: bold 10pt times new roman, times, serif; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; text-align: center; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-align: right;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;2014&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-align: right;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;2015&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; text-align: center; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-align: right;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;RMB&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-align: right;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;RMB&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top;" colspan="2"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; padding: 0px; font-family: 'times new roman'; text-indent: 0px; width: 70%; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Cost&amp;#160;investments (i)&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; width: 1%; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; width: 1%; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; width: 12%; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;153,024&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; width: 12%; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;516,446&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; padding: 0px; text-indent: 0px; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Equity&amp;#160;investments&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; padding-bottom: 1pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;33,630&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; padding-bottom: 1pt; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;44,994&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-size: 10pt; padding-left: 1.4pt; font-family: 'times new roman'; vertical-align: top; text-align: left; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Available-for-sale debt security (ii)&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding: 0px; text-align: right; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;font&gt;-&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding: 0px; text-align: right; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;font&gt;6,117&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding: 0px; text-indent: 0px; font-family: 'times new roman'; width: 20px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding-bottom: 1pt; font-family: 'times new roman'; width: 20px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; width: 20px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; width: 20px;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 20px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding-bottom: 1pt; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 20px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 20px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; width: 20px;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 20px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding: 0px; text-indent: 0px; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Total&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding-bottom: 1pt; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;186,654&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding-bottom: 1pt; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;567,557&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;table width="97%" cellpadding="0" border="0" cellspacing="0" style="margin-left: 23pt;"&gt;

&lt;tr&gt;
&lt;td style="width: 3%; vertical-align: top;" valign="top"&gt;&lt;font style="font-size: 10pt;"&gt;(i)&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 97%;"&gt;
&lt;div&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;/font&gt;
&lt;div style="text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;In 2015, the Group entered into agreements to acquire minority stake of &lt;font&gt;16&lt;/font&gt; entities with total consideration of RMB&lt;font&gt;351,800&lt;/font&gt;. The investments were not investment in common stock or in-substance common stock and therefore were precluded from applying the equity method of accounting. They have been accounted for as investments under cost method, since all of these equity securities do not have a readily determinable fair value.&lt;/font&gt;&lt;/div&gt;
&lt;/div&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;div align="center"&gt;
&lt;div class="CursorPointer"&gt;
&lt;table width="97%" cellpadding="0" border="0" cellspacing="0" style="margin-left: 23pt;"&gt;

&lt;tr&gt;
&lt;td style="vertical-align: top; width: 3%;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;(ii)&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 97%;"&gt;
&lt;div style="text-align: justify;"&gt;
&lt;div&gt;&lt;font style="font-size: 10pt;"&gt;In September 2015, the Group entered into share purchase agreements to acquire &lt;font&gt;4.25&lt;/font&gt;% equity stake of a company with a total consideration of RMB&lt;font&gt;6,117&lt;/font&gt;. The Group recorded this investment as an available-for-sale debt security since the preferred shares purchased by the Group are redeemable at the option of the Group. Subsequent to initial recognition, the available-for-sale debt security is measured at fair value at every period end. There was no significant change in fair value of the investment from the investment date to December 31, 2015.&lt;/font&gt;&lt;/div&gt;
&lt;/div&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;table width="97%" cellpadding="0" border="0" cellspacing="0" style="margin-left: 23pt;"&gt;

&lt;tr&gt;
&lt;td style="width: 3%; vertical-align: top;" valign="top"&gt;&lt;font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important; /* background-color: #fffff0;"&gt;(iii)&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 97%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;The Group monitors its investments for other-than-temporary impairment by considering factors including, but not limited to, current economic and market conditions, the operating performance of the companies including current earnings trends and other company-specific information. In 2015, based on the Group's assessment, an impairment charge of RMB&lt;font&gt;6,000&lt;/font&gt; was recorded in relation to the carrying value of one of its investments under cost method due to the significant deterioration in the earnings performance and business prospects of the investee.&lt;/font&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;</yy:CostAndEquityMethodInvestmentsTableTextBlock>
  <us-gaap:RevenueFromGrants id="Tag841" contextRef="D2015-01-01_To_2015-12-31" unitRef="CNY" decimals="-3">79541000</us-gaap:RevenueFromGrants>
  <yy:CostOfRevenuesDisclosureTextBlock id="Tag842" contextRef="D2015-01-01_To_2015-12-31">&lt;div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"&gt;
&lt;div class="CursorPointer"&gt;
&lt;table cellspacing="0" cellpadding="0" style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; border-collapse: collapse; width: 100%;"&gt;

&lt;tr style="vertical-align: top;"&gt;
&lt;td style="padding-right: 0.8pt; font-family: 'times new roman'; width: 23pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;18.&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-right: 0.8pt; font-family: 'times new roman'; /* width: 95%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;Cost of revenues&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt;
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&lt;div style="display: block;/* margin-left: 23pt; */"&gt;
&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse;font-style: normal;font-variant: normal;font-weight: normal;font-stretch: normal;font-size: 10pt;line-height: normal;font-family: 'times new roman', times, serif;width: 92%;margin-left: 0.32in;"&gt;

&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; text-align: center; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; padding-bottom: 1pt; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important;" colspan="10"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;For&amp;#160;the&amp;#160;year&amp;#160;ended&amp;#160;December&amp;#160;31,&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font: bold 10pt times new roman, times, serif; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; text-align: center; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-align: right;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;2013&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-align: right;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;2014&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-align: right;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;2015&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; text-align: center; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-align: right;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;RMB&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-align: right;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;RMB&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-align: right;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;RMB&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #ffffff;"&gt;
&lt;td style="font-size: 10pt; text-indent: 0px; padding: 0px; font-family: 'times new roman'; vertical-align: top; text-align: left; background-color: #ffffff;"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left; background-color: #ffffff;"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top; background-color: #ffffff;"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top; background-color: #ffffff;"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top; background-color: #ffffff;"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left; background-color: #ffffff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top; background-color: #ffffff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top; background-color: #ffffff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top; background-color: #ffffff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left; background-color: #ffffff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top; background-color: #ffffff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top; background-color: #ffffff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top; background-color: #ffffff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman'; width: 61%; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Revenue&amp;#160;sharing&amp;#160;fees&amp;#160;and&amp;#160;content&amp;#160;costs&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; width: 1%; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; width: 1%; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; width: 10%; background-color: rgb(204, 238, 255);"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;444,065&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; width: 10%; background-color: rgb(204, 238, 255);"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;1,133,984&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; width: 10%; background-color: rgb(204, 238, 255);"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;2,343,224&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Bandwidth costs&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;203,238&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;345,913&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;570,169&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Salary and welfare&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;88,456&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;131,773&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;198,153&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Depreciation&amp;#160;and&amp;#160;amortization&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;37,084&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;59,817&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;145,135&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Payment handling costs&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;24,955&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;55,101&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;104,849&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Business&amp;#160;tax&amp;#160;and&amp;#160;surcharges&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;47,755&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;49,233&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;27,794&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; padding: 0px; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Share based&amp;#160;compensation&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;9,860&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;18,037&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;23,963&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; padding: 0px; text-indent: 0px; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Other costs&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding-bottom: 1pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;26,586&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding-bottom: 1pt; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;55,291&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding-bottom: 1pt; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;166,457&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; padding: 0px; text-indent: 0px; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding-bottom: 1pt; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding-bottom: 1pt; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding-bottom: 1pt; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding: 0px; text-indent: 0px; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Total&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding-bottom: 1pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;881,999&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding-bottom: 1pt; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;1,849,149&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding-bottom: 1pt; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;3,579,744&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;</yy:CostOfRevenuesDisclosureTextBlock>
  <us-gaap:NetCashProvidedByUsedInFinancingActivitiesContinuingOperations id="Tag843" contextRef="D2015-01-01_To_2015-12-31" unitRef="USD" decimals="-3">-52046000</us-gaap:NetCashProvidedByUsedInFinancingActivitiesContinuingOperations>
  <yy:ScheduleOfCostOfRevenueTableTextBlock id="Tag844" contextRef="D2015-01-01_To_2015-12-31">&lt;div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"&gt;
&lt;div style="display: block;/* margin-left: 23pt; */"&gt;
&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse;font-style: normal;font-variant: normal;font-weight: normal;font-stretch: normal;font-size: 10pt;line-height: normal;font-family: 'times new roman', times, serif;width: 92%;margin-left: 0.32in;"&gt;

&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; text-align: center; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; padding-bottom: 1pt; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important;" colspan="10"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;For&amp;#160;the&amp;#160;year&amp;#160;ended&amp;#160;December&amp;#160;31,&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font: bold 10pt times new roman, times, serif; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; text-align: center; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-align: right;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;2013&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-align: right;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;2014&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-align: right;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;2015&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; text-align: center; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-align: right;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;RMB&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-align: right;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;RMB&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-align: right;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;RMB&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #ffffff;"&gt;
&lt;td style="font-size: 10pt; text-indent: 0px; padding: 0px; font-family: 'times new roman'; vertical-align: top; text-align: left; background-color: #ffffff;"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left; background-color: #ffffff;"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top; background-color: #ffffff;"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top; background-color: #ffffff;"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top; background-color: #ffffff;"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left; background-color: #ffffff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top; background-color: #ffffff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top; background-color: #ffffff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top; background-color: #ffffff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left; background-color: #ffffff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top; background-color: #ffffff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top; background-color: #ffffff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top; background-color: #ffffff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman'; width: 61%; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Revenue&amp;#160;sharing&amp;#160;fees&amp;#160;and&amp;#160;content&amp;#160;costs&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; width: 1%; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; width: 1%; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; width: 10%; background-color: rgb(204, 238, 255);"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;444,065&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; width: 10%; background-color: rgb(204, 238, 255);"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;1,133,984&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; width: 10%; background-color: rgb(204, 238, 255);"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;2,343,224&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Bandwidth costs&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;203,238&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;345,913&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;570,169&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Salary and welfare&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;88,456&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;131,773&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;198,153&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Depreciation&amp;#160;and&amp;#160;amortization&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;37,084&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;59,817&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;145,135&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Payment handling costs&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;24,955&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;55,101&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;104,849&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Business&amp;#160;tax&amp;#160;and&amp;#160;surcharges&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;47,755&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;49,233&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;27,794&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; padding: 0px; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Share based&amp;#160;compensation&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;9,860&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;18,037&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;23,963&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; padding: 0px; text-indent: 0px; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Other costs&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding-bottom: 1pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;26,586&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding-bottom: 1pt; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;55,291&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding-bottom: 1pt; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;166,457&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; padding: 0px; text-indent: 0px; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding-bottom: 1pt; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding-bottom: 1pt; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding-bottom: 1pt; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding: 0px; text-indent: 0px; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Total&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding-bottom: 1pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;881,999&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding-bottom: 1pt; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;1,849,149&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding-bottom: 1pt; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;3,579,744&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;</yy:ScheduleOfCostOfRevenueTableTextBlock>
  <us-gaap:OtherOperatingIncome id="Tag845" contextRef="D2015-01-01_To_2015-12-31" unitRef="CNY" decimals="-3">82300000</us-gaap:OtherOperatingIncome>
  <us-gaap:OtherOperatingIncomeAndExpenseTextBlock id="Tag846" contextRef="D2015-01-01_To_2015-12-31">&lt;div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"&gt;
&lt;div class="CursorPointer"&gt;
&lt;table cellspacing="0" cellpadding="0" style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; border-collapse: collapse; width: 100%;"&gt;

&lt;tr style="vertical-align: top;"&gt;
&lt;td style="padding-right: 0.8pt; font-family: 'times new roman'; width: 23pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;19.&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-right: 0.8pt; font-family: 'times new roman'; /* width: 95%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;Other income&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;
&lt;div&gt;
&lt;div style="/* margin-left: 23pt;"&gt;
&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; margin-left: 30.72px;" width="92%"&gt;

&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; text-align: center; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; padding-bottom: 1pt; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important;" colspan="10"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;For&amp;#160;the&amp;#160;year&amp;#160;ended&amp;#160;December&amp;#160;31,&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font: bold 10pt times new roman, times, serif; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; text-align: center; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-align: right;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;2013&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-align: right;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;2014&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-align: right;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;2015&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; text-align: center; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-align: right;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;RMB&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-align: right;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;RMB&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-align: right;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;RMB&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top;" colspan="2"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman'; width: 61%; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Government&amp;#160;grants&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; width: 1%; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; width: 1%; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; width: 10%; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;25,356&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; width: 10%; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;5,570&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; width: 10%; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;79,541&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding: 0px; text-indent: 0px; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Others&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; padding-bottom: 1pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;1,722&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; padding-bottom: 1pt; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;749&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; padding-bottom: 1pt; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;2,759&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding: 0px; text-indent: 0px; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding-bottom: 1pt; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding-bottom: 1pt; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding-bottom: 1pt; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding: 0px; text-indent: 0px; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Total&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; padding-bottom: 1pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;27,078&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; padding-bottom: 1pt; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;6,319&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; padding-bottom: 1pt; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;82,300&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;</us-gaap:OtherOperatingIncomeAndExpenseTextBlock>
  <yy:OtherIncomeTableTextBlock id="Tag847" contextRef="D2015-01-01_To_2015-12-31">&lt;div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"&gt;
&lt;div style="/* margin-left: 23pt;"&gt;
&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; margin-left: 30.72px;" width="92%"&gt;

&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; text-align: center; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; padding-bottom: 1pt; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important;" colspan="10"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;For&amp;#160;the&amp;#160;year&amp;#160;ended&amp;#160;December&amp;#160;31,&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font: bold 10pt times new roman, times, serif; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; text-align: center; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-align: right;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;2013&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-align: right;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;2014&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-align: right;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;2015&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; text-align: center; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-align: right;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;RMB&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-align: right;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;RMB&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-align: right;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;RMB&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top;" colspan="2"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman'; width: 61%; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Government&amp;#160;grants&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; width: 1%; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; width: 1%; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; width: 10%; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;25,356&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; width: 10%; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;5,570&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; width: 10%; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;79,541&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding: 0px; text-indent: 0px; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Others&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; padding-bottom: 1pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;1,722&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; padding-bottom: 1pt; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;749&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; padding-bottom: 1pt; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;2,759&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding: 0px; text-indent: 0px; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding-bottom: 1pt; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding-bottom: 1pt; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding-bottom: 1pt; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding: 0px; text-indent: 0px; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Total&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; padding-bottom: 1pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;27,078&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; padding-bottom: 1pt; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;6,319&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; padding-bottom: 1pt; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;82,300&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;</yy:OtherIncomeTableTextBlock>
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&lt;table cellspacing="0" cellpadding="0" style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; border-collapse: collapse; width: 100%;"&gt;

&lt;tr style="vertical-align: top;"&gt;
&lt;td style="padding-right: 0.8pt; font-family: 'times new roman'; width: 23pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;16.&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-right: 0.8pt; font-family: 'times new roman'; /* width: 95%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;Accrued liabilities and other current liabilities&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;div style="display: block;"&gt;
&lt;div style="display: block;"&gt;
&lt;div style="display: block;"&gt;
&lt;div style="/* margin-left: 23pt; */"&gt;
&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse;font-style: normal;font-variant: normal;font-weight: normal;font-stretch: normal;font-size: 10pt;line-height: normal;font-family: 'times new roman', times, serif;height: 236px;margin-left: 0.32in;" width="92%"&gt;

&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; text-align: center; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; padding-bottom: 1pt; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important;" colspan="6"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;December&amp;#160;31,&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font: bold 10pt times new roman, times, serif; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; text-align: center; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-align: right;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;2014&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-align: right;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;2015&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; text-align: center; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-align: right;" colspan="2"&gt;&lt;strong&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: normal;"&gt;RMB&lt;/font&gt;&lt;/strong&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-align: right;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: normal;"&gt;RMB&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top;" colspan="2"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Accrued revenue sharing fees&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;160,248&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;298,805&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman'; width: 74%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Accrued salaries and welfare&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; width: 1%;"&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; width: 1%;"&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; width: 10%;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;168,300&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; width: 10%;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;169,041&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Accrued bandwidth costs&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;53,399&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;71,507&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman';"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: left; text-indent: -13.3333px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;"&gt;Market promotion expenses&lt;/font&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;5,944&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;29,358&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Business and other taxes payable&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;15,220&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;14,370&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman';"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: left; text-indent: -13.3333px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;"&gt;Value added taxes payable&lt;/font&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font&gt;2,734&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;16,010&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Interests payable&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;13,944&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;14,795&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding: 0px; text-indent: 0px; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Others&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding-bottom: 1pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;58,914&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding-bottom: 1pt; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;68,003&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding: 0px; text-indent: 0px; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding-bottom: 1pt; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding-bottom: 1pt; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding: 0px; text-indent: 0px; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Total&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding-bottom: 1pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;478,703&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding-bottom: 1pt; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;681,889&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;</us-gaap:AccountsPayableAccruedLiabilitiesAndOtherLiabilitiesDisclosureCurrentTextBlock>
  <us-gaap:ScheduleOfAccruedLiabilitiesTableTextBlock id="Tag853" contextRef="D2015-01-01_To_2015-12-31">&lt;div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"&gt;
&lt;div style="display: block;"&gt;
&lt;div style="display: block;"&gt;
&lt;div style="display: block;"&gt;
&lt;div style="/* margin-left: 23pt; */"&gt;
&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse;font-style: normal;font-variant: normal;font-weight: normal;font-stretch: normal;font-size: 10pt;line-height: normal;font-family: 'times new roman', times, serif;height: 236px;margin-left: 0.32in;" width="92%"&gt;

&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; text-align: center; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; padding-bottom: 1pt; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important;" colspan="6"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;December&amp;#160;31,&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font: bold 10pt times new roman, times, serif; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; text-align: center; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-align: right;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;2014&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-align: right;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;2015&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; text-align: center; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-align: right;" colspan="2"&gt;&lt;strong&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: normal;"&gt;RMB&lt;/font&gt;&lt;/strong&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-align: right;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: normal;"&gt;RMB&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top;" colspan="2"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Accrued revenue sharing fees&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;160,248&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;298,805&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman'; width: 74%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Accrued salaries and welfare&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; width: 1%;"&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; width: 1%;"&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; width: 10%;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;168,300&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; width: 10%;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;169,041&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Accrued bandwidth costs&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;53,399&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;71,507&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman';"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: left; text-indent: -13.3333px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;"&gt;Market promotion expenses&lt;/font&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;5,944&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;29,358&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Business and other taxes payable&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;15,220&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;14,370&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman';"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: left; text-indent: -13.3333px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;"&gt;Value added taxes payable&lt;/font&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font&gt;2,734&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;16,010&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Interests payable&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;13,944&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;14,795&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding: 0px; text-indent: 0px; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Others&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding-bottom: 1pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;58,914&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding-bottom: 1pt; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;68,003&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding: 0px; text-indent: 0px; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding-bottom: 1pt; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding-bottom: 1pt; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding: 0px; text-indent: 0px; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Total&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding-bottom: 1pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;478,703&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding-bottom: 1pt; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;681,889&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;/div&gt;</us-gaap:ScheduleOfAccruedLiabilitiesTableTextBlock>
  <us-gaap:InvestmentsAndOtherNoncurrentAssetsTextBlock id="Tag854" contextRef="D2015-01-01_To_2015-12-31">&lt;div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"&gt;
&lt;div class="CursorPointer"&gt;
&lt;table cellspacing="0" cellpadding="0" style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; border-collapse: collapse; width: 100%;"&gt;

&lt;tr style="vertical-align: top;"&gt;
&lt;td style="padding-right: 0.8pt; font-family: 'times new roman'; width: 23pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;14.&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-right: 0.8pt; font-family: 'times new roman'; /* width: 95%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;Other non-current assets&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; margin-left: 0.32in;" width="92%"&gt;

&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; text-align: center; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; padding-bottom: 1pt; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important;" colspan="6"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;December 31,&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font: bold 10pt times new roman, times, serif; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; text-align: center; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-align: right;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;2014&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-align: right;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;2015&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; text-align: center; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-align: right;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;RMB&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-align: right;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;RMB&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top;" colspan="2"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman'; width: 74%; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Prepayment for acquiring a land use right&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; width: 1%; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; width: 1%; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; width: 10%; background-color: rgb(204, 238, 255);"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;-&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; width: 10%; background-color: rgb(204, 238, 255);"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;1,860,525&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman';"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;"&gt;Prepayments of exclusive license fees&lt;br/&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;31,189&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;69,983&lt;/font&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Unamortized&amp;#160;convertible&amp;#160;bonds&amp;#160;issuance&amp;#160;cost&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;42,275&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;25,284&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Prepayment for acquiring an office building&lt;br/&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; white-space: nowrap; padding: 0px; text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;font&gt;481,047&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;20,000&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding: 0px; text-indent: 0px; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Others&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding-bottom: 1pt; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;6,460&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding-bottom: 1pt; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;9,922&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; padding: 0px; font-family: 'times new roman'; vertical-align: top; text-align: left; text-indent: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding: 0px; text-indent: 0px; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;strong&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Total&lt;/font&gt;&lt;/strong&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding-bottom: 1pt; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;560,971&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding-bottom: 1pt; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;1,985,714&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;</us-gaap:InvestmentsAndOtherNoncurrentAssetsTextBlock>
  <us-gaap:ProvisionForDoubtfulAccounts id="Tag855" contextRef="D2015-01-01_To_2015-12-31" unitRef="CNY" decimals="-3">4167000</us-gaap:ProvisionForDoubtfulAccounts>
  <us-gaap:ProvisionForDoubtfulAccounts id="Tag856" contextRef="D2015-01-01_To_2015-12-31" unitRef="USD" decimals="-3">643000</us-gaap:ProvisionForDoubtfulAccounts>
  <us-gaap:GainLossOnDispositionOfAssets id="Tag857" contextRef="D2015-01-01_To_2015-12-31" unitRef="CNY" decimals="-3">-3759000</us-gaap:GainLossOnDispositionOfAssets>
  <us-gaap:GainLossOnDispositionOfAssets id="Tag858" contextRef="D2015-01-01_To_2015-12-31" unitRef="USD" decimals="-3">-580000</us-gaap:GainLossOnDispositionOfAssets>
  <us-gaap:ScheduleOfOtherAssetsNoncurrentTextBlock id="Tag859" contextRef="D2015-01-01_To_2015-12-31">&lt;div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"&gt;
&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; margin-left: 0.32in;" width="92%"&gt;

&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; text-align: center; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; padding-bottom: 1pt; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important;" colspan="6"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;December 31,&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font: bold 10pt times new roman, times, serif; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; text-align: center; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-align: right;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;2014&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-align: right;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;2015&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; text-align: center; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-align: right;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;RMB&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-align: right;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;RMB&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top;" colspan="2"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman'; width: 74%; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Prepayment for acquiring a land use right&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; width: 1%; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; width: 1%; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; width: 10%; background-color: rgb(204, 238, 255);"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;-&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; width: 10%; background-color: rgb(204, 238, 255);"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;1,860,525&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman';"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;"&gt;Prepayments of exclusive license fees&lt;br/&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;31,189&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;69,983&lt;/font&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Unamortized&amp;#160;convertible&amp;#160;bonds&amp;#160;issuance&amp;#160;cost&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;42,275&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;25,284&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Prepayment for acquiring an office building&lt;br/&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; white-space: nowrap; padding: 0px; text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;font&gt;481,047&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;20,000&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding: 0px; text-indent: 0px; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Others&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding-bottom: 1pt; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;6,460&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding-bottom: 1pt; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;9,922&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; padding: 0px; font-family: 'times new roman'; vertical-align: top; text-align: left; text-indent: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding: 0px; text-indent: 0px; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;strong&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Total&lt;/font&gt;&lt;/strong&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding-bottom: 1pt; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;560,971&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding-bottom: 1pt; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;1,985,714&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;</us-gaap:ScheduleOfOtherAssetsNoncurrentTextBlock>
  <us-gaap:DeferredRevenueDisclosureTextBlock id="Tag860" contextRef="D2015-01-01_To_2015-12-31">&lt;div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"&gt;
&lt;div class="CursorPointer"&gt;
&lt;table cellspacing="0" cellpadding="0" style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; border-collapse: collapse; width: 100%;"&gt;

&lt;tr style="vertical-align: top;"&gt;
&lt;td style="padding-right: 0.8pt; font-family: 'times new roman'; width: 23pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;15.&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-right: 0.8pt; font-family: 'times new roman'; /* width: 95%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;Deferred revenue&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;div style="display: block;"&gt;
&lt;div style="display: block;"&gt;
&lt;div style="display: block;"&gt;
&lt;div style="/* margin-left: 23pt; */"&gt;
&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse;font-style: normal;font-variant: normal;font-weight: normal;font-stretch: normal;font-size: 10pt;line-height: normal;font-family: 'times new roman', times, serif;margin-left: 0.32in;" width="92%"&gt;

&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; text-align: center; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; padding-bottom: 1pt; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important;" colspan="6"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;December 31,&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font: bold 10pt times new roman, times, serif; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; text-align: center; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-align: right;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;2014&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-align: right;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;2015&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; text-align: center; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-align: right;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;RMB&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-align: right;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;RMB&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top;" colspan="2"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top;" colspan="2"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Deferred revenue, current:&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: right; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: right; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman'; width: 74%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;IVAS revenues&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; width: 10%;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;331,555&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; width: 10%;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;361,023&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman'; background-color: rgb(204, 238, 255);"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: left; text-indent: -13.3333px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;"&gt;Education revenues&lt;/font&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font&gt;22,899&lt;/font&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font&gt;21,577&lt;/font&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; padding: 0px; text-indent: 0px; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Government grants&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; padding-bottom: 1pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;1,696&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; padding-bottom: 1pt; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;2,700&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; padding: 0px; text-indent: 0px; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Total&amp;#160;current&amp;#160;deferred&amp;#160;revenue&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding-bottom: 1pt; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;356,150&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding-bottom: 1pt; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;385,300&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; text-indent: 0px; padding: 0px; font-family: 'times new roman'; vertical-align: top; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Deferred revenue, non-current:&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: right; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: right; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;IVAS revenues&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;23,850&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;20,085&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; padding: 0px; text-indent: 0px; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Government grants&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding-bottom: 1pt; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;533&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding-bottom: 1pt; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;667&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; padding: 0px; text-indent: 0px; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Total&amp;#160;non-current&amp;#160;deferred&amp;#160;revenue&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; padding-bottom: 1pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;24,383&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; padding-bottom: 1pt; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;20,752&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;

&lt;/div&gt;</us-gaap:DeferredRevenueDisclosureTextBlock>
  <us-gaap:DeferredRevenueByArrangementDisclosureTextBlock id="Tag861" contextRef="D2015-01-01_To_2015-12-31">&lt;div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"&gt;
&lt;div style="display: block;"&gt;
&lt;div style="display: block;"&gt;
&lt;div style="display: block;"&gt;
&lt;div style="/* margin-left: 23pt; */"&gt;
&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse;font-style: normal;font-variant: normal;font-weight: normal;font-stretch: normal;font-size: 10pt;line-height: normal;font-family: 'times new roman', times, serif;margin-left: 0.32in;" width="92%"&gt;

&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; text-align: center; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; padding-bottom: 1pt; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important;" colspan="6"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;December 31,&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font: bold 10pt times new roman, times, serif; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; text-align: center; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-align: right;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;2014&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-align: right;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;2015&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; text-align: center; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-align: right;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;RMB&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-align: right;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;RMB&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top;" colspan="2"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top;" colspan="2"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Deferred revenue, current:&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: right; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: right; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman'; width: 74%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;IVAS revenues&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; width: 10%;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;331,555&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; width: 10%;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;361,023&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman'; background-color: rgb(204, 238, 255);"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: left; text-indent: -13.3333px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;"&gt;Education revenues&lt;/font&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font&gt;22,899&lt;/font&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font&gt;21,577&lt;/font&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; padding: 0px; text-indent: 0px; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Government grants&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; padding-bottom: 1pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;1,696&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; padding-bottom: 1pt; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;2,700&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; padding: 0px; text-indent: 0px; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Total&amp;#160;current&amp;#160;deferred&amp;#160;revenue&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding-bottom: 1pt; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;356,150&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding-bottom: 1pt; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;385,300&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; text-indent: 0px; padding: 0px; font-family: 'times new roman'; vertical-align: top; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Deferred revenue, non-current:&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: right; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: right; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;IVAS revenues&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;23,850&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;20,085&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; padding: 0px; text-indent: 0px; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Government grants&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding-bottom: 1pt; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;533&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding-bottom: 1pt; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;667&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; padding: 0px; text-indent: 0px; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Total&amp;#160;non-current&amp;#160;deferred&amp;#160;revenue&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; padding-bottom: 1pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;24,383&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; padding-bottom: 1pt; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;20,752&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;/div&gt;</us-gaap:DeferredRevenueByArrangementDisclosureTextBlock>
  <yy:NumberOfVariableInterestEntitiesOrTheirShareholdersEntitledToTerminateContractsPriorToExpirationDate id="Tag862" contextRef="D2015-01-01_To_2015-12-31" unitRef="Item" decimals="INF">0</yy:NumberOfVariableInterestEntitiesOrTheirShareholdersEntitledToTerminateContractsPriorToExpirationDate>
  <us-gaap:DefinedContributionPlanCostRecognized id="Tag863" contextRef="D2015-01-01_To_2015-12-31" unitRef="CNY" decimals="-3">171349000</us-gaap:DefinedContributionPlanCostRecognized>
  <us-gaap:ConsolidationPolicyTextBlock id="Tag864" contextRef="D2015-01-01_To_2015-12-31">&lt;div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"&gt;
&lt;div class="CursorPointer"&gt;
&lt;table style="font: 10pt/normal 'times new roman', times, serif; width: 100%; border-collapse: collapse; font-size-adjust: none; font-stretch: normal;" cellspacing="0" cellpadding="0"&gt;

&lt;tr style="vertical-align: top;"&gt;
&lt;td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; width: 4%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;(b)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-right: 0.8pt; font-family: 'times new roman'; text-align: justify; width: 96%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;Consolidation&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;The Group's consolidated financial statements include the financial statements of the Company, its subsidiaries, and its VIEs and VIE's subsidiaries for which the Company or its subsidiary is the primary beneficiary. All transactions and balances among the Company, its subsidiaries, its VIEs and VIE's subsidiaries have been eliminated upon consolidation.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px; text-indent: 0.5in; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;A subsidiary is an entity in which the Company, directly or indirectly, controls more than one half of the voting powers; or has the power to appoint or remove the majority of the members of the board of directors; or to cast a majority of votes at the meeting of directors; or has the power to govern the financial and operating policies of the investee under a statute or agreement among the shareholders or equity holders.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;A VIE is an entity in which the Company, or its subsidiary, through contractual agreements, bears the risks of, and enjoys the rewards normally associated with ownership of the entity, and therefore the Company or its subsidiary is the primary beneficiary of the entity. In determining whether the Company or its subsidiaries are the primary beneficiary, the Company considered whether it has the power to direct activities that are significant to the VIEs economic performance, and also the Company's obligation to absorb losses of the VIE that could potentially be significant to the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE. Beijing Huanju Shidai,&amp;#160;Bilin Changxiang and ultimately the Company hold all the variable interests of the VIEs and VIE's subsidiaries and has been determined to be the primary beneficiary of the VIEs and VIE's subsidiaries.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;&amp;#160;&lt;br/&gt;&lt;font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none;"&gt;The Company established two funds entities, namely Engage L.P. and Shanghai Yilian, (collectively, the &amp;#147;Funds&amp;#148;), in March and June 2015, respectively.The Company holds 93.5% of interests in the Funds. The Company assesses that the Company exercises controls and is entitled to the various returns of the Fund and therefore the Funds have been accounted for as subsidiaries of and has been consolidated by the Company in accordance with ASC 810.&lt;/font&gt;&lt;/p&gt;
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  <us-gaap:DebtPolicyTextBlock id="Tag865" contextRef="D2015-01-01_To_2015-12-31">&lt;div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"&gt;
&lt;table style="font: 10pt/normal Times New Roman, Times, Serif; width: 100%; margin-top: 0px; margin-bottom: 0px; font-size-adjust: none; font-stretch: normal;" cellspacing="0" cellpadding="0"&gt;

&lt;tr style="vertical-align: top;"&gt;
&lt;td style="text-align: justify; padding-right: 0.8pt; font-size: 10pt; width: 4%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;(s)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: justify; padding-right: 0.8pt; font-size: 10pt; width: 96%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;Convertible bonds &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 22.95pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0px 0px 0px 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;The Group determines the appropriate accounting treatment of its convertible bonds in accordance with the terms in relation to the conversion feature, call and put options, and beneficial conversion feature. After considering the impact of such features, the Group may account for such instrument as a liability in its entirety, or separate the instrument into debt and equity components following the respective guidance described under ASC 815 Derivatives and Hedging and ASC 470 Debt. The debt discount, if any, together with related issuance cost are subsequently amortized as interest expense, using the effective interest method, from the issuance date to the earliest conversion date.&lt;/font&gt;&lt;/p&gt;
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  <us-gaap:CostmethodInvestmentsOtherThanTemporaryImpairment id="Tag866" contextRef="D2015-01-01_To_2015-12-31" unitRef="USD" decimals="-3">926000</us-gaap:CostmethodInvestmentsOtherThanTemporaryImpairment>
  <us-gaap:ShareBasedCompensation id="Tag867" contextRef="D2015-01-01_To_2015-12-31" unitRef="CNY" decimals="-3">185372000</us-gaap:ShareBasedCompensation>
  <us-gaap:ShareBasedCompensation id="Tag868" contextRef="D2015-01-01_To_2015-12-31" unitRef="USD" decimals="-3">28617000</us-gaap:ShareBasedCompensation>
  <us-gaap:ForeignCurrencyTransactionGainLossUnrealized id="Tag869" contextRef="D2015-01-01_To_2015-12-31" unitRef="CNY" decimals="-3">-38099000</us-gaap:ForeignCurrencyTransactionGainLossUnrealized>
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&lt;div style="display: block;"&gt;
&lt;div style="display: block;"&gt;
&lt;div style="display: block;"&gt;
&lt;div style="display: block;"&gt;
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&lt;td style="padding-right: 0.8pt; font-family: 'times new roman'; width: 4%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;3.&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-right: 0.8pt; font-family: 'times new roman'; width: 96%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;Certain risks and concentration&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
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&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding-right: 0.8pt; text-align: justify; font-family: 'times new roman'; width: 4%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;(a)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-right: 0.8pt; text-align: justify; font-family: 'times new roman'; width: 96%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;PRC regulations&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
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&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Foreign ownership of internet-based businesses is subject to significant restrictions under the current PRC laws and regulations. The PRC government regulates internet access, the distribution of online information and the conduct of online commerce through strict business licensing requirements and other government regulations. These laws and regulations also limit foreign ownership in PRC companies that provide internet information distribution services. Specifically, foreign ownership in an internet information provider or other value-added telecommunication service providers may not exceed &lt;font&gt;50&lt;/font&gt;%. Foreigners or foreign invested enterprises are currently not able to apply for the required licenses for operating online games in the PRC. The Company is incorporated in the Cayman Islands and accordingly, the Company is considered as a foreign invested enterprise under PRC law.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;As mentioned in Note 1(e), in order to comply with the PRC laws restricting foreign ownership in the online business in China, the Group operates the online business in China through contractual arrangements with its principal VIE, namely Guangzhou Huaduo. As of December 31, 2015, Mr.&amp;#160;David Xueling Li, CEO, Mr.&amp;#160;Jun Lei, Chairman of the Company, Mr.&amp;#160;Tony Bin Zhao, Mr. Jin Cao and Beijing Tuda own approximately &lt;font&gt;0.5&lt;/font&gt;%, &lt;font&gt;0.44&lt;/font&gt;%, &lt;font&gt;0.04&lt;/font&gt;%, &lt;font&gt;0.02&lt;/font&gt;% and &lt;font&gt;99&lt;/font&gt;% of Guangzhou Huaduo's equity interests, respectively.&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Guangzhou Huaduo holds the licenses and permits necessary to conduct its internet value-added services and online advertising in the PRC. If the Company had direct ownership of the VIE, it would be able to exercise its rights as a shareholder to effect changes in the board of directors, which in turn could affect changes at the management level, subject to any applicable fiduciary obligations. However, under the current contractual arrangements, it relies on the VIE&amp;#160;and its shareholders' performance of their contractual obligations to exercise effective control. In addition, the Group's contractual agreements have terms range from &lt;font&gt;10&lt;/font&gt; to &lt;font&gt;30&lt;/font&gt; years, which are subject to Beijing Huanju Shidai's unilateral termination right. Under the respective service agreements, Beijing Huanju Shidai will provide services including technology support, technology services, business support and consulting services to Guangzhou Huaduo in exchange for service fees. The amount of service fees payable is determined by various factors, including (a)&amp;#160;a percentage of Guangzhou Huaduo's revenues or earnings, and (b)&amp;#160;the expenses that Beijing Huanju Shidai incurs for providing such services. Beijing Huanju Shidai may charge up to &lt;font&gt;100&lt;/font&gt;% of the income in Guangzhou Huaduo and a multiple of the expenses incurred for providing such services, as determined by Beijing Huanju Shidai from time to time. The service fees payable by Guangzhou Huaduo to Beijing Huanju Shidai are determined to be up to &lt;font&gt;100&lt;/font&gt;% of the profits of Guangzhou Huaduo, with the timing of such payment to be determined at the sole discretion of Beijing Huanju Shidai. If fees were incurred, it would be significant to the Company and the operating companies' economic performance because it will be incurred and paid at up to 100% of the earnings of the VIE. Fees incurred would be remitted, subject to further PRC restrictions. None of the VIEs or their shareholders are entitled to terminate the contracts prior to the expiration date, unless under remote circumstances such as a material breach of agreement or bankruptcy as it pertains to the service and business operation agreements and their amendment. For the years ended December 31,2013, 2014 and 2015, Guangzhou Huanju Shidai and Beijing Huanju Shidai determined that service fees of RMB&lt;font&gt;31,153&lt;/font&gt;, RMB&lt;font&gt;363,117&lt;/font&gt;&amp;#160;and RMB&lt;font&gt;274,285&lt;/font&gt;&amp;#160;were charged to Guangzhou Huaduo. The service fees are typically determined based on the costs and expenses that WOFEs incurs for providing relevant technology support to Guangzhou Huaduo, as well as the consideration of Guangzhou Huaduo's future business development plan and its increasingly growing and diverse operational needs.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;/font&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;As of Decmber 31, 2015, Beijing Tuda and Bilin Online, as the Group's VIEs, still have no substantial business operation. Therefore no service fees were charged by Beijing Huanju Shidai and Bilin Changxiang respectively for the periods presented as both of the &lt;font&gt;two&lt;/font&gt; VIEs have accumulated losses since inception.&lt;/font&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Further, the Group believes that the contractual arrangements among Beijing Huanju Shidai&amp;#160;and Bilin Changxiang, the VIEs, and their shareholders are in compliance with PRC law and are legally enforceable. However, the PRC government may issue from time to time new laws or new interpretations on existing laws to regulate this industry. Regulatory risk also encompasses the interpretation by the tax authorities of current tax laws, and the Group's legal structure and scope of operations in the PRC, which could be subject to further restrictions resulting in limitations on the Company's ability to conduct business in the PRC. The PRC government may also require the Group&amp;#160;to restructure the Group's operations entirely if it finds that its contractual arrangements do not comply with applicable laws and regulations. Furthermore, it could revoke the Group's business and operating licenses, require it to discontinue or restrict its operations, restrict its right to collect revenues, block its website, require it to restructure its operations, impose additional conditions or requirements with which the Group may not be able to comply, or take other regulatory or enforcement actions against the Group that could be harmful to its business. The imposition of any of these penalties may result in a material and adverse effect on the Group's ability to conduct the Group's business. In addition, if the imposition of any of these penalties causes the Group to lose the rights to direct the activities of the VIEs or the right to receive their economic benefits, the Group would no longer be able to consolidate the VIEs and VIE's subsidiaries. The Group does not believe that any penalties imposed or actions taken by the PRC government would result in the liquidation of the Company, Beijing Huanju Shidai&amp;#160;and Bilin Changxiang, and the VIEs.&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"&gt;On January 19, 2015, the Ministry of Commerce of the PRC, or (the &amp;#147;MOFCOM&amp;#148;) released on its Website for public comment a proposed PRC law (the &amp;#147;Draft FIE Law&amp;#148;) that appears to include VIEs within the scope of entities that could be considered to be foreign invested enterprises (or &amp;#147;FIEs&amp;#148;) that would be subject to restrictions under existing PRC law on foreign investment in certain categories of industry. Specifically, the Draft FIE Law introduces the concept of &amp;#147;actual control&amp;#148; for determining whether an entity is considered to be an FIE. In addition to control through direct or indirect ownership or equity, the Draft FIE Law includes control through contractual arrangements within the definition of &amp;#147;actual control.&amp;#148; If the Draft FIE Law is passed by the People's Congress of the PRC and goes into effect in its current form, these provisions regarding control through contractual arrangements could be construed to reach the Group's VIE arrangements, and as a result the Group's VIEs could become explicitly subject to the current restrictions on foreign investment in certain categories of industry. The Draft FIE Law includes provisions that would exempt from the definition of foreign invested enterprises entities where the ultimate controlling shareholders are either entities organized under PRC law or individuals who are PRC citizens. The Draft FIE Law does not make clear how &amp;#147;control&amp;#148; would be determined for such purpose, and is silent as to what type of enforcement action might be taken against existing VIEs that operate in restricted industries and are not controlled by entities organized under PRC law or individuals who are PRC citizens. If a finding were made by PRC authorities, under existing law and regulations or under the Draft FIE Law if it becomes effective, that the Group's operation of certain of its businesses through VIEs violates the Draft FIE Law, regulatory authorities with jurisdiction over the licensing and operation of such operations and businesses may require the Group to take various actions as discussed in the paragraph above.&lt;/font&gt; &lt;font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"&gt;The Group's management considers the possibility of such a finding by PRC regulatory authorities under the Draft VIE law, if it becomes effective, to be remote.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;The following consolidated financial information of the Group's VIEs and VIE's subsidiaries excluding the intercompany items with the Group's subsidiaries was included in the accompanying consolidated financial statements as of and for the years ended:&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
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&lt;td style="font-size: 10pt; text-align: center; vertical-align: bottom; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; padding-bottom: 1pt; text-align: center; vertical-align: bottom; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; text-align: center; vertical-align: bottom; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important;" colspan="6"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;December&amp;#160;31,&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font: bold 10pt times new roman, times, serif; text-align: center; vertical-align: bottom; font-family: 'times new roman';"&gt;&lt;/td&gt;
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&lt;td style="font-size: 10pt; text-align: center; vertical-align: bottom; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; text-align: center; vertical-align: bottom; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; vertical-align: bottom; font-family: 'times new roman'; text-align: right;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;2014&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; text-align: center; vertical-align: bottom; font-family: 'times new roman';"&gt;&lt;/td&gt;
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&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; vertical-align: bottom; font-family: 'times new roman'; text-align: right;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;2015&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; text-align: center; vertical-align: bottom; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
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&lt;td style="font-size: 10pt; text-align: center; vertical-align: bottom; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: center; vertical-align: bottom; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; vertical-align: bottom; font-family: 'times new roman'; text-align: right;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;RMB&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: center; vertical-align: bottom; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: center; vertical-align: bottom; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; vertical-align: bottom; font-family: 'times new roman'; text-align: right;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;RMB&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: center; vertical-align: bottom; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
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&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; padding: 0px; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Assets&lt;/font&gt;&lt;/td&gt;
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&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;/td&gt;
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&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: right; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
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&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Current assets&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: right; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: right; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
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&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman'; width: 70%; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Cash and cash equivalents&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; width: 1%; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; width: 1%; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; width: 12%; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;305,405&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px; width: 1%; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; padding: 0px; width: 1%; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px; width: 1%; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; width: 12%; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;403,722&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px; width: 1%; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; padding: 0px; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Short-term deposits&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;1,002,020&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;250,000&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Restricted short-term deposits&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;100,000&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;110,000&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Accounts receivable, net&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;243,529&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;127,365&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; padding: 0px; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Inventory&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;1,445&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;14,385&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Amounts due&amp;#160;from related&amp;#160;parties&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;43,816&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;5,164&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Prepayments&amp;#160;and&amp;#160;other&amp;#160;current&amp;#160;assets&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;113,939&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;117,536&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; padding: 0px; text-indent: 0px; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Deferred tax assets&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; padding-bottom: 1pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;85,004&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding: 0px; font-family: 'times new roman'; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;87,492&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; padding: 0px; text-indent: 0px; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Total current assets&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding-bottom: 1pt; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;1,895,158&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding: 0px; font-family: 'times new roman'; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;1,115,664&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; text-indent: 0px; padding: 0px; font-family: 'times new roman'; vertical-align: top; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left; white-space: nowrap; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; padding: 0px; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Non-current assets&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: right; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; white-space: nowrap; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: right; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Deferred tax assets&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;1,392&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;3,363&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; padding: 0px; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Investments&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;63,220&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;285,292&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Property and equipment, net&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;227,372&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;292,340&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Intangible assets, net&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;133,888&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;110,214&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; padding: 0px; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Goodwill&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;298,802&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;136,066&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; padding: 0px; text-indent: 0px; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Other non-current assets&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding-bottom: 1pt; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;31,520&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding: 0px; font-family: 'times new roman'; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;1,932,356&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; padding: 0px; text-indent: 0px; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Total non-current assets&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; padding-bottom: 1pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;756,194&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding: 0px; font-family: 'times new roman'; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;2,759,631&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; padding: 0px; text-indent: 0px; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding-bottom: 1pt; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding: 0px; font-family: 'times new roman'; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; padding: 0px; text-indent: 0px; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Total assets&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; padding-bottom: 1pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"&gt;&lt;strong&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: normal;"&gt;2,651,352&lt;/font&gt;&lt;/font&gt;&lt;/strong&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap;"&gt;&lt;strong&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/strong&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding: 0px; font-family: 'times new roman'; white-space: nowrap;"&gt;&lt;strong&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/strong&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"&gt;&lt;strong&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/strong&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"&gt;&lt;strong&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: normal;"&gt;3,875,295&lt;/font&gt;&lt;/font&gt;&lt;/strong&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap;"&gt;&lt;strong&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/strong&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;

&lt;div class="CursorPointer"&gt;&lt;br/&gt;&lt;/div&gt;
&lt;div style="margin-left: 23pt;"&gt;
&lt;div class="CursorPointer"&gt;
&lt;table style="border-collapse: collapse; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; width: 95%; /* margin-left: 23pt;" cellpadding="0" cellspacing="0"&gt;

&lt;tr style="vertical-align: bottom; background-color: white;"&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font style="color: #000000; font-style: normal; font-variant: normal; font-weight: bold; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;"&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; text-align: center; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" colspan="6"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font style="color: #000000; font-style: normal; font-variant: normal; font-weight: bold; letter-spacing: normal; line-height: normal; orphans: auto; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;"&gt;December&amp;#160;31,&lt;/font&gt;&lt;font style="color: #000000; font-style: normal; font-variant: normal; font-weight: bold; letter-spacing: normal; line-height: normal; orphans: auto; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;"&gt;&amp;#160;&lt;/font&gt;&lt;font style="color: #000000; font-style: normal; font-variant: normal; font-weight: bold; letter-spacing: normal; line-height: normal; orphans: auto; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;"&gt;&amp;#160;&lt;/font&gt;&lt;font style="color: #000000; font-style: normal; font-variant: normal; font-weight: bold; letter-spacing: normal; line-height: normal; orphans: auto; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;"&gt;&amp;#160;&lt;/font&gt;&lt;font style="color: #000000; font-style: normal; font-variant: normal; font-weight: bold; letter-spacing: normal; line-height: normal; orphans: auto; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;"&gt;&amp;#160;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white;"&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font style="color: #000000; font-style: normal; font-variant: normal; font-weight: bold; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;"&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; text-align: right;" colspan="2"&gt;&lt;font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: bold; letter-spacing: normal; line-height: normal; orphans: auto; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;"&gt;2014&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; text-align: center;"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; text-align: center;"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; text-align: right;" colspan="2"&gt;&lt;font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: bold; letter-spacing: normal; line-height: normal; orphans: auto; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;"&gt;2015&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; text-align: center;"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white;"&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; padding: 0px; font-family: 'times new roman'; text-align: center;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font style="color: #000000; font-style: normal; font-variant: normal; font-weight: bold; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;"&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; text-align: center;"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; text-align: right;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt;RMB&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; text-align: right;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt;RMB&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white;"&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; padding: 0px; font-family: 'times new roman'; text-align: center;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; text-align: center;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; text-align: right;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; text-align: right;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font style="color: #000000; font-style: normal; font-variant: normal; font-weight: bold; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;"&gt;Liabilities&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: right; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: right; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Current liabilities&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: right; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: right; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman'; width: 70%; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Accounts payable&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; width: 1%; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; width: 1%; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; width: 12%; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;101,160&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; width: 1%; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; width: 1%; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; width: 1%; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; width: 12%; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;108,500&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; width: 1%; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Deferred revenue&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman';"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;354,987&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman';"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;385,300&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Advances from customers&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;25,897&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;45,189&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Income taxes payable&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman';"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;65,162&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman';"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;80,978&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Accrued liabilities and other current liabilities&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;357,464&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;579,760&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; padding: 0px; text-indent: 0px; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Amounts due to related parties&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; padding-bottom: 1pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman';"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;30,892&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; padding-bottom: 1pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman';"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;23,684&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-size: 10pt; text-indent: 0px; padding: 0px; font-family: 'times new roman'; vertical-align: top; text-align: left; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; padding: 0px; text-indent: 0px; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Total current liabilities&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; padding-bottom: 1pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman';"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;935,562&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; padding-bottom: 1pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman';"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;1,223,411&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-size: 10pt; text-indent: 0px; padding: 0px; font-family: 'times new roman'; vertical-align: top; text-align: left; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; padding: 0px; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Non-current liabilities&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: right; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: right; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; padding: 0px; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Long-term payable&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;183,000&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;-&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; padding: 0px; text-indent: 0px; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Deferred revenue&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; padding-bottom: 1pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman';"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;24,383&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; padding-bottom: 1pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman';"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;20,752&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Deferred&amp;#160;tax liabilities&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; background-color: #cceeff; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; background-color: #cceeff; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;26,709&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; background-color: #cceeff; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; background-color: #cceeff; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;12,592&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; text-indent: 0px; padding: 0px; font-family: 'times new roman'; vertical-align: top; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; padding: 0px; text-indent: 0px; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Total non-current liabilities&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding-bottom: 1pt; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;234,092&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding-bottom: 1pt; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;33,344&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; text-indent: 0px; padding: 0px; font-family: 'times new roman'; vertical-align: top; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; padding: 0px; text-indent: 0px; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Total liabilities&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding-bottom: 1pt; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; background-color: #cceeff; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; background-color: #cceeff; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;1,169,654&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding-bottom: 1pt; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; background-color: #cceeff; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; background-color: #cceeff; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;1,256,755&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;div style="margin-left: 23pt;"&gt;
&lt;div class="CursorPointer"&gt;
&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; width: 95%; /* margin-left: 30.6666660308838px;"&gt;

&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; text-align: center; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; padding-bottom: 1pt; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important;" colspan="10"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;For&amp;#160;the&amp;#160;year&amp;#160;ended&amp;#160;December&amp;#160;31,&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font: bold 10pt times new roman, times, serif; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; text-align: center; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-align: right;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;2013&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-align: right;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;2014&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-align: right;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;2015&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; text-align: center; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-align: right;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;RMB&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-align: right;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;RMB&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-align: right;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;RMB&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top;" colspan="2"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman'; width: 55%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Net revenues&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; width: 12%;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;1,669,852&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; padding: 0px; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; width: 12%;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;3,543,994&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; padding: 0px; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; width: 12%;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;5,821,305&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Net income&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;486,095&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;1,136,570&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;1,267,111&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;div&gt;
&lt;div class="CursorPointer"&gt;
&lt;div style="margin-left: 23pt;"&gt;
&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; width: 95%; /* margin-left: 23pt;"&gt;

&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; text-align: center; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;" colspan="10"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;For&amp;#160;the&amp;#160;year&amp;#160;ended&amp;#160;December&amp;#160;31,&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; text-align: center; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;2013&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;2014&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;2015&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; text-align: center; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;RMB&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;RMB&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;RMB&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;" colspan="2"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px; width: 55%; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Net&amp;#160;cash&amp;#160;provided&amp;#160;by&amp;#160;operating&amp;#160;activities&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; width: 1%; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; width: 1%; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 12%; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;845,198&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; width: 1%; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; white-space: nowrap; width: 1%; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; width: 1%; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 12%; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;1,313,521&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; width: 1%; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; white-space: nowrap; width: 1%; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; width: 1%; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 12%; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;2,164,953&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; width: 1%; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Net cash used in investing activities&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;(592,390&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;(994,574&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;(2,251,207&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px; width: 20px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Net&amp;#160;cash&amp;#160;provided&amp;#160;by&amp;#160;financing&amp;#160;activities&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; width: 20px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; width: 20px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; width: 20px; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;-&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 20px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; white-space: nowrap; width: 20px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; width: 20px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; width: 20px; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;-&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 20px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; white-space: nowrap; width: 20px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; width: 20px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; width: 20px; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;704,298&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 20px; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; text-indent: 0px; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;252,808&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;318,947&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;618,044&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;/div&gt;

&lt;div class="CursorPointer"&gt;
&lt;table cellspacing="0" cellpadding="0" style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; border-collapse: collapse; width: 100%;"&gt;

&lt;tr style="vertical-align: top;"&gt;
&lt;td style="padding-right: 0.8pt; font-family: 'times new roman'; width: 4%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;(b)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-right: 0.8pt; font-family: 'times new roman'; width: 96%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;Foreign exchange risk&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;The revenues and expenses of the Group's subsidiaries, VIEs and VIE's subsidiaries in the PRC are generally denominated in RMB and their assets and liabilities are denominated in RMB. The Group's financing activities are denominated in U.S. dollars. The RMB is not freely convertible into foreign currencies. Remittances of foreign currencies into the PRC and exchange of foreign currencies into RMB require approval by foreign exchange administrative authorities and certain supporting documentation. The State Administration for Foreign Exchange, under the authority of the People's Bank of China, controls the conversion of RMB into other currencies.&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;div class="CursorPointer"&gt;
&lt;table cellspacing="0" cellpadding="0" style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; border-collapse: collapse; width: 100%;"&gt;

&lt;tr style="vertical-align: top;"&gt;
&lt;td style="padding-right: 0.8pt; text-align: justify; font-family: 'times new roman'; width: 4%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;(c)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-right: 0.8pt; text-align: justify; font-family: 'times new roman'; width: 96%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;Concentration risk&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin: 0; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;div class="CursorPointer"&gt;
&lt;table cellspacing="0" cellpadding="0" style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; border-collapse: collapse; width: 100%;"&gt;

&lt;tr style="vertical-align: top;"&gt;
&lt;td style="text-align: justify; font-family: 'times new roman'; width: 4%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;(i)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: justify; width: 96%;"&gt;
&lt;p style="margin: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;Concentration of revenue&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; /* margin-top: 0pt; *//* margin-bottom: 0pt; */margin: 0pt 0 0pt 4%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;No individual customer accounted for more than 10% of net revenues for the years ended December 31, 2013, 2014 and 2015. &amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;div class="CursorPointer"&gt;
&lt;table cellspacing="0" cellpadding="0" style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; border-collapse: collapse; width: 100%;"&gt;

&lt;tr style="vertical-align: top;"&gt;
&lt;td style="padding-right: 0.8pt; font-family: 'times new roman'; width: 4%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;(ii)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-right: 0.8pt; font-family: 'times new roman'; width: 96%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;Concentration of accounts receivable&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;The Group collects accounts receivable from collection agencies, external game platforms, and advertising customers. The Group depends on payments from a limited number of collection agencies and advertising customers.&amp;#160;The top &lt;font&gt;10&lt;/font&gt; accounts receivable accounted for&amp;#160;&lt;font&gt;83&lt;/font&gt;% and &lt;font&gt;82&lt;/font&gt;% of the total accounts receivable as of December 31, 2014 and 2015, respectively. The following table summarizes the percentage of accounts receivable from collection agencies and advertising customers with over 10% of total accounts receivable:&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;div&gt;
&lt;div style="margin-left: 23pt;"&gt;
&lt;div class="CursorPointer"&gt;
&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; width: 95%; /* margin-left: 23pt;"&gt;

&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; text-align: center; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;" colspan="7"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;December&amp;#160;31,&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; text-align: center; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;2014&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;2015&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; text-align: center; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;RMB&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;RMB&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-align: left; text-indent: 0px; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Collection agencies and advertising customers&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: right; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: right; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-indent: 0px; padding: 0px; width: 70%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;B1&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; white-space: nowrap; text-align: right; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; white-space: nowrap; text-align: right; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 12%;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;57&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 12%;"&gt;&lt;font&gt;35&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;B2&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"&gt;*&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; text-align: right; background-color: #cceeff;"&gt;&lt;font&gt;12&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 0px; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;%&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;B3&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;*&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; text-align: right;"&gt;&lt;font&gt;&lt;font&gt;11&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 0px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;%&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;table style="font: 10pt times new roman, times, serif; width: 95%; border-collapse: collapse; margin-left: 23pt;" cellspacing="0" cellpadding="0"&gt;

&lt;tr style="vertical-align: top;"&gt;
&lt;td style="width: 2%; padding-right: 0.8pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;*&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 98%; padding-right: 0.8pt; font-family: 'times new roman';"&gt;
&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;Less than 10%&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;div class="CursorPointer"&gt;
&lt;table cellspacing="0" cellpadding="0" style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; border-collapse: collapse; width: 100%;"&gt;

&lt;tr style="vertical-align: top;"&gt;
&lt;td style="padding-right: 0.8pt; font-family: 'times new roman'; width: 4%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;(d)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-right: 0.8pt; font-family: 'times new roman'; width: 96%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;Credit risk&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;As of December 31, 2014 and 2015, substantially all of the Group's cash and cash equivalents and short-term deposits were placed with the PRC and international financial institutions. Management chooses these institutions because of their reputations and track records for stability, and their known large cash reserves, and management periodically reviews these institutions' reputations, track records, and reported reserves. Management expects that any additional institutions that the Group uses for its cash and bank deposits will be chosen with similar criteria for soundness. Nevertheless under the PRC law, it is required that a commercial bank in the PRC that holds third party cash deposits should maintain a certain percentage of total customer deposits taken in a statutory reserve fund for protecting the depositors' rights over their interests in deposited money. PRC banks are subject to a series of risk control regulatory standards; PRC bank regulatory authorities are empowered to take over the operation and management of any PRC bank that faces a material credit crisis. The Group believes that it is not exposed to unusual risks as these financial institutions are either PRC banks or international banks with high credit quality. The Group had not experienced any losses on its deposits of cash and cash equivalents and term deposits during the years ended December 31, 2013, 2014 and 2015 and believes that its credit risk to be minimal.&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;/div&gt;</us-gaap:ConcentrationRiskDisclosureTextBlock>
  <us-gaap:SchedulesOfConcentrationOfRiskByRiskFactorTextBlock id="Tag871" contextRef="D2015-01-01_To_2015-12-31">&lt;div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"&gt;
&lt;div style="margin-left: 23pt;"&gt;
&lt;div class="CursorPointer"&gt;
&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; width: 95%; /* margin-left: 23pt;"&gt;

&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; text-align: center; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;" colspan="7"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;December&amp;#160;31,&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; text-align: center; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;2014&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;2015&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; text-align: center; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;RMB&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;RMB&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-align: left; text-indent: 0px; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Collection agencies and advertising customers&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: right; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: right; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-indent: 0px; padding: 0px; width: 70%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;B1&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; white-space: nowrap; text-align: right; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; white-space: nowrap; text-align: right; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 12%;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;57&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 12%;"&gt;&lt;font&gt;35&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;B2&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"&gt;*&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; text-align: right; background-color: #cceeff;"&gt;&lt;font&gt;12&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 0px; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;%&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;B3&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;*&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; text-align: right;"&gt;&lt;font&gt;&lt;font&gt;11&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 0px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;%&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;table style="font: 10pt times new roman, times, serif; width: 95%; border-collapse: collapse; margin-left: 23pt;" cellspacing="0" cellpadding="0"&gt;

&lt;tr style="vertical-align: top;"&gt;
&lt;td style="width: 2%; padding-right: 0.8pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;*&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 98%; padding-right: 0.8pt; font-family: 'times new roman';"&gt;
&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;Less than 10%&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;</us-gaap:SchedulesOfConcentrationOfRiskByRiskFactorTextBlock>
  <yy:ForeignOwnershipPercentageInInternetBasedBusinessesMaximum id="Tag872" contextRef="D2015-01-01_To_2015-12-31" unitRef="Pure" decimals="2">0.50</yy:ForeignOwnershipPercentageInInternetBasedBusinessesMaximum>
  <yy:ShortTermDepositsTextBlock id="Tag873" contextRef="D2015-01-01_To_2015-12-31">&lt;div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"&gt;
&lt;div class="CursorPointer"&gt;
&lt;table cellspacing="0" cellpadding="0" style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; border-collapse: collapse; width: 100%;"&gt;

&lt;tr style="vertical-align: top;"&gt;
&lt;td style="padding-right: 0.8pt; font-family: 'times new roman'; width: 23pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;6.&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-right: 0.8pt; font-family: 'times new roman'; /* width: 95%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;Short-term deposits&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Short-term deposits represent time deposits placed with banks with original maturities of less than one year. Short-term deposits balance as of December 31, 2014 and 2015 primarily consist of the following currencies:&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;div style="display: block; margin-left: 23pt;"&gt;
&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; width: 95%; /* margin-left: 23pt;"&gt;

&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top;" colspan="6"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top;" colspan="6"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; text-align: center; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; padding-bottom: 1pt; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important;" colspan="6"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;December&amp;#160;31,&amp;#160;2014&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font: bold 10pt times new roman, times, serif; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; padding-bottom: 1pt; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important;" colspan="6"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;December&amp;#160;31,&amp;#160;2015&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font: bold 10pt times new roman, times, serif; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; text-align: center; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-align: right;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Amount&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; text-align: right;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;RMB &lt;/font&gt;&lt;br/&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;equivalent&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-align: right;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Amount&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; text-align: right;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;RMB &lt;/font&gt;&lt;br/&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;equivalent&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top;" colspan="2"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; padding: 0px; font-family: 'times new roman'; width: 40%; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;RMB&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; width: 1%; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; width: 1%; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; width: 12%; background-color: rgb(204, 238, 255);"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;1,921,520&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; width: 12%; background-color: rgb(204, 238, 255);"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;1,921,520&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; width: 12%; background-color: rgb(204, 238, 255);"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;250,000&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; width: 12%; background-color: rgb(204, 238, 255);"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;250,000&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding: 0px; text-indent: 0px; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;US$&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; padding-bottom: 1pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;374,685&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; padding-bottom: 1pt; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;2,293,056&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; padding-bottom: 1pt; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;253,322&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; padding-bottom: 1pt; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;1,644,946&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding: 0px; text-indent: 0px; font-family: 'times new roman'; background-color: rgb(204, 238, 255);"&gt;&lt;strong&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Total&lt;/font&gt;&lt;/strong&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; padding-bottom: 1pt; font-family: 'times new roman'; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="background-color: rgb(204, 238, 255);"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="background-color: rgb(204, 238, 255);"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="background-color: rgb(204, 238, 255);"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding-bottom: 1pt; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;4,214,576&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; padding-bottom: 1pt; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="background-color: rgb(204, 238, 255);"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="background-color: rgb(204, 238, 255);"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="background-color: rgb(204, 238, 255);"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding-bottom: 1pt; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;1,894,946&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;/div&gt;</yy:ShortTermDepositsTextBlock>
  <us-gaap:ScheduleOfCashCashEquivalentsAndShortTermInvestmentsTableTextBlock id="Tag874" contextRef="D2015-01-01_To_2015-12-31">&lt;div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"&gt;
&lt;div style="display: block; margin-left: 23pt;"&gt;
&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; width: 95%; /* margin-left: 23pt;"&gt;

&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top;" colspan="6"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top;" colspan="6"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; text-align: center; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; padding-bottom: 1pt; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important;" colspan="6"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;December&amp;#160;31,&amp;#160;2014&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font: bold 10pt times new roman, times, serif; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; padding-bottom: 1pt; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important;" colspan="6"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;December&amp;#160;31,&amp;#160;2015&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font: bold 10pt times new roman, times, serif; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; text-align: center; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-align: right;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Amount&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; text-align: right;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;RMB &lt;/font&gt;&lt;br/&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;equivalent&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-align: right;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Amount&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; text-align: right;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;RMB &lt;/font&gt;&lt;br/&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;equivalent&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top;" colspan="2"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; padding: 0px; font-family: 'times new roman'; width: 40%; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;RMB&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; width: 1%; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; width: 1%; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; width: 12%; background-color: rgb(204, 238, 255);"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;1,921,520&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; width: 12%; background-color: rgb(204, 238, 255);"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;1,921,520&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; width: 12%; background-color: rgb(204, 238, 255);"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;250,000&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; width: 12%; background-color: rgb(204, 238, 255);"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;250,000&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding: 0px; text-indent: 0px; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;US$&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; padding-bottom: 1pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;374,685&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; padding-bottom: 1pt; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;2,293,056&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; padding-bottom: 1pt; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;253,322&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; padding-bottom: 1pt; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;1,644,946&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding: 0px; text-indent: 0px; font-family: 'times new roman'; background-color: rgb(204, 238, 255);"&gt;&lt;strong&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Total&lt;/font&gt;&lt;/strong&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; padding-bottom: 1pt; font-family: 'times new roman'; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="background-color: rgb(204, 238, 255);"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="background-color: rgb(204, 238, 255);"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="background-color: rgb(204, 238, 255);"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding-bottom: 1pt; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;4,214,576&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; padding-bottom: 1pt; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="background-color: rgb(204, 238, 255);"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="background-color: rgb(204, 238, 255);"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="background-color: rgb(204, 238, 255);"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding-bottom: 1pt; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;1,894,946&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;</us-gaap:ScheduleOfCashCashEquivalentsAndShortTermInvestmentsTableTextBlock>
  <us-gaap:CashAndCashEquivalentsDisclosureTextBlock id="Tag875" contextRef="D2015-01-01_To_2015-12-31">&lt;div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"&gt;
&lt;div class="CursorPointer"&gt;
&lt;table cellspacing="0" cellpadding="0" style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; border-collapse: collapse; width: 100%;"&gt;

&lt;tr style="vertical-align: top;"&gt;
&lt;td style="padding-right: 0.8pt;font-family: 'times new roman';width: 23pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;5.&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-right: 0.8pt;font-family: 'times new roman';/* width: 95%; */"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;Cash and cash equivalents&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Cash and cash equivalents represent cash on hand and demand deposits placed with banks or other financial institutions. Cash and cash equivalents balance as of December 31, 2014 and 2015 primarily consist of the following currencies: &lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;div style="display: block;"&gt;
&lt;div style="margin-left: 23pt;"&gt;
&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; /* margin-left: 23pt;" width="95%"&gt;

&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; text-align: center; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; padding-bottom: 1pt; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important;" colspan="6"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;December&amp;#160;31,&amp;#160;2014&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font: bold 10pt times new roman, times, serif; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; padding-bottom: 1pt; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important;" colspan="6"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;December&amp;#160;31,&amp;#160;2015&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font: bold 10pt times new roman, times, serif; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; text-align: center; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-align: right;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Amount&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; text-align: right;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;RMB &lt;/font&gt;&lt;br/&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;equivalent&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-align: right;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Amount&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; text-align: right;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;RMB &lt;/font&gt;&lt;br/&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;equivalent&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top;" colspan="2"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; padding: 0px; font-family: 'times new roman'; width: 40%; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;RMB&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; width: 1%; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; width: 1%; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; width: 12%; background-color: rgb(204, 238, 255);"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;394,214&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; width: 12%; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;394,214&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; width: 12%; background-color: rgb(204, 238, 255);"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;450,802&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; width: 12%; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;450,802&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding: 0px; text-indent: 0px; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;US$&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; padding-bottom: 1pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;13,205&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; padding-bottom: 1pt; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;80,814&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; padding-bottom: 1pt; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;73,632&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; padding-bottom: 1pt; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;478,132&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding: 0px; text-indent: 0px; font-family: 'times new roman'; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;Total&lt;/strong&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; padding-bottom: 1pt; font-family: 'times new roman'; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: right; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-size: 10pt; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding-bottom: 1pt; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;475,028&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; padding-bottom: 1pt; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: right; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-size: 10pt; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding-bottom: 1pt; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;928,934&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;/div&gt;</us-gaap:CashAndCashEquivalentsDisclosureTextBlock>
  <us-gaap:ScheduleOfCashAndCashEquivalentsTableTextBlock id="Tag876" contextRef="D2015-01-01_To_2015-12-31">&lt;div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"&gt;
&lt;div style="display: block;"&gt;
&lt;div style="margin-left: 23pt;"&gt;
&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; /* margin-left: 23pt;" width="95%"&gt;

&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; text-align: center; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; padding-bottom: 1pt; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important;" colspan="6"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;December&amp;#160;31,&amp;#160;2014&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font: bold 10pt times new roman, times, serif; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; padding-bottom: 1pt; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important;" colspan="6"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;December&amp;#160;31,&amp;#160;2015&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font: bold 10pt times new roman, times, serif; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; text-align: center; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-align: right;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Amount&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; text-align: right;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;RMB &lt;/font&gt;&lt;br/&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;equivalent&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-align: right;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Amount&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; text-align: right;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;RMB &lt;/font&gt;&lt;br/&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;equivalent&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top;" colspan="2"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; padding: 0px; font-family: 'times new roman'; width: 40%; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;RMB&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; width: 1%; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; width: 1%; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; width: 12%; background-color: rgb(204, 238, 255);"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;394,214&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; width: 12%; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;394,214&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; width: 12%; background-color: rgb(204, 238, 255);"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;450,802&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; width: 12%; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;450,802&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding: 0px; text-indent: 0px; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;US$&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; padding-bottom: 1pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;13,205&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; padding-bottom: 1pt; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;80,814&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; padding-bottom: 1pt; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;73,632&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; padding-bottom: 1pt; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;478,132&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding: 0px; text-indent: 0px; font-family: 'times new roman'; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;Total&lt;/strong&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; padding-bottom: 1pt; font-family: 'times new roman'; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: right; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-size: 10pt; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding-bottom: 1pt; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;475,028&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; padding-bottom: 1pt; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: right; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-size: 10pt; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding-bottom: 1pt; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;928,934&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;/div&gt;</us-gaap:ScheduleOfCashAndCashEquivalentsTableTextBlock>
  <us-gaap:BusinessCombinationDisclosureTextBlock id="Tag877" contextRef="D2015-01-01_To_2015-12-31">&lt;div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"&gt;
&lt;div class="CursorPointer"&gt;
&lt;table cellspacing="0" cellpadding="0" style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; border-collapse: collapse; width: 100%;"&gt;

&lt;tr style="vertical-align: top;"&gt;
&lt;td style="padding-right: 0.8pt; font-family: 'times new roman'; width: 4%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;4.&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-right: 0.8pt; font-family: 'times new roman'; width: 96%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;Business combination&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; margin: 0pt 0px 0pt 0.25in; font: 10pt Times New Roman, Times, Serif;"&gt;&lt;i&gt;Acquisition of 100 Online and Beijing DuBooker Culture Communication Co., Ltd. (&amp;#147;DuBooker")&lt;/i&gt;&lt;/p&gt;
&lt;p style="text-align: justify; margin: 0pt 0px 0pt 23pt; font: 10pt Times New Roman, Times, Serif;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="text-align: justify; margin: 0pt 0px 0pt 0.25in; font: 10pt Times New Roman, Times, Serif;"&gt;On December 2, 2014, the Group acquired &lt;font&gt;100&lt;/font&gt;% of the equity interests of 100 Online and DuBooker for a fixed cash consideration of RMB&lt;font&gt;60&lt;/font&gt; million, plus additional variable cash consideration that is contingent upon the achievement of pre-established performance metrics. 100 Online is primarily engaged in providing a variety of online English courses specialising in the preparation of International English Language Testing System ("IELTS") to registered students through online education platforms, and DuBooker is primarily engaged in the publishing of a variety of teaching materials relevant to language education. The purpose of the acquisition was to strengthen the Group's competitive advantages in China's online education business. On the acquisition date, the allocation of the consideration of the assets acquired and liabilities assumed based on their fair value was as follows:&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;/font&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="text-align: justify; margin: 0pt 0px 0pt 0.25in; font: 10pt Times New Roman, Times, Serif;"&gt;&lt;i&gt;Acquisition of 100 Online and DuBooker (continued)&lt;/i&gt;&lt;/p&gt;
&lt;p style="text-align: justify; margin: 0pt 0px 0pt 23pt; font: 10pt Times New Roman, Times, Serif;"&gt;&lt;i&gt;&amp;#160;&lt;/i&gt;&lt;/p&gt;
&lt;div&gt;
&lt;div style="/* margin-left: 0.25in;"&gt;
&lt;p style="text-align: justify; margin: 0pt 0px 0pt 23pt; font: 10pt Times New Roman, Times, Serif;"&gt;&lt;i&gt;&lt;/i&gt;&lt;br/&gt;&lt;/p&gt;
&lt;div style="margin-left: 0.25in;"&gt;
&lt;table style="width: 96%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; /* margin-left: 0.25in;" cellspacing="0" cellpadding="0"&gt;

&lt;tr style="vertical-align: bottom;"&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="font-weight: bold;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; font-weight: bold;" colspan="2"&gt;RMB&lt;/td&gt;
&lt;td style="font-weight: bold;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td colspan="2"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -10pt; padding-left: 10pt; width: 85%;"&gt;Cash consideration&lt;/td&gt;
&lt;td style="width: 1%;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 1%;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 12%;"&gt;&lt;font&gt;60,000&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 1%;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt;"&gt;Contingent consideration&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;&lt;font&gt;183,000&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt; text-indent: -10pt; padding-left: 10pt; font-weight: bold;"&gt;Total consideration&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;&lt;font&gt;243,000&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-indent: -10pt; padding-left: 10pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -10pt; padding-left: 10pt;"&gt;Net assets acquired&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font&gt;1,882&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -10pt; padding-left: 10pt;"&gt;Identifiable&amp;#160;intangible&amp;#160;assets&amp;#160;acquired&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -0.25in; padding-left: 41pt;"&gt;&lt;font style="font-family: Times New Roman, Times, Serif;"&gt;-&amp;#160;&amp;#160;&amp;#160;&lt;font style="font-size: 10pt;"&gt;Brand names&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font&gt;42,000&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-indent: -0.25in; padding-left: 41pt;"&gt;-&amp;#160;&amp;#160;&amp;#160;Others&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font&gt;18,300&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff; vertical-align: bottom;"&gt;
&lt;td style="text-indent: -10pt; padding-left: 10pt;"&gt;Goodwill&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font&gt;195,893&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt;"&gt;Deferred tax liabilities&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;&lt;font&gt;(15,075&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff; vertical-align: bottom;"&gt;
&lt;td style="padding-bottom: 2.5pt; text-indent: -10pt; padding-left: 10pt; font-weight: bold;"&gt;Total&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;&lt;font&gt;243,000&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;p style="text-align: justify; margin: 0pt 0px 0pt 23pt; font: 10pt Times New Roman, Times, Serif;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="text-align: justify; margin: 0pt 0px 0pt 0.25in; font: 10pt Times New Roman, Times, Serif;"&gt;The agreements for the acquisition of 100 Online included a contingent consideration arrangement that required additional consideration to be paid by the Group based on the actual net profit of 100 Online for years 2015 through 2017 as compared to the pre-established performance metrics as stipulated in the agreements. The undiscounted amounts the Company shall pay when the net profit of 100 Online from 2015 through 2017 equals to &lt;font&gt;100&lt;/font&gt;% of the performance metrics is RMB&lt;font&gt;240&lt;/font&gt; million. The actual contingent payments would be adjusted based on the degree of how the actual net profit is higher or lower than the performance metrics from 2015 through 2017. The fair value of the contingent consideration recognized on the acquisition date of RMB&lt;font&gt;183&lt;/font&gt; million was determined by the Company using the Trinomial Tree model. Under this model, the Company performs scenario analysis by assuming different scenarios under which 100 Online achieves different actual net profit for years 2015 through 2017. Under different scenarios, the amount of contingent consideration differs according to the stipulation in the agreements. The Company then calculated the fair value of the contingent consideration based on the net present value of the total contingent consideration under different scenarios and the expected probability of each scenario. Please refer to note 25 for the key parameters adopted in the valuation.&lt;/p&gt;
&lt;p style="text-align: justify; margin: 0pt 0px 0pt 23pt; font: 10pt Times New Roman, Times, Serif;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="text-align: justify; margin: 0pt 0px 0pt 0.25in; font: 10pt Times New Roman, Times, Serif;"&gt;The business combination was completed on December 2, 2014. The excess of the purchase price over tangible assets, identifiable intangible assets acquired, and liabilities assumed was recorded as goodwill. The acquired identifiable intangible assets were valued by various approaches, including the income approach and the replacement cost approach, as appropriate. As of December 31, 2014 and 2015, no measurement period adjustment had been recorded. Acquisition related costs were immaterial and were included in general and administrative expenses for the year ended December&amp;#160;31, 2014.&lt;/p&gt;
&lt;p style="text-align: justify; margin: 0pt 0px 0pt 23pt; font: 10pt Times New Roman, Times, Serif;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="text-align: justify; margin: 0pt 0px 0pt 0.25in; font: 10pt Times New Roman, Times, Serif;"&gt;Pro forma results of operations related to the acquisition have not been presented because they are not material to the Group's consolidated statements of operations and comprehensive income.&lt;/p&gt;
&lt;p style="text-align: justify; margin: 0pt 0px 0pt 23pt; font: 10pt Times New Roman, Times, Serif;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="text-align: justify; margin: 0pt 0px 0pt 0.25in; font: 10pt Times New Roman, Times, Serif;"&gt;There were no indemnification assets involved. Total identifiable intangible assets acquired upon acquisition mainly included brand names, cooperation agreements, copyrights of teaching materials and non-compete agreements, which have an estimated useful life of &lt;font&gt;nine&lt;/font&gt;, &lt;font&gt;three&lt;/font&gt;, &lt;font&gt;five&lt;/font&gt; and &lt;font&gt;five &lt;/font&gt;years, respectively. Total goodwill of RMB&lt;font&gt;196&lt;/font&gt; million primarily represents the expected synergies from combining operations of 100 Online and Dubooker with those of the Group, which were expected to be complementary to each other. In accordance with ASC350, goodwill is not amortized but is tested for impairment and is not deductible for tax purposes.&lt;/p&gt;
&lt;p style="text-align: justify; margin: 0pt 0px 0pt 0.25in; font: 10pt Times New Roman, Times, Serif;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="text-align: justify; margin: 0pt 0px 0pt 0.25in; font: 10pt Times New Roman, Times, Serif;"&gt;&lt;i&gt;Acquisition of Xingxue and Beijing Huanqiu Chuangzhi Software Co., Ltd. (&amp;#147;Chuangzhi&amp;#148;)&lt;/i&gt;&lt;/p&gt;
&lt;p style="text-align: justify; margin: 0pt 0px 0pt 23pt; font: 10pt Times New Roman, Times, Serif;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="text-align: justify; margin: 0pt 0px 0pt 0.25in; font: 10pt Times New Roman, Times, Serif;"&gt;On December 23, 2014, the Group acquired &lt;font&gt;100&lt;/font&gt;% of the equity interests of Xingxue and Chuangzhi for a fixed cash consideration of RMB&lt;font&gt;128&lt;/font&gt; million. The principal business of Xingxue and Chuangzhi is the operation of online vocational training platform. The purpose of the acquisition was to expand the Group's own educational service offerings from online English courses to a variety of online vocational training courses. On the acquisition date, the allocation of the consideration of the assets acquired and liabilities assumed based on their fair value was as follows:&lt;/p&gt;
&lt;div&gt;
&lt;div style="/* margin-left: 0.25in;"&gt;
&lt;p style="text-align: justify; margin: 0pt 0px 0pt 23pt; font: 10pt Times New Roman, Times, Serif;"&gt;&amp;#160;&lt;/p&gt;
&lt;div style="margin-left: 0.25in;"&gt;
&lt;table style="width: 96%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; /* margin-left: 0.25in;" cellspacing="0" cellpadding="0"&gt;

&lt;tr style="vertical-align: bottom;"&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="font-weight: bold;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; font-weight: bold;" colspan="2"&gt;RMB&lt;/td&gt;
&lt;td style="font-weight: bold;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td colspan="2"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -10pt; padding-left: 10pt; width: 85%;"&gt;Net liabilities assumed&lt;/td&gt;
&lt;td style="width: 1%;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 1%;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 12%;"&gt;&lt;font&gt;(8,549&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 1%;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -10pt; padding-left: 10pt;"&gt;Identifiable&amp;#160;intangible&amp;#160;assets&amp;#160;acquired&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -0.25in; padding-left: 41pt;"&gt;-&amp;#160;&amp;#160;&amp;#160;Brand names&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font&gt;43,620&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-indent: -0.25in; padding-left: 41pt;"&gt;-&amp;#160;&amp;#160;&amp;#160;Other&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font&gt;4,792&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff; vertical-align: bottom;"&gt;
&lt;td&gt;Goodwill&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font&gt;100,382&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; padding-bottom: 1pt;"&gt;Deferred tax liabilities&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;&lt;font&gt;(12,103&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff; vertical-align: bottom;"&gt;
&lt;td style="padding-bottom: 2.5pt; text-indent: -10pt; padding-left: 10pt; font-weight: bold;"&gt;Total&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;&lt;font&gt;128,142&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;p style="text-align: justify; margin: 0pt 0px 0pt 22.95pt; font: 10pt Times New Roman, Times, Serif;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="text-align: justify; margin: 0pt 0px 0pt 0.25in; font: 10pt Times New Roman, Times, Serif;"&gt;The business combination was completed on December 23, 2014. The excess of the purchase price over tangible assets, identifiable intangible assets acquired, and liabilities assumed was recorded as goodwill. The acquired identifiable intangible assets were valued by various approaches, including the income approach and the replacement cost approach, as appropriate. As of December 31, 2014 and 2015, no measurement period adjustment had been recorded. Acquisition related costs were immaterial and were included in general and administrative expenses for the year ended December&amp;#160;31, 2014.&lt;/p&gt;
&lt;p style="text-align: justify; margin: 0pt 0px 0pt 23pt; font: 10pt Times New Roman, Times, Serif;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="text-align: justify; margin: 0pt 0px 0pt 0.25in; font: 10pt Times New Roman, Times, Serif;"&gt;Pro forma results of operations related to the acquisition have not been presented because they are not material to the Group's consolidated statements of operations and comprehensive income.&lt;/p&gt;
&lt;p style="text-align: justify; margin: 0pt 0px 0pt 23pt; font: 10pt Times New Roman, Times, Serif;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="text-align: justify; margin: 0pt 0px 0pt 0.25in; font: 10pt Times New Roman, Times, Serif;"&gt;There were no indemnification assets involved. Total identifiable intangible assets acquired upon acquisition mainly included brand names, and software, which have an estimated useful life of &lt;font&gt;fifteen&lt;/font&gt; and &lt;font&gt;five&lt;/font&gt; years, respectively. Total goodwill of RMB&lt;font&gt;100&lt;/font&gt; million primarily represents the expected synergies from combining operations of Xingxue and Chuangzhi with those of the Group, which were expected to be complementary to each other. In accordance with ASC350, goodwill is not amortized but is tested for impairment and is not deductible for tax purposes.&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;br/&gt;&lt;i&gt;Acquisition of Beifu&lt;/i&gt;&lt;font style="font-weight: normal; font-style: normal;"&gt;&lt;/font&gt;&lt;br/&gt;&lt;br/&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;On February 3, 2015, the Group acquired &lt;font&gt;70&lt;/font&gt;% of the equity interests of Beifu from the founders of Beifu for a fixed cash consideration of RMB&lt;font&gt;39&lt;/font&gt;&amp;#160;million,&amp;#160;plus additional variable cash consideration that is contingent upon the achievement of pre-established performance metrics for years 2015 through 2017. Beifu is primarily engaged in the operation of E-commerce, which is based on YY's existing user base. The purpose of the acquisition was to integrate the Group's technology and huge user base together with Beifu's successful experience in the operation of E-commerce area. On the acquisition date, the allocation of the consideration of the assets acquired and liabilities assumed based on their fair value was as follows:&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;div align="center"&gt;
&lt;div style="/* margin-left: 20pt; */margin-left: 0.25in;" class="CursorPointer" align="left"&gt;
&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; width: 96%; /* margin-left: 0.25in;"&gt;

&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; text-align: center; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right;" colspan="2"&gt;&lt;strong&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;RMB&lt;/font&gt;&lt;/strong&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;" colspan="2"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px; width: 85%; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Cash consideration&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; width: 1%; background-color: #cceeff;"&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; width: 1%; background-color: #cceeff;"&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 12%; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;39,200&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; width: 1%; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Contingent consideration&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;107,306&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;strong&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Total consideration&lt;/font&gt;&lt;/strong&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;146,506&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; text-indent: 0px; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;Net assets acquired&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;31,994&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px;"&gt;Identifiable&amp;#160;intangible&amp;#160;assets&amp;#160;acquired&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 0px; white-space: nowrap; text-align: right;"&gt;&lt;font&gt;12,900&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Goodwill&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;147,388&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px;"&gt;Deferred tax liabilities&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; /* border-bottom: #000000 1pt solid !important; */padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; /* border-bottom: #000000 1pt solid !important; */padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;(3,225&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;Non-controlling interest&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;(42,551&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 1%;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; font-family: 'times new roman'; padding: 0px;"&gt;&lt;strong&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Total&lt;/font&gt;&lt;/strong&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;146,506&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;/div&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;The agreements for the acquisition of Beifu included a contingent consideration arrangement that required additional consideration to be paid by the Group based on the achievement of pre-established performance metrics as stipulated in the agreements for years 2015 through 2017. The undiscounted amounts the Company shall pay when Beifu achieves &lt;font&gt;100&lt;/font&gt;% of the performance metrics from 2015 through 2017 is&amp;#160;&lt;/font&gt;RMB&lt;font&gt;219&lt;/font&gt;&amp;#160;million. The actual contingent payments would be adjusted based on the degree of how the actual revenue and net profit are&amp;#160;higher or lower than the performance metrics&amp;#160;from 2015 through 2017. The fair value of the contingent consideration recognized on the acquisition date of RMB&lt;font&gt;107&lt;/font&gt;&amp;#160;million&amp;#160;was determined by the Company using the Trinomial Tree model. Under this model, the Company performs scenario analysis by assuming different scenarios under which Beifu achieves different performance for years 2015 through 2017. Under different scenarios, the amount of contingent consideration differs according to the stipulation in the agreements. The Company then calculated the fair value of the contingent consideration based on the net present value of the total contingent consideration under different scenarios and the expected probability of each scenario. Please refer to note 25 for the key parameters adopted in the valuation.&lt;br/&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;/font&gt;&amp;#160; &amp;#160; &amp;#160; &amp;#160; &amp;#160;&amp;#160;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"&gt;The fair value of non-controlling interest in Beifu was determined mainly based on the number of shares held by non-controlling shareholders and the equity value close to the acquisition date, taking into consideration of other factors, as appropriate. If Beifu achieved specified performance metrics and did not complete an initial public offering, and the founders of Beifu remained being employed by the Company, the non-controlling shareholders had the right to put their equity interests in Beifu to the Company at the fair value (&amp;#147;the put option&amp;#148;). The Company considered the probability of the exercise of the put option and believed that the exercise of the put option is not probable upon the acquisition date and as of December 31, 2015.&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 20pt; text-align: justify;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="text-align: justify; margin: 0pt 0 0pt 0.25in; font: 10pt Times New Roman, Times, Serif;"&gt;Pursuant to ASC 480-10-S99-3A, considering the non-controlling interests are redeemable upon the occurrence of an event that is not solely within the control of the Company, the Company classified the non-controlling interests with the written put option as mezzanine equity in the Company's consolidated financial statements.&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"&gt;The business combination was completed on February 3, 2015. The excess of the purchase price over tangible assets, identifiable intangible assets acquired, and liabilities assumed and fair value of the non-controlling interest was recorded as goodwill. The acquired identifiable intangible assets were valued by various approaches, including the income approach and the replacement cost approach, as appropriate. Acquisition related costs were immaterial and were included in general and administrative expenses for the year ended December 31, 2015.&lt;br/&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &amp;#160; &amp;#160; &amp;#160;&lt;br/&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"&gt;Pro forma results of operations related to the acquisition have not been presented because they are not material to the Group's consolidated statements of operations and comprehensive income.&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;br/&gt;There were no indemnification assets involved. Total identifiable intangible assets acquired upon acquisition mainly included relationship with online game hosts and non-compete agreements, which have an estimated useful life of&amp;#160;&lt;font&gt;three&lt;/font&gt;&amp;#160;and &lt;font&gt;seven&lt;/font&gt; years, respectively. Total goodwill of RMB&lt;font&gt;147&lt;/font&gt;&amp;#160;million primarily represents the expected synergies from combining operations of Beifu with those of the Group, which were expected to be complementary to each other. In accordance with ASC350, goodwill is not amortized but is tested for impairment and is not deductible for tax purposes.&amp;#160;&lt;br/&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;</us-gaap:BusinessCombinationDisclosureTextBlock>
  <us-gaap:ScheduleOfVariableInterestEntitiesTextBlock id="Tag878" contextRef="D2015-01-01_To_2015-12-31">&lt;div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"&gt;
&lt;div style="margin-left: 23pt;"&gt;
&lt;div class="CursorPointer"&gt;
&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; width: 95%; /* margin-left: 23pt;"&gt;

&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; text-align: center; vertical-align: bottom; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; padding-bottom: 1pt; text-align: center; vertical-align: bottom; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; text-align: center; vertical-align: bottom; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important;" colspan="6"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;December&amp;#160;31,&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font: bold 10pt times new roman, times, serif; text-align: center; vertical-align: bottom; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; text-align: center; vertical-align: bottom; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; text-align: center; vertical-align: bottom; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; vertical-align: bottom; font-family: 'times new roman'; text-align: right;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;2014&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; text-align: center; vertical-align: bottom; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: center; vertical-align: bottom; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; vertical-align: bottom; font-family: 'times new roman'; text-align: right;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;2015&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; text-align: center; vertical-align: bottom; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; text-align: center; vertical-align: bottom; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: center; vertical-align: bottom; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; vertical-align: bottom; font-family: 'times new roman'; text-align: right;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;RMB&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: center; vertical-align: bottom; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: center; vertical-align: bottom; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; vertical-align: bottom; font-family: 'times new roman'; text-align: right;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;RMB&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: center; vertical-align: bottom; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; padding: 0px; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Assets&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: right; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: right; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Current assets&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: right; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: right; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman'; width: 70%; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Cash and cash equivalents&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; width: 1%; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; width: 1%; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; width: 12%; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;305,405&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px; width: 1%; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; padding: 0px; width: 1%; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px; width: 1%; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; width: 12%; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;403,722&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px; width: 1%; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; padding: 0px; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Short-term deposits&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;1,002,020&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;250,000&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Restricted short-term deposits&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;100,000&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;110,000&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Accounts receivable, net&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;243,529&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;127,365&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; padding: 0px; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Inventory&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;1,445&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;14,385&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Amounts due&amp;#160;from related&amp;#160;parties&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;43,816&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;5,164&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Prepayments&amp;#160;and&amp;#160;other&amp;#160;current&amp;#160;assets&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;113,939&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;117,536&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; padding: 0px; text-indent: 0px; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Deferred tax assets&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; padding-bottom: 1pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;85,004&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding: 0px; font-family: 'times new roman'; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;87,492&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; padding: 0px; text-indent: 0px; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Total current assets&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding-bottom: 1pt; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;1,895,158&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding: 0px; font-family: 'times new roman'; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;1,115,664&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; text-indent: 0px; padding: 0px; font-family: 'times new roman'; vertical-align: top; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left; white-space: nowrap; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; padding: 0px; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Non-current assets&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: right; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; white-space: nowrap; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: right; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Deferred tax assets&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;1,392&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;3,363&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; padding: 0px; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Investments&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;63,220&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;285,292&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Property and equipment, net&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;227,372&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;292,340&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Intangible assets, net&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;133,888&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;110,214&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; padding: 0px; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Goodwill&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;298,802&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;136,066&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; padding: 0px; text-indent: 0px; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Other non-current assets&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding-bottom: 1pt; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;31,520&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding: 0px; font-family: 'times new roman'; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;1,932,356&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; padding: 0px; text-indent: 0px; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Total non-current assets&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; padding-bottom: 1pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;756,194&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding: 0px; font-family: 'times new roman'; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;2,759,631&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; padding: 0px; text-indent: 0px; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding-bottom: 1pt; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding: 0px; font-family: 'times new roman'; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; padding: 0px; text-indent: 0px; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Total assets&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; padding-bottom: 1pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"&gt;&lt;strong&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: normal;"&gt;2,651,352&lt;/font&gt;&lt;/font&gt;&lt;/strong&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap;"&gt;&lt;strong&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/strong&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding: 0px; font-family: 'times new roman'; white-space: nowrap;"&gt;&lt;strong&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/strong&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"&gt;&lt;strong&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/strong&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"&gt;&lt;strong&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: normal;"&gt;3,875,295&lt;/font&gt;&lt;/font&gt;&lt;/strong&gt;&lt;/td&gt;
&lt;td style="padding: 0px; font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap;"&gt;&lt;strong&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/strong&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;

&lt;div class="CursorPointer"&gt;&lt;br/&gt;&lt;/div&gt;
&lt;div style="margin-left: 23pt;"&gt;
&lt;div class="CursorPointer"&gt;
&lt;table style="border-collapse: collapse; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; width: 95%; /* margin-left: 23pt;" cellpadding="0" cellspacing="0"&gt;

&lt;tr style="vertical-align: bottom; background-color: white;"&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font style="color: #000000; font-style: normal; font-variant: normal; font-weight: bold; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;"&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; text-align: center; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" colspan="6"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font style="color: #000000; font-style: normal; font-variant: normal; font-weight: bold; letter-spacing: normal; line-height: normal; orphans: auto; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;"&gt;December&amp;#160;31,&lt;/font&gt;&lt;font style="color: #000000; font-style: normal; font-variant: normal; font-weight: bold; letter-spacing: normal; line-height: normal; orphans: auto; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;"&gt;&amp;#160;&lt;/font&gt;&lt;font style="color: #000000; font-style: normal; font-variant: normal; font-weight: bold; letter-spacing: normal; line-height: normal; orphans: auto; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;"&gt;&amp;#160;&lt;/font&gt;&lt;font style="color: #000000; font-style: normal; font-variant: normal; font-weight: bold; letter-spacing: normal; line-height: normal; orphans: auto; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;"&gt;&amp;#160;&lt;/font&gt;&lt;font style="color: #000000; font-style: normal; font-variant: normal; font-weight: bold; letter-spacing: normal; line-height: normal; orphans: auto; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;"&gt;&amp;#160;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white;"&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font style="color: #000000; font-style: normal; font-variant: normal; font-weight: bold; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;"&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; text-align: right;" colspan="2"&gt;&lt;font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: bold; letter-spacing: normal; line-height: normal; orphans: auto; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;"&gt;2014&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; text-align: center;"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; text-align: center;"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; text-align: right;" colspan="2"&gt;&lt;font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: bold; letter-spacing: normal; line-height: normal; orphans: auto; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;"&gt;2015&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; text-align: center;"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white;"&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; padding: 0px; font-family: 'times new roman'; text-align: center;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font style="color: #000000; font-style: normal; font-variant: normal; font-weight: bold; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;"&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; text-align: center;"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; text-align: right;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt;RMB&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; text-align: right;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"&gt;RMB&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white;"&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; padding: 0px; font-family: 'times new roman'; text-align: center;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; text-align: center;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; text-align: right;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; text-align: right;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font style="color: #000000; font-style: normal; font-variant: normal; font-weight: bold; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;"&gt;Liabilities&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: right; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: right; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Current liabilities&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: right; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: right; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman'; width: 70%; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Accounts payable&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; width: 1%; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; width: 1%; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; width: 12%; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;101,160&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; width: 1%; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; width: 1%; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; width: 1%; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; width: 12%; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;108,500&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; width: 1%; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Deferred revenue&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman';"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;354,987&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman';"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;385,300&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Advances from customers&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;25,897&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;45,189&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Income taxes payable&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman';"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;65,162&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman';"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;80,978&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Accrued liabilities and other current liabilities&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;357,464&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;579,760&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; padding: 0px; text-indent: 0px; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Amounts due to related parties&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; padding-bottom: 1pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman';"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;30,892&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; padding-bottom: 1pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman';"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;23,684&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-size: 10pt; text-indent: 0px; padding: 0px; font-family: 'times new roman'; vertical-align: top; text-align: left; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; padding: 0px; text-indent: 0px; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Total current liabilities&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; padding-bottom: 1pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman';"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;935,562&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; padding-bottom: 1pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman';"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;1,223,411&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-size: 10pt; text-indent: 0px; padding: 0px; font-family: 'times new roman'; vertical-align: top; text-align: left; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; padding: 0px; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Non-current liabilities&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: right; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: right; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; padding: 0px; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Long-term payable&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;183,000&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;-&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; padding: 0px; text-indent: 0px; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Deferred revenue&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; padding-bottom: 1pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman';"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;24,383&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; padding-bottom: 1pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman';"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;20,752&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Deferred&amp;#160;tax liabilities&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; background-color: #cceeff; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; background-color: #cceeff; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;26,709&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; background-color: #cceeff; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; background-color: #cceeff; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;12,592&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; text-indent: 0px; padding: 0px; font-family: 'times new roman'; vertical-align: top; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; padding: 0px; text-indent: 0px; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Total non-current liabilities&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding-bottom: 1pt; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;234,092&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding-bottom: 1pt; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;33,344&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; text-indent: 0px; padding: 0px; font-family: 'times new roman'; vertical-align: top; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; padding: 0px; text-indent: 0px; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Total liabilities&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding-bottom: 1pt; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; background-color: #cceeff; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; background-color: #cceeff; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;1,169,654&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding-bottom: 1pt; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; background-color: #cceeff; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; background-color: #cceeff; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;1,256,755&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;div style="margin-left: 23pt;"&gt;
&lt;div class="CursorPointer"&gt;
&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; width: 95%; /* margin-left: 30.6666660308838px;"&gt;

&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; text-align: center; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; padding-bottom: 1pt; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important;" colspan="10"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;For&amp;#160;the&amp;#160;year&amp;#160;ended&amp;#160;December&amp;#160;31,&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font: bold 10pt times new roman, times, serif; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; text-align: center; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-align: right;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;2013&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-align: right;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;2014&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-align: right;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;2015&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; text-align: center; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-align: right;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;RMB&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-align: right;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;RMB&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-align: right;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;RMB&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top;" colspan="2"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman'; width: 55%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Net revenues&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; width: 12%;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;1,669,852&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; padding: 0px; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; width: 12%;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;3,543,994&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; padding: 0px; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; width: 12%;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;5,821,305&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Net income&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;486,095&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;1,136,570&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;1,267,111&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;div&gt;
&lt;div class="CursorPointer"&gt;
&lt;div style="margin-left: 23pt;"&gt;
&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; width: 95%; /* margin-left: 23pt;"&gt;

&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; text-align: center; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;" colspan="10"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;For&amp;#160;the&amp;#160;year&amp;#160;ended&amp;#160;December&amp;#160;31,&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; text-align: center; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;2013&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;2014&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;2015&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; text-align: center; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;RMB&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;RMB&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;RMB&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;" colspan="2"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px; width: 55%; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Net&amp;#160;cash&amp;#160;provided&amp;#160;by&amp;#160;operating&amp;#160;activities&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; width: 1%; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; width: 1%; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 12%; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;845,198&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; width: 1%; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; white-space: nowrap; width: 1%; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; width: 1%; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 12%; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;1,313,521&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; width: 1%; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; white-space: nowrap; width: 1%; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; width: 1%; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 12%; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;2,164,953&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; width: 1%; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Net cash used in investing activities&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;(592,390&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;(994,574&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;(2,251,207&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px; width: 20px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Net&amp;#160;cash&amp;#160;provided&amp;#160;by&amp;#160;financing&amp;#160;activities&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; width: 20px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; width: 20px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; width: 20px; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;-&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 20px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; white-space: nowrap; width: 20px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; width: 20px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; width: 20px; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;-&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 20px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; white-space: nowrap; width: 20px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; width: 20px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; width: 20px; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;704,298&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 20px; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; text-indent: 0px; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;252,808&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;318,947&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;618,044&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;/div&gt;</us-gaap:ScheduleOfVariableInterestEntitiesTextBlock>
  <us-gaap:CurrentIncomeTaxExpenseBenefit id="Tag879" contextRef="D2015-01-01_To_2015-12-31" unitRef="CNY" decimals="-3">203366000</us-gaap:CurrentIncomeTaxExpenseBenefit>
  <yy:OtherOperatingIncomeMiscellaneous id="Tag880" contextRef="D2015-01-01_To_2015-12-31" unitRef="CNY" decimals="-3">2759000</yy:OtherOperatingIncomeMiscellaneous>
  <us-gaap:IncomeTaxExpenseBenefit id="Tag881" contextRef="D2015-01-01_To_2015-12-31" unitRef="CNY" decimals="-3">178327000</us-gaap:IncomeTaxExpenseBenefit>
  <us-gaap:EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate id="Tag882" contextRef="D2015-01-01_To_2015-12-31" unitRef="Pure" decimals="INF">0.25</us-gaap:EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate>
  <yy:EffectiveIncomeTaxRateReconciliationPreferentialTaxRate id="Tag883" contextRef="D2015-01-01_To_2015-12-31" unitRef="Pure" decimals="3">0.140</yy:EffectiveIncomeTaxRateReconciliationPreferentialTaxRate>
  <us-gaap:EffectiveIncomeTaxRateReconciliationTaxExemptIncome id="Tag884" contextRef="D2015-01-01_To_2015-12-31" unitRef="Pure" decimals="3">-0.016</us-gaap:EffectiveIncomeTaxRateReconciliationTaxExemptIncome>
  <us-gaap:EffectiveIncomeTaxRateReconciliationNondeductibleExpenseShareBasedCompensationCost id="Tag885" contextRef="D2015-01-01_To_2015-12-31" unitRef="Pure" decimals="3">0.038</us-gaap:EffectiveIncomeTaxRateReconciliationNondeductibleExpenseShareBasedCompensationCost>
  <us-gaap:EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance id="Tag886" contextRef="D2015-01-01_To_2015-12-31" unitRef="Pure" decimals="3">0.017</us-gaap:EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance>
  <us-gaap:EffectiveIncomeTaxRateReconciliationDeductionsQualifiedProductionActivities id="Tag887" contextRef="D2015-01-01_To_2015-12-31" unitRef="Pure" decimals="3">0.023</us-gaap:EffectiveIncomeTaxRateReconciliationDeductionsQualifiedProductionActivities>
  <us-gaap:IncomeTaxDisclosureTextBlock id="Tag888" contextRef="D2015-01-01_To_2015-12-31">&lt;div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"&gt;
&lt;div class="CursorPointer"&gt;
&lt;table cellspacing="0" cellpadding="0" style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; border-collapse: collapse; width: 100%;"&gt;

&lt;tr style="vertical-align: top;"&gt;
&lt;td style="padding-right: 0.8pt; text-align: justify; font-family: 'times new roman'; width: 23pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;20.&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-right: 0.8pt; text-align: justify; font-family: 'times new roman'; /* width: 95%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;Income tax&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;(i) Cayman Islands (&amp;#147;Cayman&amp;#148;)&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Under the current tax laws of Cayman Islands, the Company and its subsidiaries are not subject to tax on income or capital gains. Besides, upon payment of dividends by the Company to its shareholders, no Cayman Islands withholding tax will be imposed.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 23pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;(ii) BVI&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 23pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Duowan BVI is exempt from income tax on its foreign-derived income in the BVI. There are no withholding taxes in the BVI.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 23pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;(iii) Hong Kong profits tax&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 23pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Entities incorporated in Hong Kong are subject to Hong Kong profits tax at a rate of &lt;font&gt;16.5&lt;/font&gt;% on the estimated assessable profit for the years ended December 31, 2013, 2014 and 2015.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;(iv) PRC Enterprise Income Tax (&amp;#147;EIT&amp;#148;)&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;The Company's subsidiaries, VIEs and VIE's subsidiaries in China are governed by the Enterprise Income Tax Law (&amp;#147;EIT Law&amp;#148;), which became effective on January 1, 2008. Pursuant to the EIT Law and its implementation rules, enterprises in China are generally subject to tax at a statutory rate of &lt;font&gt;25&lt;/font&gt;%. Certified High and New Technology Enterprises (&amp;#147;HNTE&amp;#148;) are entitled to a favorable statutory tax rate of &lt;font&gt;15&lt;/font&gt;%, and qualified software enterprises can enjoy an income tax exemption for &lt;font&gt;two&lt;/font&gt; years beginning with their first profitable year and a &lt;font&gt;50&lt;/font&gt;% tax reduction to the applicable tax rate for the subsequent &lt;font&gt;three&lt;/font&gt; years.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;The Group's PRC entities provided for enterprise income tax as follows:&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;div class="CursorPointer"&gt;
&lt;table cellpadding="0" cellspacing="0" style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%;"&gt;

&lt;tr style="vertical-align: top;"&gt;
&lt;td style="width: 41pt;"&gt;&lt;/td&gt;
&lt;td style="width: 18pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#149;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;From 2013 to 2015, Guangzhou Huaduo accrued the EIT at a tax rate of &lt;font&gt;15&lt;/font&gt;% as a result of HNTE status.&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;div class="CursorPointer"&gt;
&lt;table cellpadding="0" cellspacing="0" style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%;"&gt;

&lt;tr style="vertical-align: top;"&gt;
&lt;td style="width: 41pt;"&gt;&lt;/td&gt;
&lt;td style="width: 18pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#149;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Guangzhou Huanju Shidai reported tax loss from 2010 to 2013. On December 31, 2013, Guangzhou Huanju Shidai was granted the qualification as a software enterprise and started to enjoy the &lt;font&gt;zero&lt;/font&gt;&amp;#160;preferential tax rate beginning from 2014.&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;div class="CursorPointer"&gt;
&lt;table cellpadding="0" cellspacing="0" style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%;"&gt;

&lt;tr style="vertical-align: top;"&gt;
&lt;td style="width: 41pt;"&gt;&lt;/td&gt;
&lt;td style="width: 18pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#149;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: justify; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px;"&gt;&lt;font style="font-family: 'Times New Roman', Times, serif;"&gt;Other PRC subsidiaries, VIEs and VIE's subsidiaries were subject to 25% EIT for the periods reported.&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;According to a policy promulgated by the State Tax Bureau of the PRC and effective from 2008 onwards, enterprises engaged in research and development activities are entitled to claim &lt;font&gt;150&lt;/font&gt;% of the research and development expenses so incurred in a year as tax deductible expenses in determining its tax assessable profits for that year (&amp;#147;Super Deduction&amp;#148;). Certain subsidiaries and VIEs of the Group successfully claimed the Super Deduction in ascertaining the tax assessable profits for the periods reported.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;In addition, according to the New EIT Law and its implementation rules, foreign enterprises, which have no establishment or place in the PRC but derive dividends, interest, rents, royalties and other income (including capital gains) from sources in the PRC shall be subject to PRC withholding tax (&amp;#147;WHT&amp;#148;) at &lt;font&gt;10&lt;/font&gt;% (a further reduced WHT rate may be available according to the applicable double tax treaty or arrangement). The &lt;font&gt;10&lt;/font&gt;% WHT is applicable to any dividends to be distributed from the Group's PRC subsidiaries, VIEs and VIE's subsidiaries to the Group's oversea companies.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none;"&gt;Aggregate undistributed earnings and reserves of the Group entities located in the PRC that are available for distribution to the Company as of December 31, 2014 and 2015 are approximately&lt;/font&gt;&amp;#160;RMB&lt;font&gt;1,819,004&lt;/font&gt;&amp;#160;and RMB&lt;font&gt;&lt;font&gt;3,090,721&lt;/font&gt;&lt;/font&gt;, respectively.&amp;#160;&lt;font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none;"&gt;The undistributed earnings and reserves of the Group entities located in the PRC are considered to be indefinitely reinvested, because the Group does not have any present plan to pay any cash dividends on its common shares in the foreseeable future and intends to retain most of its available funds and any future earnings for use in the operation and expansion of its business. Accordingly, no deferred tax liability on 10% WHT of aggregate undistributed earnings and reserves of the Company's subsidiaries located in the PRC has been accrued that would be payable upon the distribution of those amounts to the Company as of December 31, 2014 and 2015.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none;"&gt;&amp;#160;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;i&gt;Composition of income tax expense&lt;/i&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;The current and deferred portions of income tax expense included in the consolidated statements of operations are as follows:&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;div class="CursorPointer" style="/* margin-left: 23pt;"&gt;
&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; width: 95%; margin-left: 0.32in;"&gt;

&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; text-align: center; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;" colspan="10"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;For&amp;#160;the&amp;#160;year&amp;#160;ended&amp;#160;December 31,&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; text-align: center; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;2013&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;2014&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;2015&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; text-align: center; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;RMB&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;RMB&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;RMB&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;" colspan="2"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px; width: 61%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Current income tax expenses&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 10%;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;(125,365&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 10%;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;(200,034&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 10%;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;(203,366&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Deferred income tax benefits&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;35,414&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;45,751&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;25,039&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Income&amp;#160;tax&amp;#160;expense&amp;#160;for&amp;#160;the&amp;#160;year&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;(89,951&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 10px 1px 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;(154,283&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 10px 1px 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;(178,327&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 10px 1px 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;i&gt;Reconciliation of the differences between statutory tax rate and the effective tax rate&amp;#160;&lt;/i&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;The reconciliation of total tax expense computed by applying the respective statutory income tax rate to pre-tax income is as follows:&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;div class="CursorPointer" style="/* margin-left: 23pt;"&gt;
&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; width: 95%; margin-left: 0.32in;"&gt;

&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; text-align: center; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;" colspan="10"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;For&amp;#160;the&amp;#160;year&amp;#160;ended&amp;#160;December 31,&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; text-align: center; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;2013&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;2014&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;2015&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; text-align: center; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;RMB&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;RMB&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;RMB&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;" colspan="2"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px; width: 61%; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;PRC Statutory income tax rate&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; width: 1%; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; width: 1%; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 10%; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;(25.0&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal;font-variant: normal;font-weight: normal;font-stretch: normal;font-size: 10pt;line-height: normal;text-align: left;font-family: 'times new roman';/* padding: 0px 10px 0px 0px; */vertical-align: bottom;white-space: nowrap;width: 1%;background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;)%&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 10%; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;(25.0&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal;font-variant: normal;font-weight: normal;font-stretch: normal;font-size: 10pt;line-height: normal;text-align: left;font-family: 'times new roman';/* padding: 0px 10px 0px 0px; */vertical-align: bottom;white-space: nowrap;width: 1%;background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;)%&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 10%; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;(25.0&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal;font-variant: normal;font-weight: normal;font-stretch: normal;font-size: 10pt;line-height: normal;text-align: left;font-family: 'times new roman';/* padding: 0px 10px 0px 0px; */vertical-align: bottom;white-space: nowrap;width: 1%;background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;)%&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Effect of preferential tax rate&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;10.5&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif;text-align: left;font-family: 'times new roman';padding: 0px;vertical-align: bottom;/* padding-right: 10px; */white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;13.1&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif;text-align: left;font-family: 'times new roman';padding: 0px;vertical-align: bottom;/* padding-right: 10px; */white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;14.0&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif;text-align: left;font-family: 'times new roman';padding: 0px;vertical-align: bottom;/* padding-right: 10px; */white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Effect of tax-exempt entities&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;2.2&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal;font-variant: normal;font-weight: normal;font-stretch: normal;font-size: 10pt;line-height: normal;text-align: left;font-family: 'times new roman';/* padding: 0px 10px 0px 0px; */vertical-align: bottom;white-space: nowrap;background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;1.1&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal;font-variant: normal;font-weight: normal;font-stretch: normal;font-size: 10pt;line-height: normal;text-align: left;font-family: 'times new roman';/* padding: 0px 10px 0px 0px; */vertical-align: bottom;white-space: nowrap;background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;(1.6&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal;font-variant: normal;font-weight: normal;font-stretch: normal;font-size: 10pt;line-height: normal;text-align: left;font-family: 'times new roman';/* padding: 0px 10px 0px 0px; */vertical-align: bottom;white-space: nowrap;background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;)%&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Effect of change in tax rate&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;-&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal;font-variant: normal;font-weight: normal;font-stretch: normal;font-size: 10pt;line-height: normal;text-align: left;font-family: 'times new roman';/* padding: 0px 10px 0px 0px; */vertical-align: bottom;white-space: nowrap;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;-&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal;font-variant: normal;font-weight: normal;font-stretch: normal;font-size: 10pt;line-height: normal;text-align: left;font-family: 'times new roman';/* padding: 0px 10px 0px 0px; */vertical-align: bottom;white-space: nowrap;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;0.5&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal;font-variant: normal;font-weight: normal;font-stretch: normal;font-size: 10pt;line-height: normal;text-align: left;font-family: 'times new roman';/* padding: 0px 10px 0px 0px; */vertical-align: bottom;white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;%&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Permanent differences (i)&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;(4.0&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal;font-variant: normal;font-weight: normal;font-stretch: normal;font-size: 10pt;line-height: normal;text-align: left;font-family: 'times new roman';/* padding: 0px 10px 0px 0px; */vertical-align: bottom;white-space: nowrap;background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;)%&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;(3.5&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal;font-variant: normal;font-weight: normal;font-stretch: normal;font-size: 10pt;line-height: normal;text-align: left;font-family: 'times new roman';/* padding: 0px 10px 0px 0px; */vertical-align: bottom;white-space: nowrap;background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;)%&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;(3.8&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal;font-variant: normal;font-weight: normal;font-stretch: normal;font-size: 10pt;line-height: normal;text-align: left;font-family: 'times new roman';/* padding: 0px 10px 0px 0px; */vertical-align: bottom;white-space: nowrap;background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;)%&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Change in valuation allowance&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;(3.0&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif;text-align: left;font-family: 'times new roman';padding: 0px;vertical-align: bottom;/* padding-right: 10px; */white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;)%&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;(0.4&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif;text-align: left;font-family: 'times new roman';padding: 0px;vertical-align: bottom;/* padding-right: 10px; */white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;)%&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;(1.7&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif;text-align: left;font-family: 'times new roman';padding: 0px;vertical-align: bottom;/* padding-right: 10px; */white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;)%&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Effect&amp;#160;of&amp;#160;Super&amp;#160;Deduction&amp;#160;available&amp;#160;to&amp;#160;the&amp;#160;Group&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;3.4&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal;font-variant: normal;font-weight: normal;font-stretch: normal;font-size: 10pt;line-height: normal;text-align: left;font-family: 'times new roman';/* padding: 0px 10px 0px 0px; */vertical-align: bottom;white-space: nowrap;background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;2.0&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal;font-variant: normal;font-weight: normal;font-stretch: normal;font-size: 10pt;line-height: normal;text-align: left;font-family: 'times new roman';/* padding: 0px 10px 0px 0px; */vertical-align: bottom;white-space: nowrap;background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;2.3&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal;font-variant: normal;font-weight: normal;font-stretch: normal;font-size: 10pt;line-height: normal;text-align: left;font-family: 'times new roman';/* padding: 0px 10px 0px 0px; */vertical-align: bottom;white-space: nowrap;background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Effective income tax rate&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;(15.9&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal;font-variant: normal;font-weight: normal;font-stretch: normal;font-size: 10pt;line-height: normal;text-align: left;font-family: 'times new roman';vertical-align: bottom;white-space: nowrap;padding-bottom: 1pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;)%&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;(12.7&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal;font-variant: normal;font-weight: normal;font-stretch: normal;font-size: 10pt;line-height: normal;text-align: left;font-family: 'times new roman';vertical-align: bottom;white-space: nowrap;padding-bottom: 1pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;)%&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;(15.3&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal;font-variant: normal;font-weight: normal;font-stretch: normal;font-size: 10pt;line-height: normal;text-align: left;font-family: 'times new roman';padding-bottom: 1pt;vertical-align: bottom;white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;)%&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;div class="CursorPointer"&gt;
&lt;table style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; border-collapse: collapse; width: 100%; margin-left: 0.1px;" cellspacing="0" cellpadding="0"&gt;

&lt;tr style="vertical-align: top;"&gt;
&lt;td style="width: 3%; padding-right: 0.8pt; text-align: justify; font-family: 'times new roman'; vertical-align: top;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;(i)&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 97%; padding-right: 0.8pt; text-align: justify; font-family: 'times new roman';"&gt;
&lt;div&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Permanent differences mainly arise from expenses not deductible for tax purposes including primarily share-based compensation costs and expenses incurred by subsidiaries and VIEs.&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;i&gt;Deferred tax assets and liabilities&lt;/i&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Deferred taxes were measured using the enacted tax rates for the periods in which they are expected to be reversed. The tax effects of temporary differences that give rise to the deferred tax asset balances as of December 31, 2014 and 2015 are as follows:&lt;/font&gt;&lt;/p&gt;
&lt;div align="center"&gt;
&lt;div class="CursorPointer"&gt;&lt;br/&gt;&lt;/div&gt;
&lt;/div&gt;
&lt;div&gt;
&lt;div class="CursorPointer" style="/* margin-left: 23pt;"&gt;
&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; width: 95%; margin-left: 0.32in;"&gt;

&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; text-align: center; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;" colspan="6"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;December 31,&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; text-align: center; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;2014&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;2015&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: center; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; text-align: center; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;RMB&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;RMB&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: center; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;" colspan="2"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;" colspan="2"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Deferred tax assets, current:&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: right; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: right; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px; width: 74%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Deferred revenue&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 10%;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;37,796&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 10%;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;46,830&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Allowance&amp;#160;for&amp;#160;doubtful&amp;#160;accounts&amp;#160;receivable,&amp;#160;accrued&amp;#160;expense&amp;#160;and&amp;#160;others&amp;#160;not&amp;#160;currently&amp;#160;deductible&amp;#160;for&amp;#160;tax&amp;#160;purposes&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;82,957&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;83,503&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Valuation allowance&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;(9,317&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;(13,412&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Total current deferred tax assets, net&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;111,436&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;116,921&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white;"&gt;
&lt;td style="font-size: 10pt; text-indent: 0px; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Deferred tax assets, non-current:&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Tax loss carried forward&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;14,654&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;39,904&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Deferred revenue&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;343&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;1,414&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Impairment of investment&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;798&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;1,698&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Others&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;705&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; padding-right: 10px; white-space: nowrap;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;251&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; padding-right: 10px; white-space: nowrap;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px;"&gt;Valuation allowance (i)&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;(15,108&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 0px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;)&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;(39,904&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;)&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Total non-current deferred tax assets, net&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;1,392&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;3,363&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white;"&gt;
&lt;td style="font-size: 10pt; text-indent: 0px; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Deferred tax liabilities, non-current:&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Related to acquired intangible assets&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;26,709&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;16,817&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;div class="CursorPointer"&gt;
&lt;table style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; border-collapse: collapse; width: 100%; margin-left: 0.1px;" cellspacing="0" cellpadding="0"&gt;

&lt;tr style="vertical-align: top;"&gt;
&lt;td style="padding-right: 0.8pt; text-align: justify; font-family: 'times new roman'; width: 3%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;(i)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-right: 2.1pt; text-align: justify; font-family: 'times new roman'; width: 97%;"&gt;
&lt;div&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Valuation allowance is provided against deferred tax assets when the Group determines that it is more likely than not that the deferred tax assets will not be utilized in the future. In making such determination, the Group considered factors including future taxable income exclusive of reversing temporary differences and tax loss carry forwards. Valuation allowance was provided for net operating loss carry forward because it was more likely than not that such deferred tax assets will not be realized based on the Group's estimate of its future taxable income. If events occur in the future that allow the Group to realize more of its deferred income tax than the presently recorded amounts, an adjustment to the valuation allowances will result in a decrease in tax expense when those events occur.&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 23.1pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;i&gt;Tax loss carry forwards&lt;/i&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 23.1pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;As of December 31, 2015, the Group had tax loss carry forwards of approximately RMB&lt;font&gt;159,616&lt;/font&gt;, which can be carried forward to offset future taxable income. The net operating tax loss carry forwards will begin to expire as follows:&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;div class="CursorPointer" style="/* margin-left: 23pt;"&gt;
&lt;table style="border-collapse: collapse; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; margin-left: 0.32in;" cellpadding="0" cellspacing="0" width="95%"&gt;

&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; text-align: left; vertical-align: top; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-align: right;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Amount&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; text-align: left; vertical-align: top; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-align: right;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;RMB&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; text-align: left; vertical-align: top; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; vertical-align: top; font-family: 'times new roman'; width: 87%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;2016&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; width: 10%;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;-&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; vertical-align: top; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;2017&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman';"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;-&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-align: left; text-indent: 0px; padding: 0px; vertical-align: top;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;2018&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman';"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;9,440&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-align: left; text-indent: 0px; padding: 0px; vertical-align: top;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;2019&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman';"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;46,932&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-align: left; padding: 0px; text-indent: 0px; vertical-align: top;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;2020&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; padding-bottom: 1pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;103,244&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-indent: 0px; text-align: left; vertical-align: top;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Total&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; padding-bottom: 1pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;159,616&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;In accordance with PRC Tax Administration Law on the Levying and Collection of Taxes, the PRC tax authorities generally have up to &lt;font&gt;five&lt;/font&gt; years to claw back underpaid tax plus penalties and interest for PRC entities' tax filings. In the case of tax evasion, which is not clearly defined in the law, there is no limitation on the tax years open for investigation. Accordingly, the PRC entities' tax years from 2010 to 2015 remain subject to examination by the tax authorities. There were no ongoing examinations by tax authorities as of December 31, 2015.&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;</us-gaap:IncomeTaxDisclosureTextBlock>
  <us-gaap:ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock id="Tag889" contextRef="D2015-01-01_To_2015-12-31">&lt;div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"&gt;
&lt;div class="CursorPointer" style="/* margin-left: 23pt;"&gt;
&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; width: 95%; margin-left: 0.32in;"&gt;

&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; text-align: center; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;" colspan="10"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;For&amp;#160;the&amp;#160;year&amp;#160;ended&amp;#160;December 31,&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; text-align: center; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;2013&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;2014&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;2015&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; text-align: center; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;RMB&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;RMB&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;RMB&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;" colspan="2"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px; width: 61%; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;PRC Statutory income tax rate&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; width: 1%; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; width: 1%; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 10%; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;(25.0&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal;font-variant: normal;font-weight: normal;font-stretch: normal;font-size: 10pt;line-height: normal;text-align: left;font-family: 'times new roman';/* padding: 0px 10px 0px 0px; */vertical-align: bottom;white-space: nowrap;width: 1%;background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;)%&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 10%; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;(25.0&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal;font-variant: normal;font-weight: normal;font-stretch: normal;font-size: 10pt;line-height: normal;text-align: left;font-family: 'times new roman';/* padding: 0px 10px 0px 0px; */vertical-align: bottom;white-space: nowrap;width: 1%;background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;)%&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 10%; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;(25.0&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal;font-variant: normal;font-weight: normal;font-stretch: normal;font-size: 10pt;line-height: normal;text-align: left;font-family: 'times new roman';/* padding: 0px 10px 0px 0px; */vertical-align: bottom;white-space: nowrap;width: 1%;background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;)%&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Effect of preferential tax rate&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;10.5&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif;text-align: left;font-family: 'times new roman';padding: 0px;vertical-align: bottom;/* padding-right: 10px; */white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;13.1&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif;text-align: left;font-family: 'times new roman';padding: 0px;vertical-align: bottom;/* padding-right: 10px; */white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;14.0&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif;text-align: left;font-family: 'times new roman';padding: 0px;vertical-align: bottom;/* padding-right: 10px; */white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Effect of tax-exempt entities&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;2.2&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal;font-variant: normal;font-weight: normal;font-stretch: normal;font-size: 10pt;line-height: normal;text-align: left;font-family: 'times new roman';/* padding: 0px 10px 0px 0px; */vertical-align: bottom;white-space: nowrap;background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;1.1&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal;font-variant: normal;font-weight: normal;font-stretch: normal;font-size: 10pt;line-height: normal;text-align: left;font-family: 'times new roman';/* padding: 0px 10px 0px 0px; */vertical-align: bottom;white-space: nowrap;background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;(1.6&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal;font-variant: normal;font-weight: normal;font-stretch: normal;font-size: 10pt;line-height: normal;text-align: left;font-family: 'times new roman';/* padding: 0px 10px 0px 0px; */vertical-align: bottom;white-space: nowrap;background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;)%&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Effect of change in tax rate&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;-&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal;font-variant: normal;font-weight: normal;font-stretch: normal;font-size: 10pt;line-height: normal;text-align: left;font-family: 'times new roman';/* padding: 0px 10px 0px 0px; */vertical-align: bottom;white-space: nowrap;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;-&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal;font-variant: normal;font-weight: normal;font-stretch: normal;font-size: 10pt;line-height: normal;text-align: left;font-family: 'times new roman';/* padding: 0px 10px 0px 0px; */vertical-align: bottom;white-space: nowrap;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;0.5&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal;font-variant: normal;font-weight: normal;font-stretch: normal;font-size: 10pt;line-height: normal;text-align: left;font-family: 'times new roman';/* padding: 0px 10px 0px 0px; */vertical-align: bottom;white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;%&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Permanent differences (i)&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;(4.0&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal;font-variant: normal;font-weight: normal;font-stretch: normal;font-size: 10pt;line-height: normal;text-align: left;font-family: 'times new roman';/* padding: 0px 10px 0px 0px; */vertical-align: bottom;white-space: nowrap;background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;)%&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;(3.5&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal;font-variant: normal;font-weight: normal;font-stretch: normal;font-size: 10pt;line-height: normal;text-align: left;font-family: 'times new roman';/* padding: 0px 10px 0px 0px; */vertical-align: bottom;white-space: nowrap;background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;)%&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;(3.8&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal;font-variant: normal;font-weight: normal;font-stretch: normal;font-size: 10pt;line-height: normal;text-align: left;font-family: 'times new roman';/* padding: 0px 10px 0px 0px; */vertical-align: bottom;white-space: nowrap;background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;)%&lt;/font&gt;&lt;/td&gt;
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&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Change in valuation allowance&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;(3.0&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif;text-align: left;font-family: 'times new roman';padding: 0px;vertical-align: bottom;/* padding-right: 10px; */white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;)%&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;(0.4&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif;text-align: left;font-family: 'times new roman';padding: 0px;vertical-align: bottom;/* padding-right: 10px; */white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;)%&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;(1.7&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif;text-align: left;font-family: 'times new roman';padding: 0px;vertical-align: bottom;/* padding-right: 10px; */white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;)%&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Effect&amp;#160;of&amp;#160;Super&amp;#160;Deduction&amp;#160;available&amp;#160;to&amp;#160;the&amp;#160;Group&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;3.4&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal;font-variant: normal;font-weight: normal;font-stretch: normal;font-size: 10pt;line-height: normal;text-align: left;font-family: 'times new roman';/* padding: 0px 10px 0px 0px; */vertical-align: bottom;white-space: nowrap;background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;2.0&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal;font-variant: normal;font-weight: normal;font-stretch: normal;font-size: 10pt;line-height: normal;text-align: left;font-family: 'times new roman';/* padding: 0px 10px 0px 0px; */vertical-align: bottom;white-space: nowrap;background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;2.3&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal;font-variant: normal;font-weight: normal;font-stretch: normal;font-size: 10pt;line-height: normal;text-align: left;font-family: 'times new roman';/* padding: 0px 10px 0px 0px; */vertical-align: bottom;white-space: nowrap;background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Effective income tax rate&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;(15.9&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal;font-variant: normal;font-weight: normal;font-stretch: normal;font-size: 10pt;line-height: normal;text-align: left;font-family: 'times new roman';vertical-align: bottom;white-space: nowrap;padding-bottom: 1pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;)%&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;(12.7&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal;font-variant: normal;font-weight: normal;font-stretch: normal;font-size: 10pt;line-height: normal;text-align: left;font-family: 'times new roman';vertical-align: bottom;white-space: nowrap;padding-bottom: 1pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;)%&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;(15.3&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal;font-variant: normal;font-weight: normal;font-stretch: normal;font-size: 10pt;line-height: normal;text-align: left;font-family: 'times new roman';padding-bottom: 1pt;vertical-align: bottom;white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;)%&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;div class="CursorPointer"&gt;
&lt;table style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; border-collapse: collapse; width: 100%; margin-left: 0.1px;" cellspacing="0" cellpadding="0"&gt;

&lt;tr style="vertical-align: top;"&gt;
&lt;td style="width: 3%; padding-right: 0.8pt; text-align: justify; font-family: 'times new roman'; vertical-align: top;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;(i)&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 97%; padding-right: 0.8pt; text-align: justify; font-family: 'times new roman';"&gt;
&lt;div&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Permanent differences mainly arise from expenses not deductible for tax purposes including primarily share-based compensation costs and expenses incurred by subsidiaries and VIEs.&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
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&lt;tr style="vertical-align: top;"&gt;
&lt;td style="padding-right: 0.8pt;font-family: 'times new roman';width: 23pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;21.&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-right: 0.8pt;font-family: 'times new roman';/* width: 95%; */"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;Common shares&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;







&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;During the year ended December 31, 2013, &lt;font&gt;21,256,900&lt;/font&gt; Class A common shares were issued for the exercised share options, vested restricted shares and restricted share units, &lt;font&gt;422,001,838&lt;/font&gt; Class B common shares were converted to Class A common shares.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;br/&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;As of December 31, 2013, &lt;font&gt;10,000,000,000&lt;/font&gt; Class&amp;#160;A common shares and &lt;font&gt;1,000,000,000&lt;/font&gt; Class B common shares had been authorized,&amp;#160;&lt;font&gt;622,658,738&lt;/font&gt; Class A common shares and &lt;font&gt;485,831,386&lt;/font&gt; Class B common shares had been issued and outstanding, respectively.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;&lt;br/&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;During the year ended December 31, 2014, &lt;font&gt;25,036,140&lt;/font&gt; Class A common shares were issued for the exercised share options, vested restricted shares and restricted share units and&amp;#160;&lt;font&gt;58,478,690&lt;/font&gt; Class B common shares were converted to Class A common shares.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;&lt;br/&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;As of December 31, 2014, &lt;font&gt;10,000,000,000&lt;/font&gt; Class A common shares and &lt;font&gt;1,000,000,000&lt;/font&gt; Class B common shares had been authorized, &lt;font&gt;706,173,568&lt;/font&gt; Class&amp;#160;A common shares and &lt;font&gt;427,352,696&lt;/font&gt; Class B common shares had been issued and outstanding, respectively.&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;/font&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none;"&gt;On May 4, 2014 and March 5, 2015, the Company's board of directors approved &lt;font&gt;two&lt;/font&gt; share repurchase programs (the &amp;#147;Share Repurchase Program&amp;#148;) respectively, pursuant to which the Company may repurchase from time to time at management's discretion, at prevailing market prices in the open market in accordance with Rule 10b-18 under the Securities Exchange Act of 1934, up to US$&lt;font&gt;200&lt;/font&gt; million in total of the Company's outstanding ADSs for a period not to exceed twelve (12) months from the date of approval by board of directors. For the year ended December 31, 2015, the Company had repurchased under the Share Repurchase Program an aggregate&amp;#160;of &lt;font&gt;3,092,556&lt;/font&gt; ADSs, representing &lt;font&gt;61,851,120&lt;/font&gt; Class A common shares at an average price of US$&lt;font&gt;54.82&lt;/font&gt; per ADS, or US$&lt;font&gt;2.74&lt;/font&gt; per Class A common&amp;#160;share, for aggregate consideration of US$&lt;font&gt;169.5&lt;/font&gt; million. Pursuant to ASC 505-30-30-8, since the shares were repurchased for constructive retirement, the excess of repurchase price over par value was recorded as deduction of additional paid-in capital upon the repurchase date.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none;"&gt;&amp;#160;&lt;/font&gt;&lt;/font&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none;"&gt;During the year ended December 31, 2015, &lt;font&gt;26,110,680 &lt;/font&gt;Class A common shares were issued for the exercised share options, vested restricted shares and restricted share units and &lt;font&gt;57,794,720&lt;/font&gt; Class B common shares were converted to Class A common shares.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px 0px 0px 23pt; text-align: justify;"&gt;As of December&amp;#160;31, 2015, &lt;font&gt;10,000,000,000&lt;/font&gt; Class&amp;#160;A common shares and &lt;font&gt;1,000,000,000&lt;/font&gt; Class B common shares had been authorized, &lt;font&gt;728,227,848&lt;/font&gt;&amp;#160;Class&amp;#160;A common shares and &lt;font&gt;369,557,976&lt;/font&gt;&amp;#160;Class B common shares had been issued and outstanding, respectively.&lt;br/&gt;&lt;/p&gt;
&lt;/div&gt;</us-gaap:StockholdersEquityNoteDisclosureTextBlock>
  <us-gaap:ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock id="Tag893" contextRef="D2015-01-01_To_2015-12-31">&lt;div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"&gt;
&lt;div class="CursorPointer" style="/* margin-left: 23pt;"&gt;
&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; width: 95%; margin-left: 0.32in;"&gt;

&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; text-align: center; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;" colspan="10"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;For&amp;#160;the&amp;#160;year&amp;#160;ended&amp;#160;December 31,&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; text-align: center; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;2013&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;2014&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;2015&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; text-align: center; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;RMB&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;RMB&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;RMB&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;" colspan="2"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px; width: 61%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Current income tax expenses&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 10%;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;(125,365&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 10%;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;(200,034&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 10%;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;(203,366&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Deferred income tax benefits&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;35,414&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;45,751&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;25,039&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Income&amp;#160;tax&amp;#160;expense&amp;#160;for&amp;#160;the&amp;#160;year&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;(89,951&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 10px 1px 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;(154,283&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 10px 1px 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;(178,327&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 10px 1px 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;</us-gaap:ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock>
  <us-gaap:SummaryOfOperatingLossCarryforwardsTextBlock id="Tag894" contextRef="D2015-01-01_To_2015-12-31">&lt;div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"&gt;
&lt;div class="CursorPointer" style="/* margin-left: 23pt;"&gt;
&lt;table style="border-collapse: collapse; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; margin-left: 0.32in;" cellpadding="0" cellspacing="0" width="95%"&gt;

&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; text-align: left; vertical-align: top; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-align: right;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Amount&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; text-align: left; vertical-align: top; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-align: right;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;RMB&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; text-align: left; vertical-align: top; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; vertical-align: top; font-family: 'times new roman'; width: 87%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;2016&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; width: 10%;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;-&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; vertical-align: top; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;2017&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman';"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;-&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-align: left; text-indent: 0px; padding: 0px; vertical-align: top;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;2018&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman';"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;9,440&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-align: left; text-indent: 0px; padding: 0px; vertical-align: top;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;2019&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman';"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;46,932&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-align: left; padding: 0px; text-indent: 0px; vertical-align: top;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;2020&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; padding-bottom: 1pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;103,244&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-indent: 0px; text-align: left; vertical-align: top;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Total&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; padding-bottom: 1pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;159,616&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;</us-gaap:SummaryOfOperatingLossCarryforwardsTextBlock>
  <us-gaap:ImpairmentOfIntangibleAssetsExcludingGoodwill id="Tag895" contextRef="D2015-01-01_To_2015-12-31" unitRef="USD" decimals="-3">8830000</us-gaap:ImpairmentOfIntangibleAssetsExcludingGoodwill>
  <us-gaap:IncreaseDecreaseInAccountsReceivable id="Tag896" contextRef="D2015-01-01_To_2015-12-31" unitRef="CNY" decimals="-3">-123634000</us-gaap:IncreaseDecreaseInAccountsReceivable>
  <us-gaap:IncreaseDecreaseInAccountsReceivable id="Tag897" contextRef="D2015-01-01_To_2015-12-31" unitRef="USD" decimals="-3">-19086000</us-gaap:IncreaseDecreaseInAccountsReceivable>
  <us-gaap:ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock id="Tag898" contextRef="D2015-01-01_To_2015-12-31">&lt;div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"&gt;
&lt;div class="CursorPointer" style="/* margin-left: 23pt;"&gt;
&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; width: 95%; margin-left: 0.32in;"&gt;

&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; text-align: center; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;" colspan="6"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;December 31,&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; text-align: center; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;2014&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;2015&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: center; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; text-align: center; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;RMB&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;RMB&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: center; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;" colspan="2"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;" colspan="2"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Deferred tax assets, current:&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: right; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: right; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px; width: 74%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Deferred revenue&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 10%;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;37,796&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 10%;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;46,830&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Allowance&amp;#160;for&amp;#160;doubtful&amp;#160;accounts&amp;#160;receivable,&amp;#160;accrued&amp;#160;expense&amp;#160;and&amp;#160;others&amp;#160;not&amp;#160;currently&amp;#160;deductible&amp;#160;for&amp;#160;tax&amp;#160;purposes&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;82,957&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;83,503&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Valuation allowance&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;(9,317&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;(13,412&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Total current deferred tax assets, net&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;111,436&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;116,921&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white;"&gt;
&lt;td style="font-size: 10pt; text-indent: 0px; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Deferred tax assets, non-current:&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Tax loss carried forward&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;14,654&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;39,904&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Deferred revenue&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;343&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;1,414&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Impairment of investment&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;798&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;1,698&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Others&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;705&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; padding-right: 10px; white-space: nowrap;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;251&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; padding-right: 10px; white-space: nowrap;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px;"&gt;Valuation allowance (i)&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;(15,108&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 0px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;)&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;(39,904&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;)&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Total non-current deferred tax assets, net&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;1,392&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;3,363&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white;"&gt;
&lt;td style="font-size: 10pt; text-indent: 0px; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Deferred tax liabilities, non-current:&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Related to acquired intangible assets&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;26,709&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;16,817&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;div class="CursorPointer"&gt;
&lt;table style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; border-collapse: collapse; width: 100%; margin-left: 0.1px;" cellspacing="0" cellpadding="0"&gt;

&lt;tr style="vertical-align: top;"&gt;
&lt;td style="padding-right: 0.8pt; text-align: justify; font-family: 'times new roman'; width: 3%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;(i)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-right: 2.1pt; text-align: justify; font-family: 'times new roman'; width: 97%;"&gt;
&lt;div&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Valuation allowance is provided against deferred tax assets when the Group determines that it is more likely than not that the deferred tax assets will not be utilized in the future. In making such determination, the Group considered factors including future taxable income exclusive of reversing temporary differences and tax loss carry forwards. Valuation allowance was provided for net operating loss carry forward because it was more likely than not that such deferred tax assets will not be realized based on the Group's estimate of its future taxable income. If events occur in the future that allow the Group to realize more of its deferred income tax than the presently recorded amounts, an adjustment to the valuation allowances will result in a decrease in tax expense when those events occur.&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;</us-gaap:ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock>
  <us-gaap:DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock id="Tag899" contextRef="D2015-01-01_To_2015-12-31">&lt;div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"&gt;
&lt;div class="CursorPointer"&gt;
&lt;table cellspacing="0" cellpadding="0" style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; border-collapse: collapse; width: 100%;"&gt;

&lt;tr style="vertical-align: top;"&gt;
&lt;td style="padding-right: 0.8pt; text-align: justify; font-family: 'times new roman'; width: 23pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;22.&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-right: 0.8pt; text-align: justify; font-family: 'times new roman'; /* width: 95%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;Share based compensation&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;div class="CursorPointer"&gt;
&lt;table cellspacing="0" cellpadding="0" style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; border-collapse: collapse; width: 100%;"&gt;

&lt;tr style="vertical-align: top;"&gt;
&lt;td style="padding-right: 0.8pt; text-align: justify; font-family: 'times new roman'; width: 23pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;(a)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-right: 0.8pt; text-align: justify; font-family: 'times new roman'; /* width: 95%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;Share options&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Pre-2009 Scheme Options&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;i&gt;Grant of options&lt;/i&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Before the adoption of the Employee Equity Incentive Scheme (the &amp;#147;2009 Incentive Scheme&amp;#148;), &lt;font&gt;12,705,700&lt;/font&gt; and &lt;font&gt;8,499,050&lt;/font&gt; share options were granted to employees through individually signed share option agreements, to acquire common shares of Duowan BVI on a one-to-one basis on January 1, 2008 and 2009 respectively. In addition, on January 1, 2008, &lt;font&gt;3,832,290&lt;/font&gt; share options were granted to &lt;font&gt;one&lt;/font&gt; non-employee for the provision of consulting services to the Group (collectively defined as &amp;#147;Pre-2009 Scheme Options&amp;#148;).&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;i&gt;Vesting of options&lt;/i&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;These Pre-2009 Scheme Options will vest over a &lt;font&gt;four&lt;/font&gt; years' service period, with &lt;font&gt;25&lt;/font&gt;% of the options vesting after the first anniversary of the vesting inception date and the remaining &lt;font&gt;75&lt;/font&gt;% in &lt;font&gt;six&lt;/font&gt; equal installments over the following &lt;font&gt;36&lt;/font&gt; months. The options may be exercised provided that both the service conditions and a performance condition are met. The performance condition is defined to be i) an initial public offering, ii)&amp;#160;completion of a financing meeting certain criteria, iii) an internal reorganization, or iv) a voluntary winding up of Duowan BVI. The performance condition that is tied to completion of a financing fulfilling certain criteria was met in June 2008 or November 2009.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;The following table summarizes the activities of the Pre-2009 Scheme Options for employees and non-employee for the years ended December 31, 2013, 2014 and 2015:&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;div class="CursorPointer"&gt;
&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; margin-left: 0.32in;" width="95%"&gt;

&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; text-align: center; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; padding: 0px; text-align: right;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Number of&lt;/font&gt;&lt;br/&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; options&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right;"&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; padding: 0px; text-align: right;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Weighted&lt;/font&gt;&lt;br/&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; average&lt;/font&gt;&lt;br/&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; exercise&lt;/font&gt;&lt;br/&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; price&amp;#160;(US$)&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right;"&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; padding: 0px; text-align: right;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Weighted&lt;/font&gt;&lt;br/&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; average&lt;/font&gt;&lt;br/&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; remaining&lt;/font&gt;&lt;br/&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; contractual&amp;#160;life&lt;/font&gt;&lt;br/&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (years)&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right;"&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; padding: 0px; text-align: right;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Aggregate&lt;/font&gt;&lt;br/&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; intrinsic&lt;/font&gt;&lt;br/&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; value&lt;/font&gt;&lt;br/&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (US$)&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;" colspan="2"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; font-family: 'times new roman'; padding: 0px; width: 48%;"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: -13.3333px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none; background-color: #cceeff;"&gt;Outstanding, January 1, 2013&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; width: 1%;"&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; width: 1%;"&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 10%;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;17,870,425&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 10%;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;0.0055&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 10%;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;5.37&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 10%;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;12,642&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Exercised&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;(4,648,420&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;0.0045&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;4.30&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: right; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-size: 10pt; text-indent: 0px; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Outstanding, December 31, 2013&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;13,222,005&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;0.0059&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;4.40&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;33,162&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Exercised&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
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&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
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&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
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&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px;"&gt;Outstanding, vested and exercisable, December 31, 2014&lt;/td&gt;
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&lt;td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;7,380,345&lt;/font&gt;&lt;/td&gt;
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&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;0.0061&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
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&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;3.52&lt;/font&gt;&lt;/td&gt;
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&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;22,959&lt;/font&gt;&lt;/td&gt;
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&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
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&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Outstanding,&amp;#160;vested&amp;#160;and&amp;#160;exercisable,&amp;#160;December&amp;#160;31,&amp;#160;2015&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;768,375&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;0.0067&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;2.99&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;2,395&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; /* border-bottom: #000000 1pt solid !important; */ white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Forfeitures are estimated at the time of grant. If necessary, forfeitures are revised in subsequent periods if actual forfeitures differ from those estimates.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;The aggregate intrinsic value in the table above represents the difference between the Company's common shares as of December 31, 2013, 2014 and 2015 and the exercise price.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Prior to the completion of the IPO, the Binomial option pricing model is used to determine the fair value of the share options granted to employees and the non-employee.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Upon the completion of the IPO, the fair value of share options granted to a non-employee with &lt;font&gt;nil&lt;/font&gt; exercise price was assessed to be equivalent to the fair value of the Company's common share. These share options were remeasured at the stock price of the Company's common share as of December 31, 2014 and 2015.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;The total intrinsic value of options exercised during the year ended December 31, 2013, 2014 and 2015 amounted to &lt;font&gt;64,195&lt;/font&gt;, RMB&lt;font&gt;&lt;font&gt;134,844&lt;/font&gt;&lt;/font&gt; and RMB&lt;font&gt;122,956&lt;/font&gt;, respectively. For the years ended December 31, 2013, 2014 and 2015, the Company recorded share based compensation&amp;#160;of RMB&lt;font&gt;&lt;font&gt;14,004&lt;/font&gt;&lt;/font&gt;, &lt;font&gt;&lt;font&gt;nil&lt;/font&gt;&lt;/font&gt;&amp;#160;and &lt;font&gt;nil&lt;/font&gt;, respectively, using the graded-vesting attribution method for employees and non-employee.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;As of December 31, 2015, there was &lt;font&gt;no&lt;/font&gt; unrecognized compensation cost and expense related to Pre-2009 Scheme Options granted to employees and non-employee.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Since January 1, 2010, Duowan BVI granted &lt;font&gt;61,250,677&lt;/font&gt; restricted shares to employees and &lt;font&gt;100,000&lt;/font&gt; restricted shares to a non-employee pursuant to the 2009 Incentive Scheme. As of December 31, 2015, the restricted shares granted to employees and the non-employee were fully vested.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;div class="CursorPointer"&gt;
&lt;table cellspacing="0" cellpadding="0" style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; border-collapse: collapse; width: 100%;"&gt;

&lt;tr style="vertical-align: top;"&gt;
&lt;td style="padding-right: 0.8pt; font-family: 'times new roman'; width: 23pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;(b)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-right: 0.8pt; font-family: 'times new roman'; /* width: 95%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;Restricted shares&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;i&gt;Vesting of restricted shares&lt;/i&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;The restricted shares have vesting conditions and will vest &lt;font&gt;50&lt;/font&gt;% after &lt;font&gt;24&lt;/font&gt; months of the grant date and the remaining &lt;font&gt;50&lt;/font&gt;% will vest in &lt;font&gt;two&lt;/font&gt; equal installments over the next &lt;font&gt;24&lt;/font&gt; months. Under the restricted shares agreement, &lt;font&gt;no&lt;/font&gt; shares may be sold or transferred prior to the occurrence of an exit event, as defined in the respective restricted share agreements as: i) a listing on any recognized stock exchange, ii) a sale by Duowan BVI of all or substantially all of its assets, iii) a sale of all of the issued capital of Duowan BVI, or iv) passing for court order of winding up of Duowan BVI.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;If the employee terminates employment, the service vested portion of the restricted shares may be subject to: (i)&amp;#160;repurchase (subject to Company's sole discretion) by Duowan BVI at fair value of common shares of Duowan BVI which is assessed by the Company with the assistance of an independent valuation firm; or (ii)&amp;#160;be held by a person who is an existing employee of the Group and is designated by the leaving restricted share holder according to a properly signed escrow agreement to hold such shares for and on his/her behalf. If the leaving employee fails to deliver a properly signed agreement to Duowan BVI within &lt;font&gt;30&lt;/font&gt; days from receipt of the notification from Duowan BVI, such service vested shares shall automatically lapse and expire.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;The following table summarizes the restricted shares activity for the years ended December 31, 2013, 2014 and 2015:&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;div class="CursorPointer"&gt;
&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; margin-left: 0.32in;" width="95%"&gt;

&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; text-align: center; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; padding: 0px; text-align: right;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Number of&lt;/font&gt;&lt;br/&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; restricted&lt;/font&gt;&lt;br/&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; shares&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; padding: 0px; text-align: right;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Weighted&lt;/font&gt;&lt;br/&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; average&lt;/font&gt;&lt;br/&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;grant-date&lt;/font&gt;&lt;br/&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; fair&amp;#160;value&amp;#160;(US$)&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; padding: 0px; text-align: right;" colspan="4"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;" colspan="2"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; font-family: 'times new roman'; padding: 0px; width: 74%; background-color: #cceeff;"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: -13.3333px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;"&gt;Outstanding, January 1, 2013&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; width: 1%; background-color: #cceeff;"&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; width: 1%; background-color: #cceeff;"&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 10%; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;18,230,801&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 10%; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;0.4898&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Forfeited&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;(1,581,789&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; padding-right: 10px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;0.8726&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Vested&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;(11,975,287&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;0.3906&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; text-indent: 0px; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Outstanding, December 31, 2013&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;4,673,725&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;0.6144&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Forfeited&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;(159,410&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; padding-right: 10px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;0.9362&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Vested&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;(4,514,315&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;0.6030&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; text-indent: 0px; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Outstanding, December 31, 2014 and 2015&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;-&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;-&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Forfeitures are estimated at the time of grant. If necessary, forfeitures are revised in subsequent periods if actual forfeitures differ from those estimates.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;For the years ended December 31, 2013, 2014 and 2015, the Company recorded share based compensation of RMB&lt;font&gt;&lt;font&gt;7,300&lt;/font&gt;&lt;/font&gt; , RMB&lt;font&gt;&lt;font&gt;3,771&lt;/font&gt;&lt;/font&gt; and &lt;font&gt;nil&lt;/font&gt;, respectively, using the graded-vesting method for employees and non-employee.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;

&lt;table style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse;" cellpadding="0" cellspacing="0"&gt;

&lt;tr style="vertical-align: top;"&gt;
&lt;td style="width: 23pt; text-align: justify;"&gt;&lt;font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"&gt;&lt;b&gt;(c)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="/* width: 95%; */text-align: justify;"&gt;&lt;font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"&gt;&lt;b&gt;Restricted Share Units&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;On September 16, 2011, the board of the directors of the Company approved the 2011 Share Incentive Plan, which permits the grant of share options, restricted shares and restricted share units of up to &lt;font&gt;43,000,000&lt;/font&gt; shares, to any qualified persons, as determined by the board of the directors of the Company. On the same date, the Company granted &lt;font&gt;9,097,000&lt;/font&gt; restricted share units to employees pursuant to the 2011 Share Incentive Plan, that are subject to vesting over a &lt;font&gt;four&lt;/font&gt; to &lt;font&gt;five&lt;/font&gt; years' period. During the year ended December 31, 2012, the Company granted &lt;font&gt;18,295,221&lt;/font&gt; restricted share units to employees pursuant to the 2011 Share Incentive Plan, which are subject to vesting over a &lt;font&gt;two&lt;/font&gt; to &lt;font&gt;four&lt;/font&gt; years' period. No restricted share units were granted to non-employees up to December 31, 2012.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;In October 2012, the board of directors of the Company resolved that the maximum aggregate number of Class&amp;#160;A common shares which may be issued pursuant to all awards under the 2011 Incentive Scheme shall be 43,000,000 plus an annual increase of &lt;font&gt;20,000,000&lt;/font&gt; on the first day of each fiscal year, beginning from 2013, or such lesser amount of Class&amp;#160;A common shares as determined by the board of directors of the Company.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none;"&gt;During the year ended December&amp;#160;31, 2013, the Company granted &lt;font&gt;29,917,989&lt;/font&gt; restricted share units to employees and &lt;font&gt;48,000&lt;/font&gt; restricted share units to non-employee pursuant to the 2011 Share Incentive Plan, which are subject to vesting over a &lt;font&gt;three&lt;/font&gt; to &lt;font&gt;five&lt;/font&gt; years' period.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;/font&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;During the year ended December 31, 2014, the Company granted &lt;font&gt;9,912,595&lt;/font&gt;&amp;#160;restricted share units to employees pursuant to the 2011 Share Incentive Plan, which are subject to vesting over a &lt;font&gt;18&lt;/font&gt;&amp;#160;months to &lt;font&gt;five&lt;/font&gt; years' period.&amp;#160;&lt;font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none;"&gt;No restricted share units were granted to non-employees during the year ended December 31, 2014.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;During the year ended December 31, 2015, the Company granted &lt;font&gt;16,012,644&lt;/font&gt;&amp;#160;restricted share units to employees pursuant to the 2011 Share Incentive Plan, which are subject to vesting over a &lt;font&gt;three&lt;/font&gt;&amp;#160;years to &lt;font&gt;five&lt;/font&gt;&amp;#160;years' period.&amp;#160;No restricted share units were granted to non-employees during the year ended December 31, 2015.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;The following table summarizes the restricted share units activity for the years ended December 31, 2013, 2014 and 2015:&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;div class="CursorPointer"&gt;
&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; width: 95%; margin-left: 0.32in;"&gt;

&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; text-align: center; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; padding: 0px; text-align: right;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Number of&lt;/font&gt;&lt;br/&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; restricted&lt;/font&gt;&lt;br/&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; shares&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; padding: 0px; text-align: right;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Weighted&lt;/font&gt;&lt;br/&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; average&lt;/font&gt;&lt;br/&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;grant-date&lt;/font&gt;&lt;br/&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; fair&amp;#160;value&amp;#160;(US$)&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; padding: 0px; text-align: right;" colspan="4"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;" colspan="2"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; font-family: 'times new roman'; padding: 0px; width: 74%; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Outstanding, January 1, 2013&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; width: 1%; background-color: #cceeff;"&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; width: 1%; background-color: #cceeff;"&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 10%; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;26,695,621&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 10%; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;1.0415&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Granted&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;29,965,989&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;0.9338&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
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&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Forfeited&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;(3,522,992&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;1.0699&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
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&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Vested&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;(8,836,018&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;)&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;1.0429&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
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&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; text-align: left; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
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&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Outstanding, December 31, 2013&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;44,302,600&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;0.9639&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
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&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;&amp;#160;&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Granted&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;9,912,595&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;3.5805&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Forfeited&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;(3,125,430&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px 0px 0px; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;)&amp;#160;&lt;/font&gt;&lt;/td&gt;
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&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;1.1859&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
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&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;1.0144&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
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&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
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&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
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&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Outstanding, December 31, 2014&lt;/font&gt;&lt;/td&gt;
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&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;38,806,095&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;1.5984&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
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&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
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&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; text-align: left; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
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&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Granted&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
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&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;3.3358&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
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&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Forfeited&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;(7,312,548&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px 0px 0px; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;)&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;1.8920&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
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&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Vested&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;(11,222,589&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;1.4374&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-size: 10pt; text-indent: 0px; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; text-align: left; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Outstanding, December 31, 2015&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"&gt;&lt;font&gt;36,283,602&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;2.3535&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-size: 10pt; text-indent: 0px; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; text-align: left; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Expected to vest at December 31, 2015&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"&gt;&lt;font&gt;34,548,581&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;2.3356&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;For the years ended December 31, 2013, 2014 and 2015, the Company recorded share based compensation of RMB&lt;font&gt;&lt;font&gt;95,792&lt;/font&gt;&lt;/font&gt;, RMB&lt;font&gt;&lt;font&gt;130,718&lt;/font&gt;&lt;/font&gt; and RMB&lt;font&gt;152,205&lt;/font&gt;, using the graded-vesting attribution method.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;As of December 31, 2015, total unrecognized compensation expense relating to the restricted share units was RMB&amp;#160;&lt;font&gt;294,041&lt;/font&gt;. The expense is expected to be recognized over a weighted average period of &lt;font&gt;1.16&lt;/font&gt;&amp;#160;years using the graded-vesting attribution method.&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;table style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse;" cellpadding="0" cellspacing="0"&gt;

&lt;tr style="vertical-align: top;"&gt;
&lt;td style="width: 23pt; text-align: justify;"&gt;&lt;font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"&gt;&lt;b&gt;(d)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="/* width: 95%; */text-align: justify;"&gt;&lt;font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"&gt;&lt;b&gt;Share based awards granted to an employee of a subsidiary&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23.05pt; text-align: justify;"&gt;&lt;br/&gt;&lt;font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none;"&gt;The Company completed a business combination in 2014&lt;/font&gt;&amp;#160;by acquiring &lt;font&gt;100&lt;/font&gt;% of&amp;#160;&lt;font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none;"&gt;equity interests in &lt;font&gt;two&lt;/font&gt; vocational training companies, Xingxue and Chuangzhi (Note 4). In the third quarter of 2015, the Company granted share based awards of Xingxue to one of Xingxue's key employee (the &amp;#147;Employee&amp;#148;).&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23.05pt; text-align: justify;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0pt 0pt 0pt 23pt; text-align: justify;"&gt;Under the arrangements entered into by the Company and the Employee, the Employee has been granted &lt;font&gt;20&lt;/font&gt;% of Xingxue's equity interests with immediate effect and will be entitled to purchase additional equity interests of Xingxue subject to the achievement of certain financial performance metrics of Xingxue (&amp;#147;call option&amp;#148;). These awards should be regarded as share based awards with performance conditions. The Company should recognize compensation cost for awards with performance conditions if and when the Company concludes that it is probable that the performance condition will be achieved. For the year ended December 31, 2015, based on the Company's assessment on the probability of performance condition affiliated in this equity-classified award under ASC 718, the Company has recognised share based compensation of&amp;#160;RMB&lt;font&gt;32,593&lt;/font&gt;&amp;#160;for the share based awards granted to the Employee including the initial 20% of shares and the additional shares to be granted under the call option.&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Pursuant to the terms of the arrangements entered into by the Company and the Employee, if Xingxue does not successfully complete an IPO at a future date while certain financial performance metrics have been met, the Employee will be entitled to sell all the equity interests held by the Employee on Xingxue to the Company at the then fair value (&amp;#147;put option&amp;#148;), based on the Company's assessment, as of December 31, 2015, the Company considered that the exercise of the put option is not probable. Accordingly, no accretion charge has been recorded for the year ended December 31, 2015.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;table style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse;" cellpadding="0" cellspacing="0"&gt;

&lt;tr style="vertical-align: top;"&gt;
&lt;td style="width: 23pt; text-align: justify;"&gt;&lt;font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"&gt;&lt;b&gt;(e)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="/* width: 95%; */text-align: justify;"&gt;&lt;b style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px;"&gt;Other share based compensation&lt;/b&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none;"&gt;For the years ended December 31, 2013, 2014 and 2015, the Company recorded share based compensation of &lt;font&gt;nil&lt;/font&gt;, RMB&lt;font&gt;143&lt;/font&gt; and RMB&lt;font&gt;574&lt;/font&gt; for restricted shares to the founder of a subsidiary of a variable interest entity.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;


&lt;/div&gt;</us-gaap:DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock>
  <us-gaap:NonvestedRestrictedStockSharesActivityTableTextBlock id="Tag900" contextRef="D2015-01-01_To_2015-12-31">&lt;div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"&gt;
&lt;div class="CursorPointer"&gt;
&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; margin-left: 0.32in;" width="95%"&gt;

&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; text-align: center; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; padding: 0px; text-align: right;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Number of&lt;/font&gt;&lt;br/&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; restricted&lt;/font&gt;&lt;br/&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; shares&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; padding: 0px; text-align: right;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Weighted&lt;/font&gt;&lt;br/&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; average&lt;/font&gt;&lt;br/&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;grant-date&lt;/font&gt;&lt;br/&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; fair&amp;#160;value&amp;#160;(US$)&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; padding: 0px; text-align: right;" colspan="4"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;" colspan="2"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; font-family: 'times new roman'; padding: 0px; width: 74%; background-color: #cceeff;"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: -13.3333px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;"&gt;Outstanding, January 1, 2013&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; width: 1%; background-color: #cceeff;"&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; width: 1%; background-color: #cceeff;"&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 10%; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;18,230,801&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 10%; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;0.4898&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Forfeited&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;(1,581,789&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; padding-right: 10px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;0.8726&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Vested&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;(11,975,287&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;0.3906&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; text-indent: 0px; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Outstanding, December 31, 2013&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;4,673,725&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;0.6144&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Forfeited&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;(159,410&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; padding-right: 10px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;0.9362&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Vested&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;(4,514,315&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;0.6030&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; text-indent: 0px; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Outstanding, December 31, 2014 and 2015&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;-&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;-&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

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  <us-gaap:DeferredIncomeTaxExpenseBenefit id="Tag901" contextRef="D2015-01-01_To_2015-12-31" unitRef="USD" decimals="-3">-3865000</us-gaap:DeferredIncomeTaxExpenseBenefit>
  <us-gaap:IncomeLossFromEquityMethodInvestments id="Tag902" contextRef="D2015-01-01_To_2015-12-31" unitRef="CNY" decimals="-3">14120000</us-gaap:IncomeLossFromEquityMethodInvestments>
  <us-gaap:IncomeLossFromEquityMethodInvestments id="Tag903" contextRef="D2015-01-01_To_2015-12-31" unitRef="USD" decimals="-3">2180000</us-gaap:IncomeLossFromEquityMethodInvestments>
  <us-gaap:ImpairmentOfIntangibleAssetsExcludingGoodwill id="Tag904" contextRef="D2015-01-01_To_2015-12-31" unitRef="CNY" decimals="-3">57199000</us-gaap:ImpairmentOfIntangibleAssetsExcludingGoodwill>
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&lt;div class="CursorPointer"&gt;
&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; width: 95%; margin-left: 0.32in;"&gt;

&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; text-align: center; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; padding: 0px; text-align: right;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Number of&lt;/font&gt;&lt;br/&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; restricted&lt;/font&gt;&lt;br/&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; shares&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; padding: 0px; text-align: right;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Weighted&lt;/font&gt;&lt;br/&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; average&lt;/font&gt;&lt;br/&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;grant-date&lt;/font&gt;&lt;br/&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; fair&amp;#160;value&amp;#160;(US$)&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; padding: 0px; text-align: right;" colspan="4"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;" colspan="2"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; font-family: 'times new roman'; padding: 0px; width: 74%; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Outstanding, January 1, 2013&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; width: 1%; background-color: #cceeff;"&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; width: 1%; background-color: #cceeff;"&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 10%; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;26,695,621&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 10%; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;1.0415&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Granted&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;29,965,989&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;0.9338&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Forfeited&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;(3,522,992&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
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&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
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&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;0.9639&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
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&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Granted&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
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&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;3.5805&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
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&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Forfeited&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;(3,125,430&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px 0px 0px; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;)&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;1.1859&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Vested&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
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&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
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&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Outstanding, December 31, 2014&lt;/font&gt;&lt;/td&gt;
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&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
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&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;3.3358&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
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&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Forfeited&lt;/font&gt;&lt;/td&gt;
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&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px 0px 0px; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;)&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;1.8920&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
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&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
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&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
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&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;1.4374&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
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&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
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&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
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&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; text-align: left; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Outstanding, December 31, 2015&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"&gt;&lt;font&gt;36,283,602&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;2.3535&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-size: 10pt; text-indent: 0px; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; text-align: left; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Expected to vest at December 31, 2015&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"&gt;&lt;font&gt;34,548,581&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;2.3356&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;</us-gaap:ScheduleOfShareBasedCompensationRestrictedStockUnitsAwardActivityTableTextBlock>
  <us-gaap:OperatingLeasesRentExpenseNet id="Tag906" contextRef="D2015-01-01_To_2015-12-31" unitRef="CNY" decimals="-3">53674000</us-gaap:OperatingLeasesRentExpenseNet>
  <us-gaap:CommitmentsAndContingenciesDisclosureTextBlock id="Tag907" contextRef="D2015-01-01_To_2015-12-31">&lt;div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"&gt;
&lt;div class="CursorPointer"&gt;
&lt;table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse;"&gt;

&lt;tr style="vertical-align: top;"&gt;
&lt;td style="width: 0.32in; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;26.&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;Commitments and contingencies&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0;"&gt;

&lt;tr style="vertical-align: top; text-align: justify;"&gt;
&lt;td style="width: 0%;"&gt;&lt;/td&gt;
&lt;td style="width: 0.32in; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;(a)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;Operating lease commitments&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify; margin-left: 0.32in;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;The Group leases facilities in the PRC under non-cancellable operating leases expiring on different dates. Payments under operating leases are expensed on a straight-line basis over the periods of the respective leases.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify; margin-left: 0.32in;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Total office rental expenses under all operating leases were RMB&lt;font&gt;19,423&lt;/font&gt;, RMB&lt;font&gt;28,144&lt;/font&gt; and RMB&lt;font&gt;53,674&lt;/font&gt;&amp;#160;for the years ended December 31, 2013, 2014 and 2015, respectively.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify; margin-left: 0.32in;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;As of December 31, 2015, future minimum payments under non-cancellable operating leases consist of the following:&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;div style="display: block;"&gt;
&lt;div align="left" style="/* margin-left: 0.25in;"&gt;
&lt;table style="border-collapse: collapse;font-style: normal;font-variant: normal;font-weight: normal;font-stretch: normal;font-size: 10pt;line-height: normal;font-family: 'times new roman', times, serif;margin-left: 0.32in;" cellpadding="0" cellspacing="0" width="86%"&gt;

&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; text-align: left; vertical-align: top; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-align: right;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Office&amp;#160;rental&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; text-align: left; vertical-align: top; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-align: right;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;RMB&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; text-align: left; vertical-align: top; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; padding-left: 1.4pt; vertical-align: top; font-family: 'times new roman'; width: 87%; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;2016&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; width: 1%; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; width: 1%; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; width: 10%; background-color: rgb(204, 238, 255);"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;40,495&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; width: 1%; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; padding-left: 1.4pt; vertical-align: top; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;2017&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman';"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;32,247&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; padding-bottom: 1pt; padding-left: 1.4pt; vertical-align: top; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;2018&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding-bottom: 1pt; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;19,567&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; padding-bottom: 1pt; padding-left: 1.4pt; vertical-align: top; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;2019&amp;#160;and&amp;#160;after&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding-bottom: 1pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;font&gt;1,209&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-size: 10pt; padding-bottom: 1pt; padding-left: 1.4pt; text-align: left; vertical-align: top; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding-bottom: 1pt; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;93,518&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0;"&gt;

&lt;tr style="vertical-align: top;"&gt;
&lt;td style="width: 0%;"&gt;&lt;/td&gt;
&lt;td style="width: 0.32in;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;(b)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;Capital commitment&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify; margin-left: 0.32in;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font style="color: #000000; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;"&gt;As of December 31, 2015, the Group had outstanding capital commitments totaling RMB&lt;font&gt;55,784&lt;/font&gt;, which consisted of capital expenditures of a land use right.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0;"&gt;

&lt;tr style="vertical-align: top;"&gt;
&lt;td style="width: 0%;"&gt;&lt;/td&gt;
&lt;td style="width: 0.32in;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;(c)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;Litigation&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify; margin-left: 0.32in;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;In October 2014, Guangzhou&amp;#160;NetEase Computer System Co., Ltd.&amp;#160;(&amp;#147;NetEase&amp;#148;) brought a copyright infringement claim against the Group in the Intermediate People's Court of Guangzhou, alleging that the Group's live game broadcasting program has infringed the copyright of one of their online games called Fantasy Westward Journey.&amp;#160;The claimant is seeking RMB&lt;font&gt;100&lt;/font&gt;&amp;#160;million for their potential damages, requesting YY to cease the copyright infringement practices and apologize publicly. This case is still in early stage and the Group is not able to make a reliable estimate of the potential loss, if any, at this stage.&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;</us-gaap:CommitmentsAndContingenciesDisclosureTextBlock>
  <us-gaap:EarningsPerShareTextBlock id="Tag908" contextRef="D2015-01-01_To_2015-12-31">&lt;div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"&gt;
&lt;div class="CursorPointer"&gt;
&lt;table cellspacing="0" cellpadding="0" style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; border-collapse: collapse; width: 100%;"&gt;

&lt;tr style="vertical-align: top;"&gt;
&lt;td style="padding-right: 0.8pt; font-family: 'times new roman'; width: 23pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;23.&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-right: 0.8pt; font-family: 'times new roman'; /* width: 95%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;Basic and diluted net income per share&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Basic and diluted net income per share for the years ended December 31, 2013, 2014 and 2015 are calculated as follows:&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;div style="/* margin-left: 23pt; */"&gt;
&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse;font-style: normal;font-variant: normal;font-weight: normal;font-stretch: normal;font-size: 10pt;line-height: normal;font-family: 'times new roman', times, serif;width: 95%;margin-left: 0.32in;"&gt;

&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; text-align: center; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;" colspan="10"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;For&amp;#160;the&amp;#160;year&amp;#160;ended&amp;#160;December&amp;#160;31,&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; text-align: center; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;2013&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right;"&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right;"&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;2014&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;2015&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; text-align: center; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;RMB&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right;"&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right;"&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;RMB&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;RMB&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;" colspan="2"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;" colspan="2"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Numerator:&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: right; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: right; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: right; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px; width: 61%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Net income attributable to the Company&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; width: 10%;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;477,727&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; width: 10%;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;1,064,472&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; width: 10%;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;1,033,243&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-size: 10pt; text-indent: 0px; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; text-align: left; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; text-align: left; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: bold; letter-spacing: normal; line-height: normal; orphans: auto; text-align: left; text-indent: -13.3333px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;"&gt;Numerator for basic net income per share&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px;border-bottom-width: 1pt !important;border-bottom-style: solid !important;border-bottom-color: rgb(0, 0, 0) !important;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;border-bottom-width: 1pt !important;border-bottom-style: solid !important;border-bottom-color: rgb(0, 0, 0) !important;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;477,727&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;border-bottom-width: 1pt !important;border-bottom-style: solid !important;border-bottom-color: rgb(0, 0, 0) !important;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;border-bottom-width: 1pt !important;border-bottom-style: solid !important;border-bottom-color: rgb(0, 0, 0) !important;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;1,064,472&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;border-bottom-width: 1pt !important;border-bottom-style: solid !important;border-bottom-color: rgb(0, 0, 0) !important;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;border-bottom-width: 1pt !important;border-bottom-style: solid !important;border-bottom-color: rgb(0, 0, 0) !important;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;1,033,243&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: bold; letter-spacing: normal; line-height: normal; orphans: auto; text-align: left; text-indent: -13.3333px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;"&gt;Numerator for diluted income per share&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);border-bottom-width: 1pt !important;border-bottom-style: solid !important;border-bottom-color: rgb(0, 0, 0) !important;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);border-bottom-width: 1pt !important;border-bottom-style: solid !important;border-bottom-color: rgb(0, 0, 0) !important;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;477,727&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);border-bottom-width: 1pt !important;border-bottom-style: solid !important;border-bottom-color: rgb(0, 0, 0) !important;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);border-bottom-width: 1pt !important;border-bottom-style: solid !important;border-bottom-color: rgb(0, 0, 0) !important;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;1,064,472&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);border-bottom-width: 1pt !important;border-bottom-style: solid !important;border-bottom-color: rgb(0, 0, 0) !important;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);border-bottom-width: 1pt !important;border-bottom-style: solid !important;border-bottom-color: rgb(0, 0, 0) !important;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;1,033,243&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; text-indent: 0px; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; text-align: left; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; text-align: left; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Denominator:&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: right; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: right; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: right; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Denominator for basic calculation&amp;#151;weighted&amp;#160;average number of Class A and Class B common shares outstanding&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;1,122,475,688&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;1,153,140,699&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;1,125,189,978&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Dilutive effect of share options&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;16,362,048&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;10,372,442&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;2,711,486&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Dilutive effect of restricted shares&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;14,400,670&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;2,604,789&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;-&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Dilutive effect of restricted share units&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;27,882,891&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;32,425,543&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;22,929,699&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Denominator for diluted calculation&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;1,181,121,297&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;1,198,543,473&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;1,150,831,163&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-size: 10pt; text-indent: 0px; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; text-align: left; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; text-align: left; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Basic net income per Class&amp;#160;A and Class B common share&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;0.43&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;0.92&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;0.92&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Diluted net income per Class&amp;#160;A and Class B common share&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;0.40&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;0.89&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;0.90&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Basic net income per ADS*&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;8.51&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;18.46&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;18.37&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Diluted net income per ADS*&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;8.09&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;17.76&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;17.96&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; letter-spacing: normal; orphans: auto; text-indent: 0px; text-transform: none; widows: 1; word-spacing: 0px; border-collapse: collapse; width: 97%; margin-left: 23pt;"&gt;

&lt;tr style="vertical-align: top;"&gt;
&lt;td style="width: 20px; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 11pt; line-height: 16.8667px; font-family: Calibri, Helvetica, sans-serif; text-align: justify; vertical-align: top;" valign="top"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;*&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 9pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 11pt; line-height: 16.8667px; font-family: Calibri, Helvetica, sans-serif; text-align: justify; text-indent: -9pt;"&gt;
&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;Each ADS represents &lt;font&gt;20&lt;/font&gt; Class&amp;#160;A common shares.&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;br/&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;The &lt;font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none;"&gt;weighted average number of common shares outstanding which could potentially dilute basic earnings per share in the future related to the 2019 Convertible Senior Notes&lt;/font&gt;&amp;#160;was &lt;font&gt;57,219,783&lt;/font&gt;&amp;#160;&lt;font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none;"&gt;and &lt;font&gt;72,267,200&lt;/font&gt; for the years ended December 31, 2014 and 2015 respectively.&amp;#160;The 2019 Convertible Senior Notes were excluded in the computation of diluted earnings per share in 2015 because the inclusion of such instrument would be anti-dilutive.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;

&lt;/div&gt;</us-gaap:EarningsPerShareTextBlock>
  <us-gaap:ScheduleOfFutureMinimumRentalPaymentsForOperatingLeasesTableTextBlock id="Tag909" contextRef="D2015-01-01_To_2015-12-31">&lt;div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"&gt;
&lt;div style="display: block;"&gt;
&lt;div align="left" style="/* margin-left: 0.25in;"&gt;
&lt;table style="border-collapse: collapse;font-style: normal;font-variant: normal;font-weight: normal;font-stretch: normal;font-size: 10pt;line-height: normal;font-family: 'times new roman', times, serif;margin-left: 0.32in;" cellpadding="0" cellspacing="0" width="86%"&gt;

&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; text-align: left; vertical-align: top; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-align: right;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Office&amp;#160;rental&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; text-align: left; vertical-align: top; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-align: right;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;RMB&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; text-align: left; vertical-align: top; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; padding-left: 1.4pt; vertical-align: top; font-family: 'times new roman'; width: 87%; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;2016&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; width: 1%; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; width: 1%; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; width: 10%; background-color: rgb(204, 238, 255);"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;40,495&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; width: 1%; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; padding-left: 1.4pt; vertical-align: top; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;2017&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman';"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;32,247&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; padding-bottom: 1pt; padding-left: 1.4pt; vertical-align: top; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;2018&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding-bottom: 1pt; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;19,567&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; padding-bottom: 1pt; padding-left: 1.4pt; vertical-align: top; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;2019&amp;#160;and&amp;#160;after&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding-bottom: 1pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;font&gt;1,209&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-size: 10pt; padding-bottom: 1pt; padding-left: 1.4pt; text-align: left; vertical-align: top; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding-bottom: 1pt; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;93,518&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;/div&gt;</us-gaap:ScheduleOfFutureMinimumRentalPaymentsForOperatingLeasesTableTextBlock>
  <us-gaap:NetIncomeLoss id="Tag910" contextRef="D2015-01-01_To_2015-12-31" unitRef="CNY" decimals="-3">1033243000</us-gaap:NetIncomeLoss>
  <us-gaap:NetIncomeLossAvailableToCommonStockholdersBasic id="Tag911" contextRef="D2015-01-01_To_2015-12-31" unitRef="CNY" decimals="-3">1033243000</us-gaap:NetIncomeLossAvailableToCommonStockholdersBasic>
  <us-gaap:NetIncomeLossAvailableToCommonStockholdersDiluted id="Tag912" contextRef="D2015-01-01_To_2015-12-31" unitRef="CNY" decimals="-3">1033243000</us-gaap:NetIncomeLossAvailableToCommonStockholdersDiluted>
  <us-gaap:IncrementalCommonSharesAttributableToCallOptionsAndWarrants id="Tag913" contextRef="D2015-01-01_To_2015-12-31" unitRef="Shares" decimals="0">2711486</us-gaap:IncrementalCommonSharesAttributableToCallOptionsAndWarrants>
  <yy:IncrementalCommonSharesAttributableToDilutiveEffectOfRestrictedShares id="Tag914" contextRef="D2015-01-01_To_2015-12-31" unitRef="Shares" xsi:nil="true" />
  <yy:IncrementalCommonSharesAttributableToDilutiveEffectOfRestrictedShareUnits id="Tag915" contextRef="D2015-01-01_To_2015-12-31" unitRef="Shares" decimals="0">22929699</yy:IncrementalCommonSharesAttributableToDilutiveEffectOfRestrictedShareUnits>
  <us-gaap:ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock id="Tag916" contextRef="D2015-01-01_To_2015-12-31">&lt;div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"&gt;
&lt;div style="/* margin-left: 23pt; */"&gt;
&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse;font-style: normal;font-variant: normal;font-weight: normal;font-stretch: normal;font-size: 10pt;line-height: normal;font-family: 'times new roman', times, serif;width: 95%;margin-left: 0.32in;"&gt;

&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; text-align: center; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;" colspan="10"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;For&amp;#160;the&amp;#160;year&amp;#160;ended&amp;#160;December&amp;#160;31,&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; text-align: center; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;2013&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right;"&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right;"&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;2014&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;2015&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; text-align: center; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;RMB&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right;"&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right;"&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;RMB&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;RMB&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;" colspan="2"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;" colspan="2"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Numerator:&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: right; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: right; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: right; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px; width: 61%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Net income attributable to the Company&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; width: 10%;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;477,727&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; width: 10%;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;1,064,472&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; width: 10%;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;1,033,243&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-size: 10pt; text-indent: 0px; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; text-align: left; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; text-align: left; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: bold; letter-spacing: normal; line-height: normal; orphans: auto; text-align: left; text-indent: -13.3333px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;"&gt;Numerator for basic net income per share&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px;border-bottom-width: 1pt !important;border-bottom-style: solid !important;border-bottom-color: rgb(0, 0, 0) !important;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;border-bottom-width: 1pt !important;border-bottom-style: solid !important;border-bottom-color: rgb(0, 0, 0) !important;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;477,727&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;border-bottom-width: 1pt !important;border-bottom-style: solid !important;border-bottom-color: rgb(0, 0, 0) !important;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;border-bottom-width: 1pt !important;border-bottom-style: solid !important;border-bottom-color: rgb(0, 0, 0) !important;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;1,064,472&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;border-bottom-width: 1pt !important;border-bottom-style: solid !important;border-bottom-color: rgb(0, 0, 0) !important;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;border-bottom-width: 1pt !important;border-bottom-style: solid !important;border-bottom-color: rgb(0, 0, 0) !important;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;1,033,243&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: bold; letter-spacing: normal; line-height: normal; orphans: auto; text-align: left; text-indent: -13.3333px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;"&gt;Numerator for diluted income per share&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);border-bottom-width: 1pt !important;border-bottom-style: solid !important;border-bottom-color: rgb(0, 0, 0) !important;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);border-bottom-width: 1pt !important;border-bottom-style: solid !important;border-bottom-color: rgb(0, 0, 0) !important;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;477,727&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);border-bottom-width: 1pt !important;border-bottom-style: solid !important;border-bottom-color: rgb(0, 0, 0) !important;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);border-bottom-width: 1pt !important;border-bottom-style: solid !important;border-bottom-color: rgb(0, 0, 0) !important;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;1,064,472&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);border-bottom-width: 1pt !important;border-bottom-style: solid !important;border-bottom-color: rgb(0, 0, 0) !important;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);border-bottom-width: 1pt !important;border-bottom-style: solid !important;border-bottom-color: rgb(0, 0, 0) !important;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;1,033,243&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; text-indent: 0px; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; text-align: left; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; text-align: left; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Denominator:&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: right; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: right; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: right; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Denominator for basic calculation&amp;#151;weighted&amp;#160;average number of Class A and Class B common shares outstanding&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;1,122,475,688&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;1,153,140,699&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;1,125,189,978&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Dilutive effect of share options&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;16,362,048&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;10,372,442&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;2,711,486&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Dilutive effect of restricted shares&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;14,400,670&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;2,604,789&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;-&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Dilutive effect of restricted share units&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;27,882,891&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;32,425,543&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;22,929,699&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Denominator for diluted calculation&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;1,181,121,297&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;1,198,543,473&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;1,150,831,163&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-size: 10pt; text-indent: 0px; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; text-align: left; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; text-align: left; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Basic net income per Class&amp;#160;A and Class B common share&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;0.43&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;0.92&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;0.92&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Diluted net income per Class&amp;#160;A and Class B common share&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;0.40&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;0.89&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;0.90&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Basic net income per ADS*&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;8.51&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;18.46&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;18.37&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Diluted net income per ADS*&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;8.09&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;17.76&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;17.96&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; letter-spacing: normal; orphans: auto; text-indent: 0px; text-transform: none; widows: 1; word-spacing: 0px; border-collapse: collapse; width: 97%; margin-left: 23pt;"&gt;

&lt;tr style="vertical-align: top;"&gt;
&lt;td style="width: 20px; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 11pt; line-height: 16.8667px; font-family: Calibri, Helvetica, sans-serif; text-align: justify; vertical-align: top;" valign="top"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;*&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 9pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 11pt; line-height: 16.8667px; font-family: Calibri, Helvetica, sans-serif; text-align: justify; text-indent: -9pt;"&gt;
&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;Each ADS represents &lt;font&gt;20&lt;/font&gt; Class&amp;#160;A common shares.&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;</us-gaap:ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock>
  <us-gaap:FairValueDisclosuresTextBlock id="Tag917" contextRef="D2015-01-01_To_2015-12-31">&lt;div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"&gt;
&lt;div style="display: block;"&gt;
&lt;div style="display: block;"&gt;
&lt;table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0;"&gt;

&lt;tr style="vertical-align: top; text-align: justify;"&gt;
&lt;td style="width: 0;"&gt;&lt;/td&gt;
&lt;td style="width: 0.25in; text-align: left;"&gt;&lt;font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"&gt;&lt;b&gt;25.&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: justify;"&gt;&lt;font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"&gt;&lt;b&gt;Fair value measurements&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Fair value reflects the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Group considers the principal or most advantageous market in which it would transact and considers assumptions that market participants would use when pricing the assets or liabilities.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;The Group applies a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument's categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. This guidance specifies a hierarchy of valuation techniques, which is based on whether the inputs into the valuation technique are observable or unobservable. The hierarchy is as follows:&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Level 1&amp;#151;Valuation techniques in which all significant inputs are unadjusted quoted prices from active markets for assets or liabilities that are identical to the assets or liabilities being measured.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Level 2&amp;#151;Valuation techniques in which significant inputs include quoted prices from active markets for assets or liabilities that are similar to the assets or liabilities being measured and/or quoted prices for assets or liabilities that are identical or similar to the assets or liabilities being measured from markets that are not active. Also, model-derived valuations in which all significant inputs and significant value drivers are observable in active markets are Level 2 valuation techniques.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Level 3&amp;#151;Valuation techniques in which one or more significant inputs or significant value drivers are unobservable. Unobservable inputs are valuation technique inputs that reflect the Group's own assumptions about the assumptions that market participants would use in pricing an asset or liability.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;The fair value guidance describes three main approaches to measure the fair value of assets and liabilities: (1)&amp;#160;market approach; (2)&amp;#160;income approach and (3)&amp;#160;cost approach. The market approach uses prices and other relevant information generated from market transactions involving identical or comparable assets or liabilities. The income approach uses valuation techniques to convert future amounts to a single present value amount. The measurement is based on the value indicated by current market expectations about those future amounts. The cost approach is based on the amount that would currently be required to replace an asset.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;When available, the Group uses quoted market prices to determine the fair value of an asset or liability. If quoted market prices are not available, the Group will measure fair value using valuation techniques that use, when possible, current market-based or independently sourced market parameters, such as interest rates and currency rates. The Group did not have any other financial instruments that were required to be measured at fair value on a recurring basis as of December&amp;#160;31, 2015&amp;#160;except for one available-for-sale investment and contingent consideration.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;/font&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;As the investment date was close to year end, there was no significant change in fair value of the the available-for-sale investment from the initial investment date to December 31, 2015.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;The following table summarizes the Company's liabilities that are measured at fair value on a recurring basis and are categorized using the fair value hierarchy as of December 31, 2014 and December 31, 2015:&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;div&gt;
&lt;div style="display: block;"&gt;
&lt;div align="left"&gt;
&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'Times New Roman', Times, serif; margin-left: 0.25in;" width="96%"&gt;

&lt;tr style="vertical-align: bottom;"&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; padding-bottom: 1pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="14" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;As&amp;#160;of&amp;#160;December&amp;#160;31,&amp;#160;2014&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; padding-bottom: 1pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Level&amp;#160;1&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; padding-bottom: 1pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Level&amp;#160;2&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; padding-bottom: 1pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Level&amp;#160;3&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; padding-bottom: 1pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Total&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; padding-bottom: 1pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; text-align: center;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; padding-bottom: 1pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; text-align: center;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; padding-bottom: 1pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; text-align: center;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; padding-bottom: 1pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; text-align: center;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-weight: bold; width: 48%; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Liabilities&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 1%; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 10%; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 1%; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 1%; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 10%; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 1%; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 1%; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 10%; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 1%; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 1%; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 10%; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 1%; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-weight: bold;"&gt;&lt;font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;"&gt;Long-term&amp;#160;payable:&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="text-align: left; padding-bottom: 1pt; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Contingent&amp;#160;consideration&amp;#160;in&amp;#160;relation&amp;#160;to&amp;#160;a&amp;#160;business&amp;#160;acquisition&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: left; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: right; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;-&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: left; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: right; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;-&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: left; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: right; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;183,000&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: left; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: right; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;183,000&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;
&lt;div align="left"&gt;
&lt;table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman', Times, serif; letter-spacing: normal; orphans: auto; text-indent: 0px; text-transform: none; widows: 1; word-spacing: 0px; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; border-collapse: collapse; width: 96%; margin-left: 0.25in;"&gt;

&lt;tr style="vertical-align: bottom; background-color: white;"&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; padding-bottom: 1pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-weight: bold; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="13" style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-weight: bold; text-align: center;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;As of December 31, 2015&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white;"&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; padding-bottom: 1pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-weight: bold; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-weight: bold; text-align: center;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;Level&amp;#160;1&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; padding-bottom: 1pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-weight: bold; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-weight: bold; text-align: center;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;Level&amp;#160;2&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; padding-bottom: 1pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-weight: bold; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-weight: bold; text-align: center;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;Level&amp;#160;3&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; padding-bottom: 1pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-weight: bold; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-weight: bold; text-align: center;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;Total&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white;"&gt;
&lt;td style="text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-weight: bold; text-align: justify; width: 48%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Liabilities&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 10%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 10%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 10%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 10%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white;"&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Long-term payable:&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="text-align: left; padding-bottom: 1pt; padding-left: 0.125in; text-indent: -0.125in;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Contingent&amp;#160;consideration&amp;#160;in&amp;#160;relation&amp;#160;to&amp;#160;business&amp;#160;acquisitions&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;-&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;-&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;-&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;-&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0pt 0px 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0pt 0 0pt 0.25in; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;The following table presents the changes in level 3 instruments for the years ended 31 December, 2014 and 2015.&lt;/font&gt;&lt;/p&gt;
&lt;p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0pt 0px 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;div align="center"&gt;
&lt;div&gt;
&lt;div style="display: block;" align="left"&gt;
&lt;table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman', Times, serif; letter-spacing: normal; orphans: auto; text-indent: 0px; text-transform: none; widows: 1; word-spacing: 0px; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; border-collapse: collapse; width: 96%; margin-left: 0.25in;"&gt;

&lt;tr style="vertical-align: bottom;"&gt;
&lt;td nowrap="nowrap"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Contingent&amp;#160;consideration&amp;#160;in&lt;/font&gt;&lt;br/&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;relation&amp;#160;to&amp;#160;business&lt;/font&gt;&lt;br/&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;acquisitions&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="font-weight: bold; text-align: center;"&gt;RMB&lt;/td&gt;
&lt;td style="font-weight: bold;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="padding-bottom: 2.5pt; text-indent: -10pt; padding-left: 10pt; width: 87%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Balance as of December 31, 2013&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: left; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: right; width: 10%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;-&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white;"&gt;
&lt;td style="text-align: left; padding-bottom: 1pt; text-indent: -3.55pt; padding-left: 10pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Acquisition of 100 Online in 2014 (Note 4)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;183,000&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="padding-bottom: 2.5pt; text-indent: -10pt; padding-left: 10pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Balance as of December 31, 2014&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;183,000&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white;"&gt;
&lt;td style="text-align: left; text-indent: -3.55pt; padding-left: 10pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Acquisition of Beifu in 2015 (Note 4)&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;107,306&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="text-align: left; padding-bottom: 1pt; text-indent: -3.55pt; padding-left: 10pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Fair&amp;#160;value&amp;#160;change&amp;#160;of&amp;#160;contingent&amp;#160;consideration&amp;#160;in&amp;#160;2015&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;(290,306&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white;"&gt;
&lt;td style="padding-bottom: 2.5pt; text-indent: -10pt; padding-left: 10pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Balance as of December 31, 2015&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;-&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0pt 0px; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0pt 0 0pt 0.25in; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;As for contingent consideration in relation to business acquisitions, the Company used the Trinomial Tree model in determining the fair value of the contingent consideration. In applying this model, the Company performs scenario analysis and the fair value of the contingent consideration was determined based on present value of the total contingent consideration under different scenarios and the probability of each scenario. The following table summarizes the factors that the Company used to discount the contingent consideration in relation to acquisition in future years to its present value upon the acquisition date,&lt;/font&gt;&lt;/p&gt;
&lt;p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0pt 0px; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;div align="center"&gt;
&lt;div&gt;
&lt;div align="left"&gt;
&lt;table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman', Times, serif; letter-spacing: normal; orphans: auto; text-indent: 0px; text-transform: none; widows: 1; word-spacing: 0px; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; border-collapse: collapse; width: 96%; margin-left: 0.25in;"&gt;

&lt;tr style="vertical-align: bottom;"&gt;
&lt;td nowrap="nowrap" style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Initial&amp;#160;recognition&amp;#160;of&amp;#160;contingent&amp;#160;consideration&amp;#160;in&amp;#160;relation&amp;#160;to&lt;/font&gt;&lt;br/&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;business acquisitions&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="padding-bottom: 1pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap" style="text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Risk&amp;#160;free&amp;#160;interest&amp;#160;rate&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="padding-bottom: 1pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="padding-bottom: 1pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap" style="text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Discount&amp;#160;rate&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="padding-bottom: 1pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="text-align: justify; width: 74%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Acquisition of 100 Online&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 10%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;4.14&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 10%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;16&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white;"&gt;
&lt;td style="text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Acquisition of Beifu&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;3.81&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;18&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;%&lt;/font&gt;&lt;/td&gt;
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&lt;p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0pt 0px 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0pt 0px 0pt 0.25in; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Pursuant to ASC 805, subsequent measurement for changes in the fair value of contingent consideration after the acquisition date can be divided into two categories.&lt;/font&gt;&lt;/p&gt;
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&lt;table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman', Times, serif; letter-spacing: normal; orphans: auto; text-indent: 0px; text-transform: none; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; margin-top: 0px; margin-bottom: 0px;"&gt;

&lt;tr style="vertical-align: top; text-align: justify;"&gt;
&lt;td style="width: 0.25in;"&gt;&lt;/td&gt;
&lt;td style="width: 0.25in; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;i.&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Additional information about facts and circumstances that existed at the acquisition date that the acquirer obtained after that date;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman', Times, serif; letter-spacing: normal; orphans: auto; text-indent: 0px; text-transform: none; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; margin-top: 0px; margin-bottom: 0px;"&gt;

&lt;tr style="vertical-align: top; text-align: justify;"&gt;
&lt;td style="width: 0.25in;"&gt;&lt;/td&gt;
&lt;td style="width: 0.25in; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;ii.&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Changes resulting from events after the acquisition date.&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0pt 0px 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0pt 0px 0pt 0.25in; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;According to the relevant acquisition agreements, actual financial performance in specific years may result in subsequent changes to the contingent consideration. Unless the change is due to additional information about facts already existed at the acquisition date, these changes should be regarded as resulting from events after the acquisition date and do not constitute measurement period adjustments. Therefore, the second category will be applied to the Company. The Company will re-measure the fair value of the liability recognized for the contingent consideration at each reporting date until the contingency is resolved. For the year ended December 31, 2015, the Company recorded a change in fair value of the contingent consideration of RMB290,306 in other expense pursuant to ASC 805-30-35-1(b).&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23pt; text-align: justify;"&gt;&amp;#160;&lt;br/&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none;"&gt;Apart from the contingent consideration in relation to business acquisitions and available-for-sale investment, the Group's other financial instruments consist principally of cash, short-term deposits, accounts receivable, amounts due to/from related parties, accounts payable, certain accrued expenses and convertible bonds. The recorded values of cash, accounts receivable, amounts due to/from related parties, accounts payable, certain accrued expenses and convertible bonds are recorded at cost which approximates fair value. The fair value of convertible bonds is within level 2 of the fair value hierarchy.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
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&lt;td style="width: 23pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;17.&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="/* width: 95%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;Convertible bonds&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
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&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; padding-bottom: 1pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="6" style="font-weight: bold; text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;December 31,&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
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&lt;tr style="vertical-align: bottom;"&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="font-weight: bold; text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;2014&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="font-weight: bold; text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;2015&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
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&lt;tr style="vertical-align: bottom;"&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;RMB&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;RMB&lt;/font&gt;&lt;/td&gt;
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&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
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&lt;td style="text-align: left; padding-bottom: 2.5pt; text-indent: -10pt; padding-left: 10pt; width: 74%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;2019&amp;#160;Convertible&amp;#160;Senior&amp;#160;Notes&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: right; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: right; width: 10%;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;2,447,980&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: right; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
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&lt;p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0pt 0px 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;&lt;i&gt;&amp;#160;&lt;/i&gt;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0pt 0px 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;On March 18, 2014, the Company issued&amp;#160;Convertible Senior Notes due 2019 with principal amount of US$&lt;font&gt;400,000,000&lt;/font&gt;(the "Notes"). The Notes bear interest at a rate of &lt;font&gt;2.25&lt;/font&gt;% per year, payable semi-annually in arrears on April 1 and October 1 of each year, beginning on October 1, 2014. The Notes will mature on &lt;font&gt;April 1, 2019&lt;/font&gt;. Holders may convert their Notes at their option at any time prior to the close of business on the second business day immediately preceding the maturity date.&lt;/font&gt;&lt;/p&gt;
&lt;p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0pt 0px 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0pt 0px 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Upon conversion, the Company will deliver, for each US$1,000 principal amount of converted Notes, a number of ADSs, each representing&amp;#160;&lt;font&gt;twenty&lt;/font&gt; Class A common shares of YY Inc., par value of US$&lt;font&gt;0.00001&lt;/font&gt; per share, equal to the conversion rate.&lt;/font&gt;&lt;/p&gt;
&lt;p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0pt 0px 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0pt 0px 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;The conversion rate will initially be &lt;font&gt;9.0334&lt;/font&gt; ADSs per US$1,000 principal amount of Notes (equivalent to an initial conversion price of approximately US$&lt;font&gt;110.70&lt;/font&gt; per ADS).&lt;/font&gt;&lt;/p&gt;
&lt;p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0pt 0px 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0pt 0px 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;The net proceeds to the Company from the issuance of the Notes were US$&lt;font&gt;390.8&lt;/font&gt; million. Debt issuance costs were US$&lt;font&gt;9.2&lt;/font&gt; million which&amp;#160;are being deferred and amortized to interest expense from the issuance date (&lt;font&gt;March 18, 2014&lt;/font&gt;) to the first put date of the Notes (April 1, 2017).&lt;/font&gt;&lt;/p&gt;
&lt;p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0pt 0px 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0pt 0px 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;The Notes are general senior unsecured obligations and rank (1) senior in right of payment to any of the Company's future indebtedness that is expressly subordinated in right of payment to the Notes, (2) equal in right of payment to any of the Company's future unsecured indebtedness of the Company that is&amp;#160;not so subordinated, (3) junior in right of payment to any of the Company's secured indebtedness to the extent of the value of the assets securing such indebtedness and (4) structurally junior to all indebtedness and other liabilities (including trade payables) of the Company's subsidiaries, VIEs and VIE's subsidiaries.&lt;/font&gt;&lt;/p&gt;
&lt;p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0pt 0px 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0pt 0px 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;The value of the Notes is initially measured by the cash received and is subsequently stated at amortized cost. As of December 31, 2014 and 2015, &lt;font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none;"&gt;RMB&lt;font&gt;2.4&lt;/font&gt; billion (US$&lt;font&gt;400&lt;/font&gt; million) and RMB&lt;font&gt;2.6&lt;/font&gt; billion &lt;/font&gt;(US$&lt;font&gt;400&lt;/font&gt; million) has been&amp;#160;accounted for as the value of the Notes in non-current liabilities.&lt;/font&gt;&lt;/p&gt;
&lt;p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0pt 0px 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0pt 0px 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;The key terms of the Notes are as follows:&lt;/font&gt;&lt;/p&gt;
&lt;p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0pt 0px 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;i&gt;&amp;#160;&lt;/i&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0pt 0px 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;i&gt;Redemption&lt;/i&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0pt 0px 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;i&gt;&amp;#160;&lt;/i&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0pt 0px 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;i&gt;Contingent redemption option&lt;/i&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0pt 0px 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0pt 0px 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;The Notes are not redeemable prior to the maturity date of &lt;font&gt;April 1, 2019&lt;/font&gt;, except as described below. The holders of the Notes (the &amp;#147;Holders&amp;#148;) have a non-contingent option to require the Company to repurchase for cash all or any portion of their Notes on April 1, 2017. The repurchase price will equal 100% of the principal amount of the Notes to be repurchased plus accrued and unpaid interest, if any, to, but excluding, the repurchase date. If a fundamental change (as defined in the Indenture of the 2019 Convertible Senior Notes) occurs prior to the maturity date, the Holders may require the Company to purchase for cash all or any portion of the Notes at a purchase price equal to 100% of the principal amount of the Notes to be purchased plus accrued and unpaid interest, if any, to, but excluding, the fundamental change purchase date. The Holders have the option to require the Company to repurchase the Notes, in whole or in part, in the event of a fundamental change for an amount equal to the &lt;font&gt;100&lt;/font&gt;% of the principal amount and any accrued and unpaid interest in the event of fundamental changes. The Company believes that the likelihood of occurrence of events of a fundamental change is remote.&lt;/font&gt;&lt;/p&gt;

&lt;p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0pt 0px 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0pt 0px 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;The contingent redemption option is assessed in accordance with ASC 815-15-25-42. The contingent redemption option is considered clearly and closely related to its debt host and does not meet the requirement for bifurcation as the Notes were issued at par and the repurchase feature requires the issuer to settle the option by delivering par plus accrued and unpaid interest, the Notes holder would recover all of their initial investment. Additionally, since the Notes holder can only recover its initial investment upon exercise of its option, there are no interest rate scenarios under which the embedded derivative would at least double the investor's initial rate of return.&lt;/font&gt;&lt;/p&gt;
&lt;p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0pt 0px 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;i&gt;&amp;#160;&lt;/i&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0pt 0px 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;i&gt;Non-contingent redemption option&lt;/i&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0pt 0px 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0pt 0px 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;On or after &lt;font&gt;April 1, 2017&lt;/font&gt;, the Holders have the right to require the issuer to redeem, at &lt;font&gt;100&lt;/font&gt;% of the loan's principal amount plus accrued and unpaid interest, in which circumstance the Holders would recover substantially all of their initial investment.&lt;/font&gt;&lt;/p&gt;
&lt;p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0pt 0px 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;i&gt;&amp;#160;&lt;/i&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0pt 0px 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;i&gt;Conversion&amp;#160;&amp;#160;&lt;/i&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0pt 0px 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0pt 0px 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;The Holders may convert their Notes in integral multiples of US$1,000 principle amount at an initial conversion rate of 9.0334 ADS, at any time prior to the maturity date of April 1, 2019. Upon conversion of the Notes, the Company will deliver shares of the Company's ADS. The conversion rate is subject to adjustment in certain events, including, but not limited to, the issuance of certain share dividends on the Class A common shares, the issuance of certain rights or warrants, subdivisions, combinations, distributions of capital stock, indebtedness, or assets, cash dividends and certain issuer tender or exchange offers (as defined in the Indenture of the 2019 Convertible Senior Notes). In addition, upon a make-whole fundamental change (as defined in the Indenture of the 2019 Convertible Senior Notes), the Company will, under certain circumstances, increase the applicable conversion rate for a holder that elects to convert its Notes in connection with such make-whole fundamental change.&lt;/font&gt;&lt;/p&gt;
&lt;p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0pt 0px 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0pt 0px 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;In accordance with ASC 815-10-15-83, the conversion option meets the definition of a derivative. However, bifurcation of conversion option from the Notes is not required as the scope exception prescribed in ASC 815-10-15-74 is met as the conversion option is considered indexed to the entity's own stock and classified in shareholders' equity.&lt;/font&gt;&lt;/p&gt;
&lt;p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0pt 0px 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;i&gt;&amp;#160;&lt;/i&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0pt 0px 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;i&gt;Assessment of Beneficial Conversion Feature and Contingent Beneficial Conversion Feature:&lt;/i&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0pt 0px 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0pt 0px 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;As the conversion options are not bifurcated, the Company has assessed the beneficial conversion feature (&amp;#147;BCF&amp;#148;), as of commitment date as defined in ASC 470-20. There was no BCF attributed to the Notes as the set conversion price for the Notes was greater than the fair value of the common share price on the&amp;#160;date of issuance.&lt;/font&gt;&lt;/p&gt;
&lt;p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0pt 0px 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0pt 0px 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;The Holders have the option to convert upon a fundamental change, if Holders decide to convert in connection with a fundamental change; the number of shares issuable upon conversion will be increased. Upon occurrence of such adjustment, the Company will have to assess the contingent BCF using a measurement date upon issuance of the Notes. The settlement of the conversion is based on a make-whole provision resulting from a fundamental change, this feature is consistent with ASC 815-40-55-46, and therefore the Company concludes that this feature is also considered indexed to its own shares.&lt;/font&gt;&lt;/p&gt;
&lt;p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0pt 0px 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;i&gt;&amp;#160;&lt;/i&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0pt 0px 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;i&gt;Accounting for Debt Issuance Costs:&lt;/i&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0pt 0px 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0pt 0px 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;The debt issuance costs were recorded as deferred issuance costs and are amortized as interest expense, using the effective interest method, over the term of the Notes pursuant to ASC 835-30-35-2.&lt;/font&gt;&lt;/p&gt;
&lt;p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0pt 0px 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;/font&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0pt 0px 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Interest expense recognized&amp;#160;during the years ended December 31, 2014 and 2015 was&amp;#160;&lt;font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none;"&gt;RMB&lt;font&gt;56,607&lt;/font&gt; and &lt;/font&gt;RMB&lt;font&gt;74,786&lt;/font&gt;.&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;
&lt;/div&gt;</us-gaap:DebtDisclosureTextBlock>
  <us-gaap:ConvertibleDebtTableTextBlock id="Tag931" contextRef="D2015-01-01_To_2015-12-31">&lt;div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"&gt;
&lt;div style="/* margin-left: 23pt;"&gt;
&lt;table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman', Times, serif; letter-spacing: normal; orphans: auto; text-indent: 0px; text-transform: none; widows: 1; word-spacing: 0px; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; width: 91%; margin-left: 30.72px;"&gt;

&lt;tr style="vertical-align: bottom;"&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; padding-bottom: 1pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="6" style="font-weight: bold; text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;December 31,&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="font-weight: bold; text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;2014&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="font-weight: bold; text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;2015&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;RMB&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;RMB&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt; text-indent: -10pt; padding-left: 10pt; width: 74%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;2019&amp;#160;Convertible&amp;#160;Senior&amp;#160;Notes&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: right; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: right; width: 10%;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;2,447,980&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: right; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: right; width: 10%;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;2,597,403&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;</us-gaap:ConvertibleDebtTableTextBlock>
  <us-gaap:RestrictedAssetsDisclosureTextBlock id="Tag932" contextRef="D2015-01-01_To_2015-12-31">&lt;div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"&gt;
&lt;div class="CursorPointer"&gt;
&lt;table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse"&gt;
&lt;tr style="vertical-align: top"&gt;
    &lt;td style="width: 0.32in; text-align: justify"&gt;&lt;font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;28.&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: justify"&gt;&lt;font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"&gt;&lt;b&gt;Restricted net assets&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;
&lt;/div&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif;margin: 0pt 0 0pt 0.25in;text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif;margin: 0pt 0 0pt 0.32in;text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Relevant PRC laws and regulations permit payments of dividends by the Group's subsidiaries and the VIEs and VIE's subsidiaries incorporated in the PRC only out of their retained earnings, if any, as determined in accordance with PRC accounting standards and regulations. In addition, the Company's subsidiaries and the VIEs and VIE's subsidiaries in the PRC are required to annually appropriate &lt;font&gt;10&lt;/font&gt;% of their net after-tax income to the statutory general reserve fund prior to payment of any dividends, unless such reserve funds have reached &lt;font&gt;50&lt;/font&gt;% of their respective registered capital. As a result of these and other restrictions under PRC laws and regulations, the Group's subsidiaries and the VIEs and VIE's subsidiaries incorporated in the PRC are restricted in their ability to transfer a portion of their net assets to the Company either in the form of dividends, loans or advances, which restricted portion as calculated under U.S.&amp;#160;GAAP amounted to approximately RMB&lt;font&gt;&lt;font&gt;343,090&lt;/font&gt;&lt;/font&gt; and RMB&lt;font&gt;2,685,373&lt;/font&gt;&amp;#160;as of December 31, 2014 and 2015, respectively. There are no differences between U.S.&amp;#160;GAAP and PRC accounting standards in connection with the reported net assets of the legally owned subsidiaries in the PRC and the VIEs and VIE's subsidiaries. Even though the Company currently does not require any such dividends, loans or advances from the PRC entities for working capital and other funding purposes, the Company may in the future require additional cash resources from them due to changes in business conditions, to fund future acquisitions and development, or merely to declare and pay dividends or distributions to our shareholders. Except for the above, there is no other restriction on use of proceeds generated by the Group's subsidiaries and the VIEs and VIE's subsidiaries to satisfy any obligations of the Company.&lt;/font&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif;margin: 0pt 0 0pt 0.32in;text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;The Company performed a test on the restricted net assets of consolidated subsidiaries and VIEs in accordance with Securities and Exchange Commission Regulation S-X Rule 4-08 (e) (3), &amp;#147;General Notes to Financial Statements&amp;#148; and concluded that the restricted net assets exceeded 25% of the consolidated net assets of the Company as of December 31, 2015 and the condensed financial information of the Company are required to be presented&amp;#160;(Note 30).&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;</us-gaap:RestrictedAssetsDisclosureTextBlock>
  <us-gaap:SubsequentEventsTextBlock id="Tag933" contextRef="D2015-01-01_To_2015-12-31">&lt;div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"&gt;
&lt;div style="display: block;"&gt;
&lt;table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse;"&gt;

&lt;tr style="vertical-align: top;"&gt;
&lt;td style="width: 0.32in; text-align: justify;"&gt;&lt;font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"&gt;&lt;b&gt;27.&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: justify;"&gt;&lt;font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"&gt;&lt;b&gt;Subsequent events&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: top;"&gt;
&lt;td style="text-align: justify;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: justify;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: top;"&gt;
&lt;td style="text-align: justify;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: justify;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;The Group has performed an evaluation of subsequent events through the date of this report, which is the date the financial statements were issued, with no other material events or transactions needing recognition or disclosure found.&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;</us-gaap:SubsequentEventsTextBlock>
  <yy:AppropriationOfAfterTaxIncomeToStatutoryGeneralReservePerAnnum id="Tag934" contextRef="D2015-01-01_To_2015-12-31" unitRef="Pure" decimals="2">0.10</yy:AppropriationOfAfterTaxIncomeToStatutoryGeneralReservePerAnnum>
  <us-gaap:RelatedPartyTransactionsDisclosureTextBlock id="Tag935" contextRef="D2015-01-01_To_2015-12-31">&lt;div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"&gt;
&lt;div style="display: block;"&gt;
&lt;div style="display: block; ;display: block;"&gt;
&lt;div class="CursorPointer"&gt;
&lt;table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse;"&gt;

&lt;tr style="vertical-align: top;"&gt;
&lt;td style="width: 0.32in;"&gt;&lt;font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"&gt;&lt;b&gt;24.&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"&gt;&lt;b&gt;Related party transactions&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; margin-left: 0.32in;"&gt;&lt;font style="font-size: 10pt;"&gt;The table below sets forth the major related parties and their relationships with the Group:&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;div style="display: block;"&gt;
&lt;div class="CursorPointer"&gt;
&lt;div align="left"&gt;
&lt;table style="border-collapse: collapse; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; margin-left: 0.32in;" cellpadding="0" cellspacing="0" width="95%"&gt;

&lt;tr&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; border-bottom-color: black !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt;"&gt;Major related parties&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding-bottom: 1pt; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; border-bottom-color: black !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt;"&gt;Relationship with the Group&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman'; width: 60%;"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: -13.3333px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;"&gt;Guangzhou Shanghang Information Technology Co., Ltd. (&amp;#147;Shanghang&amp;#148;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; width: 2%;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman'; width: 38%;"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: -13.3333px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;"&gt;Significant influence exercised by the Chairman&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-align: left; text-indent: 0px; padding: 0px;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;"&gt;Bigo&amp;#160;Inc ("Bigo")&lt;/font&gt;&lt;sup style="color: #000000; font-family: 'Times New Roman', Times, serif; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px;"&gt;&amp;#160;(1)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman';"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: -13.3333px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;"&gt;Significant influence exercised by the CEO&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: -13.3333px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;"&gt;Guangzhou Kuyou Information Technology Co., Ltd.(&amp;#147;Guangzhou Kuyou&amp;#148;) &lt;/font&gt;&lt;sup style="color: #000000; font-family: 'Times New Roman', Times, serif; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: -13.3333px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px;"&gt;(2)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman';"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: -13.3333px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;"&gt;Equity investment&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: -13.3333px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;"&gt;Zhuhai Daren Computer Technology Co., Ltd. (&amp;#147;Zhuhai Daren&amp;#148;) &lt;/font&gt;&lt;sup style="color: #000000; font-family: 'Times New Roman', Times, serif; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: -13.3333px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px;"&gt;(3)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt;"&gt;Equity investment&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; text-indent: 0px; padding: 0px;"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: -13.3333px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;"&gt;Shenzhen Qingdou Network Technology Co., Ltd.(&amp;#147;Shenzhen Qingdou&amp;#148;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman';"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: -13.3333px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;"&gt;Cost investment with significant influence&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; text-indent: 0px; padding: 0px;"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: -13.3333px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;"&gt;Beijing Xianqu Network Technology Co., Ltd.(&amp;#147;Beijing Xianqu&amp;#148;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman';"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: -13.3333px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;"&gt;Cost investment with significant influence&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; text-indent: 0px; padding: 0px;"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: -13.3333px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;"&gt;Shanghai YaoYu Culture Media Co., Ltd.(&amp;#147;Shanghai Yaoyu&amp;#148;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman';"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: -13.3333px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;"&gt;Cost investment with significant influence&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin: 0; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; margin-left: 0.32in;"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;"&gt;(1) In October 2014, the Group entered into an agreement with its CEO to inject Weihui into Bigo, a company set up and which was then controlled by the CEO. In May 2015, the Group made a further capital injection of RMB&lt;font&gt;122,249&lt;/font&gt; to Bigo and owned an aggregate of &lt;font&gt;350&lt;/font&gt; Million shares of Bigo, representing approximately &lt;font&gt;25&lt;/font&gt;% of Bigo's total outstanding shares as of December 31, 2015.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify; margin-left: 0.32in;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;"&gt;(2) In March 2014, the Group made a further capital injection&lt;/font&gt;&amp;#160;of RMB&lt;font&gt;15,000&lt;/font&gt;&amp;#160;to Guangzhou Kuyou and owned&lt;font&gt; 20%&lt;/font&gt; of the equity interests in the company.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify; margin-left: 0.32in;"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;"&gt;(3) In October 2015, the Group made a further capital injection of RMB&lt;font&gt;500&lt;/font&gt; to Zhuhai Daren and owned &lt;font&gt;40&lt;/font&gt;% of the equity interests in the company.&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160; &amp;#160; &amp;#160;&lt;/font&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify; margin-left: 0.32in;"&gt;&lt;font style="font-size: 10pt;"&gt;During the years ended December 31, 2013, 2014 and 2015, significant related party transactions were as follows:&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;div class="CursorPointer"&gt;
&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 95%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.32in;"&gt;

&lt;tr style="vertical-align: bottom;"&gt;
&lt;td nowrap="nowrap"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="10" nowrap="nowrap" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid;"&gt;&lt;font style="font-size: 10pt;"&gt;For&amp;#160;the&amp;#160;year&amp;#160;ended&amp;#160;December 31,&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td nowrap="nowrap"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: right;"&gt;&lt;font style="font-size: 10pt;"&gt;2013&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: right;"&gt;&lt;font style="font-size: 10pt;"&gt;2014&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: right;"&gt;&lt;font style="font-size: 10pt;"&gt;2015&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td nowrap="nowrap"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap" style="text-align: right;"&gt;&lt;font style="font-size: 10pt;"&gt;RMB&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap" style="text-align: right;"&gt;&lt;font style="font-size: 10pt;"&gt;RMB&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap" style="text-align: right;"&gt;&lt;font style="font-size: 10pt;"&gt;RMB&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="text-align: right;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="text-align: right;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="text-align: right;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="text-align: left; width: 61%; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;Repayment from related parties&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 1%; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 10%; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font&gt;1,000&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 1%; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 1%; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 10%; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font&gt;1,500&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 1%; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 1%; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 10%; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font&gt;316,181&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 1%; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;"&gt;Online games revenue shared from related parties&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font&gt;29,528&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font&gt;65,247&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font&gt;163,912&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="text-align: left; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;Interest-free loan to related parties&lt;/font&gt;&lt;/td&gt;
&lt;td style="background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font&gt;-&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font&gt;1,500&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font&gt;159,000&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;"&gt;Payment on behalf of&amp;#160;related parties&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font&gt;-&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font&gt;61,000&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font&gt;95,311&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="text-align: left; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;Bandwidth service provided by Shanghang&lt;/font&gt;&lt;/td&gt;
&lt;td style="background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font&gt;21,272&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font&gt;42,470&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font&gt;74,661&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -10pt; padding-left: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt;Sales of equipment to Bigo&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font&gt;-&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font&gt;-&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font&gt;12,058&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="text-align: left; text-indent: -10pt; padding-left: 10pt; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;Purchase of operating rights for game broadcasting from Shanghai Yaoyu&lt;/font&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font&gt;&amp;#160;&lt;font&gt;-&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font&gt;&amp;#160;&lt;font&gt;-&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font&gt;&amp;#160;&lt;font&gt;11,486&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -10pt; padding-left: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt;Purchase of operating rights for licensed games from related parties&lt;/font&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font&gt;&amp;#160;&lt;font&gt;-&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font&gt;&amp;#160;&lt;font&gt;6,836&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font&gt;&amp;#160;&lt;font&gt;10,022&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="text-indent: -10pt; padding-left: 10pt; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;Others&lt;/font&gt;&lt;/td&gt;
&lt;td style="background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font&gt;7,164&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font&gt;1,563&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font&gt;9,095&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; margin-left: 0.32in;"&gt;&lt;font style="font-size: 10pt;"&gt;As of December 31, 2014 and 2015, the amounts due from/to related parties were as follows: &lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;div class="CursorPointer"&gt;
&lt;div align="left"&gt;
&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; margin-left: 0.32in;" width="95%"&gt;

&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; text-align: center; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; padding-bottom: 1pt; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important;" colspan="6"&gt;&lt;font style="font-size: 10pt;"&gt;December 31,&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font: bold 10pt times new roman, times, serif; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; text-align: center; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-align: right;" colspan="2"&gt;&lt;font style="font-size: 10pt;"&gt;2014&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-align: right;"&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-align: right;"&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-align: right;" colspan="2"&gt;&lt;font style="font-size: 10pt;"&gt;2015&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; text-align: center; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-align: right;" colspan="2"&gt;&lt;font style="font-size: 10pt;"&gt;RMB&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-align: right;"&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-align: right;"&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-align: right;" colspan="2"&gt;&lt;font style="font-size: 10pt;"&gt;RMB&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: right;" colspan="2"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: right;"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: right;"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: right;" colspan="2"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman'; width: 74%; background-color: #cceeff;"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: bold; letter-spacing: normal; line-height: normal; orphans: auto; text-align: left; text-indent: -13.3333px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;"&gt;Amounts due from related parties&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; width: 1%; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; width: 1%; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; width: 10%; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; /* padding-right: 5px; *//* padding-left: 5px; */width: 1%; text-align: right; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; /* padding-right: 5px; *//* padding-left: 5px; */width: 1%; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; width: 10%; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt;"&gt;Other receivables from Bigo&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt;61,000&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; text-align: right;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; /* padding-right: 5px; *//* padding-left: 5px;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; /* padding-right: 5px; *//* padding-left: 5px;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt;-&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; padding: 0px; text-indent: 0px; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: left; text-indent: -13.3333px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: -13.3333px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;"&gt;Others&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding-bottom: 1pt; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font&gt;73&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; /* padding-right: 5px; *//* padding-left: 5px; */text-align: right; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding-bottom: 1pt; font-family: 'times new roman'; white-space: nowrap; /* padding-right: 5px; *//* padding-left: 5px; */background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; /* padding-right: 5px; *//* padding-left: 5px; */border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font&gt;5,297&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; padding: 0px; text-indent: 0px; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding-bottom: 1pt; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; /* padding-right: 5px; *//* padding-left: 5px; */text-align: right;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding-bottom: 1pt; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding: 0px; text-indent: 0px; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;Total&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding-bottom: 1pt; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt;61,073&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; /* padding-right: 5px; *//* padding-left: 5px; */text-align: right; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding-bottom: 1pt; font-family: 'times new roman'; white-space: nowrap; /* padding-right: 5px; *//* padding-left: 5px; */background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; /* padding-right: 5px; *//* padding-left: 5px; */border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt;5,297&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; text-indent: 0px; padding: 0px; font-family: 'times new roman'; vertical-align: top; text-align: left;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; /* padding-right: 5px; *//* padding-left: 5px;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; /* padding-right: 5px; *//* padding-left: 5px; */text-align: right;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left; white-space: nowrap; /* padding-right: 5px; *//* padding-left: 5px;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; /* padding-right: 5px; *//* padding-left: 5px;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;Amounts due to related parties&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: right; font-family: 'times new roman'; white-space: nowrap; /* padding-right: 5px; *//* padding-left: 5px; */background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; /* padding-left: 5px; *//* text-align: right; */background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; white-space: nowrap; /* padding-right: 5px; *//* padding-left: 5px; */background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; white-space: nowrap; /* padding-right: 5px; *//* padding-left: 5px; */background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: right; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: left; text-indent: -13.3333px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;"&gt;Other payables to Shanghang&lt;/font&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: right; font-family: 'times new roman'; white-space: nowrap; /* padding: 0px 0px 0px 5px;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;font&gt;4,342&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; white-space: nowrap; /* padding-right: 5px; *//* padding-left: 5px; */text-align: right;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; white-space: nowrap; /* padding-right: 5px; *//* padding-left: 5px;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; white-space: nowrap; /* padding-right: 5px; *//* padding-left: 5px;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: right; font-family: 'times new roman'; white-space: nowrap; padding: 0px 0px 0px 5px;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font&gt;10,167&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;Accounts payable to Guangzhou Kuyou&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt;24,454&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; /* padding-right: 5px; *//* padding-left: 5px; */text-align: right; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; /* padding-right: 5px; *//* padding-left: 5px; */background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; /* padding-right: 5px; *//* padding-left: 5px; */background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt;9,017&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt;"&gt;Accounts payable to Zhuhai Daren&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt;2,020&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; /* padding-right: 5px; *//* padding-left: 5px; */text-align: right;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; /* padding-right: 5px; *//* padding-left: 5px;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; /* padding-right: 5px; *//* padding-left: 5px;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt;4,127&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: -13.3333px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;"&gt;Others&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font&gt;76&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; /* padding-right: 5px; *//* padding-left: 5px; */text-align: right; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; /* padding-right: 5px; *//* padding-left: 5px; */background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; /* padding-right: 5px; *//* padding-left: 5px; */border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font&gt;1,606&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; padding: 0px; text-indent: 0px; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding-bottom: 1pt; font-family: 'times new roman';"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman';"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; /* padding-right: 5px; *//* padding-left: 5px; */text-align: right;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding-bottom: 1pt; font-family: 'times new roman'; white-space: nowrap; /* padding-right: 5px; *//* padding-left: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; /* padding-right: 5px; *//* padding-left: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding: 0px; text-indent: 0px; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;Total&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding-bottom: 1pt; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt;30,892&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; /* padding-right: 5px; *//* padding-left: 5px; */text-align: right; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding-bottom: 1pt; font-family: 'times new roman'; white-space: nowrap; /* padding-right: 5px; *//* padding-left: 5px; */background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; /* padding-right: 5px; *//* padding-left: 5px; */border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt;24,917&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;div&gt;&lt;br/&gt;&lt;/div&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify; margin-left: 0.32in;"&gt;&lt;font style="font-size: 10pt;"&gt;The other receivables/payables from/to related parties are unsecured, interest-free and payable on demand.&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;/div&gt;</us-gaap:RelatedPartyTransactionsDisclosureTextBlock>
  <yy:ScheduleOfRelatedPartiesAndTheirRelationshipsWithGroupTableTextBlock id="Tag936" contextRef="D2015-01-01_To_2015-12-31">&lt;div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"&gt;
&lt;div style="display: block;"&gt;
&lt;div class="CursorPointer"&gt;
&lt;div align="left"&gt;
&lt;table style="border-collapse: collapse; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; margin-left: 0.32in;" cellpadding="0" cellspacing="0" width="95%"&gt;

&lt;tr&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; border-bottom-color: black !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt;"&gt;Major related parties&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding-bottom: 1pt; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; border-bottom-color: black !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt;"&gt;Relationship with the Group&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman'; width: 60%;"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: -13.3333px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;"&gt;Guangzhou Shanghang Information Technology Co., Ltd. (&amp;#147;Shanghang&amp;#148;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; width: 2%;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman'; width: 38%;"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: -13.3333px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;"&gt;Significant influence exercised by the Chairman&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-align: left; text-indent: 0px; padding: 0px;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;"&gt;Bigo&amp;#160;Inc ("Bigo")&lt;/font&gt;&lt;sup style="color: #000000; font-family: 'Times New Roman', Times, serif; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px;"&gt;&amp;#160;(1)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman';"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: -13.3333px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;"&gt;Significant influence exercised by the CEO&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: -13.3333px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;"&gt;Guangzhou Kuyou Information Technology Co., Ltd.(&amp;#147;Guangzhou Kuyou&amp;#148;) &lt;/font&gt;&lt;sup style="color: #000000; font-family: 'Times New Roman', Times, serif; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: -13.3333px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px;"&gt;(2)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman';"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: -13.3333px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;"&gt;Equity investment&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: -13.3333px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;"&gt;Zhuhai Daren Computer Technology Co., Ltd. (&amp;#147;Zhuhai Daren&amp;#148;) &lt;/font&gt;&lt;sup style="color: #000000; font-family: 'Times New Roman', Times, serif; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: -13.3333px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px;"&gt;(3)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt;"&gt;Equity investment&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; text-indent: 0px; padding: 0px;"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: -13.3333px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;"&gt;Shenzhen Qingdou Network Technology Co., Ltd.(&amp;#147;Shenzhen Qingdou&amp;#148;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman';"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: -13.3333px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;"&gt;Cost investment with significant influence&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; text-indent: 0px; padding: 0px;"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: -13.3333px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;"&gt;Beijing Xianqu Network Technology Co., Ltd.(&amp;#147;Beijing Xianqu&amp;#148;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman';"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: -13.3333px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;"&gt;Cost investment with significant influence&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; text-indent: 0px; padding: 0px;"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: -13.3333px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;"&gt;Shanghai YaoYu Culture Media Co., Ltd.(&amp;#147;Shanghai Yaoyu&amp;#148;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman';"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: -13.3333px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;"&gt;Cost investment with significant influence&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin: 0; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; margin-left: 0.32in;"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;"&gt;(1) In October 2014, the Group entered into an agreement with its CEO to inject Weihui into Bigo, a company set up and which was then controlled by the CEO. In May 2015, the Group made a further capital injection of RMB&lt;font&gt;122,249&lt;/font&gt; to Bigo and owned an aggregate of &lt;font&gt;350&lt;/font&gt; Million shares of Bigo, representing approximately &lt;font&gt;25&lt;/font&gt;% of Bigo's total outstanding shares as of December 31, 2015.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify; margin-left: 0.32in;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;"&gt;(2) In March 2014, the Group made a further capital injection&lt;/font&gt;&amp;#160;of RMB&lt;font&gt;15,000&lt;/font&gt;&amp;#160;to Guangzhou Kuyou and owned&lt;font&gt; 20%&lt;/font&gt; of the equity interests in the company.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify; margin-left: 0.32in;"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;"&gt;(3) In October 2015, the Group made a further capital injection of RMB&lt;font&gt;500&lt;/font&gt; to Zhuhai Daren and owned &lt;font&gt;40&lt;/font&gt;% of the equity interests in the company.&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;/div&gt;</yy:ScheduleOfRelatedPartiesAndTheirRelationshipsWithGroupTableTextBlock>
  <us-gaap:ScheduleOfRelatedPartyTransactionsTableTextBlock id="Tag937" contextRef="D2015-01-01_To_2015-12-31">&lt;div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"&gt;
&lt;div class="CursorPointer"&gt;
&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 95%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.32in;"&gt;

&lt;tr style="vertical-align: bottom;"&gt;
&lt;td nowrap="nowrap"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="10" nowrap="nowrap" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid;"&gt;&lt;font style="font-size: 10pt;"&gt;For&amp;#160;the&amp;#160;year&amp;#160;ended&amp;#160;December 31,&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td nowrap="nowrap"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: right;"&gt;&lt;font style="font-size: 10pt;"&gt;2013&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: right;"&gt;&lt;font style="font-size: 10pt;"&gt;2014&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: right;"&gt;&lt;font style="font-size: 10pt;"&gt;2015&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td nowrap="nowrap"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap" style="text-align: right;"&gt;&lt;font style="font-size: 10pt;"&gt;RMB&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap" style="text-align: right;"&gt;&lt;font style="font-size: 10pt;"&gt;RMB&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap" style="text-align: right;"&gt;&lt;font style="font-size: 10pt;"&gt;RMB&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="text-align: right;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="text-align: right;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="text-align: right;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="text-align: left; width: 61%; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;Repayment from related parties&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 1%; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 10%; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font&gt;1,000&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 1%; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 1%; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 10%; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font&gt;1,500&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 1%; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 1%; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 10%; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font&gt;316,181&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 1%; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;"&gt;Online games revenue shared from related parties&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font&gt;29,528&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font&gt;65,247&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font&gt;163,912&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="text-align: left; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;Interest-free loan to related parties&lt;/font&gt;&lt;/td&gt;
&lt;td style="background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font&gt;-&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font&gt;1,500&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font&gt;159,000&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;"&gt;Payment on behalf of&amp;#160;related parties&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font&gt;-&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font&gt;61,000&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font&gt;95,311&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="text-align: left; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;Bandwidth service provided by Shanghang&lt;/font&gt;&lt;/td&gt;
&lt;td style="background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font&gt;21,272&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font&gt;42,470&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font&gt;74,661&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -10pt; padding-left: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt;Sales of equipment to Bigo&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font&gt;-&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font&gt;-&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font&gt;12,058&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="text-align: left; text-indent: -10pt; padding-left: 10pt; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;Purchase of operating rights for game broadcasting from Shanghai Yaoyu&lt;/font&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font&gt;&amp;#160;&lt;font&gt;-&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font&gt;&amp;#160;&lt;font&gt;-&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font&gt;&amp;#160;&lt;font&gt;11,486&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -10pt; padding-left: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt;Purchase of operating rights for licensed games from related parties&lt;/font&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font&gt;&amp;#160;&lt;font&gt;-&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font&gt;&amp;#160;&lt;font&gt;6,836&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font&gt;&amp;#160;&lt;font&gt;10,022&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="text-indent: -10pt; padding-left: 10pt; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;Others&lt;/font&gt;&lt;/td&gt;
&lt;td style="background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font&gt;7,164&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font&gt;1,563&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font&gt;9,095&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;</us-gaap:ScheduleOfRelatedPartyTransactionsTableTextBlock>
  <yy:ScheduleOfRelatedPartyTransactionDueFromToRelatedPartyTableTextBlock id="Tag938" contextRef="D2015-01-01_To_2015-12-31">&lt;div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"&gt;
&lt;div class="CursorPointer"&gt;
&lt;div align="left"&gt;
&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; margin-left: 0.32in;" width="95%"&gt;

&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; text-align: center; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; padding-bottom: 1pt; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important;" colspan="6"&gt;&lt;font style="font-size: 10pt;"&gt;December 31,&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font: bold 10pt times new roman, times, serif; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; text-align: center; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-align: right;" colspan="2"&gt;&lt;font style="font-size: 10pt;"&gt;2014&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-align: right;"&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-align: right;"&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-align: right;" colspan="2"&gt;&lt;font style="font-size: 10pt;"&gt;2015&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; text-align: center; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman';"&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-align: right;" colspan="2"&gt;&lt;font style="font-size: 10pt;"&gt;RMB&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-align: right;"&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-align: right;"&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-align: right;" colspan="2"&gt;&lt;font style="font-size: 10pt;"&gt;RMB&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: right;" colspan="2"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: right;"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: right;"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: right;" colspan="2"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman'; width: 74%; background-color: #cceeff;"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: bold; letter-spacing: normal; line-height: normal; orphans: auto; text-align: left; text-indent: -13.3333px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;"&gt;Amounts due from related parties&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; width: 1%; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; width: 1%; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; width: 10%; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; /* padding-right: 5px; *//* padding-left: 5px; */width: 1%; text-align: right; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; /* padding-right: 5px; *//* padding-left: 5px; */width: 1%; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; width: 10%; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt;"&gt;Other receivables from Bigo&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt;61,000&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; text-align: right;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; /* padding-right: 5px; *//* padding-left: 5px;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; /* padding-right: 5px; *//* padding-left: 5px;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt;-&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; padding: 0px; text-indent: 0px; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: left; text-indent: -13.3333px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: -13.3333px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;"&gt;Others&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding-bottom: 1pt; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font&gt;73&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; /* padding-right: 5px; *//* padding-left: 5px; */text-align: right; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding-bottom: 1pt; font-family: 'times new roman'; white-space: nowrap; /* padding-right: 5px; *//* padding-left: 5px; */background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; /* padding-right: 5px; *//* padding-left: 5px; */border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font&gt;5,297&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; padding: 0px; text-indent: 0px; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding-bottom: 1pt; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; /* padding-right: 5px; *//* padding-left: 5px; */text-align: right;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding-bottom: 1pt; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding: 0px; text-indent: 0px; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;Total&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding-bottom: 1pt; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt;61,073&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; /* padding-right: 5px; *//* padding-left: 5px; */text-align: right; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding-bottom: 1pt; font-family: 'times new roman'; white-space: nowrap; /* padding-right: 5px; *//* padding-left: 5px; */background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; /* padding-right: 5px; *//* padding-left: 5px; */border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt;5,297&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; text-indent: 0px; padding: 0px; font-family: 'times new roman'; vertical-align: top; text-align: left;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; /* padding-right: 5px; *//* padding-left: 5px;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; /* padding-right: 5px; *//* padding-left: 5px; */text-align: right;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left; white-space: nowrap; /* padding-right: 5px; *//* padding-left: 5px;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; /* padding-right: 5px; *//* padding-left: 5px;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;Amounts due to related parties&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: right; font-family: 'times new roman'; white-space: nowrap; /* padding-right: 5px; *//* padding-left: 5px; */background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; /* padding-left: 5px; *//* text-align: right; */background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; white-space: nowrap; /* padding-right: 5px; *//* padding-left: 5px; */background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; white-space: nowrap; /* padding-right: 5px; *//* padding-left: 5px; */background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: right; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: left; text-indent: -13.3333px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;"&gt;Other payables to Shanghang&lt;/font&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: right; font-family: 'times new roman'; white-space: nowrap; /* padding: 0px 0px 0px 5px;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;font&gt;4,342&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; white-space: nowrap; /* padding-right: 5px; *//* padding-left: 5px; */text-align: right;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; white-space: nowrap; /* padding-right: 5px; *//* padding-left: 5px;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; white-space: nowrap; /* padding-right: 5px; *//* padding-left: 5px;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: right; font-family: 'times new roman'; white-space: nowrap; padding: 0px 0px 0px 5px;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font&gt;10,167&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;Accounts payable to Guangzhou Kuyou&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt;24,454&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; /* padding-right: 5px; *//* padding-left: 5px; */text-align: right; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; /* padding-right: 5px; *//* padding-left: 5px; */background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; /* padding-right: 5px; *//* padding-left: 5px; */background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt;9,017&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt;"&gt;Accounts payable to Zhuhai Daren&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt;2,020&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; /* padding-right: 5px; *//* padding-left: 5px; */text-align: right;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; /* padding-right: 5px; *//* padding-left: 5px;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; /* padding-right: 5px; *//* padding-left: 5px;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt;4,127&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: -13.3333px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;"&gt;Others&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font&gt;76&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; /* padding-right: 5px; *//* padding-left: 5px; */text-align: right; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; /* padding-right: 5px; *//* padding-left: 5px; */background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; /* padding-right: 5px; *//* padding-left: 5px; */border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font&gt;1,606&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; padding: 0px; text-indent: 0px; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding-bottom: 1pt; font-family: 'times new roman';"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman';"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; /* padding-right: 5px; *//* padding-left: 5px; */text-align: right;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding-bottom: 1pt; font-family: 'times new roman'; white-space: nowrap; /* padding-right: 5px; *//* padding-left: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; /* padding-right: 5px; *//* padding-left: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding: 0px; text-indent: 0px; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;Total&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding-bottom: 1pt; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt;30,892&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; /* padding-right: 5px; *//* padding-left: 5px; */text-align: right; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding-bottom: 1pt; font-family: 'times new roman'; white-space: nowrap; /* padding-right: 5px; *//* padding-left: 5px; */background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; /* padding-right: 5px; *//* padding-left: 5px; */border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt;24,917&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;/div&gt;</yy:ScheduleOfRelatedPartyTransactionDueFromToRelatedPartyTableTextBlock>
  <yy:PaymentOnBehalfOfRelatedParty id="Tag939" contextRef="D2015-01-01_To_2015-12-31" unitRef="CNY" decimals="-3">95311000</yy:PaymentOnBehalfOfRelatedParty>
  <yy:PaymentOnBehalfOfRelatedParty id="Tag940" contextRef="D2015-01-01_To_2015-12-31" unitRef="USD" decimals="-3">14713000</yy:PaymentOnBehalfOfRelatedParty>
  <us-gaap:IncreaseDecreaseInCustomerAdvances id="Tag941" contextRef="D2015-01-01_To_2015-12-31" unitRef="CNY" decimals="-3">20959000</us-gaap:IncreaseDecreaseInCustomerAdvances>
  <us-gaap:IncreaseDecreaseInCustomerAdvances id="Tag942" contextRef="D2015-01-01_To_2015-12-31" unitRef="USD" decimals="-3">3236000</us-gaap:IncreaseDecreaseInCustomerAdvances>
  <us-gaap:IncreaseDecreaseInAccruedIncomeTaxesPayable id="Tag943" contextRef="D2015-01-01_To_2015-12-31" unitRef="CNY" decimals="-3">18242000</us-gaap:IncreaseDecreaseInAccruedIncomeTaxesPayable>
  <us-gaap:IncreaseDecreaseInAccruedIncomeTaxesPayable id="Tag944" contextRef="D2015-01-01_To_2015-12-31" unitRef="USD" decimals="-3">2816000</us-gaap:IncreaseDecreaseInAccruedIncomeTaxesPayable>
  <us-gaap:SignificantAccountingPoliciesTextBlock id="Tag945" contextRef="D2015-01-01_To_2015-12-31">&lt;div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"&gt;
&lt;div style="display: block;"&gt;
&lt;div style="display: block;"&gt;
&lt;div style="display: block;"&gt;
&lt;div class="CursorPointer"&gt;
&lt;table style="font: 10pt/normal 'times new roman', times, serif; width: 100%; border-collapse: collapse; font-stretch: normal;" cellspacing="0" cellpadding="0"&gt;

&lt;tr style="vertical-align: top;"&gt;
&lt;td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; width: 4%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;2.&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; width: 96%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;Principal accounting policies&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px; text-align: justify; text-indent: 0.5in; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;div class="CursorPointer"&gt;
&lt;table style="font: 10pt/normal 'times new roman', times, serif; width: 100%; border-collapse: collapse; font-size-adjust: none; font-stretch: normal;" cellspacing="0" cellpadding="0"&gt;

&lt;tr style="vertical-align: top;"&gt;
&lt;td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; width: 4%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;(a)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; width: 96%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;Basis of presentation&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;The consolidated financial statements have been prepared in accordance with the U.S GAAP to reflect the financial position and results of operations of the Group.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px; text-align: justify; text-indent: 0.5in; font-size-adjust: none; font-stretch: normal;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;/div&gt;
&lt;div&gt;
&lt;div class="CursorPointer"&gt;
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&lt;tr style="vertical-align: top;"&gt;
&lt;td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; width: 4%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;(b)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-right: 0.8pt; font-family: 'times new roman'; text-align: justify; width: 96%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;Consolidation&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;The Group's consolidated financial statements include the financial statements of the Company, its subsidiaries, and its VIEs and VIE's subsidiaries for which the Company or its subsidiary is the primary beneficiary. All transactions and balances among the Company, its subsidiaries, its VIEs and VIE's subsidiaries have been eliminated upon consolidation.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px; text-indent: 0.5in; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;A subsidiary is an entity in which the Company, directly or indirectly, controls more than one half of the voting powers; or has the power to appoint or remove the majority of the members of the board of directors; or to cast a majority of votes at the meeting of directors; or has the power to govern the financial and operating policies of the investee under a statute or agreement among the shareholders or equity holders.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;A VIE is an entity in which the Company, or its subsidiary, through contractual agreements, bears the risks of, and enjoys the rewards normally associated with ownership of the entity, and therefore the Company or its subsidiary is the primary beneficiary of the entity. In determining whether the Company or its subsidiaries are the primary beneficiary, the Company considered whether it has the power to direct activities that are significant to the VIEs economic performance, and also the Company's obligation to absorb losses of the VIE that could potentially be significant to the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE. Beijing Huanju Shidai,&amp;#160;Bilin Changxiang and ultimately the Company hold all the variable interests of the VIEs and VIE's subsidiaries and has been determined to be the primary beneficiary of the VIEs and VIE's subsidiaries.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;&amp;#160;&lt;br/&gt;&lt;font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none;"&gt;The Company established two funds entities, namely Engage L.P. and Shanghai Yilian, (collectively, the &amp;#147;Funds&amp;#148;), in March and June 2015, respectively.The Company holds 93.5% of interests in the Funds. The Company assesses that the Company exercises controls and is entitled to the various returns of the Fund and therefore the Funds have been accounted for as subsidiaries of and has been consolidated by the Company in accordance with ASC 810.&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;div class="CursorPointer"&gt;
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&lt;tr style="vertical-align: top;"&gt;
&lt;td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; width: 4%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;(c)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; width: 96%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;Use of estimates&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;The preparation of the Company's consolidated financial statements in conformity with U.S.&amp;#160;GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, mezzanine equity and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ materially from such estimates. The Company believes that the user relationship period related to online games revenue, assessment of whether the Group acts as a principal or an agent in different revenue streams, classification of perpetual items versus consumable items under item-based model, the determination of estimated selling prices of multiple element revenue contracts, income taxes, allowances for doubtful accounts, determination of share based compensation expenses, impairment assessment of goodwill, long-lived assets and intangible assets, tax considerations for earnings retained in the Group's VIEs, fair value determination related to the accounting for business combinations and subsequent measurement of contingent consideration following business combinations, assessment on the probability of exercisability of the put option related to business combinations, assessment on the probability of performance condition affiliated in equity-classified award under ASC&amp;#160;718 that affect vesting, represent critical accounting policies that reflect more significant judgments and estimates used in the preparation of its consolidated financial statements.&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Management bases the estimates on historical experience and on various other assumptions that are believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Actual results could differ from these estimates.&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px; text-align: justify; text-indent: 0.5in; font-size-adjust: none; font-stretch: normal;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;/div&gt;
&lt;div&gt;
&lt;div class="CursorPointer"&gt;
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&lt;tr style="vertical-align: top;"&gt;
&lt;td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; width: 4%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;(d)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; width: 96%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;Foreign currency translation&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;The Group uses Renminbi (&amp;#147;RMB&amp;#148;) as its reporting currency. The functional currency of the Company and its subsidiaries incorporated in the Cayman Islands, British Virgin Islands, and Hong Kong is United States dollar (&amp;#147;US$&amp;#148;), while the functional currency of the other entities, VIEs and VIE's subsidiaries in the Group is RMB, which is their respective local currency. In the consolidated financial statements, the financial information of the Company and its subsidiaries, which use US$ as their functional currency, have been translated into RMB. Assets and liabilities are translated at the exchange rates on the balance sheet date, equity amounts are translated at historical exchange rates, and revenues, expenses, gains, and losses are translated using the average exchange rate for the period. Translation adjustments arising from these are reported as foreign currency translation adjustments and are shown as a component of other comprehensive income or loss in the statement of operations and comprehensive income.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Foreign currency transactions denominated in currencies other than functional currency are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are remeasured at the applicable rates of exchange in effect at that date. Foreign exchange gains and losses resulting from the settlement of such transactions and from remeasurement at year-end are recognized in foreign currency exchange gains (losses), net in the consolidated statement of operations.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px; text-align: justify; text-indent: 0.5in; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;

&lt;div&gt;
&lt;div class="CursorPointer"&gt;
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&lt;tr style="vertical-align: top;"&gt;
&lt;td style="padding-right: 0.8pt; font-family: 'times new roman'; width: 4%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;(e)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-right: 0.8pt; font-family: 'times new roman'; width: 96%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;Convenience translation&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Translations of amounts from RMB into US$ for the convenience of the reader were calculated at the noon buying rate of US$1.00 = RMB&amp;#160;&lt;font&gt;6.4778&lt;/font&gt;&amp;#160;on December 31, 2015 as set forth in the H.10 statistical release of the U.S. Federal Reserve Board. No representation is made that the RMB amounts could have been, or could be, converted into US$ at such rate.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;/div&gt;
&lt;div&gt;
&lt;div class="CursorPointer"&gt;
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&lt;tr style="vertical-align: top;"&gt;
&lt;td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; width: 4%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;(f)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; width: 96%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;Fair value of financial instruments&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;br/&gt;U.S. GAAP establishes a three-tier hierarchy to prioritize the inputs used in the valuation methodologies in measuring the fair value of financial instruments. This hierarchy also requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The three-tier fair value hierarchy is:&lt;br/&gt;&lt;br/&gt;Level 1&amp;#151;observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets.&lt;br/&gt;Level 2&amp;#151;other inputs that are directly or indirectly observable in the marketplace.&lt;br/&gt;Level 3&amp;#151;unobservable inputs which are supported by little or no market activity.&lt;br/&gt;&lt;br/&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;The carrying values of cash and cash equivalents, short-term deposits, restricted short-term deposits, accounts receivable, other receivables, amounts due from (to) related parties, accounts payable, and other payables approximate their fair values because of their generally short maturities, and the carrying value of convertible bonds also approximates their fair value, as they bear interest at rates determined based on prevailing interest rates in the market.&lt;br/&gt;&lt;br/&gt;The fair value of the contingent consideration recognized on the acquisition date was measured using unobservable input (level 3). Trinomial&amp;#160;Tree model was applied in determining the fair value of the contingent consideration. Under this model, the Group performs scenario analysis and calculates the fair value of the contingent consideration based on the net present value of the total contingent payments under each scenario and the expected probability of each scenario.&amp;#160;Contingent consideration is remeasured at fair value at each reporting date since initial recognition.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;/font&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;The Group recorded one of its investment as an available-for-sale debt security and subsequently measured at its fair value (Note 10). The available-for-sale investment is classified within Level 3 and it is valued based on a model utilizing unobservable inputs which require significant management judgment and estimation. However, there is no significant change in fair value of the investment from the initial investment date to December 31, 2015.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in;"&gt;&amp;#160;&lt;/p&gt;
&lt;/div&gt;
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&lt;tr style="vertical-align: top;"&gt;
&lt;td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; width: 4%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;(g)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; width: 96%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;Cash and cash equivalents&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Cash includes currency on hand and deposits held by financial institutions that can be added to or withdrawn without limitation. Cash equivalents represent short-term and highly liquid investments placed with banks, which have both of the following characteristics:&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;div class="CursorPointer"&gt;
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&lt;tr style="vertical-align: top;"&gt;
&lt;td style="width: 23.7pt;"&gt;&lt;/td&gt;
&lt;td style="width: 13.4pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;i)&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Readily convertible to known amounts of cash throughout the maturity period;&lt;/font&gt;&lt;/td&gt;
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&lt;/table&gt;
&lt;/div&gt;
&lt;div class="CursorPointer"&gt;
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&lt;tr style="vertical-align: top;"&gt;
&lt;td style="width: 23.1pt;"&gt;&lt;/td&gt;
&lt;td style="width: 13.3pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;ii)&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;So near their maturity that they present insignificant risk of changes in value because of changes in interest rates.&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; font-size-adjust: none; font-stretch: normal;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;/div&gt;
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&lt;tr style="vertical-align: top;"&gt;
&lt;td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; width: 4%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;(h)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; width: 96%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;Short-term deposits&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Short-term deposits represent time deposits placed with banks with original maturities of less than &lt;font&gt;one&lt;/font&gt; year. Interest earned is recorded as interest income in the consolidated statements of operations during the periods presented.&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px; text-align: justify; text-indent: 0.5in; font-size-adjust: none; font-stretch: normal;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;/div&gt;
&lt;div&gt;
&lt;div class="CursorPointer"&gt;
&lt;table style="font: 10pt/normal 'times new roman', times, serif; width: 100%; border-collapse: collapse; font-size-adjust: none; font-stretch: normal;" cellspacing="0" cellpadding="0"&gt;

&lt;tr style="vertical-align: top;"&gt;
&lt;td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; width: 4%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;(i)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; width: 96%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;Accounts receivable, net&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Accounts receivable are presented net of allowance for doubtful accounts. The Group uses specific identification in providing for bad debts when facts and circumstances indicate that collection is doubtful and a loss is probable and estimable. If the financial conditions of its customers were to deteriorate, resulting in an impairment of their ability to make payments, additional allowance may be required.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;The Company maintains an allowance for doubtful accounts which reflects its best estimate of amounts that potentially will not be collected. The Company determines the allowance for doubtful accounts on an individual basis taking into consideration various factors including but not limited to&amp;#160;historical&amp;#160;collection&amp;#160;experience and credit-worthiness of the debtors as well&amp;#160;as the age of the individual receivables balance. Additionally, the Company makes specific bad debt provisions based on any specific knowledge the Company has acquired that might indicate that an account is uncollectible. The facts and circumstances of each account may require the Company to use substantial judgment in assessing its collectability.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;/div&gt;
&lt;div&gt;
&lt;div class="CursorPointer"&gt;
&lt;table style="font: 10pt/normal 'times new roman', times, serif; width: 100%; border-collapse: collapse; font-size-adjust: none; font-stretch: normal;" cellspacing="0" cellpadding="0"&gt;

&lt;tr style="vertical-align: top;"&gt;
&lt;td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; width: 4%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;(j)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; width: 96%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;Equity investment&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;The equity investment is comprised of investments in privately-held companies. The Group accounts for its equity investment over which it has significant influence but does not own a majority equity interest or otherwise control using the equity method. The Group adjusts the carrying amount of the investment and recognizes investment income or loss for share of the earnings or loss of the investee after the date of investment. The Group assesses its equity investment for other-than-temporary impairment by considering factors including, but not limited to, current economic and market conditions, operating performance of the companies, including current earnings trends and undiscounted cash flows, and other company-specific information. The fair value determination, particularly for investment in privately-held companies, requires judgment to determine appropriate estimates and assumptions. Changes in these estimates and assumptions could affect the calculation of the fair value of the investment and determination of whether any identified impairment is other-than-temporary.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;/div&gt;

&lt;div&gt;
&lt;div class="CursorPointer"&gt;
&lt;table style="font: 10pt/normal 'times new roman', times, serif; width: 100%; border-collapse: collapse; font-size-adjust: none; font-stretch: normal;" cellspacing="0" cellpadding="0"&gt;

&lt;tr style="vertical-align: top;"&gt;
&lt;td style="padding-right: 0.8pt; font-family: 'times new roman'; width: 4%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;(k)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-right: 0.8pt; font-family: 'times new roman'; width: 96%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;Cost investment&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;The cost investment is comprised of investments in privately-held companies. The Group accounts for cost investment which has no readily determinable fair value using the cost method. Under the cost method, the investment is measured initially at cost. The investment carried at cost should recognize income when dividends are received from the distribution of the investee's earnings. The Group periodically evaluates the carrying value of investments accounted for under the cost method of accounting and any impairment is included in the consolidated statements of operations.&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;/font&gt;&lt;br/&gt;&lt;/p&gt;
&lt;div&gt;
&lt;table style="font: 10pt/normal 'times new roman', times, serif; width: 100%; border-collapse: collapse; font-size-adjust: none; font-stretch: normal;" cellspacing="0" cellpadding="0"&gt;

&lt;tr style="vertical-align: top;"&gt;
&lt;td style="padding-right: 0.8pt; font-family: 'times new roman'; width: 4%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;(l)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-right: 0.8pt; font-family: 'times new roman'; width: 96%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;Available-for-sale investment&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;/font&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;The Group classifies its investments in debt and equity securities into one of three categories and accounts for these as follows: (i) debt securities that the Group has the positive intent and the ability to hold to maturity are classified as &amp;#147;held to maturity&amp;#148; and reported at amortized cost; (ii) debt and equity securities that are bought and held principally for the purpose of selling them in the near term are classified as &amp;#147;trading securities&amp;#148; with unrealized holding gains and losses included in earnings; (iii) debt and equity securities not classified as held to maturity or as trading securities are classified as &amp;#147;available-for-sale&amp;#148; and reported at fair value. The Group has designated its investment in redeemable preferred shares of one company as available-for-sale debt security in accordance with ASC 320-10 (Note 10). Unrealized gains and losses on available-for-sale securities are excluded from earnings and reported as accumulated other comprehensive income (loss), net of tax. Realized gains or losses upon disposal are charged to earnings during the period in which the gains or losses are realized. An impairment loss on the available-for-sale securities is recognized in the consolidated statements of operations and comprehensive income when the decline in value is determined to be other-than-temporary.&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;/font&gt;&lt;br/&gt;&lt;/p&gt;
&lt;div&gt;
&lt;div class="CursorPointer"&gt;
&lt;table style="font: 10pt/normal 'times new roman', times, serif; width: 100%; border-collapse: collapse; font-stretch: normal;" cellspacing="0" cellpadding="0"&gt;

&lt;tr style="vertical-align: top;"&gt;
&lt;td style="padding-right: 0.8pt; font-family: 'times new roman'; width: 4%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;(m)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-right: 0.8pt; font-family: 'times new roman'; width: 96%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;Property and equipment&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Property and equipment are stated at historical cost less accumulated depreciation and impairment loss, if any. Depreciation is calculated using the straight-line method over their estimated useful lives. Residual rate is determined based on the economic value of the property and equipment at the end of the estimated useful lives as a percentage of the original cost.&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px; text-indent: 0.5in; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;div style="margin-left: 23pt;" class="CursorPointer"&gt;
&lt;table style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; border-collapse: collapse; width: 96%; margin-left: 0px;" cellspacing="0" cellpadding="0"&gt;

&lt;tr style="vertical-align: bottom;"&gt;
&lt;td align="center" style="padding: 0px; font-family: 'times new roman'; font-size: 10pt;"&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt/normal 'times new roman'; padding: 0px; font-size-adjust: none; font-stretch: normal;"&gt;&lt;/td&gt;
&lt;td align="center" style="font: bold 10pt/normal 'times new roman'; padding: 0px; text-align: right; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Estimated&amp;#160;useful&amp;#160;lives&lt;/font&gt;&lt;/td&gt;
&lt;td align="center" style="font: bold 10pt/normal 'times new roman'; padding: 0px; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td align="center" style="font: bold 10pt/normal 'Times New Roman'; padding: 0px 5px; text-align: center; white-space: nowrap; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td align="center" style="font: bold 10pt/normal 'times new roman', times, serif; padding: 0px; text-align: right; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Residual&lt;br/&gt;&lt;/font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;rate&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td align="center" style="padding: 0px; font-family: 'times new roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="font: bold 10pt/normal 'times new roman'; padding: 0px; font-size-adjust: none; font-stretch: normal;"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="center" style="font: bold 10pt/normal 'times new roman'; padding: 0px; text-align: right; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td align="center" style="font: bold 10pt/normal 'times new roman'; padding: 0px; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td align="center" style="font: bold 10pt/normal 'Times New Roman'; padding: 0px 5px; text-align: center; white-space: nowrap; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td align="center" style="font: bold 10pt/normal 'times new roman', times, serif; padding: 0px; text-align: right; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: left; text-indent: 0px; font-stretch: normal; width: 71%; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;Buildings&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; font-stretch: normal; width: 1%; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="right" style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; font-stretch: normal; width: 12%; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times;"&gt;&lt;font&gt;40&lt;/font&gt; years&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; font-stretch: normal; width: 1%; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; text-align: center; white-space: nowrap; font-stretch: normal; width: 1%; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right; vertical-align: bottom; white-space: nowrap; font-stretch: normal; width: 14%; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;&lt;font&gt;0&lt;/font&gt;%&amp;#160;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: left; text-indent: 0px; font-stretch: normal; width: 67px;"&gt;Decoration of buildings&lt;br/&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; font-stretch: normal; width: 1px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="right" style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; font-stretch: normal; width: 11px;"&gt;&lt;font style="font-family: 'times new roman', times;"&gt;&lt;font&gt;&amp;#160;&lt;font&gt;10&lt;/font&gt; years&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; font-stretch: normal; width: 1px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; text-align: center; white-space: nowrap; font-stretch: normal; width: 1px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right; vertical-align: bottom; white-space: nowrap; font-stretch: normal; width: 9px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;&lt;font&gt;&amp;#160;&lt;font&gt;0&lt;/font&gt; %&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: left; text-indent: 0px; font-stretch: normal; width: 67%; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Servers, computers and equipment&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; font-stretch: normal; width: 1%; background-color: #cceeff;"&gt;&lt;/td&gt;
&lt;td align="right" style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; font-stretch: normal; width: 11%; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;3&lt;/font&gt;&amp;#160;years&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; font-stretch: normal; width: 1%; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; text-align: center; white-space: nowrap; font-stretch: normal; width: 1%; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right; vertical-align: bottom; white-space: nowrap; font-stretch: normal; width: 9%; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;0&lt;/font&gt;%-&lt;font&gt;5&lt;/font&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: left; text-indent: 0px; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Furniture,&amp;#160;fixture&amp;#160;and&amp;#160;office&amp;#160;equipment&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; font-stretch: normal;"&gt;&lt;/td&gt;
&lt;td align="right" style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;5&lt;/font&gt;&amp;#160;years&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; text-align: center; white-space: nowrap; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right; vertical-align: bottom; white-space: nowrap; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;0&lt;/font&gt;%-&lt;font&gt;5&lt;/font&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: left; text-indent: 0px; font-stretch: normal; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Motor vehicles&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; font-stretch: normal; background-color: #cceeff;"&gt;&lt;/td&gt;
&lt;td align="right" style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; font-stretch: normal; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;4&lt;/font&gt;&amp;#160;years&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; font-stretch: normal; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; text-align: center; white-space: nowrap; font-stretch: normal; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right; vertical-align: bottom; white-space: nowrap; font-stretch: normal; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;5&lt;/font&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: left; text-indent: 0px; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Leasehold improvements&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td align="center" style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right; vertical-align: bottom; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Shorter&amp;#160;of&amp;#160;lease&amp;#160;term&amp;#160;or&amp;#160;&lt;font&gt;5&lt;/font&gt;&amp;#160;years&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; text-align: center; white-space: nowrap; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 12px 0px 0px; text-align: right; vertical-align: bottom; white-space: nowrap; font-stretch: normal;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;-&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Expenditures for maintenance and repairs are expensed as incurred. The gain or loss on the disposal of property and equipment is the difference between the net sales proceeds and the carrying amount of the relevant assets and is recognized in the consolidated statements of operations.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;All direct and indirect costs that are related to the construction of property and equipment and incurred before the assets are ready for their intended use are capitalized as construction in progress. Construction in progress is transferred to specific property and equipment items and depreciation of these assets commences when they are ready for their intended use.&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px; text-align: justify; text-indent: 0.5in; font-size-adjust: none; font-stretch: normal;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;/div&gt;
&lt;div&gt;
&lt;div class="CursorPointer"&gt;
&lt;table style="font: 10pt/normal 'times new roman', times, serif; width: 100%; border-collapse: collapse; font-size-adjust: none; font-stretch: normal;" cellspacing="0" cellpadding="0"&gt;

&lt;tr style="vertical-align: top;"&gt;
&lt;td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; width: 4%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;(n)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; width: 96%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;Business combinations&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Business combinations are recorded using the purchase method of accounting, and the cost of an acquisition is measured as the aggregate of the fair values at the date of exchange of the assets given, liabilities incurred, and equity instruments issued as well as the contingent considerations and all contractual contingencies as of the acquisition date. The costs directly attributable to the acquisition are expensed as incurred. Identifiable assets, liabilities and contingent liabilities acquired or assumed are measured separately at their fair value as of the acquisition date, irrespective of the extent of any non-controlling interests. The excess of (i) the total of consideration of acquisition, fair value of the non-controlling interests and acquisition date fair value of any previously held equity interest in the subsidiary acquired over (ii) the fair value of the identifiable net assets of the subsidiary acquired is recorded as goodwill. If the consideration of acquisition is less than the fair value of the net assets of the subsidiary acquired, the difference is recognized directly in the consolidated statements of operations and comprehensive income.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px; text-align: justify; text-indent: 0.5in; font-size-adjust: none; font-stretch: normal;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;/div&gt;
&lt;div&gt;
&lt;div class="CursorPointer"&gt;
&lt;table style="font: 10pt/normal 'times new roman', times, serif; width: 100%; border-collapse: collapse; font-stretch: normal;" cellspacing="0" cellpadding="0"&gt;

&lt;tr style="vertical-align: top;"&gt;
&lt;td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; width: 4%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;(o)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; width: 96%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;Intangible assets, net&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;Intangible assets mainly consist of brand names, operating rights for licensed games, software, operating rights for game broadcasting, domain names and technology. Identifiable intangible assets are carried at acquisition cost less accumulated amortization and impairment loss, if any. Finite-lived intangible assets are tested for impairment if impairment indicators arise. Amortization of finite-lived intangible assets is computed using the straight-line method over their estimated useful lives, which are as follows:&lt;br/&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;div&gt;
&lt;div style="margin-left: 23pt;" class="CursorPointer"&gt;
&lt;table style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; border-collapse: collapse; width: 96%; margin-left: 0px;" cellspacing="0" cellpadding="0"&gt;

&lt;tr&gt;
&lt;td style="text-indent: 10pt; padding-left: 10pt; font-family: 'times new roman'; font-size: 10pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-family: 'times new roman'; font-size: 10pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman'; font-size: 10pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;Estimated useful lives&lt;/strong&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: 10pt; padding-left: 10pt; font-family: 'times new roman'; font-size: 10pt; vertical-align: top;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; font-size: 10pt; vertical-align: top;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; font-size: 10pt; vertical-align: top;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; width: 49%; text-indent: 0px; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Brand names&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; width: 2%; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; width: 49%; text-align: right; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;&lt;font&gt;1&lt;/font&gt;-&lt;font&gt;15&lt;/font&gt; years&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; width: 49%; text-indent: 0px; font-stretch: normal;"&gt;Operating rights for licensed games&lt;br/&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; width: 2%; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; width: 49%; text-align: right; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;&amp;#160;Shorter&amp;#160;of&amp;#160;the&amp;#160;economic&amp;#160;life&amp;#160;or&amp;#160;license&amp;#160;period&amp;#160;of&amp;#160;relevant&amp;#160;online&amp;#160;game&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; width: 49%; text-indent: 0px; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Software&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; width: 2%; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; width: 49%; text-align: right; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;3&lt;/font&gt;&amp;#160;-&lt;font&gt;5&lt;/font&gt;&amp;#160;years&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; width: 49%; text-indent: 0px; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Operating&amp;#160;rights&amp;#160;for&amp;#160;game&amp;#160;broadcasting&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; width: 2%; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; width: 49%; text-align: right; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;&amp;#160;Over the contract terms&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; width: 49%; text-indent: 0px; font-stretch: normal;"&gt;Domain names&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; width: 2%; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; width: 49%; text-align: right; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;&lt;font&gt;15&lt;/font&gt; years&amp;#160;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font: 10pt/normal 'times new roman'; padding: 0px; text-indent: 0px; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Technology&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt/normal 'times new roman'; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt/normal 'times new roman'; text-align: right; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;5&lt;/font&gt;&amp;#160;years&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: left; text-indent: 0px; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Others&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-align: right; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;&amp;#160;&lt;font&gt;3&lt;/font&gt;-&lt;font&gt;5&lt;/font&gt; years&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;div class="CursorPointer"&gt;&lt;br/&gt;&lt;/div&gt;
&lt;/div&gt;

&lt;div&gt;
&lt;div class="CursorPointer"&gt;
&lt;table style="font: 10pt/normal 'times new roman', times, serif; width: 100%; border-collapse: collapse; font-size-adjust: none; font-stretch: normal;" cellspacing="0" cellpadding="0"&gt;

&lt;tr style="vertical-align: top;"&gt;
&lt;td style="padding-right: 0.8pt; font-family: 'times new roman'; width: 4%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;(p)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-right: 0.8pt; font-family: 'times new roman'; width: 96%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;Impairment of long-lived assets&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;For long-lived assets other than investments and goodwill whose impairment is discussed elsewhere in the financial statements, the Group evaluates for impairment whenever events or changes (triggering events) indicate that the carrying amount of an asset may no longer be recoverable. The Group assesses the recoverability of the long-lived assets by comparing the carrying value of the long-lived assets to the estimated undiscounted future cash flows expected to receive from use of the assets and their eventual disposition. Such assets are considered to be impaired if the sum of the expected undiscounted cash flows is less than the carrying amount of the assets. The impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets. The Group tests impairment of long-lived assets at the reporting unit level when impairment indicator appeared and recognizes impairment in the event that the carrying value exceeds the fair value of each reporting unit.&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;The impairment charges of intangible assets recorded in general and administrative expenses for the years ended December 31, 2013, 2014 and 2015 were amounting to &lt;font&gt;nil&lt;/font&gt;, RMB&lt;font&gt;5,697&lt;/font&gt; and RMB&lt;font&gt;57,199&lt;/font&gt;, respectively (Note 12).&lt;br/&gt;&lt;/p&gt;
&lt;/div&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in;"&gt;&amp;#160;&lt;/p&gt;
&lt;div&gt;
&lt;div class="CursorPointer"&gt;
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&lt;tr style="vertical-align: top;"&gt;
&lt;td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; width: 4%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;(q)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; width: 96%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;Goodwill&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Goodwill represents the excess of the purchase price over the amounts assigned to the fair value of the assets acquired and the liabilities assumed of an acquired business.&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px; text-align: justify; text-indent: 0.5in; font-size-adjust: none; font-stretch: normal;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;/div&gt;
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&lt;tr style="vertical-align: top;"&gt;
&lt;td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; width: 4%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;(r)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; width: 96%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;Annual test for impairment of goodwill&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
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&lt;/table&gt;
&lt;/div&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Goodwill assessment for impairment is performed on at least an annual basis on October 1 or whenever events or changes in circumstances indicate that the carrying value of the asset may not be recoverable. The Group performs a two-step goodwill impairment test. The first step compares the fair values of each reporting unit to its carrying amount, including goodwill. If the fair value of a reporting unit exceeds its carrying amount, goodwill is not considered impaired and the second step will not be required. If the carrying amount of a reporting unit exceeds its fair value, the second step compares the implied fair value of the affected reporting unit's goodwill to the carrying value of that goodwill. The implied fair value of goodwill is determined in a manner similar to accounting for a business combination with the allocation of the assessed fair value determined in the first step to the assets and liabilities of the reporting unit. The excess of the fair value of the reporting unit over the amounts assigned to the assets and liabilities is the implied fair value of goodwill. This allocation process is only performed for purposes of evaluating goodwill impairment and does not result in an entry to adjust the value of any assets or liabilities. An impairment loss is recognized for any excess in the carrying value of goodwill over the implied fair value of goodwill. The judgment in estimating the fair value of reporting units includes estimating future cash flows, determining appropriate discount rates and making other assumptions. Changes in these estimates and assumptions could materially affect the determination of the fair value of each reporting unit.&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in;"&gt;&amp;#160;&lt;/p&gt;
&lt;div&gt;
&lt;table style="font: 10pt/normal Times New Roman, Times, Serif; width: 100%; margin-top: 0px; margin-bottom: 0px; font-size-adjust: none; font-stretch: normal;" cellspacing="0" cellpadding="0"&gt;

&lt;tr style="vertical-align: top;"&gt;
&lt;td style="text-align: justify; padding-right: 0.8pt; font-size: 10pt; width: 4%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;(s)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: justify; padding-right: 0.8pt; font-size: 10pt; width: 96%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;Convertible bonds &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 22.95pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0px 0px 0px 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;The Group determines the appropriate accounting treatment of its convertible bonds in accordance with the terms in relation to the conversion feature, call and put options, and beneficial conversion feature. After considering the impact of such features, the Group may account for such instrument as a liability in its entirety, or separate the instrument into debt and equity components following the respective guidance described under ASC 815 Derivatives and Hedging and ASC 470 Debt. The debt discount, if any, together with related issuance cost are subsequently amortized as interest expense, using the effective interest method, from the issuance date to the earliest conversion date.&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;
&lt;div style="display: block;"&gt;
&lt;div class="CursorPointer"&gt;&lt;br/&gt;&lt;/div&gt;
&lt;div&gt;
&lt;div class="CursorPointer"&gt;
&lt;table style="font: 10pt/normal 'times new roman', times, serif; width: 100%; border-collapse: collapse; font-size-adjust: none; font-stretch: normal;" cellspacing="0" cellpadding="0"&gt;

&lt;tr style="vertical-align: top;"&gt;
&lt;td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; width: 4%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;(t)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; width: 96%;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;strong&gt;Mezzanine equity and non-controlling interest&lt;/strong&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Mezzanine equity&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;/font&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Mezzanine equity consists of non-controlling interests in certain subsidiaries with put option pursuant to which the non-controlling shareholders had the right to put their equity interests in certain subsidiaries to the Group at fair value if certain subsidiaries achieved specified performance milestones and met other pre-determined conditions before the expiry of the put option. Since the occurrence of the put was not solely within the Group's control, the Group classifies the non-controlling interests as mezzanine equity instead of permanent equity in the Group's consolidated financial statements.&lt;br/&gt; &lt;br/&gt;In accordance with ASC subtopic 480-10, the Group calculated, on an accumulative basis from the acquisition date, (i) the amount of accretion that would increase the balance of non-controlling interests to their estimated redemption value over the period from the date of acquisition to the earliest redemption date of the non-controlling interests and (ii) the amount of net (loss) / profit attributable to non-controlling shareholders of certain subsidiaries based on their ownership percentage. The carrying value of the non-controlling interests as mezzanine equity was adjusted by an accumulative amount equal to the higher of (i) and (ii).&lt;br/&gt; &lt;br/&gt;Non-controlling interest &lt;br/&gt; &lt;br/&gt;Non-controlling interests are recognized to reflect the portion of the equity of majority-owned subsidiaries and VIE's subsidiaries which is not attributable, directly or indirectly, to the controlling shareholder. Currently, the non-controlling interests in the Group's consolidated financial statements consist primarily of non-controlling interests for Engage L.P. and Shanghai Yilian.&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in;"&gt;&amp;#160;&lt;/p&gt;
&lt;div&gt;
&lt;div style="display: block;"&gt;
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&lt;table style="font: 10pt/normal 'times new roman', times, serif; width: 100%; border-collapse: collapse; font-size-adjust: none; font-stretch: normal;" cellspacing="0" cellpadding="0"&gt;

&lt;tr style="vertical-align: top;"&gt;
&lt;td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; width: 4%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;(u)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; width: 96%;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;strong&gt;Revenue recognition&lt;/strong&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;The Group generates revenues from internet value-added services (&amp;#147;IVAS&amp;#148;), online education, online advertising and others. Revenues from IVAS are generated from online music and entertainment, online games, online dating, Huya broadcasting, membership subscription fees and other IVAS. Online education services consist of vocational training and language training courses. Online advertising revenues are primarily generated from sales of different forms of advertising on the Group's platform. Revenue is recognized when persuasive evidence of an arrangement exists, service has been rendered, the price is fixed or determinable and collection is reasonably assured.&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;br/&gt;&lt;/p&gt;
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&lt;tr style="text-align: justify; vertical-align: top;"&gt;
&lt;td style="text-align: left; width: 4%;"&gt;&lt;font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"&gt;&lt;b&gt;i)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: justify; width: 96%;"&gt;&lt;font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"&gt;&lt;b&gt;Internet value-added services (continued)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
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&lt;/table&gt;
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&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;The Group operates a virtual currency system, under which, the users can directly purchase virtual currency on YY Client's online community channels or pay membership subscription fees via online payment systems provided by third parties including payments using mobile phone, internet debit/credit card payment and other third party payment systems. The virtual currency can be converted into game tokens that can be used to purchase virtual items in online games (both developed by third parties and self-developed), or used directly to purchase virtual items on YY Client's online community channels or used to pay membership subscription fees. Virtual currency sold but not yet consumed by the purchasers is recorded as &amp;#147;Advances from customers&amp;#148; and upon conversion or being used, is recognized as revenue according to the respective prescribed revenue recognition policies addressed below:&lt;/p&gt;


&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;&lt;b&gt;(1) Online music and entertainment revenue&lt;/b&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;The Group creates and offers virtual items to be used by users on online music and entertainment channels, which the Group operates and maintains. The virtual items are offered free of charge or sold to users at different specified prices as pre-determined by the Company. Online music and entertainment revenue consists of sales of virtual items. Users purchase consumable virtual items from the Group and present them to performers to show support for their favorite performers or time-based virtual items, which provide users with recognized status, such as priority speaking rights or special symbols on the music channels for a specific period of time. In order to attract user traffic, the Group shares with certain popular performers and channel owners, who have entered into revenue sharing arrangements with the Group, a portion of the revenues the Group derives from such in-channel virtual item sales on online music and entertainment channels, which the Group accounts for as cost of revenues. Performers and channel owners, who do not have revenue sharing arrangements with the Group, are not entitled to share any revenue derived from the virtual items sold. The Group does not recognize any revenue from offering free virtual items nor share any revenue with performers or channel owners when free virtual items are presented to performers by the users. Accordingly, online music and entertainment revenue is recognized for the sale of virtual items in online music and entertainment channels immediately if the virtual item is a consumable or, in the case of time-based virtual items, recognized ratably over the period when the virtual item is made available to the user, which does not exceed &lt;font&gt;one&lt;/font&gt; year. The Group does not have further obligations to the user after the virtual items are consumed. Virtual items may be sold individually or bundled into &lt;font&gt;one&lt;/font&gt; arrangement. When the Group's users purchase multiple virtual items bundled within the same arrangement, the Group evaluates such arrangements under ASC 605-25 Multiple-Element Arrangements. The Group identifies individual elements under the arrangement and determines if such elements meet the criteria to be accounted for as separate units of accounting. The Group allocates the arrangement consideration to the separate units of accounting based on their relative selling price.&lt;br/&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;The following hierarchy has been followed when determining the relative selling price for each element: (1)&amp;#160;vendor specific objective evidence (&amp;#147;VSOE&amp;#148;), (2)&amp;#160;third party evidence (&amp;#147;TPE&amp;#148;), and (3)&amp;#160;best estimate of selling price (&amp;#147;BESP&amp;#148;). Given that the VSOE of the selling price cannot be determined, the Group has adopted a policy to allocate the consideration of the whole arrangement to different virtual item elements based on the TPE of selling price or the BESP for each virtual item element. The Group determines the fair values of virtual items sold in a bundle based on similar products sold separately on the YY platform based on the TPE of the selling price and determines the fair values of virtual items without similar products sold separately on the YY platform based on the BESP. The BESP is generally based on the selling prices of the various elements of a similar nature when they are sold to users on a stand-alone basis. The BESP may also be based on an estimated stand-alone pricing when the element has not previously been sold on a stand-alone basis.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;These estimates are generally determined based on pricing strategies, market factors and strategic objectives. The Group recognizes revenue for each virtual item element in accordance with the applicable revenue recognition method.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px; text-align: justify; text-indent: 0.5in; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;

&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;(2)&amp;#160;&amp;#160;Online games revenue&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;The Group generates revenues from offering virtual items in online games developed by third parties or the Group itself to gaming players. Historically, the majority of online games revenues for the three years ended December 31, 2013, 2014 and 2015 were derived from third parties developed games.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Users play games through the Group's platform free of charge and are charged for purchases of virtual items including consumable and perpetual items, which can be utilized in the online games to enhance their game-playing experience. Consumable items represent virtual items that can be consumed by a specific user within a specified period of time. Perpetual items represent virtual items that are accessible to the users' account over the life of the online games.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;The Group recognizes revenue when recognition criteria defined under U.S&amp;#160;GAAP are satisfied. For purposes of determining when the service has been provided to the paying player, the Group has determined that an implied obligation exists to the paying player to continue providing access to the games such that the users can utilize the virtual items purchased. Game players need to log on and access the games through the Group's platform because their game tokens, virtual items, and game history are specific to the Group's game accounts and non-transferable to other platforms. To purchase in-game virtual items, players can either charge their game accounts by purchasing game tokens or virtual currency from the Group's platform, which is&amp;#160;convertible into game tokens based on a predetermined exchange rate agreed among the Group and the relevant game developers.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;The proceeds from the sales&amp;#160;of the Group's virtual currency is recorded as &amp;#147;advances from customers&amp;#148;, representing prepayments received from users in the form of the Group's virtual currency not yet converted into game specific tokens. Upon the conversion into a game token from the Group's virtual currency or upon the direct purchase of a game token, whichever is applicable, the proceeds will be shared between the Group and the relevant game developer based on a predetermined contractual ratio. Game tokens are non-refundable and non-exchangeable among different games. The Group's portion, net of the game developer's entitled consideration, is recorded as deferred revenue and amortized according to the prescribed revenue recognition policies described below. Users typically do not convert the virtual currency into game tokens or purchase the game tokens unless they plan to purchase in-game virtual items soon.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;br/&gt;There are &lt;font&gt;two&lt;/font&gt; types of third party developed online games:&lt;br/&gt;&lt;br/&gt;-&lt;font style="white-space: pre;" class="Apple-tab-span"&gt; &lt;/font&gt;&amp;#160; &amp;#160; &amp;#160;Non-exclusive third party developed games&lt;br/&gt;-&lt;font style="white-space: pre;" class="Apple-tab-span"&gt; &lt;/font&gt;&amp;#160; &amp;#160; &amp;#160;Exclusive third party developed games&lt;br/&gt;&lt;br/&gt;Under the non-exclusive arrangement, game developers license the games to various platforms and the Group&amp;#160;is only one of the platforms. Game developers will receive only revenue shared&amp;#160;from the Group&amp;#160;pursuant to the mutually agreed sharing percentage.&lt;br/&gt;&lt;br/&gt;Under the exclusive arrangement, game developers only license the game to the Group as the&amp;#160;exclusive licensee. The Group can sub-license the games to other platforms and receive a portion of revenue sharing from sub-licensees. In addition to the revenue shared to the game developers, the Group should also pay an exclusive license fee to the game developers.&lt;br/&gt;&lt;br/&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;i&gt;- &amp;#160; &amp;#160; &amp;#160;Non-exclusive third party developed games&lt;/i&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Pursuant to contracts signed between the Group and the respective game developers, revenues from the sale or conversion of game tokens for the purchase of in-game virtual items from online games developed by third parties are shared between the Group and the game developers based on a pre-agreed ratio for each game. These revenue-sharing contracts typically last for&amp;#160;&lt;font&gt;one&lt;/font&gt; to &lt;font&gt;two&lt;/font&gt; years.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;The third party developed games under non-exclusive licensing contracts are maintained and updated by the game developers. The Group views the game developers to be the Group's customers and considers the Group's responsibilities under the agreements with the game developers to offer certain standard promotions that include providing access to the platform, announcing the new games to users on the platform, and occasional advertising on the YY platform. The determination of whether to record these revenues using gross or net method is based on an assessment of various factors. The primary factors are whether the Group is acting as the principal in offering services to the game players or as agent in the transaction, and the specific requirement of each contract. The Group determined that for third party developed games, the third party game developers are the principals given the game developers design and develop the online game services offered, have reasonable latitude to establish prices of game tokens, and are responsible for maintaining and upgrading the game contents and virtual items. Accordingly, the Group records online games revenue, net of the pre-agreed portion of sharing of the revenues with the game developers.&lt;/font&gt;&lt;/p&gt;

&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Given that third party developed games under non-exclusive licensing contracts are managed&amp;#160;and administered by the third party game developers, the Group does not have access to the data on the consumption details such as when the game token is spent on the virtual items or the types of virtual items (consumable or perpetual items) purchased by each individual game player. However, the Group maintains historical data on timing of the conversion of its virtual currency into game specific tokens and the amount of purchases of game tokens. The Group believes that its performance for, and obligation to, the game developers correspond to the game developers' services to the users. The Group has adopted a policy to recognize revenues relating to game tokens for third party developed games over the estimated user relationship period with the Group on a game-by-game basis, which is&amp;#160;approximately &lt;font&gt;one&lt;/font&gt; to &lt;font&gt;six&lt;/font&gt; months for the periods presented. Future usage patterns may differ from historical usage patterns and therefore the estimated user relationship period with the Group may change in the future.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;When the Group launches a new game, it estimates the user relationship period based on other similar types of games in the market until the new game establishes its own history. The Group considers the game's profile, attributes, target audience, and its appeal to players of different demographics groups in estimating the user relationship period.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;The estimated user relationship period is based on data collected from those users who have acquired game tokens. To estimate the user relationship period, the Group maintains a system that captures the following information for each user: (a)&amp;#160;the frequency that users log into each game via the Group's platform, and (b)&amp;#160;the amount and the timing of when the users convert or charge his or her game tokens. The Group estimates the user relationship period for a particular game to be the date a player purchases or converts from virtual currency to a game token through the date the Group estimates the user plays the game for the last time. This computation is performed&amp;#160;on a user by user basis. Then, the results for all analyzed users are averaged to determine an estimated end user relationship period for each game. Revenues from in-game payments of each month are recognized over the user relationship period estimated for that game.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;The consideration of user relationship period with each online game is based on the Group's best estimate that takes into account all known and relevant information at the time of assessment. The Group assesses the estimated user relationship period for each game on a quarterly basis. Any adjustments arising from changes in the user relationship period as a result of new information will be accounted as a change in accounting estimate in accordance with ASC 250 Accounting Changes and Error Corrections.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic;"&gt;&amp;#160;&lt;br/&gt;-&lt;font style="white-space: pre;" class="Apple-tab-span"&gt; &lt;/font&gt;&amp;#160; &amp;#160; &amp;#160;Exclusive third party developed games&lt;br/&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;br/&gt;Under certain exclusive arrangements, the Group&amp;#160;pays additional license fees to the game developers as the Group is entitled to an exclusive right to operate third party developed games in specified geographic areas. Based on ASC 350-30-35-6, the Group has adopted an accounting policy to recognize the exclusive license fee as an intangible asset upon the commercial launch of the related online games. This intangible asset is&amp;#160;amortized on a straight-line basis over the shorter of the economic life or license period of the relevant online game.&lt;br/&gt;&lt;br/&gt;Pursuant to the exclusive licensing contracts signed between the Group and the third party game developers, the Group's responsibilities in operating the licensed games vary for each game. The determination of whether to record these revenues using gross or net method is based on an assessment of various factors, including but not limited to whether the Group (i) is&amp;#160;the primary obligor in the arrangement; (ii) has latitude in establishing the selling price; (iii) changes the product or performs part of the service, (iv) has involvement in the determination of product and service specifications.&lt;br/&gt;&lt;br/&gt;For the game license arrangements under which the Group takes primary responsibilities of game operation, including determining distribution and payment channels, providing customer services, hosting game servers, if needed, and controlling game and services specifications and pricing, the Group considered itself to be the principal in these arrangements. Accordingly, the Group records online games revenues from these third party licensed games on a gross basis. Commission fees paid to distribution channels and payment channels and content fees paid to third party game developers are recorded as cost of revenues.&lt;br/&gt;&lt;br/&gt;For the game license arrangements under which the Group's responsibilities are limited to publishing, providing payment solutions and game operating advice, the Group views the game developers to be its customers and considers itself to be the agent in the arrangements. Accordingly, the Group records online games revenues from these third party licensed games, net of fees paid to third parties upon the provision of service.&lt;br/&gt;&lt;br/&gt;Pursuant to the terms and conditions of certain online game exclusive license agreements entered into between game developers and the Group, the Group, as the exclusive licensee, could sublicense a non-exclusive, non-transferable and limited license to any third party without the prior formal consent of game developers. Under the non-exclusive and non-transferable limited license, the sub-licensee cannot further license the game to other platforms. The Group received monthly revenue-based royalty payments from all sub-licensees. The Group views the third-party sub-licensees operators as its customers and recognizes revenues on a net basis, as the Group does not have the primary responsibility for fulfillment and acceptability of the game services.&lt;br/&gt;&lt;br/&gt;Similar to other online games, the exclusive third party developed games are free to play and players can pay for virtual items for better in-game experience. For exclusive third party games, the consumption details can be provided by third party developers or the Group has access to such data. Therefore, the Group recognizes revenues based on item-based model: (1) for consumable items, the revenue is recognized immediately upon consumption; (2) for perpetual items, the revenue is recognized ratably over the user relationship period of a specific game as described.&amp;#160;The determination of user relationship period is the same as what is described in &amp;#147;&lt;em&gt;Non-exclusive third party developed games&lt;/em&gt;&amp;#148; above.&lt;br/&gt;&lt;br/&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;i&gt;- Self-developed games&lt;/i&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Revenues derived from self-developed games are recorded on a gross basis as the Group acts as a principal to fulfill all obligations.&amp;#160;&lt;font style="color: #000000; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;"&gt;Considering that revenues derived from self-developed games were immaterial to the Group for the years presented, the Group does not maintain information on consumption details of in-game virtual items, and only maintains limited information related to the frequency of log-ons for its self-developed games.&amp;#160;&lt;/font&gt;Given that certain historical data is not available, the Group uses the user relationship period of third party games with similar popularity, gaming experience and sales to determine the estimated period of user relationship for its self-developed games.&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;(3)&amp;#160;&amp;#160;Other IVAS revenue&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none;"&gt;Other IVAS revenue mainly represents revenue from sales of virtual items in various channels in YY platform, such as online dating and Huya broadcasting channels etc., membership subscription revenue, and other miscellaneous sales in YY platform&lt;/font&gt;.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none;"&gt;Revenue from sales of virtual items in various channels, including online dating and Huya broadcasting, is recognized on item basis, which is consistent with the revenue recognition policies for online music and entertainment revenue stream.&amp;#160;&lt;/font&gt;The Group operates a membership subscription program where subscription members can have enhanced user privileges when using YY Client. The membership fee is collected up-front from subscribers. The receipt of the revenue is initially recorded as deferred revenue and revenue is recognized ratably over the period of the subscription when&amp;#160;services are rendered. Unrecognized portion beyond 12 months from balance sheet date is classified as long-term deferred revenue.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;&amp;#160;&lt;/p&gt;
&lt;div class="CursorPointer"&gt;
&lt;table style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse;" cellpadding="0" cellspacing="0"&gt;

&lt;tr style="vertical-align: top;"&gt;
&lt;td style="font-size: 10pt; width: 4%;"&gt;&lt;font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"&gt;&lt;b&gt;(ii)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; width: 96%;"&gt;&lt;font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"&gt;&lt;b&gt;Online education revenues&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 20pt; text-align: justify;"&gt;Educational programs and services consist of vocational training and language training courses. The course fee is generally paid in advance and is initially recorded as deferred revenue. Revenue for regular courses is recognized proportionately as the classes are attended, and is reported net of scholarships and course fee refunds. Students are entitled to &lt;font&gt;one&lt;/font&gt; trial class of the purchased course and course fee is fully refundable if a student decides not to take the remaining course after the trial class. No refund will be provided to a student who withdraws from a course after the trial period, and revenue is recognized for the amount collected. Course fee refunds were insignificant over the period presented.&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 20pt; text-align: justify;"&gt;In addition to regular courses, the Company also provides a package of several regular courses to students, which has individual fair value in the market. Pursuant to the applicable accounting guidance, the Company has accounted for these course packages as a multiple-element arrangement because each individual course qualifies as a single unit of accounting, and allocated the course fee from the course package to each individual course in the package based on its relative fair value. The Company recognizes revenue equal to the fair value allocated to individual courses proportionately as the classes are attended.&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 20pt; text-align: justify;"&gt;Students are granted a right to retake the courses at a substantial discount in the circumstances where the students fail to achieve certain score targets for some specific courses. The discount arrangement has a stand-alone value and qualifies as a separate unit of accounting under U.S GAAP. Therefore, the Company has accounted for those courses as a multiple-element arrangement and allocated a portion of the initial course fee to the substantial discount based on a breakage rate. The breakage rate is determined based on our historical data. The amount allocated to the substantial discount is deferred and recognized as revenue upon the expiration of the retaking right, which is generally&lt;font&gt; six&lt;/font&gt; months after the end of the initial course term.&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 20pt; text-align: justify;"&gt;The Company also sells pre-paid cards primarily to distributors. Pre-paid card sales represent prepaid service fees received from students for online courses. The prepaid service fee is recorded as deferred revenue upon receiving the upfront cash payment. Revenue is recognised on a gross basis based on the selling price of the distributors to the students and is recognized over the period the online course is available to the students, which generally is from the enrolment date to the completion of the relevant professional examination date.&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in;"&gt;&amp;#160;&lt;/p&gt;
&lt;div class="CursorPointer"&gt;
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&lt;tr style="vertical-align: top;"&gt;
&lt;td style="padding-right: 0.8pt; font-family: 'times new roman'; width: 4%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;(iii)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-right: 0.8pt; font-family: 'times new roman'; width: 96%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;Advertising revenues&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Advertising revenues are derived principally from advertising arrangements where the advertisers pay to place their advertisements on the Group's platform in different formats over a particular period of time. Such formats generally include but are not limited to banners, text-links, videos, logos, and buttons. Advertisements on the Group's platform are generally charged on the basis of duration, and advertising contracts are signed to establish the fixed price and the advertising services to be provided. Where collectability is reasonably assured, advertising revenues from advertising contracts are recognized ratably over the contract period of display.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;The Group enters into advertising contracts directly with advertisers or third party advertising agencies that represent advertisers. Contract terms generally range from &lt;font&gt;1&lt;/font&gt; to &lt;font&gt;3&lt;/font&gt; months. Both third party advertising agencies and direct advertisers are generally billed at the end of the display period and payments are due usually within &lt;font&gt;6&lt;/font&gt; months.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Where customers purchase multiple advertising spaces with different display periods in the same contract, the Group allocates the total consideration to the various advertising elements based on the relative selling price method and recognizes revenue for the different elements over their respective display periods. The following hierarchy should be followed when determining the appropriate selling price for each element: (1)&amp;#160;vendor specific objective evidence (&amp;#147;VSOE&amp;#148;), (2)&amp;#160;third party evidence (&amp;#147;TPE&amp;#148;), and (3)&amp;#160;best estimate of selling price (&amp;#147;BESP&amp;#148;). Given that the VSOE or TPE of the selling price cannot be determined, the Group has adopted a policy to allocate the fair values of different advertising elements based on the best estimate selling prices of each advertisement within the contract taking into consideration the standard price list and historical discounts granted. The Group recognizes revenue on the elements delivered and defers the recognition of revenue for the fair value of the undelivered elements until the remaining obligations have been satisfied. Where all of the elements within an arrangement are delivered uniformly over the agreement period, the revenues are recognized on a straight line basis over the contract period.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;i&gt;Transactions with third party advertising agencies&lt;/i&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;For contracts entered into with third party advertising agencies, the third party advertising agencies will in turn sell the advertising services to advertisers. Revenue is recognized ratably over the contract period of display based on the following criteria:&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px; text-align: justify; text-indent: 0.5in; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
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&lt;tr&gt;
&lt;td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; width: 6%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; vertical-align: top; width: 3%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#149;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; vertical-align: top; width: 0%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; vertical-align: top; width: 91%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;There is persuasive evidence that an arrangement exists&amp;#151;the Group will enter into framework and execution agreements with the advertising agencies, specifying price, advertising content, format and timing.&lt;/font&gt;&lt;/td&gt;
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&lt;/table&gt;
&lt;/div&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px; text-align: justify; text-indent: 0.5in; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt;
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&lt;tr&gt;
&lt;td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; width: 6%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; vertical-align: top; width: 3%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#149;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; vertical-align: top; width: 0%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; vertical-align: top; width: 91%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Price is fixed or determinable&amp;#151;price charged to the advertising agencies are specified in the agreements, including relevant discount and rebate rates.&lt;/font&gt;&lt;/td&gt;
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&lt;/table&gt;
&lt;/div&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px; text-align: justify; text-indent: 0.5in; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt;
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&lt;tr&gt;
&lt;td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; width: 6%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; vertical-align: top; width: 3%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#149;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; vertical-align: top; width: 0%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; vertical-align: top; width: 91%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Services are rendered&amp;#151;the Group recognizes revenue ratably as the element are delivered over the contract period of display.&lt;/font&gt;&lt;/td&gt;
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&lt;/table&gt;
&lt;/div&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px; text-align: justify; text-indent: 0.5in; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;div class="CursorPointer"&gt;
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&lt;tr&gt;
&lt;td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; width: 6%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; vertical-align: top; width: 3%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#149;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; vertical-align: top; width: 0%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; vertical-align: top; width: 91%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Collectability is reasonably assured&amp;#151;the Group assesses credit history of each advertising agency before entering into any framework and execution agreements. If the collectability from the agencies is assessed as not reasonably assured, the Group recognizes revenue only when the cash is received and all the other revenue criteria are met.&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;The Group provides sales incentives in the forms of discounts and rebates to third party advertising agencies based on purchase volume. As the advertising agencies are viewed as the customers in these transactions, revenue is recognized based on the price charged to the agencies, net of sales incentives provided to the agencies. Sales incentives are estimated and recorded at the time of revenue recognition based on the contracted rebate rates and estimated sales volume based on historical experience.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;i&gt;Transactions with advertisers&lt;/i&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;The Group also enters into advertisement contracts directly with advertisers. Similar to transactions with third party advertising agencies, the Group recognizes revenue ratably as the elements are delivered over the contract period of display. The terms and conditions, including price, are fixed according to the contract between the Group and the advertisers. The Group also performs a credit assessment of all advertisers prior to entering into contracts. Revenue is recognized based on the amount charged to the advertisers, net of discounts.&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;/div&gt;

&lt;div&gt;
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&lt;tr style="vertical-align: top;"&gt;
&lt;td style="padding-right: 0.8pt; font-family: 'times new roman'; width: 4%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;(v)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-right: 0.8pt; font-family: 'times new roman'; width: 96%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;Advances from customers and deferred revenue&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
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&lt;/table&gt;
&lt;/div&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Advances from customers primarily consist of (i) prepayments from users in the form of the Group's virtual currency that are not yet consumed or converted into game tokens, and upon the consumption or conversion, are recognized as revenue according to the prescribed revenue recognition policies described above, (ii) prepayments from sub-licensees for obtaining operation rights of certain online games over a period of time, and (iii) prepayments from advertising agencies and advertisers.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Deferred revenue primarily consists of the unamortized game tokens, prepaid subscriptions under the membership program and unamortized revenue from virtual items in various channels in YY platform, where there is still an implied obligation to be provided by the Group, which will be recognized as revenue when all of the revenue recognition criteria are met.&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;/div&gt;
&lt;div&gt;
&lt;div class="CursorPointer"&gt;
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&lt;tr style="vertical-align: top;"&gt;
&lt;td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; width: 4%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;(w)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; width: 96%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;Cost of revenues&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Amounts recorded as cost of revenue relate to direct expenses incurred in order to generate revenue. Such costs are recorded as incurred. Cost of revenues consists primarily of (i) revenue sharing fees and content costs, including payments to various channel owners and performers, and content providers, (ii)&amp;#160;bandwidth costs, (iii)&amp;#160;salary and welfare, (iv) depreciation and amortization expense for servers, other equipment and intangibles directly related to operating the platform, (v)&amp;#160;payment handling cost, &lt;font style="font-style: normal; font-variant: normal; font-weight: normal; line-height: normal; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; float: none; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px; display: inline !important;"&gt;(vi)&amp;#160;business taxes and surcharges, (vii)&amp;#160;share-based compensation, and (viii)&amp;#160;other costs&lt;/font&gt;.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;In the PRC, business taxes are imposed by the government on revenues reported by any selling entity for the provision of taxable services in the PRC. The business tax rate varies depending on the nature of the revenues. The Group is also subject to cultural development fee at a tax rate of &lt;font&gt;3&lt;/font&gt;% on service income from provision of advertising services in the PRC.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Except for online games revenues, the Group's IVAS revenues became subject to VAT from June 1, 2014, at a rate of &lt;font&gt;6&lt;/font&gt;%, while they were subject to business taxes at a rate of&lt;font&gt; 3&lt;/font&gt;% prior to June 1, 2014. Other revenues of the Group, including online games revenues, is subject to VAT for all the periods&amp;#160;presented.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;The Group is subject to surcharges of business taxes and VAT, which are calculated based on &lt;font&gt;12&lt;/font&gt;% of the business taxes and VAT paid&amp;#160;for the years ended December 31, 2013, 2014 and 2015.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;The Group reported business taxes and surcharges, and cultural development fees in cost of revenues.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Based on the Group's corporate structure and the contractual arrangements among the Group's PRC subsidiaries, the Group's VIEs and their shareholders, the Group is effectively subject to &lt;font&gt;6&lt;/font&gt;% or &lt;font&gt;17&lt;/font&gt;% VAT and related surcharges on revenues generated by the Group's subsidiaries based on the Group's contractual arrangements entered into with the Group's VIEs.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;/div&gt;

&lt;div&gt;
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&lt;tr style="vertical-align: top;"&gt;
&lt;td style="padding-right: 0.8pt; font-family: 'times new roman'; width: 4%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;(x)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-right: 0.8pt; font-family: 'times new roman'; width: 96%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;Research and development expenses&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Research and development expenses consist primarily of (i)&amp;#160;salary and welfare for research and development personnel, (ii) share-based compensation for research and development personnel, (iii)&amp;#160;rental expenses and (iv) depreciation of office premise and servers utilized by research and development personnel. Costs incurred during the research stage are expensed as incurred. Costs incurred in the development stage, prior to the establishment of technological feasibility, which is when a working model is available, are expensed when incurred.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;The Company recognizes internal use software development costs in accordance with guidance on intangible assets and internal use software. This requires capitalization of qualifying costs incurred during the software's application development stage and to expense costs as they are incurred during the preliminary project and post implementation/operation stages. The Company has not capitalized any costs related to internal use software during the years ended December 31, 2013, 2014 and 2015, respectively.&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px; text-align: justify; text-indent: 0.5in; font-size-adjust: none; font-stretch: normal;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;/div&gt;
&lt;div&gt;
&lt;div class="CursorPointer"&gt;
&lt;table style="font: 10pt/normal 'times new roman', times, serif; width: 100%; border-collapse: collapse; font-size-adjust: none; font-stretch: normal;" cellspacing="0" cellpadding="0"&gt;

&lt;tr style="vertical-align: top;"&gt;
&lt;td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; width: 4%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;(y)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; width: 96%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;Sales and marketing expenses&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Sales and marketing expenses consist primarily of (i) advertising and market promotion expenses, (ii) salary and welfare for sales and marketing personnel, and (iii) &lt;font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none;"&gt;rental expenses&lt;/font&gt;. The advertising and market promotion expenses amounted to approximately RMB&lt;font&gt;8,054&lt;/font&gt;, RMB&lt;font&gt;76,192&lt;/font&gt;&amp;#160;and RMB&lt;font&gt;253,210&lt;/font&gt;&amp;#160;during the years ended December 31, 2013, 2014 and 2015, respectively.&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;/div&gt;
&lt;div&gt;
&lt;div class="CursorPointer"&gt;
&lt;table style="font: 10pt/normal 'times new roman', times, serif; width: 100%; border-collapse: collapse; font-size-adjust: none; font-stretch: normal;" cellspacing="0" cellpadding="0"&gt;

&lt;tr style="vertical-align: top;"&gt;
&lt;td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; width: 4%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;(z)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; width: 96%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;General and administrative expenses&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;General and administrative expenses consist primarily of (i)&amp;#160;salary and welfare for general and administrative personnel, (ii) share based compensation for management and administrative personnel, and (iii) impairment charges of intangibles in relation to acquisitions.&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;/div&gt;
&lt;div&gt;
&lt;div class="CursorPointer"&gt;
&lt;table style="font: 10pt/normal 'times new roman', times, serif; width: 100%; border-collapse: collapse; font-size-adjust: none; font-stretch: normal;" cellspacing="0" cellpadding="0"&gt;

&lt;tr style="vertical-align: top;"&gt;
&lt;td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; width: 4%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;(aa)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; width: 96%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;Employee social security and welfare benefits&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Employees of the Group in the PRC are entitled to staff welfare benefits including pension, work-related injury benefits, maternity insurance, medical insurance, unemployment benefit and housing fund plans through a PRC government-mandated multi-employer defined contribution plan. The Group is required to accrue for these benefits based on certain percentages of the employees' salaries, up to a maximum amount specified by the local government. The Group is required to make contributions to the plans out of the amounts accrued. The PRC government is responsible for the medical benefits and the pension liability to be paid to these employees and the Group's obligations are limited to the amounts contributed and no legal obligation beyond the contributions made. Employee social security and welfare benefits included as expenses in the accompanying statements of operations amounted to RMB&lt;font&gt;68,334&lt;/font&gt;, RMB&lt;font&gt;115,012&lt;/font&gt;&amp;#160;and RMB&lt;font&gt;171,349&lt;/font&gt;&amp;#160;for the years ended December 31, 2013, 2014 and 2015, respectively.&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;/div&gt;
&lt;div&gt;
&lt;div class="CursorPointer"&gt;
&lt;table style="font: 10pt/normal 'times new roman', times, serif; width: 100%; border-collapse: collapse; font-size-adjust: none; font-stretch: normal;" cellspacing="0" cellpadding="0"&gt;

&lt;tr style="vertical-align: top;"&gt;
&lt;td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; width: 4%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;(bb)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; width: 96%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;Share based compensation&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;The Company grants stock-based award, such as, but not limited to, share options, restricted shares, and restricted share units to eligible employees, officers, directors, and non-employee consultants.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;

&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Awards granted to employees, officers, and directors are initially accounted for as equity-classified awards. The related share based compensation expenses are measured at the grant date fair value of the award and are recognized using the graded vesting method, net of estimated forfeiture rates, over the requisite service period, which is generally the vesting period. Forfeitures are estimated at the time of grant based on historical forfeiture rates and will be revised in the subsequent periods if actual forfeitures differ from those estimates. Duowan BVI also granted share options, restricted shares and restricted share units to non-employees, which are also initially accounted for as equity-classified awards. Awards granted to non-employees are initially measured at fair value on the grant date and periodically re-measured thereafter until the earlier of the performance commitment date or the date the service is completed and recognized over the period the service is provided. Awards are re-measured at each reporting date using the fair value as at each period end until the measurement date, generally when the services are completed and share-based awards are vested. Changes in fair value between the interim reporting dates are recorded in&amp;#160;consistent with the method used in recognizing the original compensation costs.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Following the listing of the Company, the grant date fair value of share-based awards is based on stock price of the Company in the NASDAQ Global Market.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&amp;#160;&lt;br/&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;For an award with a performance and/or service condition that affects vesting, the performance and/or service condition is not considered in determining the award's fair value on the grant date. Performance and service conditions should be considered when the Company is estimating the quantity of awards that will vest. Compensation cost will reflect the number of awards that are expected to vest and will be adjusted to reflect those awards that do ultimately vest. The Group recognizes compensation cost for awards with performance conditions if and when the Group concludes that it is probable that the performance condition will be achieved, net of an estimate of pre-vesting forfeitures over the requisite service period. The Group reassesses the probability of vesting at each reporting period for awards with performance conditions and adjusts compensation cost based on its probability assessment, unless on certain situations, the Group may not be able to determine that it is probable that a performance condition will be satisfied until the event occurs.&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;/div&gt;
&lt;div&gt;
&lt;div class="CursorPointer"&gt;
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&lt;tr style="vertical-align: top;"&gt;
&lt;td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; width: 4%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;(cc)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; width: 96%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;Other income&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Other income primarily consists of government grants which represent cash subsidies received from the PRC government by the Group entities. Government grants are originally recorded as deferred revenue when received upfront. After all of the conditions specified in the grants have been met, the grants are recognized as operating income.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;/div&gt;

&lt;div&gt;
&lt;div class="CursorPointer"&gt;
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&lt;tr style="vertical-align: top;"&gt;
&lt;td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; width: 4%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;(dd)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; width: 96%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;Income taxes&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Current income taxes are provided on the basis of net income for financial reporting purposes, adjusted for income and expense items which are not assessable or deductible for income tax purposes, in accordance with the regulations of the relevant tax jurisdictions. Deferred income taxes are accounted for using an asset and liability method. Under this method, deferred income taxes are recognized for the tax consequences of temporary differences by applying enacted statutory rates applicable to future years to differences between the financial statement carrying amounts and the tax bases of existing assets and liabilities. The tax base of an asset or liability is the amount attributed to that asset or liability for tax purpose. The effect on deferred taxes of a change in tax rates is recognized in statement of operations and comprehensive income in the period of change. A valuation allowance is provided to reduce the amount of deferred tax assets if it is considered more likely than not that some portion of, or all of the deferred tax assets will not be realized.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;i&gt;Uncertain tax positions&lt;/i&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;The guidance on accounting for uncertainties in income taxes prescribes a more likely than not threshold for financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. Guidance was also provided on derecognition of income tax assets and liabilities, classification of current and deferred income tax assets and liabilities, accounting for interest and penalties associated with tax positions, accounting for income taxes in interim periods, and income tax disclosures. Significant judgment is required in evaluating the Group's uncertain tax positions and determining its provision for income taxes. The Group recognizes interests and penalties, if any, under accrued expenses and other current liabilities on its balance sheet and under other expenses in its statements of operations. The Group did not recognize any significant interest and penalties associated with uncertain tax positions for the years ended December 31, 2013, 2014 and 2015. As of December 31, 2014 and 2015, the Group did not have any significant unrecognized uncertain tax positions. &lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;/div&gt;
&lt;div&gt;
&lt;div class="CursorPointer"&gt;
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&lt;tr style="vertical-align: top;"&gt;
&lt;td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; width: 4%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;(ee)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; width: 96%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;Statutory reserves&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;The Group's subsidiaries, VIEs and VIE's subsidiaries established in the PRC are required to make appropriations to certain non-distributable reserve funds.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;In accordance with the laws applicable to China's Foreign Investment Enterprises, the Group's subsidiaries registered as wholly-owned foreign enterprises have to make appropriations from its after-tax profit (as determined under the Accounting Standards for Business Enterprises as promulgated by the Ministry of Finance of the People's Republic of China (&amp;#147;PRC GAAP&amp;#148;)) to reserve funds including general reserve fund, and staff bonus and welfare fund. The appropriation to the general reserve fund must be at least &lt;font&gt;10&lt;/font&gt;% of the after-tax profits calculated in accordance with PRC GAAP. Appropriation is not required if the reserve fund has reached &lt;font&gt;50&lt;/font&gt;% of the registered capital of the company. Appropriation to the staff bonus and welfare fund is at the company's discretion.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;In addition, in accordance with the Company Laws of the PRC, the VIEs and VIE's subsidiaries of the Company registered as PRC domestic companies must make appropriations from its after-tax profit as determined under the PRC GAAP to non-distributable reserve funds including a statutory surplus fund and a discretionary surplus fund. The appropriation to the statutory surplus fund must be at least &lt;font&gt;10&lt;/font&gt;% of the after-tax profits as determined under the PRC GAAP. Appropriation is not required if the surplus fund has reached &lt;font&gt;50&lt;/font&gt;% of the registered capital of the company. Appropriation to the discretionary surplus fund is made at the discretion of the company.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;The use of the general reserve fund, statutory surplus fund and discretionary surplus fund are restricted to the off-setting of losses or increasing capital of the respective company. The staff bonus and welfare fund is a liability in nature and is restricted to fund payments of special bonus to staff and for the collective welfare of employees. All these reserves are not allowed to be transferred to the company in terms of cash dividends, loans or advances, nor can they be distributed except under liquidation.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;During the year ended December 31, 2013, 2014 and 2015, appropriations to general reserve fund and statutory surplus fund amounted to RMB&lt;font&gt;40,657&lt;/font&gt;,&amp;#160;RMB&lt;font&gt;15,812&lt;/font&gt;&amp;#160;and RMB&lt;font&gt;38&lt;/font&gt;, respectively.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px; text-align: justify; text-indent: 0.5in; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;

&lt;div&gt;
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&lt;tr style="vertical-align: top;"&gt;
&lt;td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; width: 4%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;(ff)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; width: 96%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;Related parties&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Parties are considered to be related if one party has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Parties are also considered to be related if they are subject to common control or significant influence, such as a family member or relative, shareholder, or a related corporation.&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px; text-align: justify; text-indent: 0.5in; font-size-adjust: none; font-stretch: normal;"&gt;&lt;br/&gt;&lt;/p&gt;
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&lt;tr style="vertical-align: top;"&gt;
&lt;td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; width: 4%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;(gg)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; width: 96%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;Dividends&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Dividends are recognized when declared. No dividends were declared for the years ended December 31, 2013, 2014 and 2015, respectively. The Group does not have any present plan to pay any dividends on common shares in the foreseeable future. The Group currently intends to retain the available funds and any future earnings to operate and expand its business.&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;/div&gt;
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&lt;tr style="vertical-align: top;"&gt;
&lt;td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; width: 4%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;(hh)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; width: 96%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;Income per share&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Basic income per share is computed on the basis of the weighted-average number of common shares outstanding during the period under measurement. Diluted income per share is based on the weighted-average number of common shares outstanding and potential common shares. Potential common shares result from the assumed exercise of outstanding share options, RSs and RSUs or other potentially dilutive equity instruments, when they are dilutive under the treasury stock method or the if-converted method.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px; text-align: justify; text-indent: 0.5in; font-size-adjust: none; font-stretch: normal;"&gt;&lt;br/&gt;&lt;/p&gt;
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&lt;tr style="vertical-align: top;"&gt;
&lt;td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; width: 4%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;(ii)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; width: 96%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;Comprehensive income&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;Comprehensive income is defined as the change in equity of the Company during a period arising from transactions and other events and circumstances excluding transactions resulting from investments by shareholders and distributions to shareholders. Comprehensive income is reported in the consolidated statements of operations and comprehensive income. Accumulated other comprehensive (loss)/income of the Group includes the foreign currency translation adjustments.&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px; font-size-adjust: none; font-stretch: normal;"&gt;&lt;br/&gt;&lt;/p&gt;
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&lt;tr style="vertical-align: top;"&gt;
&lt;td style="padding-right: 0.8pt; font-family: 'times new roman'; width: 4%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;(jj)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-right: 0.8pt; font-family: 'times new roman'; width: 96%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;Segment reporting&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
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&lt;/table&gt;
&lt;/div&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;Operating segments are defined as components of an enterprise engaging in businesses activities for which separate financial information is available that is regularly evaluated by the Group's chief operating decision makers ("CODM") in deciding how to allocate resources and assess performance. The Group's chief operating decision maker has been identified as the Chief Executive Officer, who reviews consolidated results when making decisions about allocating resources and assessing performance of the Group.&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 20pt; text-align: justify;"&gt;&lt;br/&gt;&lt;/p&gt;
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&lt;td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; width: 4%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;(kk)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; width: 96%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;Recently issued accounting pronouncements&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
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&lt;/table&gt;
&lt;/div&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0pt 0px 0pt 23pt; text-align: justify;"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none;"&gt;In May 2014, the FASB issued ASU 2014-09 Revenue from Contracts with Customers (Topic 606) which will replace requirements in U.S. GAAP. The core principle of the new standard is that a company should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. The new standard will be effective for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period. The standard will be effective for the first quarter of 2018.The Company is in the process of evaluating the impact of the standard on its consolidated financial statements.&lt;br/&gt;&lt;br/&gt;&lt;/font&gt;In February 2015, the FASB issued Consolidation (Topic 810) &amp;#151;Amendments to the Consolidation Analysis. The amendments in Topic 810 respond to stakeholders' concerns about the current accounting for consolidation of variable interest entities, by changing aspects of the analysis that a reporting entity must perform to determine whether it should consolidate such entities. Under the amendments, all reporting entities are within the scope of Subtopic 810-10, Consolidation&amp;#151;Overall, including limited partnerships and similar legal entities, unless a scope exception applies. The amendments are intended to be an improvement to current U.S. GAAP, as they simplify the codification of FASB Statement No. 167, Amendments to FASB Interpretation No. 46(R), with changes including reducing the number of consolidation models through the elimination of the indefinite deferral of Statement 167 and placing more emphasis on risk of loss when determining a controlling financial interest. The amendments are effective for publicly-traded companies for fiscal years beginning after December 15, 2015, and for interim periods within those fiscal years. Earlier adoption is permitted. The Company is in the process of evaluating the impact of the standard on its consolidated financial statements.&lt;/p&gt;
&lt;p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0pt 0px 0pt 23pt; text-align: justify;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0pt 0px 0pt 23pt; text-align: justify;"&gt;In January 2016, the FASB issued ASU 2016-01: Recognition and Measurement of Financial Assets and Financial Liabilities. The amendments in this Update make targeted improvements to generally accepted accounting principles (GAAP) as follows: 1) Require equity investments (except those accounted for under the equity method of accounting or those that result in consolidation of the investee) to be measured at fair value with changes in fair value recognized in net income. However, an entity may choose to measure equity investments that do not have readily determinable fair values at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. 2) Simplify the impairment assessment of equity investments without readily determinable fair values by requiring a qualitative assessment to identify impairment. When a qualitative assessment indicates that impairment exists, an entity is required to measure the investment at fair value. 3) Eliminate the requirement to disclose the fair value of financial instruments measured at amortized cost for entities that are not public business entities. 4) Eliminate the requirement for public business entities to disclose the method(s) and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet. 5) Require public business entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes. 6) Require an entity to present separately in other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments. 7) Require separate presentation of financial assets and financial liabilities by measurement category and form of financial asset (that is, securities or loans and receivables) on the balance sheet or the accompanying notes to the financial statements. 8) Clarify that an entity should evaluate the need for a valuation allowance on a deferred tax asset related to available-for-sale securities in combination with the entity's other deferred tax assets. For public business entities, the amendments in this Update are effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. The Company is in the process of evaluating the impact of the standard on its consolidated financial statements.&lt;/p&gt;
&lt;p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0pt 0px 0pt 23pt; text-align: justify;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0pt 0px 0pt 23pt; text-align: justify;"&gt;In February 2016, the FASB issued ASU 2016-02: Leases (Topic 842). The core principle of Topic 842 is that a lessee should recognize the assets and liabilities that arise from leases. All leases create an asset and a liability for the lessee in accordance with FASB Concepts Statement No. 6, Elements of Financial Statements, and, therefore, recognition of those lease assets and lease liabilities represents an improvement over previous GAAP, which did not require lease assets and lease liabilities to be recognized for most leases. For public business entities, the amendments in this Update are effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The Company is in the process of evaluating the impact of the standard on its consolidated financial statements.&lt;br/&gt;&lt;/p&gt;
&lt;p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0pt 0px 0pt 23pt; text-align: justify;"&gt;&amp;#160;&lt;/p&gt;
&lt;table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse;"&gt;

&lt;tr style="vertical-align: top;"&gt;
&lt;td style="width: 4%;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 96%; padding-left: 1.25pt; text-align: justify;"&gt;&lt;font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"&gt;In March 2016, the FASB issued ASU 2016-03: Intangibles&amp;#151;Goodwill and Other (Topic 350), Business Combinations (Topic 805), Consolidation (Topic 810), Derivatives and Hedging(Topic 815): Effective Date and Transition Guidance (PCC 15-01). The amendments in this Update make the guidance in Updates 2014-02, 2014-03, 2014-07, and 2014-18 effective immediately by removing their effective dates. The amendments also include transition provisions that provide that private companies are able to forgo a preferability assessment the first time they elect the accounting alternatives within the scope of this Update. Any subsequent change to an accounting policy election requires justification that the change is preferable under Topic 250, Accounting Changes and Error Corrections. The amendments in this Update also extend the transition guidance in Updates 2014-02, 2014-03, 2014-07, and 2014-18 indefinitely. While this Update extends transition guidance for Updates 2014-07 and 2014-18, there is no intention to change how transition is applied for those two Updates. The amendments in this Update are effective immediately. The Company is in the process of evaluating the impact of the standard on its consolidated financial statements.&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;br/&gt;&lt;/p&gt;
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&lt;/div&gt;</us-gaap:SignificantAccountingPoliciesTextBlock>
  <yy:PropertyPlantAndEquipmentEstimatedUsefulLivesAndResidualRateTableTextBlock id="Tag946" contextRef="D2015-01-01_To_2015-12-31">&lt;div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px; text-indent: 0.5in; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;div style="margin-left: 23pt;" class="CursorPointer"&gt;
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&lt;tr style="vertical-align: bottom;"&gt;
&lt;td align="center" style="padding: 0px; font-family: 'times new roman'; font-size: 10pt;"&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt/normal 'times new roman'; padding: 0px; font-size-adjust: none; font-stretch: normal;"&gt;&lt;/td&gt;
&lt;td align="center" style="font: bold 10pt/normal 'times new roman'; padding: 0px; text-align: right; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Estimated&amp;#160;useful&amp;#160;lives&lt;/font&gt;&lt;/td&gt;
&lt;td align="center" style="font: bold 10pt/normal 'times new roman'; padding: 0px; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td align="center" style="font: bold 10pt/normal 'Times New Roman'; padding: 0px 5px; text-align: center; white-space: nowrap; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td align="center" style="font: bold 10pt/normal 'times new roman', times, serif; padding: 0px; text-align: right; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Residual&lt;br/&gt;&lt;/font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;rate&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td align="center" style="padding: 0px; font-family: 'times new roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="font: bold 10pt/normal 'times new roman'; padding: 0px; font-size-adjust: none; font-stretch: normal;"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="center" style="font: bold 10pt/normal 'times new roman'; padding: 0px; text-align: right; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td align="center" style="font: bold 10pt/normal 'times new roman'; padding: 0px; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td align="center" style="font: bold 10pt/normal 'Times New Roman'; padding: 0px 5px; text-align: center; white-space: nowrap; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td align="center" style="font: bold 10pt/normal 'times new roman', times, serif; padding: 0px; text-align: right; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: left; text-indent: 0px; font-stretch: normal; width: 71%; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;Buildings&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; font-stretch: normal; width: 1%; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="right" style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; font-stretch: normal; width: 12%; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times;"&gt;&lt;font&gt;40&lt;/font&gt; years&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; font-stretch: normal; width: 1%; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; text-align: center; white-space: nowrap; font-stretch: normal; width: 1%; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right; vertical-align: bottom; white-space: nowrap; font-stretch: normal; width: 14%; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;&lt;font&gt;0&lt;/font&gt;%&amp;#160;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: left; text-indent: 0px; font-stretch: normal; width: 67px;"&gt;Decoration of buildings&lt;br/&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; font-stretch: normal; width: 1px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="right" style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; font-stretch: normal; width: 11px;"&gt;&lt;font style="font-family: 'times new roman', times;"&gt;&lt;font&gt;&amp;#160;&lt;font&gt;10&lt;/font&gt; years&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; font-stretch: normal; width: 1px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; text-align: center; white-space: nowrap; font-stretch: normal; width: 1px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right; vertical-align: bottom; white-space: nowrap; font-stretch: normal; width: 9px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;&lt;font&gt;&amp;#160;&lt;font&gt;0&lt;/font&gt; %&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: left; text-indent: 0px; font-stretch: normal; width: 67%; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Servers, computers and equipment&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; font-stretch: normal; width: 1%; background-color: #cceeff;"&gt;&lt;/td&gt;
&lt;td align="right" style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; font-stretch: normal; width: 11%; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;3&lt;/font&gt;&amp;#160;years&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; font-stretch: normal; width: 1%; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; text-align: center; white-space: nowrap; font-stretch: normal; width: 1%; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right; vertical-align: bottom; white-space: nowrap; font-stretch: normal; width: 9%; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;0&lt;/font&gt;%-&lt;font&gt;5&lt;/font&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: left; text-indent: 0px; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Furniture,&amp;#160;fixture&amp;#160;and&amp;#160;office&amp;#160;equipment&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; font-stretch: normal;"&gt;&lt;/td&gt;
&lt;td align="right" style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;5&lt;/font&gt;&amp;#160;years&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; text-align: center; white-space: nowrap; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right; vertical-align: bottom; white-space: nowrap; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;0&lt;/font&gt;%-&lt;font&gt;5&lt;/font&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: left; text-indent: 0px; font-stretch: normal; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Motor vehicles&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; font-stretch: normal; background-color: #cceeff;"&gt;&lt;/td&gt;
&lt;td align="right" style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; font-stretch: normal; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;4&lt;/font&gt;&amp;#160;years&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; font-stretch: normal; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; text-align: center; white-space: nowrap; font-stretch: normal; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right; vertical-align: bottom; white-space: nowrap; font-stretch: normal; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;5&lt;/font&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: left; text-indent: 0px; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Leasehold improvements&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td align="center" style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right; vertical-align: bottom; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Shorter&amp;#160;of&amp;#160;lease&amp;#160;term&amp;#160;or&amp;#160;&lt;font&gt;5&lt;/font&gt;&amp;#160;years&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; text-align: center; white-space: nowrap; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 12px 0px 0px; text-align: right; vertical-align: bottom; white-space: nowrap; font-stretch: normal;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;-&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;</yy:PropertyPlantAndEquipmentEstimatedUsefulLivesAndResidualRateTableTextBlock>
  <us-gaap:ProceedsFromBankDebt id="Tag947" contextRef="D2015-01-01_To_2015-12-31" unitRef="CNY" decimals="-3">1148500000</us-gaap:ProceedsFromBankDebt>
  <us-gaap:ProceedsFromBankDebt id="Tag948" contextRef="D2015-01-01_To_2015-12-31" unitRef="USD" decimals="-3">177298000</us-gaap:ProceedsFromBankDebt>
  <us-gaap:GoodwillAndIntangibleAssetsIntangibleAssetsPolicy id="Tag949" contextRef="D2015-01-01_To_2015-12-31">&lt;div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"&gt;
&lt;div class="CursorPointer"&gt;
&lt;table style="font: 10pt/normal 'times new roman', times, serif; width: 100%; border-collapse: collapse; font-stretch: normal;" cellspacing="0" cellpadding="0"&gt;

&lt;tr style="vertical-align: top;"&gt;
&lt;td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; width: 4%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;(o)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; width: 96%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;Intangible assets, net&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;Intangible assets mainly consist of brand names, operating rights for licensed games, software, operating rights for game broadcasting, domain names and technology. Identifiable intangible assets are carried at acquisition cost less accumulated amortization and impairment loss, if any. Finite-lived intangible assets are tested for impairment if impairment indicators arise. Amortization of finite-lived intangible assets is computed using the straight-line method over their estimated useful lives, which are as follows:&lt;br/&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;div&gt;
&lt;div style="margin-left: 23pt;" class="CursorPointer"&gt;
&lt;table style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; border-collapse: collapse; width: 96%; margin-left: 0px;" cellspacing="0" cellpadding="0"&gt;

&lt;tr&gt;
&lt;td style="text-indent: 10pt; padding-left: 10pt; font-family: 'times new roman'; font-size: 10pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-family: 'times new roman'; font-size: 10pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman'; font-size: 10pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;Estimated useful lives&lt;/strong&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: 10pt; padding-left: 10pt; font-family: 'times new roman'; font-size: 10pt; vertical-align: top;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; font-size: 10pt; vertical-align: top;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; font-size: 10pt; vertical-align: top;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; width: 49%; text-indent: 0px; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Brand names&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; width: 2%; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; width: 49%; text-align: right; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;&lt;font&gt;1&lt;/font&gt;-&lt;font&gt;15&lt;/font&gt; years&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; width: 49%; text-indent: 0px; font-stretch: normal;"&gt;Operating rights for licensed games&lt;br/&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; width: 2%; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; width: 49%; text-align: right; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;&amp;#160;Shorter&amp;#160;of&amp;#160;the&amp;#160;economic&amp;#160;life&amp;#160;or&amp;#160;license&amp;#160;period&amp;#160;of&amp;#160;relevant&amp;#160;online&amp;#160;game&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; width: 49%; text-indent: 0px; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Software&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; width: 2%; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; width: 49%; text-align: right; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;3&lt;/font&gt;&amp;#160;-&lt;font&gt;5&lt;/font&gt;&amp;#160;years&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; width: 49%; text-indent: 0px; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Operating&amp;#160;rights&amp;#160;for&amp;#160;game&amp;#160;broadcasting&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; width: 2%; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; width: 49%; text-align: right; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;&amp;#160;Over the contract terms&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; width: 49%; text-indent: 0px; font-stretch: normal;"&gt;Domain names&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; width: 2%; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; width: 49%; text-align: right; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;&lt;font&gt;15&lt;/font&gt; years&amp;#160;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font: 10pt/normal 'times new roman'; padding: 0px; text-indent: 0px; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Technology&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt/normal 'times new roman'; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt/normal 'times new roman'; text-align: right; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;5&lt;/font&gt;&amp;#160;years&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: left; text-indent: 0px; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Others&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-align: right; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;&amp;#160;&lt;font&gt;3&lt;/font&gt;-&lt;font&gt;5&lt;/font&gt; years&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;div class="CursorPointer"&gt;&lt;br/&gt;&lt;/div&gt;
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&lt;div style="margin-left: 23pt;" class="CursorPointer"&gt;
&lt;table style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; border-collapse: collapse; width: 96%; margin-left: 0px;" cellspacing="0" cellpadding="0"&gt;

&lt;tr&gt;
&lt;td style="text-indent: 10pt; padding-left: 10pt; font-family: 'times new roman'; font-size: 10pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-family: 'times new roman'; font-size: 10pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;&amp;#160;&lt;/strong&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman'; font-size: 10pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;strong&gt;Estimated useful lives&lt;/strong&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: 10pt; padding-left: 10pt; font-family: 'times new roman'; font-size: 10pt; vertical-align: top;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; font-size: 10pt; vertical-align: top;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; font-size: 10pt; vertical-align: top;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; width: 49%; text-indent: 0px; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Brand names&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; width: 2%; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; width: 49%; text-align: right; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;&lt;font&gt;1&lt;/font&gt;-&lt;font&gt;15&lt;/font&gt; years&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; width: 49%; text-indent: 0px; font-stretch: normal;"&gt;Operating rights for licensed games&lt;br/&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; width: 2%; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; width: 49%; text-align: right; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;&amp;#160;Shorter&amp;#160;of&amp;#160;the&amp;#160;economic&amp;#160;life&amp;#160;or&amp;#160;license&amp;#160;period&amp;#160;of&amp;#160;relevant&amp;#160;online&amp;#160;game&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; width: 49%; text-indent: 0px; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Software&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; width: 2%; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; width: 49%; text-align: right; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;3&lt;/font&gt;&amp;#160;-&lt;font&gt;5&lt;/font&gt;&amp;#160;years&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; width: 49%; text-indent: 0px; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Operating&amp;#160;rights&amp;#160;for&amp;#160;game&amp;#160;broadcasting&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; width: 2%; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; width: 49%; text-align: right; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;&amp;#160;Over the contract terms&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; width: 49%; text-indent: 0px; font-stretch: normal;"&gt;Domain names&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; width: 2%; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; width: 49%; text-align: right; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;&lt;font&gt;15&lt;/font&gt; years&amp;#160;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font: 10pt/normal 'times new roman'; padding: 0px; text-indent: 0px; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Technology&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt/normal 'times new roman'; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt/normal 'times new roman'; text-align: right; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;5&lt;/font&gt;&amp;#160;years&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: left; text-indent: 0px; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Others&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-align: right; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;&amp;#160;&lt;font&gt;3&lt;/font&gt;-&lt;font&gt;5&lt;/font&gt; years&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;</yy:ScheduleOfUsefulLifeOfFiniteLivedIntangibleAssetsTableTextBlock>
  <yy:TaxRateOnAdvertisingServiceIncome id="Tag951" contextRef="D2015-01-01_To_2015-12-31" unitRef="Pure" decimals="2">0.03</yy:TaxRateOnAdvertisingServiceIncome>
  <yy:SurchargesRateOnBusinessTaxAndValueAddedTax id="Tag952" contextRef="D2015-01-01_To_2015-12-31" unitRef="Pure" decimals="2">0.12</yy:SurchargesRateOnBusinessTaxAndValueAddedTax>
  <us-gaap:MarketingAndAdvertisingExpense id="Tag953" contextRef="D2015-01-01_To_2015-12-31" unitRef="CNY" decimals="-3">253210000</us-gaap:MarketingAndAdvertisingExpense>
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&lt;div class="CursorPointer"&gt;
&lt;table style="font: 10pt/normal 'times new roman', times, serif; width: 100%; border-collapse: collapse; font-size-adjust: none; font-stretch: normal;" cellspacing="0" cellpadding="0"&gt;

&lt;tr style="vertical-align: top;"&gt;
&lt;td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; width: 4%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;(a)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; width: 96%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;Basis of presentation&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;The consolidated financial statements have been prepared in accordance with the U.S GAAP to reflect the financial position and results of operations of the Group.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px; text-align: justify; text-indent: 0.5in; font-size-adjust: none; font-stretch: normal;"&gt;&lt;br/&gt;&lt;/p&gt;
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  <yy:ConvenienceTranslationPolicyTextBlock id="Tag956" contextRef="D2015-01-01_To_2015-12-31">&lt;div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"&gt;
&lt;div class="CursorPointer"&gt;
&lt;table style="font: 10pt/normal 'times new roman', times, serif; width: 100%; border-collapse: collapse; font-size-adjust: none; font-stretch: normal;" cellspacing="0" cellpadding="0"&gt;

&lt;tr style="vertical-align: top;"&gt;
&lt;td style="padding-right: 0.8pt; font-family: 'times new roman'; width: 4%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;(e)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-right: 0.8pt; font-family: 'times new roman'; width: 96%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;Convenience translation&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Translations of amounts from RMB into US$ for the convenience of the reader were calculated at the noon buying rate of US$1.00 = RMB&amp;#160;&lt;font&gt;6.4778&lt;/font&gt;&amp;#160;on December 31, 2015 as set forth in the H.10 statistical release of the U.S. Federal Reserve Board. No representation is made that the RMB amounts could have been, or could be, converted into US$ at such rate.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;br/&gt;&lt;/p&gt;
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  <us-gaap:IncreaseDecreaseInAccruedLiabilities id="Tag957" contextRef="D2015-01-01_To_2015-12-31" unitRef="CNY" decimals="-3">178901000</us-gaap:IncreaseDecreaseInAccruedLiabilities>
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&lt;div class="CursorPointer"&gt;
&lt;table style="font: 10pt/normal 'times new roman', times, serif; width: 100%; border-collapse: collapse; font-size-adjust: none; font-stretch: normal;" cellspacing="0" cellpadding="0"&gt;

&lt;tr style="vertical-align: top;"&gt;
&lt;td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; width: 4%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;(c)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; width: 96%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;Use of estimates&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;The preparation of the Company's consolidated financial statements in conformity with U.S.&amp;#160;GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, mezzanine equity and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ materially from such estimates. The Company believes that the user relationship period related to online games revenue, assessment of whether the Group acts as a principal or an agent in different revenue streams, classification of perpetual items versus consumable items under item-based model, the determination of estimated selling prices of multiple element revenue contracts, income taxes, allowances for doubtful accounts, determination of share based compensation expenses, impairment assessment of goodwill, long-lived assets and intangible assets, tax considerations for earnings retained in the Group's VIEs, fair value determination related to the accounting for business combinations and subsequent measurement of contingent consideration following business combinations, assessment on the probability of exercisability of the put option related to business combinations, assessment on the probability of performance condition affiliated in equity-classified award under ASC&amp;#160;718 that affect vesting, represent critical accounting policies that reflect more significant judgments and estimates used in the preparation of its consolidated financial statements.&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Management bases the estimates on historical experience and on various other assumptions that are believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Actual results could differ from these estimates.&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px; text-align: justify; text-indent: 0.5in; font-size-adjust: none; font-stretch: normal;"&gt;&lt;br/&gt;&lt;/p&gt;
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&lt;tr style="vertical-align: top;"&gt;
&lt;td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; width: 4%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;(d)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; width: 96%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;Foreign currency translation&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;The Group uses Renminbi (&amp;#147;RMB&amp;#148;) as its reporting currency. The functional currency of the Company and its subsidiaries incorporated in the Cayman Islands, British Virgin Islands, and Hong Kong is United States dollar (&amp;#147;US$&amp;#148;), while the functional currency of the other entities, VIEs and VIE's subsidiaries in the Group is RMB, which is their respective local currency. In the consolidated financial statements, the financial information of the Company and its subsidiaries, which use US$ as their functional currency, have been translated into RMB. Assets and liabilities are translated at the exchange rates on the balance sheet date, equity amounts are translated at historical exchange rates, and revenues, expenses, gains, and losses are translated using the average exchange rate for the period. Translation adjustments arising from these are reported as foreign currency translation adjustments and are shown as a component of other comprehensive income or loss in the statement of operations and comprehensive income.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Foreign currency transactions denominated in currencies other than functional currency are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are remeasured at the applicable rates of exchange in effect at that date. Foreign exchange gains and losses resulting from the settlement of such transactions and from remeasurement at year-end are recognized in foreign currency exchange gains (losses), net in the consolidated statement of operations.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px; text-align: justify; text-indent: 0.5in; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
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&lt;div class="CursorPointer"&gt;
&lt;table style="font: 10pt/normal 'times new roman', times, serif; width: 100%; border-collapse: collapse; font-size-adjust: none; font-stretch: normal;" cellspacing="0" cellpadding="0"&gt;

&lt;tr style="vertical-align: top;"&gt;
&lt;td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; width: 4%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;(f)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; width: 96%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;Fair value of financial instruments&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;br/&gt;U.S. GAAP establishes a three-tier hierarchy to prioritize the inputs used in the valuation methodologies in measuring the fair value of financial instruments. This hierarchy also requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The three-tier fair value hierarchy is:&lt;br/&gt;&lt;br/&gt;Level 1&amp;#151;observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets.&lt;br/&gt;Level 2&amp;#151;other inputs that are directly or indirectly observable in the marketplace.&lt;br/&gt;Level 3&amp;#151;unobservable inputs which are supported by little or no market activity.&lt;br/&gt;&lt;br/&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;The carrying values of cash and cash equivalents, short-term deposits, restricted short-term deposits, accounts receivable, other receivables, amounts due from (to) related parties, accounts payable, and other payables approximate their fair values because of their generally short maturities, and the carrying value of convertible bonds also approximates their fair value, as they bear interest at rates determined based on prevailing interest rates in the market.&lt;br/&gt;&lt;br/&gt;The fair value of the contingent consideration recognized on the acquisition date was measured using unobservable input (level 3). Trinomial&amp;#160;Tree model was applied in determining the fair value of the contingent consideration. Under this model, the Group performs scenario analysis and calculates the fair value of the contingent consideration based on the net present value of the total contingent payments under each scenario and the expected probability of each scenario.&amp;#160;Contingent consideration is remeasured at fair value at each reporting date since initial recognition.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;/font&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;The Group recorded one of its investment as an available-for-sale debt security and subsequently measured at its fair value (Note 10). The available-for-sale investment is classified within Level 3 and it is valued based on a model utilizing unobservable inputs which require significant management judgment and estimation. However, there is no significant change in fair value of the investment from the initial investment date to December 31, 2015.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in;"&gt;&amp;#160;&lt;/p&gt;
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&lt;tr style="vertical-align: top;"&gt;
&lt;td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; width: 4%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;(g)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; width: 96%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;Cash and cash equivalents&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Cash includes currency on hand and deposits held by financial institutions that can be added to or withdrawn without limitation. Cash equivalents represent short-term and highly liquid investments placed with banks, which have both of the following characteristics:&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
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&lt;table style="font: 10pt/normal 'times new roman', times, serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; font-size-adjust: none; font-stretch: normal;" cellspacing="0" cellpadding="0"&gt;

&lt;tr style="vertical-align: top;"&gt;
&lt;td style="width: 23.7pt;"&gt;&lt;/td&gt;
&lt;td style="width: 13.4pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;i)&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Readily convertible to known amounts of cash throughout the maturity period;&lt;/font&gt;&lt;/td&gt;
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&lt;/table&gt;
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&lt;table style="font: 10pt/normal 'times new roman', times, serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; font-size-adjust: none; font-stretch: normal;" cellspacing="0" cellpadding="0"&gt;

&lt;tr style="vertical-align: top;"&gt;
&lt;td style="width: 23.1pt;"&gt;&lt;/td&gt;
&lt;td style="width: 13.3pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;ii)&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: justify; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;So near their maturity that they present insignificant risk of changes in value because of changes in interest rates.&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
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&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; font-size-adjust: none; font-stretch: normal;"&gt;&lt;br/&gt;&lt;/p&gt;
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&lt;table style="font: 10pt/normal 'times new roman', times, serif; width: 100%; border-collapse: collapse; font-size-adjust: none; font-stretch: normal;" cellspacing="0" cellpadding="0"&gt;

&lt;tr style="vertical-align: top;"&gt;
&lt;td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; width: 4%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;(h)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
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&lt;/table&gt;
&lt;/div&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Short-term deposits represent time deposits placed with banks with original maturities of less than &lt;font&gt;one&lt;/font&gt; year. Interest earned is recorded as interest income in the consolidated statements of operations during the periods presented.&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px; text-align: justify; text-indent: 0.5in; font-size-adjust: none; font-stretch: normal;"&gt;&lt;br/&gt;&lt;/p&gt;
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  <us-gaap:Depreciation id="Tag963" contextRef="D2015-01-01_To_2015-12-31" unitRef="USD" decimals="-3">18849000</us-gaap:Depreciation>
  <us-gaap:AmortizationOfIntangibleAssets id="Tag964" contextRef="D2015-01-01_To_2015-12-31" unitRef="CNY" decimals="-3">64201000</us-gaap:AmortizationOfIntangibleAssets>
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&lt;div class="CursorPointer"&gt;
&lt;table style="font: 10pt/normal 'times new roman', times, serif; width: 100%; border-collapse: collapse; font-size-adjust: none; font-stretch: normal;" cellspacing="0" cellpadding="0"&gt;

&lt;tr style="vertical-align: top;"&gt;
&lt;td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; width: 4%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;(i)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; width: 96%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;Accounts receivable, net&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
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&lt;/table&gt;
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&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Accounts receivable are presented net of allowance for doubtful accounts. The Group uses specific identification in providing for bad debts when facts and circumstances indicate that collection is doubtful and a loss is probable and estimable. If the financial conditions of its customers were to deteriorate, resulting in an impairment of their ability to make payments, additional allowance may be required.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;The Company maintains an allowance for doubtful accounts which reflects its best estimate of amounts that potentially will not be collected. The Company determines the allowance for doubtful accounts on an individual basis taking into consideration various factors including but not limited to&amp;#160;historical&amp;#160;collection&amp;#160;experience and credit-worthiness of the debtors as well&amp;#160;as the age of the individual receivables balance. Additionally, the Company makes specific bad debt provisions based on any specific knowledge the Company has acquired that might indicate that an account is uncollectible. The facts and circumstances of each account may require the Company to use substantial judgment in assessing its collectability.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;br/&gt;&lt;/p&gt;
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  <us-gaap:EquityMethodInvestmentsPolicy id="Tag967" contextRef="D2015-01-01_To_2015-12-31">&lt;div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"&gt;
&lt;div class="CursorPointer"&gt;
&lt;table style="font: 10pt/normal 'times new roman', times, serif; width: 100%; border-collapse: collapse; font-size-adjust: none; font-stretch: normal;" cellspacing="0" cellpadding="0"&gt;

&lt;tr style="vertical-align: top;"&gt;
&lt;td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; width: 4%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;(j)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; width: 96%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;Equity investment&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;The equity investment is comprised of investments in privately-held companies. The Group accounts for its equity investment over which it has significant influence but does not own a majority equity interest or otherwise control using the equity method. The Group adjusts the carrying amount of the investment and recognizes investment income or loss for share of the earnings or loss of the investee after the date of investment. The Group assesses its equity investment for other-than-temporary impairment by considering factors including, but not limited to, current economic and market conditions, operating performance of the companies, including current earnings trends and undiscounted cash flows, and other company-specific information. The fair value determination, particularly for investment in privately-held companies, requires judgment to determine appropriate estimates and assumptions. Changes in these estimates and assumptions could affect the calculation of the fair value of the investment and determination of whether any identified impairment is other-than-temporary.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;br/&gt;&lt;/p&gt;
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&lt;div class="CursorPointer"&gt;
&lt;table style="font: 10pt/normal 'times new roman', times, serif; width: 100%; border-collapse: collapse; font-size-adjust: none; font-stretch: normal;" cellspacing="0" cellpadding="0"&gt;

&lt;tr style="vertical-align: top;"&gt;
&lt;td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; width: 4%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;(hh)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; width: 96%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;Income per share&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Basic income per share is computed on the basis of the weighted-average number of common shares outstanding during the period under measurement. Diluted income per share is based on the weighted-average number of common shares outstanding and potential common shares. Potential common shares result from the assumed exercise of outstanding share options, RSs and RSUs or other potentially dilutive equity instruments, when they are dilutive under the treasury stock method or the if-converted method.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px; text-align: justify; text-indent: 0.5in; font-size-adjust: none; font-stretch: normal;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;/div&gt;</us-gaap:EarningsPerSharePolicyTextBlock>
  <us-gaap:EquityMethodInvestmentOtherThanTemporaryImpairment id="Tag969" contextRef="D2015-01-01_To_2015-12-31" unitRef="CNY" xsi:nil="true" />
  <us-gaap:PropertyPlantAndEquipmentPolicyTextBlock id="Tag970" contextRef="D2015-01-01_To_2015-12-31">&lt;div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"&gt;
&lt;div class="CursorPointer"&gt;
&lt;table style="font: 10pt/normal 'times new roman', times, serif; width: 100%; border-collapse: collapse; font-stretch: normal;" cellspacing="0" cellpadding="0"&gt;

&lt;tr style="vertical-align: top;"&gt;
&lt;td style="padding-right: 0.8pt; font-family: 'times new roman'; width: 4%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;(m)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-right: 0.8pt; font-family: 'times new roman'; width: 96%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;Property and equipment&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Property and equipment are stated at historical cost less accumulated depreciation and impairment loss, if any. Depreciation is calculated using the straight-line method over their estimated useful lives. Residual rate is determined based on the economic value of the property and equipment at the end of the estimated useful lives as a percentage of the original cost.&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px; text-indent: 0.5in; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;div style="margin-left: 23pt;" class="CursorPointer"&gt;
&lt;table style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; border-collapse: collapse; width: 96%; margin-left: 0px;" cellspacing="0" cellpadding="0"&gt;

&lt;tr style="vertical-align: bottom;"&gt;
&lt;td align="center" style="padding: 0px; font-family: 'times new roman'; font-size: 10pt;"&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt/normal 'times new roman'; padding: 0px; font-size-adjust: none; font-stretch: normal;"&gt;&lt;/td&gt;
&lt;td align="center" style="font: bold 10pt/normal 'times new roman'; padding: 0px; text-align: right; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Estimated&amp;#160;useful&amp;#160;lives&lt;/font&gt;&lt;/td&gt;
&lt;td align="center" style="font: bold 10pt/normal 'times new roman'; padding: 0px; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td align="center" style="font: bold 10pt/normal 'Times New Roman'; padding: 0px 5px; text-align: center; white-space: nowrap; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td align="center" style="font: bold 10pt/normal 'times new roman', times, serif; padding: 0px; text-align: right; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Residual&lt;br/&gt;&lt;/font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;rate&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td align="center" style="padding: 0px; font-family: 'times new roman'; font-size: 10pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="font: bold 10pt/normal 'times new roman'; padding: 0px; font-size-adjust: none; font-stretch: normal;"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="center" style="font: bold 10pt/normal 'times new roman'; padding: 0px; text-align: right; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td align="center" style="font: bold 10pt/normal 'times new roman'; padding: 0px; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td align="center" style="font: bold 10pt/normal 'Times New Roman'; padding: 0px 5px; text-align: center; white-space: nowrap; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td align="center" style="font: bold 10pt/normal 'times new roman', times, serif; padding: 0px; text-align: right; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: left; text-indent: 0px; font-stretch: normal; width: 71%; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;Buildings&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; font-stretch: normal; width: 1%; background-color: #cceeff;"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="right" style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; font-stretch: normal; width: 12%; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times;"&gt;&lt;font&gt;40&lt;/font&gt; years&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; font-stretch: normal; width: 1%; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; text-align: center; white-space: nowrap; font-stretch: normal; width: 1%; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right; vertical-align: bottom; white-space: nowrap; font-stretch: normal; width: 14%; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;&lt;font&gt;0&lt;/font&gt;%&amp;#160;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: left; text-indent: 0px; font-stretch: normal; width: 67px;"&gt;Decoration of buildings&lt;br/&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; font-stretch: normal; width: 1px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td align="right" style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; font-stretch: normal; width: 11px;"&gt;&lt;font style="font-family: 'times new roman', times;"&gt;&lt;font&gt;&amp;#160;&lt;font&gt;10&lt;/font&gt; years&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; font-stretch: normal; width: 1px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; text-align: center; white-space: nowrap; font-stretch: normal; width: 1px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right; vertical-align: bottom; white-space: nowrap; font-stretch: normal; width: 9px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;&lt;font&gt;&amp;#160;&lt;font&gt;0&lt;/font&gt; %&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: left; text-indent: 0px; font-stretch: normal; width: 67%; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Servers, computers and equipment&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; font-stretch: normal; width: 1%; background-color: #cceeff;"&gt;&lt;/td&gt;
&lt;td align="right" style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; font-stretch: normal; width: 11%; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;3&lt;/font&gt;&amp;#160;years&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; font-stretch: normal; width: 1%; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; text-align: center; white-space: nowrap; font-stretch: normal; width: 1%; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right; vertical-align: bottom; white-space: nowrap; font-stretch: normal; width: 9%; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;0&lt;/font&gt;%-&lt;font&gt;5&lt;/font&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: left; text-indent: 0px; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Furniture,&amp;#160;fixture&amp;#160;and&amp;#160;office&amp;#160;equipment&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; font-stretch: normal;"&gt;&lt;/td&gt;
&lt;td align="right" style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;5&lt;/font&gt;&amp;#160;years&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; text-align: center; white-space: nowrap; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right; vertical-align: bottom; white-space: nowrap; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;0&lt;/font&gt;%-&lt;font&gt;5&lt;/font&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: left; text-indent: 0px; font-stretch: normal; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Motor vehicles&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; font-stretch: normal; background-color: #cceeff;"&gt;&lt;/td&gt;
&lt;td align="right" style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; font-stretch: normal; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;4&lt;/font&gt;&amp;#160;years&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; font-stretch: normal; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; text-align: center; white-space: nowrap; font-stretch: normal; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right; vertical-align: bottom; white-space: nowrap; font-stretch: normal; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;5&lt;/font&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: left; text-indent: 0px; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Leasehold improvements&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td align="center" style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right; vertical-align: bottom; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Shorter&amp;#160;of&amp;#160;lease&amp;#160;term&amp;#160;or&amp;#160;&lt;font&gt;5&lt;/font&gt;&amp;#160;years&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; text-align: center; white-space: nowrap; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td align="right" style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 12px 0px 0px; text-align: right; vertical-align: bottom; white-space: nowrap; font-stretch: normal;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;-&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Expenditures for maintenance and repairs are expensed as incurred. The gain or loss on the disposal of property and equipment is the difference between the net sales proceeds and the carrying amount of the relevant assets and is recognized in the consolidated statements of operations.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;All direct and indirect costs that are related to the construction of property and equipment and incurred before the assets are ready for their intended use are capitalized as construction in progress. Construction in progress is transferred to specific property and equipment items and depreciation of these assets commences when they are ready for their intended use.&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px; text-align: justify; text-indent: 0.5in; font-size-adjust: none; font-stretch: normal;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;/div&gt;</us-gaap:PropertyPlantAndEquipmentPolicyTextBlock>
  <us-gaap:BusinessCombinationsPolicy id="Tag971" contextRef="D2015-01-01_To_2015-12-31">&lt;div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"&gt;
&lt;div class="CursorPointer"&gt;
&lt;table style="font: 10pt/normal 'times new roman', times, serif; width: 100%; border-collapse: collapse; font-size-adjust: none; font-stretch: normal;" cellspacing="0" cellpadding="0"&gt;

&lt;tr style="vertical-align: top;"&gt;
&lt;td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; width: 4%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;(n)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; width: 96%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;Business combinations&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Business combinations are recorded using the purchase method of accounting, and the cost of an acquisition is measured as the aggregate of the fair values at the date of exchange of the assets given, liabilities incurred, and equity instruments issued as well as the contingent considerations and all contractual contingencies as of the acquisition date. The costs directly attributable to the acquisition are expensed as incurred. Identifiable assets, liabilities and contingent liabilities acquired or assumed are measured separately at their fair value as of the acquisition date, irrespective of the extent of any non-controlling interests. The excess of (i) the total of consideration of acquisition, fair value of the non-controlling interests and acquisition date fair value of any previously held equity interest in the subsidiary acquired over (ii) the fair value of the identifiable net assets of the subsidiary acquired is recorded as goodwill. If the consideration of acquisition is less than the fair value of the net assets of the subsidiary acquired, the difference is recognized directly in the consolidated statements of operations and comprehensive income.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px; text-align: justify; text-indent: 0.5in; font-size-adjust: none; font-stretch: normal;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;/div&gt;</us-gaap:BusinessCombinationsPolicy>
  <us-gaap:IncreaseDecreaseInOtherOperatingAssets id="Tag972" contextRef="D2015-01-01_To_2015-12-31" unitRef="CNY" decimals="-3">-45128000</us-gaap:IncreaseDecreaseInOtherOperatingAssets>
  <us-gaap:IncreaseDecreaseInOtherOperatingAssets id="Tag973" contextRef="D2015-01-01_To_2015-12-31" unitRef="USD" decimals="-3">-6967000</us-gaap:IncreaseDecreaseInOtherOperatingAssets>
  <us-gaap:IncreaseDecreaseInDueFromRelatedPartiesCurrent id="Tag974" contextRef="D2015-01-01_To_2015-12-31" unitRef="CNY" decimals="-3">1323000</us-gaap:IncreaseDecreaseInDueFromRelatedPartiesCurrent>
  <us-gaap:IncreaseDecreaseInDueFromRelatedPartiesCurrent id="Tag975" contextRef="D2015-01-01_To_2015-12-31" unitRef="USD" decimals="-3">204000</us-gaap:IncreaseDecreaseInDueFromRelatedPartiesCurrent>
  <us-gaap:ImpairmentOrDisposalOfLongLivedAssetsIncludingIntangibleAssetsPolicyPolicyTextBlock id="Tag976" contextRef="D2015-01-01_To_2015-12-31">&lt;div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"&gt;
&lt;div class="CursorPointer"&gt;
&lt;table style="font: 10pt/normal 'times new roman', times, serif; width: 100%; border-collapse: collapse; font-size-adjust: none; font-stretch: normal;" cellspacing="0" cellpadding="0"&gt;

&lt;tr style="vertical-align: top;"&gt;
&lt;td style="padding-right: 0.8pt; font-family: 'times new roman'; width: 4%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;(p)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-right: 0.8pt; font-family: 'times new roman'; width: 96%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;Impairment of long-lived assets&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;For long-lived assets other than investments and goodwill whose impairment is discussed elsewhere in the financial statements, the Group evaluates for impairment whenever events or changes (triggering events) indicate that the carrying amount of an asset may no longer be recoverable. The Group assesses the recoverability of the long-lived assets by comparing the carrying value of the long-lived assets to the estimated undiscounted future cash flows expected to receive from use of the assets and their eventual disposition. Such assets are considered to be impaired if the sum of the expected undiscounted cash flows is less than the carrying amount of the assets. The impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets. The Group tests impairment of long-lived assets at the reporting unit level when impairment indicator appeared and recognizes impairment in the event that the carrying value exceeds the fair value of each reporting unit.&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;The impairment charges of intangible assets recorded in general and administrative expenses for the years ended December 31, 2013, 2014 and 2015 were amounting to &lt;font&gt;nil&lt;/font&gt;, RMB&lt;font&gt;5,697&lt;/font&gt; and RMB&lt;font&gt;57,199&lt;/font&gt;, respectively (Note 12).&lt;br/&gt;&lt;/p&gt;
&lt;/div&gt;</us-gaap:ImpairmentOrDisposalOfLongLivedAssetsIncludingIntangibleAssetsPolicyPolicyTextBlock>
  <us-gaap:GoodwillAndIntangibleAssetsGoodwillPolicy id="Tag977" contextRef="D2015-01-01_To_2015-12-31">&lt;div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"&gt;
&lt;div class="CursorPointer"&gt;
&lt;table style="font: 10pt/normal 'times new roman', times, serif; width: 100%; border-collapse: collapse; font-size-adjust: none; font-stretch: normal;" cellspacing="0" cellpadding="0"&gt;

&lt;tr style="vertical-align: top;"&gt;
&lt;td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; width: 4%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;(q)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; width: 96%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;Goodwill&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Goodwill represents the excess of the purchase price over the amounts assigned to the fair value of the assets acquired and the liabilities assumed of an acquired business.&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px; text-align: justify; text-indent: 0.5in; font-size-adjust: none; font-stretch: normal;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;/div&gt;</us-gaap:GoodwillAndIntangibleAssetsGoodwillPolicy>
  <yy:AnnualGoodwillImpairmentTestPolicyTextBlock id="Tag978" contextRef="D2015-01-01_To_2015-12-31">&lt;div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"&gt;
&lt;div class="CursorPointer"&gt;
&lt;table style="font: 10pt/normal 'times new roman', times, serif; width: 100%; border-collapse: collapse; font-size-adjust: none; font-stretch: normal;" cellspacing="0" cellpadding="0"&gt;

&lt;tr style="vertical-align: top;"&gt;
&lt;td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; width: 4%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;(r)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; width: 96%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;Annual test for impairment of goodwill&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Goodwill assessment for impairment is performed on at least an annual basis on October 1 or whenever events or changes in circumstances indicate that the carrying value of the asset may not be recoverable. The Group performs a two-step goodwill impairment test. The first step compares the fair values of each reporting unit to its carrying amount, including goodwill. If the fair value of a reporting unit exceeds its carrying amount, goodwill is not considered impaired and the second step will not be required. If the carrying amount of a reporting unit exceeds its fair value, the second step compares the implied fair value of the affected reporting unit's goodwill to the carrying value of that goodwill. The implied fair value of goodwill is determined in a manner similar to accounting for a business combination with the allocation of the assessed fair value determined in the first step to the assets and liabilities of the reporting unit. The excess of the fair value of the reporting unit over the amounts assigned to the assets and liabilities is the implied fair value of goodwill. This allocation process is only performed for purposes of evaluating goodwill impairment and does not result in an entry to adjust the value of any assets or liabilities. An impairment loss is recognized for any excess in the carrying value of goodwill over the implied fair value of goodwill. The judgment in estimating the fair value of reporting units includes estimating future cash flows, determining appropriate discount rates and making other assumptions. Changes in these estimates and assumptions could materially affect the determination of the fair value of each reporting unit.&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;</yy:AnnualGoodwillImpairmentTestPolicyTextBlock>
  <us-gaap:CostmethodInvestmentsOtherThanTemporaryImpairment id="Tag979" contextRef="D2015-01-01_To_2015-12-31" unitRef="CNY" decimals="-3">6000000</us-gaap:CostmethodInvestmentsOtherThanTemporaryImpairment>
  <us-gaap:CostOfSalesPolicyTextBlock id="Tag980" contextRef="D2015-01-01_To_2015-12-31">&lt;div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"&gt;
&lt;div class="CursorPointer"&gt;
&lt;table style="font: 10pt/normal 'times new roman', times, serif; width: 100%; border-collapse: collapse; font-size-adjust: none; font-stretch: normal;" cellspacing="0" cellpadding="0"&gt;

&lt;tr style="vertical-align: top;"&gt;
&lt;td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; width: 4%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;(w)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; width: 96%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;Cost of revenues&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Amounts recorded as cost of revenue relate to direct expenses incurred in order to generate revenue. Such costs are recorded as incurred. Cost of revenues consists primarily of (i) revenue sharing fees and content costs, including payments to various channel owners and performers, and content providers, (ii)&amp;#160;bandwidth costs, (iii)&amp;#160;salary and welfare, (iv) depreciation and amortization expense for servers, other equipment and intangibles directly related to operating the platform, (v)&amp;#160;payment handling cost, &lt;font style="font-style: normal; font-variant: normal; font-weight: normal; line-height: normal; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; float: none; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px; display: inline !important;"&gt;(vi)&amp;#160;business taxes and surcharges, (vii)&amp;#160;share-based compensation, and (viii)&amp;#160;other costs&lt;/font&gt;.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;In the PRC, business taxes are imposed by the government on revenues reported by any selling entity for the provision of taxable services in the PRC. The business tax rate varies depending on the nature of the revenues. The Group is also subject to cultural development fee at a tax rate of &lt;font&gt;3&lt;/font&gt;% on service income from provision of advertising services in the PRC.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Except for online games revenues, the Group's IVAS revenues became subject to VAT from June 1, 2014, at a rate of &lt;font&gt;6&lt;/font&gt;%, while they were subject to business taxes at a rate of&lt;font&gt; 3&lt;/font&gt;% prior to June 1, 2014. Other revenues of the Group, including online games revenues, is subject to VAT for all the periods&amp;#160;presented.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;The Group is subject to surcharges of business taxes and VAT, which are calculated based on &lt;font&gt;12&lt;/font&gt;% of the business taxes and VAT paid&amp;#160;for the years ended December 31, 2013, 2014 and 2015.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;The Group reported business taxes and surcharges, and cultural development fees in cost of revenues.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Based on the Group's corporate structure and the contractual arrangements among the Group's PRC subsidiaries, the Group's VIEs and their shareholders, the Group is effectively subject to &lt;font&gt;6&lt;/font&gt;% or &lt;font&gt;17&lt;/font&gt;% VAT and related surcharges on revenues generated by the Group's subsidiaries based on the Group's contractual arrangements entered into with the Group's VIEs.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;/div&gt;</us-gaap:CostOfSalesPolicyTextBlock>
  <us-gaap:RevenueRecognitionDeferredRevenue id="Tag981" contextRef="D2015-01-01_To_2015-12-31">&lt;div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"&gt;
&lt;div class="CursorPointer"&gt;
&lt;table style="font: 10pt/normal 'times new roman', times, serif; width: 100%; border-collapse: collapse; font-size-adjust: none; font-stretch: normal;" cellspacing="0" cellpadding="0"&gt;

&lt;tr style="vertical-align: top;"&gt;
&lt;td style="padding-right: 0.8pt; font-family: 'times new roman'; width: 4%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;(v)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-right: 0.8pt; font-family: 'times new roman'; width: 96%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;Advances from customers and deferred revenue&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Advances from customers primarily consist of (i) prepayments from users in the form of the Group's virtual currency that are not yet consumed or converted into game tokens, and upon the consumption or conversion, are recognized as revenue according to the prescribed revenue recognition policies described above, (ii) prepayments from sub-licensees for obtaining operation rights of certain online games over a period of time, and (iii) prepayments from advertising agencies and advertisers.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Deferred revenue primarily consists of the unamortized game tokens, prepaid subscriptions under the membership program and unamortized revenue from virtual items in various channels in YY platform, where there is still an implied obligation to be provided by the Group, which will be recognized as revenue when all of the revenue recognition criteria are met.&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;/div&gt;</us-gaap:RevenueRecognitionDeferredRevenue>
  <yy:ProceedsFromRepaymentOfLoansFromEmployeesAndThirdParties id="Tag982" contextRef="D2015-01-01_To_2015-12-31" unitRef="USD" decimals="-3">2043000</yy:ProceedsFromRepaymentOfLoansFromEmployeesAndThirdParties>
  <us-gaap:ProceedsFromSaleOfPropertyPlantAndEquipment id="Tag983" contextRef="D2015-01-01_To_2015-12-31" unitRef="CNY" decimals="-3">12368000</us-gaap:ProceedsFromSaleOfPropertyPlantAndEquipment>
  <us-gaap:ProceedsFromSaleOfPropertyPlantAndEquipment id="Tag984" contextRef="D2015-01-01_To_2015-12-31" unitRef="USD" decimals="-3">1909000</us-gaap:ProceedsFromSaleOfPropertyPlantAndEquipment>
  <us-gaap:ResearchAndDevelopmentExpensePolicy id="Tag985" contextRef="D2015-01-01_To_2015-12-31">&lt;div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"&gt;
&lt;div class="CursorPointer"&gt;
&lt;table style="font: 10pt/normal 'times new roman', times, serif; width: 100%; border-collapse: collapse; font-size-adjust: none; font-stretch: normal;" cellspacing="0" cellpadding="0"&gt;

&lt;tr style="vertical-align: top;"&gt;
&lt;td style="padding-right: 0.8pt; font-family: 'times new roman'; width: 4%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;(x)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-right: 0.8pt; font-family: 'times new roman'; width: 96%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;Research and development expenses&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Research and development expenses consist primarily of (i)&amp;#160;salary and welfare for research and development personnel, (ii) share-based compensation for research and development personnel, (iii)&amp;#160;rental expenses and (iv) depreciation of office premise and servers utilized by research and development personnel. Costs incurred during the research stage are expensed as incurred. Costs incurred in the development stage, prior to the establishment of technological feasibility, which is when a working model is available, are expensed when incurred.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;The Company recognizes internal use software development costs in accordance with guidance on intangible assets and internal use software. This requires capitalization of qualifying costs incurred during the software's application development stage and to expense costs as they are incurred during the preliminary project and post implementation/operation stages. The Company has not capitalized any costs related to internal use software during the years ended December 31, 2013, 2014 and 2015, respectively.&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px; text-align: justify; text-indent: 0.5in; font-size-adjust: none; font-stretch: normal;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;/div&gt;</us-gaap:ResearchAndDevelopmentExpensePolicy>
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&lt;div class="CursorPointer"&gt;
&lt;table style="font: 10pt/normal 'times new roman', times, serif; width: 100%; border-collapse: collapse; font-size-adjust: none; font-stretch: normal;" cellspacing="0" cellpadding="0"&gt;

&lt;tr style="vertical-align: top;"&gt;
&lt;td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; width: 4%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;(y)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; width: 96%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;Sales and marketing expenses&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Sales and marketing expenses consist primarily of (i) advertising and market promotion expenses, (ii) salary and welfare for sales and marketing personnel, and (iii) &lt;font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none;"&gt;rental expenses&lt;/font&gt;. The advertising and market promotion expenses amounted to approximately RMB&lt;font&gt;8,054&lt;/font&gt;, RMB&lt;font&gt;76,192&lt;/font&gt;&amp;#160;and RMB&lt;font&gt;253,210&lt;/font&gt;&amp;#160;during the years ended December 31, 2013, 2014 and 2015, respectively.&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;/div&gt;</us-gaap:AdvertisingCostsPolicyTextBlock>
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&lt;div class="CursorPointer"&gt;
&lt;table style="font: 10pt/normal 'times new roman', times, serif; width: 100%; border-collapse: collapse; font-size-adjust: none; font-stretch: normal;" cellspacing="0" cellpadding="0"&gt;

&lt;tr style="vertical-align: top;"&gt;
&lt;td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; width: 4%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;(z)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; width: 96%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;General and administrative expenses&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;General and administrative expenses consist primarily of (i)&amp;#160;salary and welfare for general and administrative personnel, (ii) share based compensation for management and administrative personnel, and (iii) impairment charges of intangibles in relation to acquisitions.&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;/div&gt;</us-gaap:SellingGeneralAndAdministrativeExpensesPolicyTextBlock>
  <yy:EmployeeSocialSecurityAndWelfareBenefitsPolicyTextBlock id="Tag988" contextRef="D2015-01-01_To_2015-12-31">&lt;div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"&gt;
&lt;div class="CursorPointer"&gt;
&lt;table style="font: 10pt/normal 'times new roman', times, serif; width: 100%; border-collapse: collapse; font-size-adjust: none; font-stretch: normal;" cellspacing="0" cellpadding="0"&gt;

&lt;tr style="vertical-align: top;"&gt;
&lt;td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; width: 4%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;(aa)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; width: 96%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;Employee social security and welfare benefits&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Employees of the Group in the PRC are entitled to staff welfare benefits including pension, work-related injury benefits, maternity insurance, medical insurance, unemployment benefit and housing fund plans through a PRC government-mandated multi-employer defined contribution plan. The Group is required to accrue for these benefits based on certain percentages of the employees' salaries, up to a maximum amount specified by the local government. The Group is required to make contributions to the plans out of the amounts accrued. The PRC government is responsible for the medical benefits and the pension liability to be paid to these employees and the Group's obligations are limited to the amounts contributed and no legal obligation beyond the contributions made. Employee social security and welfare benefits included as expenses in the accompanying statements of operations amounted to RMB&lt;font&gt;68,334&lt;/font&gt;, RMB&lt;font&gt;115,012&lt;/font&gt;&amp;#160;and RMB&lt;font&gt;171,349&lt;/font&gt;&amp;#160;for the years ended December 31, 2013, 2014 and 2015, respectively.&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;/div&gt;</yy:EmployeeSocialSecurityAndWelfareBenefitsPolicyTextBlock>
  <yy:PaymentsForLoansToEmployeeAndThirdParties id="Tag989" contextRef="D2015-01-01_To_2015-12-31" unitRef="CNY" decimals="-3">6037000</yy:PaymentsForLoansToEmployeeAndThirdParties>
  <us-gaap:ShareBasedCompensationOptionAndIncentivePlansPolicy id="Tag990" contextRef="D2015-01-01_To_2015-12-31">&lt;div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"&gt;
&lt;div class="CursorPointer"&gt;
&lt;table style="font: 10pt/normal 'times new roman', times, serif; width: 100%; border-collapse: collapse; font-size-adjust: none; font-stretch: normal;" cellspacing="0" cellpadding="0"&gt;

&lt;tr style="vertical-align: top;"&gt;
&lt;td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; width: 4%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;(bb)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; width: 96%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;Share based compensation&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;The Company grants stock-based award, such as, but not limited to, share options, restricted shares, and restricted share units to eligible employees, officers, directors, and non-employee consultants.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;

&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Awards granted to employees, officers, and directors are initially accounted for as equity-classified awards. The related share based compensation expenses are measured at the grant date fair value of the award and are recognized using the graded vesting method, net of estimated forfeiture rates, over the requisite service period, which is generally the vesting period. Forfeitures are estimated at the time of grant based on historical forfeiture rates and will be revised in the subsequent periods if actual forfeitures differ from those estimates. Duowan BVI also granted share options, restricted shares and restricted share units to non-employees, which are also initially accounted for as equity-classified awards. Awards granted to non-employees are initially measured at fair value on the grant date and periodically re-measured thereafter until the earlier of the performance commitment date or the date the service is completed and recognized over the period the service is provided. Awards are re-measured at each reporting date using the fair value as at each period end until the measurement date, generally when the services are completed and share-based awards are vested. Changes in fair value between the interim reporting dates are recorded in&amp;#160;consistent with the method used in recognizing the original compensation costs.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Following the listing of the Company, the grant date fair value of share-based awards is based on stock price of the Company in the NASDAQ Global Market.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&amp;#160;&lt;br/&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;For an award with a performance and/or service condition that affects vesting, the performance and/or service condition is not considered in determining the award's fair value on the grant date. Performance and service conditions should be considered when the Company is estimating the quantity of awards that will vest. Compensation cost will reflect the number of awards that are expected to vest and will be adjusted to reflect those awards that do ultimately vest. The Group recognizes compensation cost for awards with performance conditions if and when the Group concludes that it is probable that the performance condition will be achieved, net of an estimate of pre-vesting forfeitures over the requisite service period. The Group reassesses the probability of vesting at each reporting period for awards with performance conditions and adjusts compensation cost based on its probability assessment, unless on certain situations, the Group may not be able to determine that it is probable that a performance condition will be satisfied until the event occurs.&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;/div&gt;</us-gaap:ShareBasedCompensationOptionAndIncentivePlansPolicy>
  <yy:GovernmentGrantsPolicyTextBlock id="Tag991" contextRef="D2015-01-01_To_2015-12-31">&lt;div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"&gt;
&lt;div class="CursorPointer"&gt;
&lt;table style="font: 10pt/normal 'times new roman', times, serif; width: 100%; border-collapse: collapse; font-size-adjust: none; font-stretch: normal;" cellspacing="0" cellpadding="0"&gt;

&lt;tr style="vertical-align: top;"&gt;
&lt;td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; width: 4%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;(cc)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; width: 96%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;Other income&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Other income primarily consists of government grants which represent cash subsidies received from the PRC government by the Group entities. Government grants are originally recorded as deferred revenue when received upfront. After all of the conditions specified in the grants have been met, the grants are recognized as operating income.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;/div&gt;</yy:GovernmentGrantsPolicyTextBlock>
  <us-gaap:IncreaseDecreaseInDueToRelatedPartiesCurrent id="Tag992" contextRef="D2015-01-01_To_2015-12-31" unitRef="CNY" decimals="-3">-13743000</us-gaap:IncreaseDecreaseInDueToRelatedPartiesCurrent>
  <us-gaap:IncreaseDecreaseInDueToRelatedPartiesCurrent id="Tag993" contextRef="D2015-01-01_To_2015-12-31" unitRef="USD" decimals="-3">-2122000</us-gaap:IncreaseDecreaseInDueToRelatedPartiesCurrent>
  <us-gaap:IncreaseDecreaseInAccountsPayable id="Tag994" contextRef="D2015-01-01_To_2015-12-31" unitRef="CNY" decimals="-3">-22654000</us-gaap:IncreaseDecreaseInAccountsPayable>
  <us-gaap:IncreaseDecreaseInAccountsPayable id="Tag995" contextRef="D2015-01-01_To_2015-12-31" unitRef="USD" decimals="-3">-3497000</us-gaap:IncreaseDecreaseInAccountsPayable>
  <us-gaap:IncreaseDecreaseInDeferredRevenue id="Tag996" contextRef="D2015-01-01_To_2015-12-31" unitRef="CNY" decimals="-3">25519000</us-gaap:IncreaseDecreaseInDeferredRevenue>
  <us-gaap:IncreaseDecreaseInDeferredRevenue id="Tag997" contextRef="D2015-01-01_To_2015-12-31" unitRef="USD" decimals="-3">3939000</us-gaap:IncreaseDecreaseInDeferredRevenue>
  <us-gaap:IncomeTaxPolicyTextBlock id="Tag998" contextRef="D2015-01-01_To_2015-12-31">&lt;div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"&gt;
&lt;div class="CursorPointer"&gt;
&lt;table style="font: 10pt/normal 'times new roman', times, serif; width: 100%; border-collapse: collapse; font-size-adjust: none; font-stretch: normal;" cellspacing="0" cellpadding="0"&gt;

&lt;tr style="vertical-align: top;"&gt;
&lt;td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; width: 4%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;(dd)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; width: 96%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;Income taxes&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Current income taxes are provided on the basis of net income for financial reporting purposes, adjusted for income and expense items which are not assessable or deductible for income tax purposes, in accordance with the regulations of the relevant tax jurisdictions. Deferred income taxes are accounted for using an asset and liability method. Under this method, deferred income taxes are recognized for the tax consequences of temporary differences by applying enacted statutory rates applicable to future years to differences between the financial statement carrying amounts and the tax bases of existing assets and liabilities. The tax base of an asset or liability is the amount attributed to that asset or liability for tax purpose. The effect on deferred taxes of a change in tax rates is recognized in statement of operations and comprehensive income in the period of change. A valuation allowance is provided to reduce the amount of deferred tax assets if it is considered more likely than not that some portion of, or all of the deferred tax assets will not be realized.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;i&gt;Uncertain tax positions&lt;/i&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;The guidance on accounting for uncertainties in income taxes prescribes a more likely than not threshold for financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. Guidance was also provided on derecognition of income tax assets and liabilities, classification of current and deferred income tax assets and liabilities, accounting for interest and penalties associated with tax positions, accounting for income taxes in interim periods, and income tax disclosures. Significant judgment is required in evaluating the Group's uncertain tax positions and determining its provision for income taxes. The Group recognizes interests and penalties, if any, under accrued expenses and other current liabilities on its balance sheet and under other expenses in its statements of operations. The Group did not recognize any significant interest and penalties associated with uncertain tax positions for the years ended December 31, 2013, 2014 and 2015. As of December 31, 2014 and 2015, the Group did not have any significant unrecognized uncertain tax positions. &lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;/div&gt;</us-gaap:IncomeTaxPolicyTextBlock>
  <us-gaap:SegmentReportingPolicyPolicyTextBlock id="Tag999" contextRef="D2015-01-01_To_2015-12-31">&lt;div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"&gt;
&lt;div class="CursorPointer"&gt;
&lt;table style="font: 10pt/normal 'times new roman', times, serif; width: 100%; border-collapse: collapse; font-size-adjust: none; font-stretch: normal;" cellspacing="0" cellpadding="0"&gt;

&lt;tr style="vertical-align: top;"&gt;
&lt;td style="padding-right: 0.8pt; font-family: 'times new roman'; width: 4%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;(jj)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-right: 0.8pt; font-family: 'times new roman'; width: 96%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;Segment reporting&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;Operating segments are defined as components of an enterprise engaging in businesses activities for which separate financial information is available that is regularly evaluated by the Group's chief operating decision makers ("CODM") in deciding how to allocate resources and assess performance. The Group's chief operating decision maker has been identified as the Chief Executive Officer, who reviews consolidated results when making decisions about allocating resources and assessing performance of the Group.&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 20pt; text-align: justify;"&gt;&lt;br/&gt;&lt;/p&gt;
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  <yy:StatutoryReservesPolicyTextBlock id="Tag1005" contextRef="D2015-01-01_To_2015-12-31">&lt;div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"&gt;
&lt;div class="CursorPointer"&gt;
&lt;table style="font: 10pt/normal 'times new roman', times, serif; width: 100%; border-collapse: collapse; font-size-adjust: none; font-stretch: normal;" cellspacing="0" cellpadding="0"&gt;

&lt;tr style="vertical-align: top;"&gt;
&lt;td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; width: 4%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;(ee)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; width: 96%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;Statutory reserves&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;The Group's subsidiaries, VIEs and VIE's subsidiaries established in the PRC are required to make appropriations to certain non-distributable reserve funds.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;In accordance with the laws applicable to China's Foreign Investment Enterprises, the Group's subsidiaries registered as wholly-owned foreign enterprises have to make appropriations from its after-tax profit (as determined under the Accounting Standards for Business Enterprises as promulgated by the Ministry of Finance of the People's Republic of China (&amp;#147;PRC GAAP&amp;#148;)) to reserve funds including general reserve fund, and staff bonus and welfare fund. The appropriation to the general reserve fund must be at least &lt;font&gt;10&lt;/font&gt;% of the after-tax profits calculated in accordance with PRC GAAP. Appropriation is not required if the reserve fund has reached &lt;font&gt;50&lt;/font&gt;% of the registered capital of the company. Appropriation to the staff bonus and welfare fund is at the company's discretion.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;In addition, in accordance with the Company Laws of the PRC, the VIEs and VIE's subsidiaries of the Company registered as PRC domestic companies must make appropriations from its after-tax profit as determined under the PRC GAAP to non-distributable reserve funds including a statutory surplus fund and a discretionary surplus fund. The appropriation to the statutory surplus fund must be at least &lt;font&gt;10&lt;/font&gt;% of the after-tax profits as determined under the PRC GAAP. Appropriation is not required if the surplus fund has reached &lt;font&gt;50&lt;/font&gt;% of the registered capital of the company. Appropriation to the discretionary surplus fund is made at the discretion of the company.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;The use of the general reserve fund, statutory surplus fund and discretionary surplus fund are restricted to the off-setting of losses or increasing capital of the respective company. The staff bonus and welfare fund is a liability in nature and is restricted to fund payments of special bonus to staff and for the collective welfare of employees. All these reserves are not allowed to be transferred to the company in terms of cash dividends, loans or advances, nor can they be distributed except under liquidation.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;During the year ended December 31, 2013, 2014 and 2015, appropriations to general reserve fund and statutory surplus fund amounted to RMB&lt;font&gt;40,657&lt;/font&gt;,&amp;#160;RMB&lt;font&gt;15,812&lt;/font&gt;&amp;#160;and RMB&lt;font&gt;38&lt;/font&gt;, respectively.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px; text-align: justify; text-indent: 0.5in; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
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&lt;tr style="vertical-align: top;"&gt;
&lt;td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; width: 4%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;(ff)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; width: 96%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;Related parties&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Parties are considered to be related if one party has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Parties are also considered to be related if they are subject to common control or significant influence, such as a family member or relative, shareholder, or a related corporation.&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px; text-align: justify; text-indent: 0.5in; font-size-adjust: none; font-stretch: normal;"&gt;&lt;br/&gt;&lt;/p&gt;
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&lt;tr style="vertical-align: top;"&gt;
&lt;td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; width: 4%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;(gg)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; width: 96%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;Dividends&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Dividends are recognized when declared. No dividends were declared for the years ended December 31, 2013, 2014 and 2015, respectively. The Group does not have any present plan to pay any dividends on common shares in the foreseeable future. The Group currently intends to retain the available funds and any future earnings to operate and expand its business.&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;br/&gt;&lt;/p&gt;
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  <us-gaap:NewAccountingPronouncementsPolicyPolicyTextBlock id="Tag1011" contextRef="D2015-01-01_To_2015-12-31">&lt;div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"&gt;
&lt;div class="CursorPointer"&gt;
&lt;table style="font: 10pt/normal 'times new roman', times, serif; width: 100%; border-collapse: collapse; font-size-adjust: none; font-stretch: normal;" cellspacing="0" cellpadding="0"&gt;

&lt;tr style="vertical-align: top;"&gt;
&lt;td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; width: 4%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;(kk)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; width: 96%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;Recently issued accounting pronouncements&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
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&lt;/table&gt;
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&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0pt 0px 0pt 23pt; text-align: justify;"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none;"&gt;In May 2014, the FASB issued ASU 2014-09 Revenue from Contracts with Customers (Topic 606) which will replace requirements in U.S. GAAP. The core principle of the new standard is that a company should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. The new standard will be effective for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period. The standard will be effective for the first quarter of 2018.The Company is in the process of evaluating the impact of the standard on its consolidated financial statements.&lt;br/&gt;&lt;br/&gt;&lt;/font&gt;In February 2015, the FASB issued Consolidation (Topic 810) &amp;#151;Amendments to the Consolidation Analysis. The amendments in Topic 810 respond to stakeholders' concerns about the current accounting for consolidation of variable interest entities, by changing aspects of the analysis that a reporting entity must perform to determine whether it should consolidate such entities. Under the amendments, all reporting entities are within the scope of Subtopic 810-10, Consolidation&amp;#151;Overall, including limited partnerships and similar legal entities, unless a scope exception applies. The amendments are intended to be an improvement to current U.S. GAAP, as they simplify the codification of FASB Statement No. 167, Amendments to FASB Interpretation No. 46(R), with changes including reducing the number of consolidation models through the elimination of the indefinite deferral of Statement 167 and placing more emphasis on risk of loss when determining a controlling financial interest. The amendments are effective for publicly-traded companies for fiscal years beginning after December 15, 2015, and for interim periods within those fiscal years. Earlier adoption is permitted. The Company is in the process of evaluating the impact of the standard on its consolidated financial statements.&lt;/p&gt;
&lt;p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0pt 0px 0pt 23pt; text-align: justify;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0pt 0px 0pt 23pt; text-align: justify;"&gt;In January 2016, the FASB issued ASU 2016-01: Recognition and Measurement of Financial Assets and Financial Liabilities. The amendments in this Update make targeted improvements to generally accepted accounting principles (GAAP) as follows: 1) Require equity investments (except those accounted for under the equity method of accounting or those that result in consolidation of the investee) to be measured at fair value with changes in fair value recognized in net income. However, an entity may choose to measure equity investments that do not have readily determinable fair values at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. 2) Simplify the impairment assessment of equity investments without readily determinable fair values by requiring a qualitative assessment to identify impairment. When a qualitative assessment indicates that impairment exists, an entity is required to measure the investment at fair value. 3) Eliminate the requirement to disclose the fair value of financial instruments measured at amortized cost for entities that are not public business entities. 4) Eliminate the requirement for public business entities to disclose the method(s) and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet. 5) Require public business entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes. 6) Require an entity to present separately in other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments. 7) Require separate presentation of financial assets and financial liabilities by measurement category and form of financial asset (that is, securities or loans and receivables) on the balance sheet or the accompanying notes to the financial statements. 8) Clarify that an entity should evaluate the need for a valuation allowance on a deferred tax asset related to available-for-sale securities in combination with the entity's other deferred tax assets. For public business entities, the amendments in this Update are effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. The Company is in the process of evaluating the impact of the standard on its consolidated financial statements.&lt;/p&gt;
&lt;p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0pt 0px 0pt 23pt; text-align: justify;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0pt 0px 0pt 23pt; text-align: justify;"&gt;In February 2016, the FASB issued ASU 2016-02: Leases (Topic 842). The core principle of Topic 842 is that a lessee should recognize the assets and liabilities that arise from leases. All leases create an asset and a liability for the lessee in accordance with FASB Concepts Statement No. 6, Elements of Financial Statements, and, therefore, recognition of those lease assets and lease liabilities represents an improvement over previous GAAP, which did not require lease assets and lease liabilities to be recognized for most leases. For public business entities, the amendments in this Update are effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The Company is in the process of evaluating the impact of the standard on its consolidated financial statements.&lt;br/&gt;&lt;/p&gt;
&lt;p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0pt 0px 0pt 23pt; text-align: justify;"&gt;&amp;#160;&lt;/p&gt;
&lt;table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse;"&gt;

&lt;tr style="vertical-align: top;"&gt;
&lt;td style="width: 4%;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 96%; padding-left: 1.25pt; text-align: justify;"&gt;&lt;font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"&gt;In March 2016, the FASB issued ASU 2016-03: Intangibles&amp;#151;Goodwill and Other (Topic 350), Business Combinations (Topic 805), Consolidation (Topic 810), Derivatives and Hedging(Topic 815): Effective Date and Transition Guidance (PCC 15-01). The amendments in this Update make the guidance in Updates 2014-02, 2014-03, 2014-07, and 2014-18 effective immediately by removing their effective dates. The amendments also include transition provisions that provide that private companies are able to forgo a preferability assessment the first time they elect the accounting alternatives within the scope of this Update. Any subsequent change to an accounting policy election requires justification that the change is preferable under Topic 250, Accounting Changes and Error Corrections. The amendments in this Update also extend the transition guidance in Updates 2014-02, 2014-03, 2014-07, and 2014-18 indefinitely. While this Update extends transition guidance for Updates 2014-07 and 2014-18, there is no intention to change how transition is applied for those two Updates. The amendments in this Update are effective immediately. The Company is in the process of evaluating the impact of the standard on its consolidated financial statements.&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;br/&gt;&lt;/p&gt;
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&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
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&lt;td style="font-weight: bold; padding-bottom: 1pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
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&lt;td style="width: 1%; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 1%; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 10%; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 1%; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 1%; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 10%; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 1%; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-weight: bold;"&gt;&lt;font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;"&gt;Long-term&amp;#160;payable:&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="text-align: left; padding-bottom: 1pt; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Contingent&amp;#160;consideration&amp;#160;in&amp;#160;relation&amp;#160;to&amp;#160;a&amp;#160;business&amp;#160;acquisition&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: left; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: right; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;-&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: left; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: right; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;-&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: left; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: right; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;183,000&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: left; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: right; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;183,000&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;
&lt;div align="left"&gt;
&lt;table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman', Times, serif; letter-spacing: normal; orphans: auto; text-indent: 0px; text-transform: none; widows: 1; word-spacing: 0px; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; border-collapse: collapse; width: 96%; margin-left: 0.25in;"&gt;

&lt;tr style="vertical-align: bottom; background-color: white;"&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; padding-bottom: 1pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-weight: bold; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="13" style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-weight: bold; text-align: center;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;As of December 31, 2015&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white;"&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; padding-bottom: 1pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-weight: bold; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-weight: bold; text-align: center;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;Level&amp;#160;1&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; padding-bottom: 1pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-weight: bold; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-weight: bold; text-align: center;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;Level&amp;#160;2&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; padding-bottom: 1pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-weight: bold; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-weight: bold; text-align: center;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;Level&amp;#160;3&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; padding-bottom: 1pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-weight: bold; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-weight: bold; text-align: center;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;Total&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white;"&gt;
&lt;td style="text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-weight: bold; text-align: justify; width: 48%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Liabilities&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 10%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 10%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 10%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 10%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white;"&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Long-term payable:&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="text-align: left; padding-bottom: 1pt; padding-left: 0.125in; text-indent: -0.125in;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Contingent&amp;#160;consideration&amp;#160;in&amp;#160;relation&amp;#160;to&amp;#160;business&amp;#160;acquisitions&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;-&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;-&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;-&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;-&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;</us-gaap:FairValueLiabilitiesMeasuredOnRecurringBasisTextBlock>
  <us-gaap:StockRepurchasedAndRetiredDuringPeriodValue id="Tag1088" contextRef="D2015-01-01_To_2015-12-31" unitRef="CNY" decimals="-3">1041686000</us-gaap:StockRepurchasedAndRetiredDuringPeriodValue>
  <yy:NumberOfVariableInterestEntitiesHaveAccumulatedLossesSinceInception id="Tag1089" contextRef="D2015-01-01_To_2015-12-31" unitRef="Item" decimals="INF">2</yy:NumberOfVariableInterestEntitiesHaveAccumulatedLossesSinceInception>
  <us-gaap:ImpairmentOfIntangibleAssetsFinitelived id="Tag1090" contextRef="D2015-01-01_To_2015-12-31" unitRef="CNY" decimals="-3">57199000</us-gaap:ImpairmentOfIntangibleAssetsFinitelived>
  <us-gaap:ProceedsFromRelatedPartyDebt id="Tag1091" contextRef="D2015-01-01_To_2015-12-31" unitRef="CNY" decimals="-3">316181000</us-gaap:ProceedsFromRelatedPartyDebt>
  <us-gaap:InterestPaidNet id="Tag1092" contextRef="D2015-01-01_To_2015-12-31" unitRef="CNY" decimals="-3">78186000</us-gaap:InterestPaidNet>
  <us-gaap:InterestPaidNet id="Tag1093" contextRef="D2015-01-01_To_2015-12-31" unitRef="USD" decimals="-3">12070000</us-gaap:InterestPaidNet>
  <us-gaap:AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationRestrictedStockUnitsRequisiteServicePeriodRecognition id="Tag1094" contextRef="D2015-01-01_To_2015-12-31" unitRef="CNY" decimals="-3">152205000</us-gaap:AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationRestrictedStockUnitsRequisiteServicePeriodRecognition>
  <us-gaap:PaymentsToAcquireAvailableForSaleSecurities id="Tag1095" contextRef="D2015-01-01_To_2015-12-31" unitRef="CNY" decimals="-3">6117000</us-gaap:PaymentsToAcquireAvailableForSaleSecurities>
  <us-gaap:PaymentsToAcquireAvailableForSaleSecurities id="Tag1096" contextRef="D2015-01-01_To_2015-12-31" unitRef="USD" decimals="-3">944000</us-gaap:PaymentsToAcquireAvailableForSaleSecurities>
  <us-gaap:ProceedsFromEquityMethodInvestmentDividendsOrDistributionsReturnOfCapital id="Tag1097" contextRef="D2015-01-01_To_2015-12-31" unitRef="CNY" decimals="-3">2400000</us-gaap:ProceedsFromEquityMethodInvestmentDividendsOrDistributionsReturnOfCapital>
  <yy:ScheduleOfRestrictedShortTermDepositsTableTextBlock id="Tag1098" contextRef="D2015-01-01_To_2015-12-31">&lt;div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"&gt;
&lt;div style="display: block;"&gt;
&lt;div style="text-align: justify; ;display: block;"&gt;
&lt;table style="width: 95%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; margin-left: 0.30in;" cellspacing="0" cellpadding="0" width="100%"&gt;

&lt;tr style="vertical-align: bottom;"&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="6"&gt;December&amp;#160;31,&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="font-weight: bold;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; font-weight: bold;" colspan="2"&gt;2014&lt;/td&gt;
&lt;td style="font-weight: bold;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="font-weight: bold;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; font-weight: bold;" colspan="2"&gt;2015&lt;/td&gt;
&lt;td style="font-weight: bold;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;" colspan="2"&gt;RMB&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;" colspan="2"&gt;RMB&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;" colspan="2"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;" colspan="2"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -10pt; padding-left: 10pt; width: 70%;"&gt;Pledge short-term deposits for one pending litigation (i)&lt;/td&gt;
&lt;td style="width: 1%;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 1%;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 12%;"&gt;&lt;font&gt;100,000&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 1%;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 1%;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 1%;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 12%;"&gt;&lt;font&gt;110,000&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 1%;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt;"&gt;Pledge short-term deposits for bank borrowing facilities (ii)&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;&lt;font&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;&lt;font&gt;279,221&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff; vertical-align: bottom;"&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="padding-bottom: 2.5pt; text-indent: -10pt; padding-left: 10pt; font-weight: bold;"&gt;Total&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;&lt;font&gt;100,000&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;&lt;font&gt;389,221&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in;"&gt;&amp;#160;&lt;/p&gt;
&lt;table width="97%" cellpadding="0" border="0" cellspacing="0" style="margin-left: 0.30in;"&gt;

&lt;tr&gt;
&lt;td style="vertical-align: top; width: 2%;" valign="top"&gt;&lt;font style="font-size: 10pt;"&gt;(i)&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 98%;"&gt;
&lt;div&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'times new roman', times;"&gt;As of December 31, 2014 and 2015, the Group had restricted short-term deposits balance of RMB100 million and RMB 110 million representing pledged deposit for one pending litigation in which the Group is the claimant and has applied to the court to freeze the assets of the defendant. Pursuant to relevant PRC laws and regulations, the Group had to deposit a certain amount of cash as pledged deposit in order to submit the application to the court requesting to freeze the defendant's assets.&lt;/font&gt;&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in;"&gt;&amp;#160;&lt;/p&gt;
&lt;table width="97%" cellpadding="0" border="0" cellspacing="0" style="margin-left: 0.30in;"&gt;

&lt;tr&gt;
&lt;td style="vertical-align: top; width: 2%;" valign="top"&gt;&lt;font style="font-size: 10pt;"&gt;(ii)&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 98%;"&gt;
&lt;div&gt;&lt;font style="font-size: 10pt;"&gt;As of December 31, 2015, the Company had offshore restricted short-term deposits balance set aside for a period of 12 months or less of approximately RMB279 million for bank borrowing facilities.&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in;"&gt;&amp;#160;&lt;/p&gt;
&lt;table width="97%" cellpadding="0" border="0" cellspacing="0" style="margin-left: 0.30in;"&gt;

&lt;tr&gt;
&lt;td style="vertical-align: top; width: 2%;" valign="top"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;(iii)&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 98%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;In 2015, the Company had short-term deposits of RMB&lt;font&gt;700&lt;/font&gt;&amp;#160;million,&amp;#160;&lt;font style="color: #000000; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;"&gt;and a short term borrowing of&amp;#160;&lt;/font&gt;RMB&lt;font&gt;697&lt;/font&gt;&amp;#160;million with the same domestic bank in the PRC, and the Company paid off the short term borrowing with the short-term deposits.&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;/div&gt;</yy:ScheduleOfRestrictedShortTermDepositsTableTextBlock>
  <yy:NumberOfEntitiesWhoseMinorityStakeOfPreferredStockAcquired id="Tag1099" contextRef="D2015-01-01_To_2015-12-31" unitRef="Entity" decimals="INF">16</yy:NumberOfEntitiesWhoseMinorityStakeOfPreferredStockAcquired>
  <yy:NumberOfVariableInterestEntitiesConsideredAsPrimaryBeneficiary id="Tag1100" contextRef="D2015-01-01_To_2015-12-31" unitRef="Entity" decimals="INF">2</yy:NumberOfVariableInterestEntitiesConsideredAsPrimaryBeneficiary>
  <us-gaap:ProceedsFromEquityMethodInvestmentDividendsOrDistributionsReturnOfCapital id="Tag1101" contextRef="D2015-01-01_To_2015-12-31" unitRef="USD" decimals="-3">370000</us-gaap:ProceedsFromEquityMethodInvestmentDividendsOrDistributionsReturnOfCapital>
  <us-gaap:PaymentsForProceedsFromBusinessesAndInterestInAffiliates id="Tag1102" contextRef="D2015-01-01_To_2015-12-31" unitRef="CNY" decimals="-3">-5553000</us-gaap:PaymentsForProceedsFromBusinessesAndInterestInAffiliates>
  <us-gaap:PaymentsForProceedsFromBusinessesAndInterestInAffiliates id="Tag1103" contextRef="D2015-01-01_To_2015-12-31" unitRef="USD" decimals="-3">-857000</us-gaap:PaymentsForProceedsFromBusinessesAndInterestInAffiliates>
  <us-gaap:OtherNoncashExpense id="Tag1104" contextRef="D2015-01-01_To_2015-12-31" unitRef="CNY" decimals="-3">2165000</us-gaap:OtherNoncashExpense>
  <us-gaap:OtherNoncashExpense id="Tag1105" contextRef="D2015-01-01_To_2015-12-31" unitRef="USD" decimals="-3">334000</us-gaap:OtherNoncashExpense>
  <us-gaap:OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock id="Tag1106" contextRef="D2015-01-01_To_2015-12-31">&lt;div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"&gt;
&lt;div style="display: block;"&gt;
&lt;div style="display: block;"&gt;
&lt;div class="CursorPointer"&gt;
&lt;table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0;"&gt;

&lt;tr style="vertical-align: top;"&gt;
&lt;td style="width: 0%;"&gt;&lt;/td&gt;
&lt;td style="width: 4%;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&lt;b&gt;1.&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: justify; /* width: 96%;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&lt;b&gt;Organization and principal activities&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.95pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0;"&gt;

&lt;tr style="vertical-align: top;"&gt;
&lt;td style="width: 0;"&gt;&lt;/td&gt;
&lt;td style="width: 23.75pt;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&lt;b&gt;(a)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: justify;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&lt;b&gt;Principal activities&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.95pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.95pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;YY Inc. (the &amp;#147;Company&amp;#148;), through its subsidiaries, its variable interest entities (&amp;#147;VIEs&amp;#148;) and VIE's subsidiaries (collectively, the &amp;#147;Group&amp;#148;) is principally engaged in operating an online social platform in the People's Republic of China (the &amp;#147;PRC&amp;#148; or &amp;#147;China&amp;#148;) through its platform, YY Client and through its website&amp;#160;&lt;i style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px;"&gt;YY.com&lt;/i&gt;&lt;font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none;"&gt;, &lt;/font&gt;&lt;i style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px;"&gt;Duowan.com,&amp;#160;100.com, Huya.com, Edu24ol.com and Zhiniu8.com&lt;/i&gt;&lt;font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none;"&gt;.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.95pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0;"&gt;

&lt;tr style="vertical-align: top;"&gt;
&lt;td style="width: 0;"&gt;&lt;/td&gt;
&lt;td style="width: 23.75pt;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&lt;b&gt;(b)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: justify;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&lt;b&gt;Reorganization&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.95pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.95pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;The Company was incorporated in the Cayman Islands on July 22, 2011.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.95pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.95pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;The Group began its operations in the PRC in April 2005 through its PRC domestic company, Guangzhou Huaduo Network Technology Co., Ltd. (&amp;#147;Guangzhou Huaduo&amp;#148;), which was directly owned by Mr.&amp;#160;David Xueling Li (the &amp;#147;Founder&amp;#148; or the &amp;#147;CEO&amp;#148;) and Mr.&amp;#160;Jun Lei (the &amp;#147;Co-founder&amp;#148; or the &amp;#147;Chairman&amp;#148;). Guangzhou Huaduo holds the necessary licenses and approvals to operate internet-related businesses in the PRC.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.95pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.95pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;For the period between July 2006 and April 2007, the Group undertook a reorganization (the &amp;#147;First Reorganization&amp;#148;) and established Duowan Limited (&amp;#147;Duowan Limited&amp;#148;), an investment holding company under the laws of the British Virgin Islands (the &amp;#147;BVI&amp;#148;), Duowan (Hong Kong) Limited (&amp;#147;Duowan (Hong Kong)&amp;#148;), a Hong Kong incorporated company wholly owned by Duowan Limited, and Guangzhou Duowan Information Technology Co., Ltd. (&amp;#147;Guangzhou Duowan&amp;#148;), a wholly-owned foreign enterprise (&amp;#147;WOFE&amp;#148;) in the PRC owned by Duowan (Hong Kong) (collectively &amp;#147;Duowan Limited Group Structure&amp;#148;). The First Reorganization was necessary to comply with PRC laws and regulations which prohibit or restrict foreign ownership of companies that provide internet content services in the PRC where licenses are required.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.95pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.95pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;By entering into a series of agreements among the Founder, the Co-founder, Guangzhou Huaduo, and Guangzhou Duowan (collectively, &amp;#147;First VIE agreements&amp;#148;), Guangzhou Huaduo became a VIE of Guangzhou Duowan. Guangzhou Duowan became the primary beneficiary of Guangzhou Huaduo.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.95pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.95pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;In November 2007, Duowan Entertainment Corporation (&amp;#147;Duowan BVI&amp;#148;) was incorporated in the BVI. In March 2008, Duowan BVI established Duowan Entertainment Information Technology (Beijing) Co., Ltd. (&amp;#147;Duowan Entertainment&amp;#148;), as a WOFE in the PRC and a wholly-owned subsidiary of Duowan BVI. The Group undertook a second reorganization (the &amp;#147;Second Reorganization&amp;#148;) whereby the First VIE agreements among the Founder, the Co-founder, Guangzhou Huaduo and Guangzhou Duowan were terminated and a new series of VIE agreements (collectively, &amp;#147;Second VIE agreements&amp;#148;) were signed among the Founder, the Co-founder, Guangzhou Huaduo and Duowan Entertainment, through which Duowan Entertainment became the primary beneficiary and exercised effective control over the operations of Guangzhou Huaduo. Duowan BVI became the then holding company of the Group.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.95pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.95pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;In August 2008, Duowan Entertainment purchased all the equity interests in Guangzhou Duowan from Duowan (Hong Kong).&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.95pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.95pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;In December 2008, the Group undertook another reorganization (the &amp;#147;Third Reorganization&amp;#148;) and acquired all of the equity interests of NeoTasks Inc. (&amp;#147;NeoTasks&amp;#148;), a Cayman Islands company, together with its wholly-owned subsidiary, NeoTasks Limited, its WOFE, NeoTasks International Media Technology (Beijing) Co., Ltd. (&amp;#147;NeoTasks Beijing&amp;#148;), and its VIE, Beijing Tuda Science and Technology Co., Limited (&amp;#147;Beijing Tuda&amp;#148;).&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.95pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.95pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;In July 2009, Guangzhou Duowan was renamed as Zhuhai Duowan Information Technology Co., Ltd. (&amp;#147;Zhuhai Duowan&amp;#148;).&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in;"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt 23pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;In December 2009, another series of VIE agreements (collectively, &amp;#147;Third VIE agreements&amp;#148;) were entered into amongst the legal shareholders of Beijing Tuda and Duowan Entertainment and thus completing the Third Reorganization. Through the aforementioned activities, Beijing Tuda became a VIE, whose primary beneficiary is Duowan Entertainment.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt 22.95pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;In December 2010, Duowan BVI established Zhuhai Duowan Technology Co., Ltd. (&amp;#147;Zhuhai Duowan Technology&amp;#148;), which is directly &lt;font&gt;100&lt;/font&gt;% owned by Duowan BVI.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt 22.95pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;On September 6, 2011, pursuant to a share swap agreement, all the then existing shareholders of Duowan BVI exchanged their respective shares, including the Series A, Series B, Series C-1 and Series C-2 Preferred Shares, of Duowan BVI for equivalent classes of shares of the Company on a &lt;font&gt;1&lt;/font&gt; for 1 basis. As a result, Duowan BVI became a wholly-owned subsidiary of the Company and it also became the holding company of the Group (the &amp;#147;Share Swap&amp;#148;).&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt 22.95pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;In May 2012, Duowan Entertainment was renamed as Huanju Shidai Technology (Beijing) Co., Ltd. (&amp;#147;Beijing Huanju Shidai&amp;#148;).&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt 22.95pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;In September 2012, Zhuhai Duowan Technology was renamed as Guangzhou Huanju Shidai Information Technology Co., Ltd. (&amp;#147;Guangzhou Huanju Shidai&amp;#148;).&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt 22.95pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;The First Reorganization, the Second Reorganization, the Third Reorganization and the Share Swap were all reorganization of entities under common control and have been accounted for in a manner akin to a pooling of interest as if the Company, through its wholly owned subsidiaries, had been in existence and been the primary beneficiary of the VIEs throughout the periods presented in the consolidated financial statements. As a result of these arrangements, the Company, through its wholly owned subsidiaries, is considered the primary beneficiary of &lt;font&gt;two&lt;/font&gt; VIEs, Guangzhou Huaduo and Beijing Tuda, and accordingly, their results of operation and financial conditions are consolidated in the financial statements of the Group.&lt;/font&gt;&lt;/p&gt;
&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0;"&gt;

&lt;tr style="vertical-align: top; text-align: justify;"&gt;
&lt;td style="width: 0%;"&gt;&lt;/td&gt;
&lt;td style="width: 23pt; text-align: left;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&lt;b&gt;(c)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: justify;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&lt;b&gt;Initial Public Offering&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt 22.95pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;The Company completed its initial public offering (&amp;#147;IPO&amp;#148;) on November 21, 2012 on the NASDAQ Global Market and the underwriters subsequently exercised their over-allotment option on December 5, 2012. The Company issued and sold a total of &lt;font&gt;8,970,000&lt;/font&gt; American Depositary Shares (&amp;#147;ADSs&amp;#148;) in these transactions, representing &lt;font&gt;179,400,000&lt;/font&gt; Class&amp;#160;A common shares. Each ADS represents &lt;font&gt;twenty&lt;/font&gt; Class&amp;#160;A common shares. The net proceeds received by the Company, after deducting commissions and offering expenses, amounted to approximately US$&lt;font&gt;82,055&lt;/font&gt;. Upon the completion of the IPO, all of the Company's &lt;font&gt;359,424,310&lt;/font&gt; outstanding preferred shares and &lt;font&gt;548,408,914&lt;/font&gt; outstanding common shares were converted into Class B common shares immediately as of the same date.&lt;/font&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0;"&gt;

&lt;tr style="vertical-align: top;"&gt;
&lt;td style="width: 0%;"&gt;&lt;/td&gt;
&lt;td style="width: 23pt;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&lt;b&gt;(d)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&lt;b&gt;Principal Subsidiaries, VIE and VIE's subsidiaries&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.95pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;The details of the principal subsidiaries, VIEs and VIE's subsidiaries through which the Company conducts its business operations as of December 31, 2015 are set out below:&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;div class="CursorPointer"&gt;
&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; width: 100%; height: 0px; margin-left: 0.1px;"&gt;

&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Name&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; text-align: center; border-bottom: #000000 1pt solid !important; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Place&amp;#160;of&lt;br/&gt;&lt;/font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;incorporation&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; text-align: center; border-bottom: #000000 1pt solid !important; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Date&amp;#160;of&lt;br/&gt;&lt;/font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;incorporation&amp;#160;or&lt;br/&gt;&lt;/font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;acquisition&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; text-align: center; border-bottom: #000000 1pt solid !important; padding: 0px;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;%&amp;#160;of&amp;#160;direct&lt;br/&gt;&lt;/font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;or&amp;#160;indirect&lt;br/&gt;&lt;/font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;economic&lt;br/&gt;&lt;/font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;ownership&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Principal&amp;#160;activities&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Principal subsidiaries&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: right; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; width: 20px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; width: 20px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; width: 20px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; width: 20px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; width: 20px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; width: 20px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: right; font-family: 'times new roman'; padding: 0px; width: 20px;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; width: 20px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; width: 20px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: -10pt; vertical-align: top; font-family: 'times new roman'; padding-left: 10pt; width: 38%; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Duowan Entertainment Corporation (&amp;#147;Duowan BVI&amp;#148;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px; width: 1%; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; text-align: left; padding: 0px; vertical-align: top; width: 12%; background-color: #cceeff;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;BVI&lt;/font&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top; width: 1%; background-color: #cceeff;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; padding: 0px; text-align: left; vertical-align: top; width: 16%; background-color: #cceeff;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;November 6,&amp;#160;2007&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top; width: 1%; background-color: #cceeff;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; white-space: nowrap; vertical-align: top; width: 10%; text-align: right; background-color: #cceeff;" colspan="2" valign="top"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;100&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 8px 0px 0px; white-space: nowrap; vertical-align: top; width: 1%; background-color: #cceeff;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;%&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; width: 20%; background-color: #cceeff;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Investment&amp;#160;holding&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; text-align: left; vertical-align: top;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top; text-align: right;" colspan="2" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 8px 0px 0px; white-space: nowrap; vertical-align: top;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: -10pt; vertical-align: top; font-family: 'times new roman'; padding-left: 10pt; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Huanju Shidai Technology (Beijing) Co., Ltd. (&amp;#147;Beijing Huanju Shidai&amp;#148; or &amp;#147;Duowan Entertainment&amp;#148;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; background-color: #cceeff;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;PRC&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top; background-color: #cceeff;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; padding: 0px; text-align: left; vertical-align: top; background-color: #cceeff;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;March&amp;#160;19,&amp;#160;2008&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top; background-color: #cceeff;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; white-space: nowrap; vertical-align: top; text-align: right; background-color: #cceeff;" colspan="2" valign="top"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;100&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 8px 0px 0px; white-space: nowrap; vertical-align: top; background-color: #cceeff;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;%&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; background-color: #cceeff;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Investment holding&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; text-align: left; vertical-align: top;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top; text-align: right;" colspan="2" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 8px 0px 0px; white-space: nowrap; vertical-align: top;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: -10pt; vertical-align: top; font-family: 'times new roman'; padding-left: 10pt; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Zhuhai Duowan Information Technology Co., Ltd. (&amp;#147;Zhuhai Duowan&amp;#148; or &amp;#147;Guangzhou Duowan&amp;#148;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; background-color: #cceeff;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;PRC&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top; background-color: #cceeff;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: left; vertical-align: top; background-color: #cceeff;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;April 9, 2007&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top; background-color: #cceeff;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; white-space: nowrap; vertical-align: top; text-align: right; background-color: #cceeff;" colspan="2" valign="top"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;100&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 8px 0px 0px; white-space: nowrap; vertical-align: top; background-color: #cceeff;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;%&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; text-align: left; padding: 0px; vertical-align: top; background-color: #cceeff;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Online&amp;#160;advertising&amp;#160;and&amp;#160;software&lt;br/&gt;development&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; text-align: left; vertical-align: top;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top; text-align: right;" colspan="2" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 8px 0px 0px; white-space: nowrap; vertical-align: top;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: -10pt; vertical-align: top; font-family: 'times new roman'; padding-left: 10pt; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Guangzhou Huanju Shidai Information Technology Co., Ltd. (&amp;#147;Guangzhou Huanju Shidai&amp;#148;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; background-color: #cceeff;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;PRC&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top; background-color: #cceeff;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; padding: 0px; text-align: left; vertical-align: top; background-color: #cceeff;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;December 2,&amp;#160;2010&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top; background-color: #cceeff;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; white-space: nowrap; vertical-align: top; text-align: right; background-color: #cceeff;" colspan="2" valign="top"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;100&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 8px 0px 0px; white-space: nowrap; vertical-align: top; background-color: #cceeff;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;%&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; text-align: left; padding: 0px; vertical-align: top; background-color: #cceeff;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Software&amp;#160;development&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; text-align: left; vertical-align: top;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top; text-align: right;" colspan="2" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 8px 0px 0px; white-space: nowrap; vertical-align: top;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-size: 10pt; text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px; text-indent: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Engage Capital Partners I, L.P.(&amp;#147;Engage L.P.&amp;#148;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px 0px 0px; white-space: nowrap; vertical-align: top; background-color: #cceeff;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Cayman&amp;#160;Islands&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top; background-color: #cceeff;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px 0px 0px; white-space: nowrap; text-align: left; vertical-align: top; background-color: #cceeff;" valign="top"&gt;&lt;font style="font-size: 10pt; line-height: 115%; font-family: 'times new roman', times; color: black;"&gt; March 23, 2015 &lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top; background-color: #cceeff;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 0px 0px 5px; white-space: nowrap; width: 20px; vertical-align: top; text-align: right; background-color: #cceeff;" colspan="2" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;93.5&lt;/font&gt;&lt;/font&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 8px 0px 0px; white-space: nowrap; vertical-align: top; background-color: #cceeff;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;%&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; vertical-align: top; background-color: #cceeff;" valign="top"&gt;Investment&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; text-align: left; vertical-align: top;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 20px; vertical-align: top; text-align: right;" colspan="2" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 8px 0px 0px; white-space: nowrap; vertical-align: top;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: -10pt; vertical-align: top; font-family: 'times new roman'; padding-left: 10pt; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Principal Variable Interest Entity (&amp;#147;VIE&amp;#148;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top; background-color: #cceeff;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top; background-color: #cceeff;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; text-align: left; vertical-align: top; background-color: #cceeff;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top; background-color: #cceeff;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top; text-align: right; background-color: #cceeff;" colspan="2" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 8px 0px 0px; white-space: nowrap; vertical-align: top; background-color: #cceeff;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top; background-color: #cceeff;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: -10pt; vertical-align: top; font-family: 'times new roman'; padding-left: 10pt; width: 20px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px; width: 20px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top; width: 20px;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top; width: 20px;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; text-align: left; vertical-align: top; width: 20px;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top; width: 20px;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top; text-align: right; width: 20px;" valign="top" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 8px 0px 0px; white-space: nowrap; vertical-align: top; width: 20px;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top; width: 20px;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: -10pt; vertical-align: top; font-family: 'times new roman'; padding-left: 10pt; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Guangzhou Huaduo Network Technology Co., Ltd. &amp;#160;(&amp;#147;Guangzhou Huaduo&amp;#148;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; background-color: #cceeff;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;PRC&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top; background-color: #cceeff;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: left; vertical-align: top; background-color: #cceeff;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;April 11, 2005&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top; background-color: #cceeff;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; white-space: nowrap; vertical-align: top; text-align: right; background-color: #cceeff;" colspan="2" valign="top"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;100&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 8px 0px 0px; white-space: nowrap; vertical-align: top; background-color: #cceeff;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;%&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; text-align: left; padding: 0px; vertical-align: top; background-color: #cceeff;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Holder&amp;#160;of&amp;#160;internet&amp;#160;content&amp;#160;provider&lt;br/&gt;licenses&amp;#160;and&amp;#160;internet&amp;#160;value&amp;#160;added&lt;br/&gt;services&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; text-align: left; vertical-align: top;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top; text-align: right;" colspan="2" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 8px 0px 0px; white-space: nowrap; vertical-align: top;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: -10pt; vertical-align: top; font-family: 'times new roman'; padding-left: 10pt; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Principal&amp;#160;VIE's subsidiaries&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top; background-color: #cceeff;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top; background-color: #cceeff;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; text-align: left; vertical-align: top; background-color: #cceeff;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top; background-color: #cceeff;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top; text-align: right; background-color: #cceeff;" colspan="2" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 8px 0px 0px; white-space: nowrap; vertical-align: top; background-color: #cceeff;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top; background-color: #cceeff;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; text-align: left; vertical-align: top;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top; text-align: right;" colspan="2" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 8px 0px 0px; white-space: nowrap; vertical-align: top;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-size: 10pt; text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px;"&gt;*100 Online Education Technology (Beijing) Co.,Ltd.&lt;br/&gt;&lt;/p&gt;
&lt;p style="margin: 0px;"&gt;&amp;#160; &amp;#160; &amp;#160;&amp;#160;(&amp;#147;100 Online&amp;#148;)&lt;/p&gt;
&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px 0px 0px; white-space: nowrap; vertical-align: top; background-color: #cceeff;" valign="top"&gt;PRC&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top; background-color: #cceeff;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; white-space: nowrap; text-align: left; vertical-align: top; background-color: #cceeff;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;December 2,2014&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top; background-color: #cceeff;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 0px 0px 5px; white-space: nowrap; width: 20px; vertical-align: top; text-align: right; background-color: #cceeff;" colspan="2" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;100&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 8px 0px 0px; white-space: nowrap; vertical-align: top; background-color: #cceeff;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;%&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px 0px 0px; white-space: nowrap; vertical-align: top; background-color: #cceeff;" valign="top"&gt;Online education service&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; white-space: nowrap; text-align: left; vertical-align: top;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top; text-align: right;" colspan="2" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 8px 0px 0px; white-space: nowrap; vertical-align: top;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: -10pt; vertical-align: top; font-family: 'times new roman'; padding-left: 10pt; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Beijing Huanqiu Xingxue Technology Development Co., Ltd (&amp;#147;Xingxue&amp;#148;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; background-color: #cceeff;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;PRC&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top; background-color: #cceeff;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: left; vertical-align: top; background-color: #cceeff;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;December 23, 2014&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top; background-color: #cceeff;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; white-space: nowrap; vertical-align: top; text-align: right; background-color: #cceeff;" colspan="2" valign="top"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;76.9&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 8px 0px 0px; white-space: nowrap; vertical-align: top; background-color: #cceeff;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;%&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; background-color: #cceeff;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Online education service&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; text-indent: 0px; text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; white-space: nowrap; text-align: left; vertical-align: top;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top; text-align: right;" colspan="2" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 8px 0px 0px; white-space: nowrap; vertical-align: top;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: -10pt; vertical-align: top; font-family: 'times new roman'; padding-left: 10pt; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="line-height: 115%;"&gt;Shanghai Beifu Culture Communication Co., Ltd. (&amp;#147;Beifu&amp;#148;)&lt;/font&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; background-color: #cceeff;" valign="top"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="color: #000000; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;"&gt;PRC&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top; background-color: #cceeff;" valign="top"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: left; vertical-align: top; background-color: #cceeff;" valign="top"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="line-height: 115%;"&gt;February 3, 2015&lt;/font&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top; background-color: #cceeff;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; white-space: nowrap; vertical-align: top; text-align: right; background-color: #cceeff;" colspan="2" valign="top"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;70&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 8px 0px 0px; white-space: nowrap; vertical-align: top; background-color: #cceeff;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;%&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; background-color: #cceeff;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font style="line-height: 115%;"&gt;E-commerce&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: -10pt; vertical-align: top; font-family: 'times new roman'; padding-left: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;" valign="top"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top;" valign="top"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: left; vertical-align: top;" valign="top"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; white-space: nowrap; vertical-align: top; text-align: right;" colspan="2" valign="top"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 8px 0px 0px; white-space: nowrap; vertical-align: top;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: -10pt; vertical-align: top; font-family: 'times new roman'; padding-left: 10pt; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="line-height: 115%;"&gt;Shanghai Yilian Equity Investment Partnership(LP) (&amp;#147;Shanghai Yilian&amp;#148;)&lt;/font&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; background-color: #cceeff;" valign="top"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="color: #000000; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;"&gt;PRC&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top; background-color: #cceeff;" valign="top"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: left; vertical-align: top; background-color: #cceeff;" valign="top"&gt;&lt;font style="font-size: 10pt;"&gt; &lt;font style="line-height: 115%;"&gt;June 23, 2015&lt;/font&gt; &amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top; background-color: #cceeff;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; white-space: nowrap; vertical-align: top; text-align: right; background-color: #cceeff;" colspan="2" valign="top"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;93.5&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 8px 0px 0px; white-space: nowrap; vertical-align: top; background-color: #cceeff;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;%&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; background-color: #cceeff;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font style="line-height: 115%;"&gt;Investment&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in;"&gt;&amp;#160;&lt;/p&gt;
&lt;div&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none; /* background-color: #feffc0;"&gt;*&lt;/font&gt;100 Online Education Technology (Beijing) Co.,Ltd. (&amp;#147;100 Online&amp;#148;), formerly known as Zhengrenqiang and His Partners Education Technology (Beijing) Co., Ltd.&amp;#160;(&amp;#147;Zhengrenqiang&amp;#148;).&lt;/font&gt;&lt;/div&gt;
&lt;/div&gt;
&lt;table width="100%" cellpadding="0" border="0" cellspacing="0"&gt;

&lt;tr&gt;
&lt;td style="width: 100%;"&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in;"&gt;&amp;#160;&lt;/p&gt;
&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0;"&gt;

&lt;tr style="vertical-align: top;"&gt;
&lt;td style="width: 0%;"&gt;&lt;/td&gt;
&lt;td style="width: 23pt;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&lt;b&gt;(e)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;b style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px;"&gt;Variable Interest Entities&lt;/b&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;p style="margin-bottom: 0pt; margin-top: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;To comply with PRC laws and regulations that prohibit or restrict foreign ownership of companies that provide internet-content, the Group conducts its operations primarily through its principal VIE Guangzhou Huaduo, which holds the internet value-added service license and approvals to provide such internet services in the PRC. Beijing Huanju Shidai entered into a series of contractual agreements among Beijing Huanju Shidai, Guangzhou Huaduo and its&amp;#160;legal shareholders.&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt 23pt; text-align: justify;"&gt;The Company's relationships with Guangzhou Huaduo and its shareholders are governed by the following contractual arrangements:&lt;/p&gt;
&lt;div class="CursorPointer"&gt;
&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.3in;"&gt;

&lt;tr style="vertical-align: top; text-align: justify;"&gt;
&lt;td style="width: 23pt;"&gt;&lt;/td&gt;
&lt;td style="width: 23.8pt; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#149;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Exclusive Technology Support and Technology Services Agreement&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Under the exclusive technology support and technology services agreement between Beijing Huanju Shidai and Guangzhou Huaduo, Beijing Huanju Shidai has the exclusive right to provide to Guangzhou Huaduo technology support and technology services related to all technologies needed for its business. Beijing Huanju Shidai owns the exclusive intellectual property rights created as a result of the performance of this agreement. The service fee payable by Guangzhou Huaduo to Beijing Huanju Shidai is determined by various factors, including the expenses Beijing Huanju Shidai incurs for providing such services and Guangzhou Huaduo's revenues. The term of this agreement will expire in 2028 and may be extended with Beijing Huanju Shidai's written confirmation prior to the expiration date. Beijing Huanju Shidai is entitled to terminate the agreement at any time by providing &lt;font&gt;30&lt;/font&gt; days' prior written notice to Guangzhou Huaduo.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;div class="CursorPointer"&gt;
&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.3in;"&gt;

&lt;tr style="vertical-align: top; text-align: justify;"&gt;
&lt;td style="width: 23pt;"&gt;&lt;/td&gt;
&lt;td style="width: 23.8pt; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#149;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Exclusive Business Cooperation Agreement&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Under the exclusive business cooperation agreement between Beijing Huanju Shidai and Guangzhou Huaduo, Beijing Huanju Shidai has the exclusive right to provide to Guangzhou Huaduo technology support, business support and consulting services related to the services provided by Guangzhou Huaduo, the scope of which is to be determined by Beijing Huanju Shidai from time to time. Beijing Huanju Shidai owns the exclusive intellectual property rights created as a result of the performance of this agreement. The service fee payable by Guangzhou Huaduo to Beijing Huanju Shidai is a certain percentage of its earnings. The term of this agreement will expire in 2039 and may be extended with Beijing Huanju Shidai's written confirmation prior to the expiration date. Beijing Huanju Shidai is entitled to terminate the agreement at any time by providing &lt;font&gt;30&lt;/font&gt; days' prior written notice to Guangzhou Huaduo.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;div class="CursorPointer"&gt;
&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.3in;"&gt;

&lt;tr style="vertical-align: top; text-align: justify;"&gt;
&lt;td style="width: 23pt;"&gt;&lt;/td&gt;
&lt;td style="width: 23.8pt; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#149;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Exclusive Option Agreement&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;The parties to the exclusive option agreement are Beijing Huanju Shidai, Guangzhou Huaduo and each of the shareholders of Guangzhou Huaduo. Under the exclusive option agreement, each of the shareholders of Guangzhou Huaduo irrevocably granted Beijing Huanju Shidai or its designated representative(s) an exclusive option to purchase, to the extent permitted under PRC law, all or part of his or its equity interests in Guangzhou Huaduo. Beijing Huanju Shidai or its designated representative(s) have sole discretion as to when to exercise such options, either in part or in full. Without Beijing Huanju Shidai's prior written consent, Guangzhou Huaduo's shareholders shall not sell, transfer, mortgage or otherwise dispose their equity interests in Guangzhou Huaduo. The term of this agreement is &lt;font&gt;ten&lt;/font&gt; years and may be extended at Beijing Huanju Shidai's sole discretion.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;

&lt;div class="CursorPointer"&gt;
&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-left: 0.3in;"&gt;

&lt;tr style="vertical-align: top; text-align: justify;"&gt;
&lt;td style="width: 23pt;"&gt;&lt;/td&gt;
&lt;td style="width: 23.8pt; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#149;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Powers of Attorney&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Pursuant to the irrevocable power of attorney executed by each shareholder of Guangzhou Huaduo, each such shareholder appointed Beijing Huanju Shidai as its attorney-in-fact to exercise such shareholders' rights in Guangzhou Huaduo, including, without limitation, the power to vote on its behalf on all matters of Guangzhou Huaduo requiring shareholder approval under PRC laws and regulations and the articles of association of Guangzhou Huaduo. Each power of attorney will remain in force until the shareholder ceases to hold any equity interest in Guangzhou Huaduo.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;div class="CursorPointer"&gt;
&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-left: 0.3in;"&gt;

&lt;tr style="vertical-align: top; text-align: justify;"&gt;
&lt;td style="width: 23pt;"&gt;&lt;/td&gt;
&lt;td style="width: 23.8pt; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#149;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Share Pledge Agreement&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Pursuant to the share pledge agreement between Beijing Huanju Shidai and the shareholders of Guangzhou Huaduo, the shareholders of Guangzhou Huaduo have pledged all of their equity interests in Guangzhou Huaduo to Beijing Huanju Shidai to guarantee the performance by Guangzhou Huaduo and its shareholders' performance of their respective obligations under the exclusive business cooperation agreement, exclusive option agreement, exclusive technology support and technology services agreement and powers of attorney. If Guangzhou Huaduo and/or its shareholders breach their contractual obligations under those agreements, Beijing Huanju Shidai, as pledgee, will be entitled to certain rights, including the right to sell the pledged equity interests.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 23pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Through the aforementioned contractual agreements, Guangzhou Huaduo is considered a VIE in accordance with Generally Accepted Accounting Principles in the United States (&amp;#147;U.S. GAAP&amp;#148;) because the Company, through Beijing Huanju Shidai, has the ability to:&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;div class="CursorPointer"&gt;
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&lt;td style="width: 23pt;"&gt;&lt;/td&gt;
&lt;td style="width: 23.8pt; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#149;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;exercise effective control over Guangzhou Huaduo;&lt;/font&gt;&lt;/td&gt;
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&lt;/table&gt;
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&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt;
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&lt;td style="width: 23pt;"&gt;&lt;/td&gt;
&lt;td style="width: 23.8pt; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#149;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;receive substantially all of the economic benefits and residual returns, and absorb substantially all the risks and expected losses from VIEs as if it were their sole shareholder; and&lt;/font&gt;&lt;/td&gt;
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&lt;/table&gt;
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&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt;
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&lt;td style="width: 23pt;"&gt;&lt;/td&gt;
&lt;td style="width: 23.8pt; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#149;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;have an exclusive option to purchase all of the equity interests in the VIE.&lt;/font&gt;&lt;/td&gt;
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&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;As of December 31, 2015, the total assets of the consolidated VIEs and VIE's subsidiaries were RMB&lt;font&gt;3,875,295&lt;/font&gt;, mainly comprising cash and cash equivalents, short-term deposits,&amp;#160;restricted short-term deposits,&amp;#160;accounts receivable, inventory, amounts due from related parties, prepayments and other current assets, investments, property and equipment, intangible assets, goodwill, other non-current assets and deferred tax assets. As of December 31, 2015, the total liabilities of the consolidated VIEs and VIE's subsidiaries were RMB&lt;font&gt;1,256,755&lt;/font&gt;, mainly comprising accounts payable, deferred revenue, advances from customers, amounts due to related parties, accrued liabilities and other current liabilities and income taxes payable.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;In accordance with the aforementioned agreements, the Company has power to direct activities of the VIEs, and can have assets transferred out of the VIEs. Therefore the Company considers that there is no asset in the consolidated VIEs and VIE's subsidiaries that can be used only to settle obligations of the consolidated VIEs and VIE's subsidiaries, except for registered capital and PRC statutory reserves of the VIEs and VIE's subsidiaries amounting to RMB&lt;font&gt;2,584,627&lt;/font&gt;&amp;#160;as of December 31, 2015. As the consolidated VIEs and VIE's subsidiaries were incorporated as limited liability companies under the PRC Company Law, the creditors do not have recourse to the general credit of the Company for all the liabilities of the consolidated VIEs and VIE's subsidiaries.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Currently there is no contractual arrangement that could require the Company to provide additional financial support to the VIEs. As the Company is conducting its PRC internet value-added services business through the VIEs, the Company will, if needed, provide such support on a discretional basis in the future, which could expose the Company to a loss.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;There is no VIE where the Company has variable interest but is not the primary beneficiary.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
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  <us-gaap:IncreaseDecreaseInInventories id="Tag1107" contextRef="D2015-01-01_To_2015-12-31" unitRef="CNY" decimals="-3">11080000</us-gaap:IncreaseDecreaseInInventories>
  <us-gaap:IncreaseDecreaseInInventories id="Tag1108" contextRef="D2015-01-01_To_2015-12-31" unitRef="USD" decimals="-3">1710000</us-gaap:IncreaseDecreaseInInventories>
  <us-gaap:BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1 id="Tag1109" contextRef="D2015-01-01_To_2015-12-31" unitRef="CNY" decimals="-3">-292471000</us-gaap:BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1>
  <us-gaap:BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1 id="Tag1110" contextRef="D2015-01-01_To_2015-12-31" unitRef="USD" decimals="-3">-45150000</us-gaap:BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1>
  <us-gaap:GoodwillTranslationAdjustments id="Tag1111" contextRef="D2015-01-01_To_2015-12-31" unitRef="CNY" decimals="-3">54000</us-gaap:GoodwillTranslationAdjustments>
  <us-gaap:GoodwillAcquiredDuringPeriod id="Tag1112" contextRef="D2015-01-01_To_2015-12-31" unitRef="CNY" decimals="-3">161326000</us-gaap:GoodwillAcquiredDuringPeriod>
  <us-gaap:GoodwillImpairmentLoss id="Tag1113" contextRef="D2015-01-01_To_2015-12-31" unitRef="CNY" decimals="-3">310124000</us-gaap:GoodwillImpairmentLoss>
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&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Name&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; text-align: center; border-bottom: #000000 1pt solid !important; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Place&amp;#160;of&lt;br/&gt;&lt;/font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;incorporation&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; text-align: center; border-bottom: #000000 1pt solid !important; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Date&amp;#160;of&lt;br/&gt;&lt;/font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;incorporation&amp;#160;or&lt;br/&gt;&lt;/font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;acquisition&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; text-align: center; border-bottom: #000000 1pt solid !important; padding: 0px;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;%&amp;#160;of&amp;#160;direct&lt;br/&gt;&lt;/font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;or&amp;#160;indirect&lt;br/&gt;&lt;/font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;economic&lt;br/&gt;&lt;/font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;ownership&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Principal&amp;#160;activities&lt;/font&gt;&lt;/td&gt;
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&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Principal subsidiaries&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: right; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; width: 20px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; width: 20px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; width: 20px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; width: 20px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; width: 20px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; width: 20px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: right; font-family: 'times new roman'; padding: 0px; width: 20px;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; width: 20px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; width: 20px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: -10pt; vertical-align: top; font-family: 'times new roman'; padding-left: 10pt; width: 38%; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Duowan Entertainment Corporation (&amp;#147;Duowan BVI&amp;#148;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px; width: 1%; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; text-align: left; padding: 0px; vertical-align: top; width: 12%; background-color: #cceeff;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;BVI&lt;/font&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top; width: 1%; background-color: #cceeff;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; padding: 0px; text-align: left; vertical-align: top; width: 16%; background-color: #cceeff;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;November 6,&amp;#160;2007&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top; width: 1%; background-color: #cceeff;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; white-space: nowrap; vertical-align: top; width: 10%; text-align: right; background-color: #cceeff;" colspan="2" valign="top"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;100&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 8px 0px 0px; white-space: nowrap; vertical-align: top; width: 1%; background-color: #cceeff;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;%&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; width: 20%; background-color: #cceeff;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Investment&amp;#160;holding&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; text-align: left; vertical-align: top;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top; text-align: right;" colspan="2" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 8px 0px 0px; white-space: nowrap; vertical-align: top;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: -10pt; vertical-align: top; font-family: 'times new roman'; padding-left: 10pt; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Huanju Shidai Technology (Beijing) Co., Ltd. (&amp;#147;Beijing Huanju Shidai&amp;#148; or &amp;#147;Duowan Entertainment&amp;#148;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; background-color: #cceeff;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;PRC&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top; background-color: #cceeff;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; padding: 0px; text-align: left; vertical-align: top; background-color: #cceeff;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;March&amp;#160;19,&amp;#160;2008&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top; background-color: #cceeff;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; white-space: nowrap; vertical-align: top; text-align: right; background-color: #cceeff;" colspan="2" valign="top"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;100&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 8px 0px 0px; white-space: nowrap; vertical-align: top; background-color: #cceeff;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;%&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; background-color: #cceeff;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Investment holding&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; text-align: left; vertical-align: top;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top; text-align: right;" colspan="2" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 8px 0px 0px; white-space: nowrap; vertical-align: top;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: -10pt; vertical-align: top; font-family: 'times new roman'; padding-left: 10pt; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Zhuhai Duowan Information Technology Co., Ltd. (&amp;#147;Zhuhai Duowan&amp;#148; or &amp;#147;Guangzhou Duowan&amp;#148;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; background-color: #cceeff;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;PRC&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top; background-color: #cceeff;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: left; vertical-align: top; background-color: #cceeff;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;April 9, 2007&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top; background-color: #cceeff;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; white-space: nowrap; vertical-align: top; text-align: right; background-color: #cceeff;" colspan="2" valign="top"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;100&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 8px 0px 0px; white-space: nowrap; vertical-align: top; background-color: #cceeff;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;%&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; text-align: left; padding: 0px; vertical-align: top; background-color: #cceeff;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Online&amp;#160;advertising&amp;#160;and&amp;#160;software&lt;br/&gt;development&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; text-align: left; vertical-align: top;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top; text-align: right;" colspan="2" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 8px 0px 0px; white-space: nowrap; vertical-align: top;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: -10pt; vertical-align: top; font-family: 'times new roman'; padding-left: 10pt; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Guangzhou Huanju Shidai Information Technology Co., Ltd. (&amp;#147;Guangzhou Huanju Shidai&amp;#148;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; background-color: #cceeff;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;PRC&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top; background-color: #cceeff;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; padding: 0px; text-align: left; vertical-align: top; background-color: #cceeff;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;December 2,&amp;#160;2010&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top; background-color: #cceeff;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; white-space: nowrap; vertical-align: top; text-align: right; background-color: #cceeff;" colspan="2" valign="top"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;100&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 8px 0px 0px; white-space: nowrap; vertical-align: top; background-color: #cceeff;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;%&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; text-align: left; padding: 0px; vertical-align: top; background-color: #cceeff;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Software&amp;#160;development&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; text-align: left; vertical-align: top;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top; text-align: right;" colspan="2" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 8px 0px 0px; white-space: nowrap; vertical-align: top;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-size: 10pt; text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px; text-indent: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Engage Capital Partners I, L.P.(&amp;#147;Engage L.P.&amp;#148;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px 0px 0px; white-space: nowrap; vertical-align: top; background-color: #cceeff;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Cayman&amp;#160;Islands&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top; background-color: #cceeff;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px 0px 0px; white-space: nowrap; text-align: left; vertical-align: top; background-color: #cceeff;" valign="top"&gt;&lt;font style="font-size: 10pt; line-height: 115%; font-family: 'times new roman', times; color: black;"&gt; March 23, 2015 &lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top; background-color: #cceeff;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 0px 0px 5px; white-space: nowrap; width: 20px; vertical-align: top; text-align: right; background-color: #cceeff;" colspan="2" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;93.5&lt;/font&gt;&lt;/font&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 8px 0px 0px; white-space: nowrap; vertical-align: top; background-color: #cceeff;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;%&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; vertical-align: top; background-color: #cceeff;" valign="top"&gt;Investment&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; text-align: left; vertical-align: top;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 20px; vertical-align: top; text-align: right;" colspan="2" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 8px 0px 0px; white-space: nowrap; vertical-align: top;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: -10pt; vertical-align: top; font-family: 'times new roman'; padding-left: 10pt; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Principal Variable Interest Entity (&amp;#147;VIE&amp;#148;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top; background-color: #cceeff;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top; background-color: #cceeff;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; text-align: left; vertical-align: top; background-color: #cceeff;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top; background-color: #cceeff;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top; text-align: right; background-color: #cceeff;" colspan="2" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 8px 0px 0px; white-space: nowrap; vertical-align: top; background-color: #cceeff;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top; background-color: #cceeff;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: -10pt; vertical-align: top; font-family: 'times new roman'; padding-left: 10pt; width: 20px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px; width: 20px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top; width: 20px;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top; width: 20px;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; text-align: left; vertical-align: top; width: 20px;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top; width: 20px;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top; text-align: right; width: 20px;" valign="top" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 8px 0px 0px; white-space: nowrap; vertical-align: top; width: 20px;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top; width: 20px;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: -10pt; vertical-align: top; font-family: 'times new roman'; padding-left: 10pt; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Guangzhou Huaduo Network Technology Co., Ltd. &amp;#160;(&amp;#147;Guangzhou Huaduo&amp;#148;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; background-color: #cceeff;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;PRC&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top; background-color: #cceeff;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: left; vertical-align: top; background-color: #cceeff;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;April 11, 2005&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top; background-color: #cceeff;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; white-space: nowrap; vertical-align: top; text-align: right; background-color: #cceeff;" colspan="2" valign="top"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;100&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 8px 0px 0px; white-space: nowrap; vertical-align: top; background-color: #cceeff;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;%&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; text-align: left; padding: 0px; vertical-align: top; background-color: #cceeff;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Holder&amp;#160;of&amp;#160;internet&amp;#160;content&amp;#160;provider&lt;br/&gt;licenses&amp;#160;and&amp;#160;internet&amp;#160;value&amp;#160;added&lt;br/&gt;services&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; text-align: left; vertical-align: top;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top; text-align: right;" colspan="2" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 8px 0px 0px; white-space: nowrap; vertical-align: top;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: -10pt; vertical-align: top; font-family: 'times new roman'; padding-left: 10pt; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Principal&amp;#160;VIE's subsidiaries&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top; background-color: #cceeff;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top; background-color: #cceeff;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; text-align: left; vertical-align: top; background-color: #cceeff;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top; background-color: #cceeff;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top; text-align: right; background-color: #cceeff;" colspan="2" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 8px 0px 0px; white-space: nowrap; vertical-align: top; background-color: #cceeff;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top; background-color: #cceeff;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; text-align: left; vertical-align: top;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top; text-align: right;" colspan="2" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 8px 0px 0px; white-space: nowrap; vertical-align: top;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-size: 10pt; text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px;"&gt;*100 Online Education Technology (Beijing) Co.,Ltd.&lt;br/&gt;&lt;/p&gt;
&lt;p style="margin: 0px;"&gt;&amp;#160; &amp;#160; &amp;#160;&amp;#160;(&amp;#147;100 Online&amp;#148;)&lt;/p&gt;
&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px 0px 0px; white-space: nowrap; vertical-align: top; background-color: #cceeff;" valign="top"&gt;PRC&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top; background-color: #cceeff;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; white-space: nowrap; text-align: left; vertical-align: top; background-color: #cceeff;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;December 2,2014&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top; background-color: #cceeff;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 0px 0px 5px; white-space: nowrap; width: 20px; vertical-align: top; text-align: right; background-color: #cceeff;" colspan="2" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;100&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 8px 0px 0px; white-space: nowrap; vertical-align: top; background-color: #cceeff;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;%&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px 0px 0px; white-space: nowrap; vertical-align: top; background-color: #cceeff;" valign="top"&gt;Online education service&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; white-space: nowrap; text-align: left; vertical-align: top;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top; text-align: right;" colspan="2" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 8px 0px 0px; white-space: nowrap; vertical-align: top;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: -10pt; vertical-align: top; font-family: 'times new roman'; padding-left: 10pt; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Beijing Huanqiu Xingxue Technology Development Co., Ltd (&amp;#147;Xingxue&amp;#148;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; background-color: #cceeff;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;PRC&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top; background-color: #cceeff;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: left; vertical-align: top; background-color: #cceeff;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;December 23, 2014&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top; background-color: #cceeff;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; white-space: nowrap; vertical-align: top; text-align: right; background-color: #cceeff;" colspan="2" valign="top"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;76.9&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 8px 0px 0px; white-space: nowrap; vertical-align: top; background-color: #cceeff;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;%&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; background-color: #cceeff;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Online education service&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; text-indent: 0px; text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; white-space: nowrap; text-align: left; vertical-align: top;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top; text-align: right;" colspan="2" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 8px 0px 0px; white-space: nowrap; vertical-align: top;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: -10pt; vertical-align: top; font-family: 'times new roman'; padding-left: 10pt; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="line-height: 115%;"&gt;Shanghai Beifu Culture Communication Co., Ltd. (&amp;#147;Beifu&amp;#148;)&lt;/font&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; background-color: #cceeff;" valign="top"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="color: #000000; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;"&gt;PRC&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top; background-color: #cceeff;" valign="top"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: left; vertical-align: top; background-color: #cceeff;" valign="top"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="line-height: 115%;"&gt;February 3, 2015&lt;/font&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top; background-color: #cceeff;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; white-space: nowrap; vertical-align: top; text-align: right; background-color: #cceeff;" colspan="2" valign="top"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;70&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 8px 0px 0px; white-space: nowrap; vertical-align: top; background-color: #cceeff;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;%&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; background-color: #cceeff;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font style="line-height: 115%;"&gt;E-commerce&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: -10pt; vertical-align: top; font-family: 'times new roman'; padding-left: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;" valign="top"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top;" valign="top"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: left; vertical-align: top;" valign="top"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; white-space: nowrap; vertical-align: top; text-align: right;" colspan="2" valign="top"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 8px 0px 0px; white-space: nowrap; vertical-align: top;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: -10pt; vertical-align: top; font-family: 'times new roman'; padding-left: 10pt; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="line-height: 115%;"&gt;Shanghai Yilian Equity Investment Partnership(LP) (&amp;#147;Shanghai Yilian&amp;#148;)&lt;/font&gt; &lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; background-color: #cceeff;" valign="top"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="color: #000000; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;"&gt;PRC&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top; background-color: #cceeff;" valign="top"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: left; vertical-align: top; background-color: #cceeff;" valign="top"&gt;&lt;font style="font-size: 10pt;"&gt; &lt;font style="line-height: 115%;"&gt;June 23, 2015&lt;/font&gt; &amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top; background-color: #cceeff;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; white-space: nowrap; vertical-align: top; text-align: right; background-color: #cceeff;" colspan="2" valign="top"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;93.5&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 8px 0px 0px; white-space: nowrap; vertical-align: top; background-color: #cceeff;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;%&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; background-color: #cceeff;" valign="top"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font style="line-height: 115%;"&gt;Investment&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in;"&gt;&amp;#160;&lt;/p&gt;
&lt;div&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none; /* background-color: #feffc0;"&gt;*&lt;/font&gt;100 Online Education Technology (Beijing) Co.,Ltd. (&amp;#147;100 Online&amp;#148;), formerly known as Zhengrenqiang and His Partners Education Technology (Beijing) Co., Ltd.&amp;#160;(&amp;#147;Zhengrenqiang&amp;#148;).&lt;/font&gt;&lt;/div&gt;
&lt;/div&gt;</us-gaap:ScheduleOfInvestmentsInAndAdvancesToAffiliatesScheduleOfInvestmentsTableTextBlock>
  <us-gaap:EffectiveIncomeTaxRateReconciliationChangeInEnactedTaxRate id="Tag1115" contextRef="D2015-01-01_To_2015-12-31" unitRef="Pure" decimals="3">0.005</us-gaap:EffectiveIncomeTaxRateReconciliationChangeInEnactedTaxRate>
  <us-gaap:FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTableTextBlock id="Tag1116" contextRef="D2015-01-01_To_2015-12-31">&lt;div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"&gt;
&lt;div style="display: block;" align="left"&gt;
&lt;table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman', Times, serif; letter-spacing: normal; orphans: auto; text-indent: 0px; text-transform: none; widows: 1; word-spacing: 0px; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; border-collapse: collapse; width: 96%; margin-left: 0.25in;"&gt;

&lt;tr style="vertical-align: bottom;"&gt;
&lt;td nowrap="nowrap"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Contingent&amp;#160;consideration&amp;#160;in&lt;/font&gt;&lt;br/&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;relation&amp;#160;to&amp;#160;business&lt;/font&gt;&lt;br/&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;acquisitions&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="font-weight: bold;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="font-weight: bold; text-align: center;"&gt;RMB&lt;/td&gt;
&lt;td style="font-weight: bold;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="padding-bottom: 2.5pt; text-indent: -10pt; padding-left: 10pt; width: 87%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Balance as of December 31, 2013&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: left; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: right; width: 10%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;-&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white;"&gt;
&lt;td style="text-align: left; padding-bottom: 1pt; text-indent: -3.55pt; padding-left: 10pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Acquisition of 100 Online in 2014 (Note 4)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;183,000&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="padding-bottom: 2.5pt; text-indent: -10pt; padding-left: 10pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Balance as of December 31, 2014&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;183,000&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white;"&gt;
&lt;td style="text-align: left; text-indent: -3.55pt; padding-left: 10pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Acquisition of Beifu in 2015 (Note 4)&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;107,306&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="text-align: left; padding-bottom: 1pt; text-indent: -3.55pt; padding-left: 10pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Fair&amp;#160;value&amp;#160;change&amp;#160;of&amp;#160;contingent&amp;#160;consideration&amp;#160;in&amp;#160;2015&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;(290,306&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white;"&gt;
&lt;td style="padding-bottom: 2.5pt; text-indent: -10pt; padding-left: 10pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Balance as of December 31, 2015&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;-&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;</us-gaap:FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTableTextBlock>
  <us-gaap:FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesTableTextBlock id="Tag1117" contextRef="D2015-01-01_To_2015-12-31">&lt;div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"&gt;
&lt;div align="left"&gt;
&lt;table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman', Times, serif; letter-spacing: normal; orphans: auto; text-indent: 0px; text-transform: none; widows: 1; word-spacing: 0px; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; border-collapse: collapse; width: 96%; margin-left: 0.25in;"&gt;

&lt;tr style="vertical-align: bottom;"&gt;
&lt;td nowrap="nowrap" style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Initial&amp;#160;recognition&amp;#160;of&amp;#160;contingent&amp;#160;consideration&amp;#160;in&amp;#160;relation&amp;#160;to&lt;/font&gt;&lt;br/&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;business acquisitions&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="padding-bottom: 1pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap" style="text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Risk&amp;#160;free&amp;#160;interest&amp;#160;rate&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="padding-bottom: 1pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="padding-bottom: 1pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap" style="text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Discount&amp;#160;rate&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="padding-bottom: 1pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="text-align: justify; width: 74%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Acquisition of 100 Online&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 10%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;4.14&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 10%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;16&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white;"&gt;
&lt;td style="text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Acquisition of Beifu&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;3.81&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;18&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;</us-gaap:FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesTableTextBlock>
  <us-gaap:CondensedFinancialInformationOfParentCompanyOnlyDisclosureTextBlock id="Tag1118" contextRef="D2015-01-01_To_2015-12-31">&lt;div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"&gt;
&lt;div style="display: block; ;display: block;"&gt;
&lt;div class="CursorPointer"&gt;
&lt;table cellpadding="0" cellspacing="0" style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'Times New Roman', Times, serif; margin-top: 0px; margin-bottom: 0px;"&gt;

&lt;tr style="vertical-align: top; text-align: justify;"&gt;
&lt;td style="width: 0px;"&gt;&lt;/td&gt;
&lt;td style="width: 0.25in; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;30.&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;Additional information &amp;#150; condensed financial statements&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'Times New Roman', Times, serif; margin: 0pt 0px 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'Times New Roman', Times, serif; margin: 0pt 0px 0pt 0.25in; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;The condensed financial statements of YY Inc. have been prepared in accordance with SEC Regulation S-X Rule 5-04 and Rule 12-04.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'Times New Roman', Times, serif; margin: 0pt 0px 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'Times New Roman', Times, serif; margin: 0pt 0px 0pt 0.25in; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;The Company records its investments in subsidiaries under the equity method of accounting. Such investments to subsidiaries are presented on the balance sheet as &amp;#147;Interests in subsidiaries, VIEs and VIE's subsidiaries&amp;#148; and the profit of the subsidiaries is presented as &amp;#147;Share of profit of subsidiaries, VIEs and VIE's subsidiaries&amp;#148; in the statement of operations and comprehensive income.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'Times New Roman', Times, serif; margin: 0pt 0px 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'Times New Roman', Times, serif; margin: 0pt 0px 0pt 0.25in; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;For the VIEs and VIE's subsidiaries, where the Company is the primary beneficiary, the amount of the Company's investment is included in the balance sheet as &amp;#147;Interests in subsidiaries, VIEs and VIE's subsidiaries&amp;#148; and the profit of the VIEs and VIE's subsidiaries is included in &amp;#147;Share of profit of subsidiaries, VIEs and VIE's subsidiaries&amp;#148; in the statement of operations and comprehensive income.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'Times New Roman', Times, serif; margin: 0pt 0px 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'Times New Roman', Times, serif; margin: 0pt 0px 0pt 0.25in; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;The footnote disclosures contain supplemental information relating to the operations of the Company and, as such, these financial statements should be read in conjunction with the notes to the Consolidated Financial Statements of the Company. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'Times New Roman', Times, serif; margin: 0pt 0px 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'Times New Roman', Times, serif; margin: 0pt 0px 0pt 0.25in; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;As of December 31, 2014 and 2015, there were no material contingencies, significant provisions for long-term obligations, or guarantees of the Company, except for those, if any, which have been separately disclosed in the consolidated financial statements.&lt;/font&gt;&lt;/p&gt;

&lt;p style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'Times New Roman', Times, serif; margin: 0pt 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'Times New Roman', Times, serif; margin: 0pt 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;(a) Condensed balance sheets of YY Inc. as of December 31, 2014 and 2015&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'Times New Roman', Times, serif; margin: 0pt 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;div align="center"&gt;
&lt;div class="CursorPointer"&gt;
&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'Times New Roman', Times, serif; width: 100%; margin-left: 0.1px;"&gt;

&lt;tr style="vertical-align: bottom;"&gt;
&lt;td nowrap="nowrap"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="padding-bottom: 1pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="10" nowrap="nowrap" style="text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;As of December 31,&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="padding-bottom: 1pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td nowrap="nowrap"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="padding-bottom: 1pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap" style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;2014&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="padding-bottom: 1pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="padding-bottom: 1pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap" style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;2015&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="padding-bottom: 1pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="padding-bottom: 1pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap" style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;2015&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="padding-bottom: 1pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td nowrap="nowrap"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap" style="text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;RMB&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap" style="text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;RMB&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap" style="text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;US$&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;(Note 2(e))&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-weight: bold; text-indent: -10pt; padding-left: 10pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Assets&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white;"&gt;
&lt;td style="font-weight: bold; text-align: left; text-indent: -10pt; padding-left: 10pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Current assets&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt; padding-left: 0.25in; width: 55%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Amounts due from a subsidiary&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: left; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: right; width: 12%;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;2,866,431&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: left; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: right; width: 12%;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;1,881,616&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: left; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: right; width: 12%;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;290,472&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white;"&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-weight: bold; text-align: left; text-indent: -10pt; padding-left: 10pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Non-current assets&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white;"&gt;
&lt;td style="text-align: left; padding-left: 0.25in;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Interests in subsidiaries, VIEs and VIE's subsidiaries&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;2,643,382&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;3,944,457&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;608,919&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="text-align: left; padding-bottom: 1pt; padding-left: 0.25in;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Other non-current assets&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: right;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;42,275&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: right;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;25,284&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: right;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;3,903&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white;"&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt; text-indent: -10pt; padding-left: 10pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Total non-current assets&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: right;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;2,685,657&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: right;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;3,969,741&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: right;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;612,822&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white;"&gt;
&lt;td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt; text-indent: -10pt; padding-left: 10pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Total assets&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: right;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;5,552,088&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: right;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;5,851,357&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: right;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;903,294&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white;"&gt;
&lt;td style="font-weight: bold; text-align: left; text-indent: -10pt; padding-left: 10pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Liabilities and shareholders' equity&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-weight: bold; text-align: left; text-indent: -10pt; padding-left: 10pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Current liabilities&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white;"&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt; padding-left: 0.25in;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Interests payable&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: right;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;13,944&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: right;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;14,795&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: right;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;2,284&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white;"&gt;
&lt;td style="font-weight: bold; text-align: left; text-indent: -10pt; padding-left: 10pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Non-current liabilities&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt; padding-left: 0.25in;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Convertible bonds&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: right;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;2,447,980&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: right;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;2,597,403&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: right;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;400,970&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white;"&gt;
&lt;td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt; text-indent: -10pt; padding-left: 10pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Total liabilities&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: right;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;2,461,924&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: right;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;2,612,198&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: right;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;403,254&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="text-indent: -10pt; padding-left: 10pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white;"&gt;
&lt;td style="font-weight: bold; text-align: left; text-indent: -10pt; padding-left: 10pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Shareholders' equity&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="text-indent: -10pt; padding-left: 10pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Class&amp;#160;A common shares (US$&lt;font&gt;0.00001&lt;/font&gt; par value; &lt;font&gt;10,000,000,000&lt;/font&gt; shares authorized, &lt;font&gt;706,173,568&lt;/font&gt; shares issued and outstanding as of December 31, 2014 and &lt;font&gt;728,227,848&lt;/font&gt; shares issued and outstanding as of December 31, 2015)&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;43&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;43&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;7&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white;"&gt;
&lt;td style="text-indent: -10pt; padding-left: 10pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Class B common shares (US$&lt;font&gt;0.00001&lt;/font&gt; par value; &lt;font&gt;1,000,000,000&lt;/font&gt; shares authorized, &lt;font&gt;427,352,696&lt;/font&gt; shares issued and outstanding as of December 31, 2014 and &lt;font&gt;369,557,976&lt;/font&gt; shares issued and outstanding as of December 31, 2015)&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;30&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;27&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;4&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="text-align: left; text-indent: -10pt; padding-left: 10pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Additional paid-in capital&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;2,900,458&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;2,011,799&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;310,568&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white;"&gt;
&lt;td style="text-align: left; text-indent: -10pt; padding-left: 10pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Retained earnings&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;230,432&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;1,263,675&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;195,078&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Accumulated other comprehensive loss&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: right;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;(40,799&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: right;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;(36,385&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: right;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;(5,617&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white;"&gt;
&lt;td style="text-indent: -10pt; padding-left: 10pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt; text-indent: -10pt; padding-left: 10pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Total shareholders' equity&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: right;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;3,090,164&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: right;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;3,239,159&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: right;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;500,040&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white;"&gt;
&lt;td style="text-indent: -10pt; padding-left: 10pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt; text-indent: -10pt; padding-left: 10pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Total liabilities and shareholders' equity&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: right;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;5,552,088&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: right;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;5,851,357&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: right;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;903,294&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;/div&gt;

&lt;p style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'Times New Roman', Times, serif; margin: 0pt 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'Times New Roman', Times, serif; margin: 0pt 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;(b) Condensed statements of operations and comprehensive income of YY Inc. for the years ended December 31, 2013, 2014 and 2015&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'Times New Roman', Times, serif; margin: 0pt 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;div align="center"&gt;
&lt;div&gt;
&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'Times New Roman', Times, serif; width: 100%; margin-left: 0.1px;" width="100%"&gt;

&lt;tr style="vertical-align: bottom;"&gt;
&lt;td nowrap="nowrap"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="padding-bottom: 1pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="14" nowrap="nowrap" style="text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;For the year ended December 31,&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="padding-bottom: 1pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td nowrap="nowrap"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="padding-bottom: 1pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap" style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;2013&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="padding-bottom: 1pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="padding-bottom: 1pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap" style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;2014&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="padding-bottom: 1pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="padding-bottom: 1pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap" style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;2015&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="padding-bottom: 1pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="padding-bottom: 1pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap" style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;2015&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="padding-bottom: 1pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td nowrap="nowrap"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap" style="text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;RMB&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap" style="text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;RMB&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap" style="text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;RMB&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap" style="text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;US$&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;(Note2(e))&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white;"&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="text-align: left; width: 48%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Share of profit of subsidiaries, VIEs and VIE's subsidiaries&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 10%;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;477,727&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 10%;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;1,121,079&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 10%;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;1,108,029&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 10%;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;171,051&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white;"&gt;
&lt;td style="text-align: left; padding-bottom: 1pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Interest expense&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: right;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;-&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: right;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;(56,607&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: right;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;(74,786&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: right;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;(11,545&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white;"&gt;
&lt;td style="font-weight: bold; text-align: left; padding-bottom: 1pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Income before income tax expenses&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: right;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;477,727&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: right;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;1,064,472&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: right;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;1,033,243&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: right;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;159,506&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white;"&gt;
&lt;td style="font-weight: bold; text-align: left; padding-bottom: 1pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Net income&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: right;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;477,727&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: right;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;1,064,472&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: right;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;1,033,243&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: right;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;159,506&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white;"&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Other comprehensive (loss) / income:&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="text-align: left; padding-bottom: 1pt; padding-left: 9pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Foreign currency translation adjustments, net of nil tax&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: right;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;(31,014&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: right;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;3,638&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: right;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;4,414&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: right;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;681&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white;"&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Comprehensive income&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: right;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;446,713&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: right;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;1,068,110&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: right;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;1,037,657&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: right;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;160,187&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;p style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'Times New Roman', Times, serif; margin: 0pt 0px; text-indent: 0.5in;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'Times New Roman', Times, serif; margin: 0pt 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;(c) Condensed statements of cash flows of YY Inc. for the years ended December 31, 2013, 2014 and 2015&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'Times New Roman', Times, serif; margin: 0pt 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;div align="center"&gt;
&lt;div&gt;
&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'Times New Roman', Times, serif; width: 100%; margin-left: 0.1px;" width="100%"&gt;

&lt;tr style="vertical-align: bottom;"&gt;
&lt;td nowrap="nowrap"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="padding-bottom: 1pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="14" nowrap="nowrap" style="text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;For the year ended December 31,&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="padding-bottom: 1pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td nowrap="nowrap"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="padding-bottom: 1pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap" style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;2013&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="padding-bottom: 1pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="padding-bottom: 1pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap" style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;2014&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="padding-bottom: 1pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="padding-bottom: 1pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap" style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;2015&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="padding-bottom: 1pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="padding-bottom: 1pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap" style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;2015&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="padding-bottom: 1pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td nowrap="nowrap"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap" style="text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;RMB&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap" style="text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;RMB&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap" style="text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;RMB&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap" style="text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;US$&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;(Note2(e))&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"&gt;
&lt;td style="background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Net cash (used in)/provided by operating activities&lt;/font&gt;&lt;/td&gt;
&lt;td style="background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;font&gt;-&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;font&gt;-&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;font&gt;-&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;font&gt;-&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="text-align: left; width: 48%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Net cash used in investing activities&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 10%;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;-&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 10%;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;(2,412,290&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 10%;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;-&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 10%;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;-&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"&gt;
&lt;td style="color: rgb(0, 0, 0); font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-align: left; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Net cash provided by financing activities&lt;/font&gt;&lt;/td&gt;
&lt;td style="color: rgb(0, 0, 0); font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="color: rgb(0, 0, 0); font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-align: left; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="color: rgb(0, 0, 0); font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-align: right; background-color: rgb(204, 238, 255);"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;-&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="color: rgb(0, 0, 0); font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-align: left; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="color: rgb(0, 0, 0); font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="color: rgb(0, 0, 0); font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-align: left; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="color: rgb(0, 0, 0); font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-align: right; background-color: rgb(204, 238, 255);"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;2,412,290&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="color: rgb(0, 0, 0); font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-align: left; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="color: rgb(0, 0, 0); font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="color: rgb(0, 0, 0); font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-align: left; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="color: rgb(0, 0, 0); font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-align: right; background-color: rgb(204, 238, 255);"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;-&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="color: rgb(0, 0, 0); font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-align: left; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="color: rgb(0, 0, 0); font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="color: rgb(0, 0, 0); font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-align: left; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="color: rgb(0, 0, 0); font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-align: right; background-color: rgb(204, 238, 255);"&gt;&lt;font&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;/div&gt;</us-gaap:CondensedFinancialInformationOfParentCompanyOnlyDisclosureTextBlock>
  <us-gaap:PaymentsForRepurchaseOfCommonStock id="Tag1119" contextRef="D2015-01-01_To_2015-12-31" unitRef="CNY" decimals="-3">1041686000</us-gaap:PaymentsForRepurchaseOfCommonStock>
  <us-gaap:PaymentsForRepurchaseOfCommonStock id="Tag1120" contextRef="D2015-01-01_To_2015-12-31" unitRef="USD" decimals="-3">160809000</us-gaap:PaymentsForRepurchaseOfCommonStock>
  <us-gaap:ProceedsFromMinorityShareholders id="Tag1121" contextRef="D2015-01-01_To_2015-12-31" unitRef="CNY" decimals="-3">7798000</us-gaap:ProceedsFromMinorityShareholders>
  <us-gaap:ProceedsFromMinorityShareholders id="Tag1122" contextRef="D2015-01-01_To_2015-12-31" unitRef="USD" decimals="-3">1204000</us-gaap:ProceedsFromMinorityShareholders>
  <us-gaap:RepaymentsOfBankDebt id="Tag1123" contextRef="D2015-01-01_To_2015-12-31" unitRef="CNY" decimals="-3">452000000</us-gaap:RepaymentsOfBankDebt>
  <us-gaap:RepaymentsOfBankDebt id="Tag1124" contextRef="D2015-01-01_To_2015-12-31" unitRef="USD" decimals="-3">69777000</us-gaap:RepaymentsOfBankDebt>
  <us-gaap:ScheduleOfCondensedBalanceSheetTableTextBlock id="Tag1125" contextRef="D2015-01-01_To_2015-12-31">&lt;div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"&gt;
&lt;div align="center"&gt;
&lt;div class="CursorPointer"&gt;
&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'Times New Roman', Times, serif; width: 100%; margin-left: 0.1px;"&gt;

&lt;tr style="vertical-align: bottom;"&gt;
&lt;td nowrap="nowrap"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="padding-bottom: 1pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="10" nowrap="nowrap" style="text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;As of December 31,&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="padding-bottom: 1pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td nowrap="nowrap"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="padding-bottom: 1pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap" style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;2014&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="padding-bottom: 1pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="padding-bottom: 1pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap" style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;2015&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="padding-bottom: 1pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="padding-bottom: 1pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap" style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;2015&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="padding-bottom: 1pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td nowrap="nowrap"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap" style="text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;RMB&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap" style="text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;RMB&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap" style="text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;US$&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;(Note 2(e))&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-weight: bold; text-indent: -10pt; padding-left: 10pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Assets&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white;"&gt;
&lt;td style="font-weight: bold; text-align: left; text-indent: -10pt; padding-left: 10pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Current assets&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt; padding-left: 0.25in; width: 55%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Amounts due from a subsidiary&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: left; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: right; width: 12%;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;2,866,431&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: left; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: right; width: 12%;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;1,881,616&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: left; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: right; width: 12%;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;290,472&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white;"&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-weight: bold; text-align: left; text-indent: -10pt; padding-left: 10pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Non-current assets&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white;"&gt;
&lt;td style="text-align: left; padding-left: 0.25in;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Interests in subsidiaries, VIEs and VIE's subsidiaries&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;2,643,382&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;3,944,457&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;608,919&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="text-align: left; padding-bottom: 1pt; padding-left: 0.25in;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Other non-current assets&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: right;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;42,275&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: right;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;25,284&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: right;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;3,903&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white;"&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt; text-indent: -10pt; padding-left: 10pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Total non-current assets&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: right;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;2,685,657&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: right;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;3,969,741&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: right;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;612,822&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white;"&gt;
&lt;td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt; text-indent: -10pt; padding-left: 10pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Total assets&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: right;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;5,552,088&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: right;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;5,851,357&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: right;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;903,294&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white;"&gt;
&lt;td style="font-weight: bold; text-align: left; text-indent: -10pt; padding-left: 10pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Liabilities and shareholders' equity&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-weight: bold; text-align: left; text-indent: -10pt; padding-left: 10pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Current liabilities&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white;"&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt; padding-left: 0.25in;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Interests payable&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: right;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;13,944&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: right;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;14,795&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: right;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;2,284&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white;"&gt;
&lt;td style="font-weight: bold; text-align: left; text-indent: -10pt; padding-left: 10pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Non-current liabilities&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt; padding-left: 0.25in;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Convertible bonds&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: right;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;2,447,980&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: right;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;2,597,403&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: right;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;400,970&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white;"&gt;
&lt;td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt; text-indent: -10pt; padding-left: 10pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Total liabilities&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: right;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;2,461,924&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: right;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;2,612,198&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: right;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;403,254&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="text-indent: -10pt; padding-left: 10pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white;"&gt;
&lt;td style="font-weight: bold; text-align: left; text-indent: -10pt; padding-left: 10pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Shareholders' equity&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="text-indent: -10pt; padding-left: 10pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Class&amp;#160;A common shares (US$&lt;font&gt;0.00001&lt;/font&gt; par value; &lt;font&gt;10,000,000,000&lt;/font&gt; shares authorized, &lt;font&gt;706,173,568&lt;/font&gt; shares issued and outstanding as of December 31, 2014 and &lt;font&gt;728,227,848&lt;/font&gt; shares issued and outstanding as of December 31, 2015)&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;43&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;43&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;7&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white;"&gt;
&lt;td style="text-indent: -10pt; padding-left: 10pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Class B common shares (US$&lt;font&gt;0.00001&lt;/font&gt; par value; &lt;font&gt;1,000,000,000&lt;/font&gt; shares authorized, &lt;font&gt;427,352,696&lt;/font&gt; shares issued and outstanding as of December 31, 2014 and &lt;font&gt;369,557,976&lt;/font&gt; shares issued and outstanding as of December 31, 2015)&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;30&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;27&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;4&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="text-align: left; text-indent: -10pt; padding-left: 10pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Additional paid-in capital&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;2,900,458&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;2,011,799&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;310,568&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white;"&gt;
&lt;td style="text-align: left; text-indent: -10pt; padding-left: 10pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Retained earnings&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;230,432&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;1,263,675&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;195,078&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Accumulated other comprehensive loss&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: right;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;(40,799&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: right;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;(36,385&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: right;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;(5,617&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white;"&gt;
&lt;td style="text-indent: -10pt; padding-left: 10pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt; text-indent: -10pt; padding-left: 10pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Total shareholders' equity&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: right;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;3,090,164&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: right;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;3,239,159&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: right;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;500,040&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white;"&gt;
&lt;td style="text-indent: -10pt; padding-left: 10pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt; text-indent: -10pt; padding-left: 10pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Total liabilities and shareholders' equity&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: right;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;5,552,088&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: right;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;5,851,357&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: right;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;903,294&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;/div&gt;</us-gaap:ScheduleOfCondensedBalanceSheetTableTextBlock>
  <us-gaap:FiniteLivedIntangibleAssetUsefulLife id="Tag1126" contextRef="D2015-01-01_To_2015-12-31_BrandNameMember">P10Y</us-gaap:FiniteLivedIntangibleAssetUsefulLife>
  <yy:PeriodOfPriorWrittenNoticeRequiredToTerminateAgreement id="Tag1127" contextRef="D2015-01-01_To_2015-12-31_HuanjuShidaiTechnologyBeijingCompanyLimitedMember_ExclusiveTechnologySupportAndTechnologyServicesAgreementMember_GuangzhouHuaduoNetworkTechnologyCompanyLimitedMember">P30D</yy:PeriodOfPriorWrittenNoticeRequiredToTerminateAgreement>
  <yy:PeriodOfPriorWrittenNoticeRequiredToTerminateAgreement id="Tag1128" contextRef="D2015-01-01_To_2015-12-31_HuanjuShidaiTechnologyBeijingCompanyLimitedMember_ExclusiveBusinessCooperationAgreementMember_GuangzhouHuaduoNetworkTechnologyCompanyLimitedMember">P30D</yy:PeriodOfPriorWrittenNoticeRequiredToTerminateAgreement>
  <yy:AgreementTerm id="Tag1129" contextRef="D2015-01-01_To_2015-12-31_HuanjuShidaiTechnologyBeijingCompanyLimitedMember_ExclusiveOptionAgreementMember_GuangzhouHuaduoNetworkTechnologyCompanyLimitedMember">P10Y</yy:AgreementTerm>
  <us-gaap:StockholdersEquity id="Tag1130" contextRef="I2013-12-31" unitRef="CNY" decimals="-3">1887209000</us-gaap:StockholdersEquity>
  <us-gaap:AllowanceForDoubtfulAccountsReceivableCurrent id="Tag1131" contextRef="I2013-12-31" unitRef="CNY" decimals="-3">31214000</us-gaap:AllowanceForDoubtfulAccountsReceivableCurrent>
  <us-gaap:ScheduleOfCondensedIncomeStatementTableTextBlock id="Tag1132" contextRef="D2015-01-01_To_2015-12-31">&lt;div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"&gt;
&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'Times New Roman', Times, serif; width: 100%; margin-left: 0.1px;" width="100%"&gt;

&lt;tr style="vertical-align: bottom;"&gt;
&lt;td nowrap="nowrap"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="padding-bottom: 1pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="14" nowrap="nowrap" style="text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;For the year ended December 31,&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="padding-bottom: 1pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td nowrap="nowrap"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="padding-bottom: 1pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap" style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;2013&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="padding-bottom: 1pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="padding-bottom: 1pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap" style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;2014&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="padding-bottom: 1pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="padding-bottom: 1pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap" style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;2015&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="padding-bottom: 1pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="padding-bottom: 1pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap" style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;2015&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="padding-bottom: 1pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td nowrap="nowrap"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap" style="text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;RMB&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap" style="text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;RMB&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap" style="text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;RMB&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap" style="text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;US$&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;(Note2(e))&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white;"&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="text-align: left; width: 48%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Share of profit of subsidiaries, VIEs and VIE's subsidiaries&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 10%;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;477,727&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 10%;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;1,121,079&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 10%;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;1,108,029&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 10%;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;171,051&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white;"&gt;
&lt;td style="text-align: left; padding-bottom: 1pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Interest expense&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: right;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;-&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: right;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;(56,607&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: right;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;(74,786&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: right;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;(11,545&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white;"&gt;
&lt;td style="font-weight: bold; text-align: left; padding-bottom: 1pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Income before income tax expenses&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: right;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;477,727&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: right;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;1,064,472&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: right;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;1,033,243&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: right;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;159,506&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white;"&gt;
&lt;td style="font-weight: bold; text-align: left; padding-bottom: 1pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Net income&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: right;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;477,727&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: right;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;1,064,472&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: right;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;1,033,243&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: right;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;159,506&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white;"&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Other comprehensive (loss) / income:&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="text-align: left; padding-bottom: 1pt; padding-left: 9pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Foreign currency translation adjustments, net of nil tax&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: right;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;(31,014&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: right;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;3,638&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: right;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;4,414&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: right;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;681&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white;"&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Comprehensive income&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: right;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;446,713&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: right;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;1,068,110&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: right;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;1,037,657&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: right;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;160,187&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;</us-gaap:ScheduleOfCondensedIncomeStatementTableTextBlock>
  <us-gaap:ScheduleOfCondensedCashFlowStatementTableTextBlock id="Tag1133" contextRef="D2015-01-01_To_2015-12-31">&lt;div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"&gt;
&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'Times New Roman', Times, serif; width: 100%; margin-left: 0.1px;" width="100%"&gt;

&lt;tr style="vertical-align: bottom;"&gt;
&lt;td nowrap="nowrap"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="padding-bottom: 1pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="14" nowrap="nowrap" style="text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;For the year ended December 31,&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="padding-bottom: 1pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td nowrap="nowrap"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="padding-bottom: 1pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap" style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;2013&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="padding-bottom: 1pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="padding-bottom: 1pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap" style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;2014&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="padding-bottom: 1pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="padding-bottom: 1pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap" style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;2015&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="padding-bottom: 1pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="padding-bottom: 1pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap" style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;2015&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap" style="padding-bottom: 1pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td nowrap="nowrap"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap" style="text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;RMB&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap" style="text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;RMB&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap" style="text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;RMB&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap" style="text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;US$&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;(Note2(e))&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"&gt;
&lt;td style="background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Net cash (used in)/provided by operating activities&lt;/font&gt;&lt;/td&gt;
&lt;td style="background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;font&gt;-&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;font&gt;-&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;font&gt;-&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;font&gt;-&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="text-align: left; width: 48%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Net cash used in investing activities&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 10%;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;-&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 10%;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;(2,412,290&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 10%;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;-&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 10%;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;-&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"&gt;
&lt;td style="color: rgb(0, 0, 0); font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-align: left; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Net cash provided by financing activities&lt;/font&gt;&lt;/td&gt;
&lt;td style="color: rgb(0, 0, 0); font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="color: rgb(0, 0, 0); font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-align: left; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="color: rgb(0, 0, 0); font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-align: right; background-color: rgb(204, 238, 255);"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;-&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="color: rgb(0, 0, 0); font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-align: left; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="color: rgb(0, 0, 0); font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="color: rgb(0, 0, 0); font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-align: left; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="color: rgb(0, 0, 0); font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-align: right; background-color: rgb(204, 238, 255);"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;2,412,290&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="color: rgb(0, 0, 0); font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-align: left; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="color: rgb(0, 0, 0); font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="color: rgb(0, 0, 0); font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-align: left; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="color: rgb(0, 0, 0); font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-align: right; background-color: rgb(204, 238, 255);"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;-&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="color: rgb(0, 0, 0); font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-align: left; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="color: rgb(0, 0, 0); font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="color: rgb(0, 0, 0); font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-align: left; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="color: rgb(0, 0, 0); font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-align: right; background-color: rgb(204, 238, 255);"&gt;&lt;font&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

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&lt;/div&gt;</us-gaap:ScheduleOfCondensedCashFlowStatementTableTextBlock>
  <us-gaap:Goodwill id="Tag1134" contextRef="I2013-12-31" unitRef="CNY" decimals="-3">1577000</us-gaap:Goodwill>
  <us-gaap:CashAndCashEquivalentsAtCarryingValue id="Tag1135" contextRef="I2013-12-31" unitRef="CNY" decimals="-3">729598000</us-gaap:CashAndCashEquivalentsAtCarryingValue>
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&lt;div style="display: block;"&gt;
&lt;div style="display: block;"&gt;
&lt;div style="display: block;"&gt;
&lt;div style="/* margin-left: 23pt;"&gt;
&lt;div class="CursorPointer"&gt;
&lt;table style="border-collapse: collapse; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; margin-left: 30.72px;" cellpadding="0" cellspacing="0" width="93%"&gt;

&lt;tr style="text-align: center; vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; padding-bottom: 1pt; padding-left: 1.4pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding-bottom: 1pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding-left: 1.4pt; font-family: 'times new roman'; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" colspan="4"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;December&amp;#160;31,&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding-left: 1.4pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
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&lt;tr style="text-align: center; vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; padding-left: 1.4pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding-left: 1.4pt; font-family: 'times new roman'; text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;2014&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding-left: 1.4pt; font-family: 'times new roman'; text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;2015&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding-left: 1.4pt; font-family: 'times new roman'; text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="font-size: 10pt; padding-left: 1.4pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; padding-left: 1.4pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; padding-left: 1.4pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; padding-left: 1.4pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; padding: 0px; font-family: 'times new roman'; text-align: left; width: 68%; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Domain names&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; width: 1%; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; padding-left: 1.4pt; font-family: 'times new roman'; width: 14%; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;15&lt;/font&gt; years&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; width: 1%; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; width: 1%; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; padding-left: 1.4pt; font-family: 'times new roman'; width: 14%; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;15&lt;/font&gt;&amp;#160;years&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; padding-left: 1.4pt; font-family: 'times new roman'; width: 1%; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;&amp;#160;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; padding: 0px; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Technology&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; padding-left: 1.4pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;5&lt;/font&gt; years&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; padding-left: 1.4pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;5&lt;/font&gt;&amp;#160;years&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; padding-left: 1.4pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;&amp;#160;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
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&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; padding: 0px; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Software&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; padding-left: 1.4pt; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;4&lt;/font&gt;&amp;#160;years&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; padding-left: 1.4pt; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;5&lt;/font&gt;&amp;#160;years&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-align: right; padding-left: 1.4pt; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;&amp;#160;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; padding: 0px; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Brand names&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; padding-left: 1.4pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;11&lt;/font&gt;&amp;#160;years&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; padding-left: 1.4pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;&amp;#160;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; padding-left: 1.4pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;10&lt;/font&gt;&amp;#160;years&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; padding-left: 1.4pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;&amp;#160;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Operating rights for licensed games&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; padding-left: 1.4pt; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;2&lt;/font&gt;&amp;#160;years&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-align: right; padding-left: 1.4pt; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;&amp;#160;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; padding-left: 1.4pt; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;&lt;font&gt;3&lt;/font&gt;&lt;/font&gt;&amp;#160;years&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-align: right; padding-left: 1.4pt; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;&amp;#160;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman';"&gt;Operating rights for game broadcasting&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; padding-left: 1.4pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;&lt;font&gt;-&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-align: right; padding-left: 1.4pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;&amp;#160;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; /* padding-left: 1.4pt; */font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;&lt;font&gt;&lt;font&gt;1&lt;/font&gt; year&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-align: right; padding-left: 1.4pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;&amp;#160;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Others&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; padding-left: 1.4pt; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;3&lt;/font&gt;-&lt;font&gt;5&lt;/font&gt;&amp;#160;years&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; padding-left: 1.4pt; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;&amp;#160;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; padding-left: 1.4pt; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;&lt;font&gt;3&lt;/font&gt;&lt;/font&gt;&lt;font style="/* background-color: #ffffff;"&gt;-&lt;font&gt;5&lt;/font&gt;&amp;#160;years&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; padding-left: 1.4pt; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;&amp;#160;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;/div&gt;</yy:ScheduleOfWeightedAverageAmortizationPeriodsIntangibleAssetsTableTextBlock>
  <us-gaap:IntangibleAssetsDisclosureTextBlock id="Tag1137" contextRef="D2015-01-01_To_2015-12-31">&lt;div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"&gt;
&lt;div class="CursorPointer"&gt;
&lt;table cellspacing="0" cellpadding="0" style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; border-collapse: collapse; width: 100%;"&gt;

&lt;tr style="vertical-align: top;"&gt;
&lt;td style="padding-right: 0.8pt; font-family: 'times new roman'; width: 23pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;12.&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-right: 0.8pt; font-family: 'times new roman'; /* width: 95%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;Intangible assets, net&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;The following table summarizes the Group's intangible assets:&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;div style="/* margin-left: 23pt;"&gt;
&lt;div style="display: block; /* margin-left: 23pt;"&gt;
&lt;div class="CursorPointer"&gt;
&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; width: 93%; margin-left: 0.32in;"&gt;

&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; text-align: center; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;" colspan="6"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;December 31,&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; text-align: center; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;2014&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;2015&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: center; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; text-align: center; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;RMB&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;RMB&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: center; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;" colspan="2"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;" colspan="2"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: bold; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Gross carrying amount&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: right; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: right; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; font-family: 'times new roman'; padding: 0px; width: 74%;"&gt;Brand names&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 10%;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;font&gt;94,120&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 10%;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;font&gt;102,654&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"&gt;Operating rights for licensed games&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;font&gt;11,721&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;font&gt;46,879&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Software&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;17,304&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;38,307&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"&gt;Operating&amp;#160;rights&amp;#160;for&amp;#160;game&amp;#160;broadcasting&amp;#160;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;-&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;font&gt;35,071&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; font-family: 'times new roman'; padding: 0px;"&gt;Domain names&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;24,686&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;25,902&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Technology&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;17,145&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;17,621&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Others&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;18,300&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px; white-space: nowrap; /* padding-right: 5px; */ /* padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"&gt;&lt;font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;31,200&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"&gt;
&lt;td style="font-size: 10pt; text-indent: 0px; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; text-align: left; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Total of gross carrying amount&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
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&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
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&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; text-align: left; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
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&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Less:&amp;#160;accumulated&amp;#160;amortization&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
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&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
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&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
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&lt;tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Brand names&amp;#160;&lt;/font&gt;&lt;/td&gt;
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&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;(1,728&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;)&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font&gt;&lt;font&gt;&lt;font&gt;&amp;#160;&lt;font&gt;(20,294&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; font-family: 'times new roman'; padding: 0px;"&gt;Operating rights for licensed games&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
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&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; padding-right: 10px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;)&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
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&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; padding-right: 10px; white-space: nowrap;"&gt;)&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Software&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;(5,944&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font&gt;&lt;font&gt;&lt;font&gt;(9,464&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; font-family: 'times new roman'; padding: 0px;"&gt;Operating rights for game broadcasting&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;font&gt;-&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; padding-right: 10px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font&gt;&lt;font&gt;&lt;font&gt;(23,278&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; padding-right: 10px; white-space: nowrap;"&gt;)&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Domain names&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;(4,278&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font&gt;&lt;font&gt;&lt;font&gt;(6,249&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px;"&gt;Technology&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;font&gt;(6,035&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; padding-right: 10px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font&gt;&lt;font&gt;&amp;#160;&lt;font&gt;(7,712&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; padding-right: 10px; white-space: nowrap;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Others&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;(774&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;(5,478&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; text-indent: 0px; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Total accumulated amortization&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;(23,008&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"&gt;&lt;font&gt;(87,485&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; text-indent: 0px; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"&gt;&lt;strong&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Less: accumulated impairment&amp;#160;&lt;/font&gt;&lt;/strong&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;&amp;#160;&lt;font&gt;(6,234&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;)&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"&gt;&lt;font&gt;&lt;font&gt;&amp;#160;&lt;font&gt;(63,712&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;)&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left; text-indent: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; text-align: left; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Intangible assets, net&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;154,034&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;146,437&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-indent: 22.4pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'Times New Roman', Times, serif; margin: 0pt 0px 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;In 2015, the Group recognized impairment loss of intangible assets of&amp;#160;RMB&lt;font&gt;57,199&lt;/font&gt;,&amp;#160;primary related to the 100 Online English training business and Beifu E-commerce business. In the second quarter of 2015 and on October 1, 2015, the Group performed interim and annual goodwill impairment test for the goodwill generated from the acquisition of 100 Online and Beifu, due to the poor financial performance of these two VIE's subsidiaries (Note 13), and recognized impairment loss of intangible assets of RMB&lt;font&gt;48,814&lt;/font&gt; and RMB&lt;font&gt;8,385&lt;/font&gt;, respectively, which was mainly made against the carrying amount of the brand names.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; /* text-indent: 22.4pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;/font&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'Times New Roman', Times, serif; margin: 0pt 0px 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;In 2014, the Group recognized impairment of intangible assets of RMB&lt;font&gt;5,697&lt;/font&gt;, which was made against the carrying amount of the technology acquired in a business combination in 2012. The Group ceased to use this technology in its business in 2014 and believed the technology cannot bring future economic benefits to the Group. As a result, an impairment loss equal to the carrying amount of the technology was recognized.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-indent: 22.4pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Amortization expense for the years ended December 31, 2013, 2014 and 2015 were RMB&lt;font&gt;4,707&lt;/font&gt;, RMB&lt;font&gt;12,598&lt;/font&gt;&amp;#160;and RMB&lt;font&gt;64,201&lt;/font&gt;, respectively. &amp;#160; &amp;#160; &amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;The estimated amortization expenses for each of the following five years are as follows:&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;div style="display: block;"&gt;
&lt;div style="/* margin-left: 23pt;"&gt;
&lt;div class="CursorPointer"&gt;
&lt;table style="border-collapse: collapse; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'Times New Roman', Times, serif; width: 93%; margin-left: 30.72px;" cellpadding="0" cellspacing="0"&gt;

&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="text-align: left;" nowrap="nowrap" colspan="16"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;/font&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="font-weight: bold;" nowrap="nowrap"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="/* font-weight: bold; */ text-align: right;" nowrap="nowrap"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Amortization expense&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold;" nowrap="nowrap"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="text-align: left;" colspan="16"&gt;&lt;font style="font-family: 'times new roman', times;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;of intangible assets&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="text-align: left;" colspan="16"&gt;&lt;font style="font-family: 'times new roman', times;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="text-align: right;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="text-align: left; text-indent: -10pt; padding-left: 10pt; width: 87%; background-color: #cceeff;" colspan="16"&gt;&lt;font style="font-family: 'times new roman', times;"&gt;&lt;font style="font-size: 10pt;"&gt;2016&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 1%; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 1%; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 10%; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&lt;font&gt;44,269&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 1%; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -10pt; padding-left: 10pt;" colspan="16"&gt;&lt;font style="font-family: 'times new roman', times;"&gt;&lt;font style="font-size: 10pt;"&gt;2017&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&lt;font&gt;23,052&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="text-align: left; text-indent: -10pt; padding-left: 10pt; background-color: #cceeff;" colspan="16"&gt;&lt;font style="font-family: 'times new roman', times;"&gt;&lt;font style="font-size: 10pt;"&gt;2018&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&lt;font&gt;19,076&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -10pt; padding-left: 10pt;" colspan="16"&gt;&lt;font style="font-family: 'times new roman', times;"&gt;&lt;font style="font-size: 10pt;"&gt;2019&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;11,070&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="text-align: left; text-indent: -10pt; padding-left: 10pt; background-color: #cceeff;" colspan="16"&gt;&lt;font style="font-family: 'times new roman', times;"&gt;&lt;font style="font-size: 10pt;"&gt;2020&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;8,744&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;The weighted average amortization periods of intangible assets as of December 31, 2014 and 2015 are as below: &lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;div style="display: block;"&gt;
&lt;div style="display: block;"&gt;
&lt;div style="display: block;"&gt;
&lt;div style="/* margin-left: 23pt;"&gt;
&lt;div class="CursorPointer"&gt;
&lt;table style="border-collapse: collapse; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; margin-left: 30.72px;" cellpadding="0" cellspacing="0" width="93%"&gt;

&lt;tr style="text-align: center; vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; padding-bottom: 1pt; padding-left: 1.4pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding-bottom: 1pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding-left: 1.4pt; font-family: 'times new roman'; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" colspan="4"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;December&amp;#160;31,&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding-left: 1.4pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="text-align: center; vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; padding-left: 1.4pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding-left: 1.4pt; font-family: 'times new roman'; text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;2014&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding-left: 1.4pt; font-family: 'times new roman'; text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;2015&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding-left: 1.4pt; font-family: 'times new roman'; text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="font-size: 10pt; padding-left: 1.4pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; padding-left: 1.4pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; padding-left: 1.4pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; padding-left: 1.4pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; padding: 0px; font-family: 'times new roman'; text-align: left; width: 68%; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Domain names&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; width: 1%; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; padding-left: 1.4pt; font-family: 'times new roman'; width: 14%; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;15&lt;/font&gt; years&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; width: 1%; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; width: 1%; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; padding-left: 1.4pt; font-family: 'times new roman'; width: 14%; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;15&lt;/font&gt;&amp;#160;years&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; padding-left: 1.4pt; font-family: 'times new roman'; width: 1%; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;&amp;#160;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; padding: 0px; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Technology&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; padding-left: 1.4pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;5&lt;/font&gt; years&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; padding-left: 1.4pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;5&lt;/font&gt;&amp;#160;years&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; padding-left: 1.4pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;&amp;#160;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; padding: 0px; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Software&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; padding-left: 1.4pt; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;4&lt;/font&gt;&amp;#160;years&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; padding-left: 1.4pt; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;5&lt;/font&gt;&amp;#160;years&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-align: right; padding-left: 1.4pt; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;&amp;#160;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; padding: 0px; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Brand names&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; padding-left: 1.4pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;11&lt;/font&gt;&amp;#160;years&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; padding-left: 1.4pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;&amp;#160;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; padding-left: 1.4pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;10&lt;/font&gt;&amp;#160;years&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; padding-left: 1.4pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;&amp;#160;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Operating rights for licensed games&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; padding-left: 1.4pt; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;2&lt;/font&gt;&amp;#160;years&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-align: right; padding-left: 1.4pt; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;&amp;#160;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; padding-left: 1.4pt; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;&lt;font&gt;3&lt;/font&gt;&lt;/font&gt;&amp;#160;years&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-align: right; padding-left: 1.4pt; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;&amp;#160;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman';"&gt;Operating rights for game broadcasting&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; padding-left: 1.4pt; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;&lt;font&gt;-&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-align: right; padding-left: 1.4pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;&amp;#160;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; /* padding-left: 1.4pt; */font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;&lt;font&gt;&lt;font&gt;1&lt;/font&gt; year&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-align: right; padding-left: 1.4pt;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;&amp;#160;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Others&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; padding-left: 1.4pt; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;3&lt;/font&gt;-&lt;font&gt;5&lt;/font&gt;&amp;#160;years&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; padding-left: 1.4pt; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;&amp;#160;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; padding-left: 1.4pt; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;&lt;font&gt;3&lt;/font&gt;&lt;/font&gt;&lt;font style="/* background-color: #ffffff;"&gt;-&lt;font&gt;5&lt;/font&gt;&amp;#160;years&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; padding-left: 1.4pt; font-family: 'times new roman'; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;&amp;#160;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;</us-gaap:IntangibleAssetsDisclosureTextBlock>
  <us-gaap:ScheduleOfFiniteLivedIntangibleAssetsTableTextBlock id="Tag1138" contextRef="D2015-01-01_To_2015-12-31">&lt;div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"&gt;
&lt;div style="/* margin-left: 23pt;"&gt;
&lt;div style="display: block; /* margin-left: 23pt;"&gt;
&lt;div class="CursorPointer"&gt;
&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; width: 93%; margin-left: 0.32in;"&gt;

&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; text-align: center; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;" colspan="6"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;December 31,&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; text-align: center; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
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&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;2015&lt;/font&gt;&lt;/td&gt;
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&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; text-align: center; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;RMB&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;RMB&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: center; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
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&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;" colspan="2"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;" colspan="2"&gt;&lt;/td&gt;
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&lt;tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: bold; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Gross carrying amount&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: right; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: right; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; font-family: 'times new roman'; padding: 0px; width: 74%;"&gt;Brand names&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 10%;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;font&gt;94,120&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 10%;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;font&gt;102,654&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"&gt;Operating rights for licensed games&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;font&gt;11,721&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;font&gt;46,879&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Software&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;17,304&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;38,307&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"&gt;Operating&amp;#160;rights&amp;#160;for&amp;#160;game&amp;#160;broadcasting&amp;#160;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;-&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;font&gt;35,071&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; font-family: 'times new roman'; padding: 0px;"&gt;Domain names&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;24,686&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;25,902&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Technology&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;17,145&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;17,621&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Others&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;18,300&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px; white-space: nowrap; /* padding-right: 5px; */ /* padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"&gt;&lt;font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;31,200&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"&gt;
&lt;td style="font-size: 10pt; text-indent: 0px; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; text-align: left; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Total of gross carrying amount&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;183,276&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;297,634&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"&gt;
&lt;td style="font-size: 10pt; text-indent: 0px; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; text-align: left; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Less:&amp;#160;accumulated&amp;#160;amortization&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Brand names&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;(1,728&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;)&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font&gt;&lt;font&gt;&lt;font&gt;&amp;#160;&lt;font&gt;(20,294&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; font-family: 'times new roman'; padding: 0px;"&gt;Operating rights for licensed games&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;font&gt;(4,249&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; padding-right: 10px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;)&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font&gt;&lt;font&gt;&amp;#160;&lt;font&gt;(15,010&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; padding-right: 10px; white-space: nowrap;"&gt;)&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Software&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;(5,944&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font&gt;&lt;font&gt;&lt;font&gt;(9,464&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; font-family: 'times new roman'; padding: 0px;"&gt;Operating rights for game broadcasting&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;font&gt;-&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; padding-right: 10px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font&gt;&lt;font&gt;&lt;font&gt;(23,278&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; padding-right: 10px; white-space: nowrap;"&gt;)&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Domain names&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;(4,278&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font&gt;&lt;font&gt;&lt;font&gt;(6,249&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px;"&gt;Technology&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;font&gt;(6,035&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; padding-right: 10px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font&gt;&lt;font&gt;&amp;#160;&lt;font&gt;(7,712&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; padding-right: 10px; white-space: nowrap;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Others&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;(774&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;(5,478&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; text-indent: 0px; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Total accumulated amortization&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;(23,008&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"&gt;&lt;font&gt;(87,485&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; text-indent: 0px; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"&gt;&lt;strong&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Less: accumulated impairment&amp;#160;&lt;/font&gt;&lt;/strong&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;&amp;#160;&lt;font&gt;(6,234&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;)&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"&gt;&lt;font&gt;&lt;font&gt;&amp;#160;&lt;font&gt;(63,712&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;)&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left; text-indent: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; text-align: left; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Intangible assets, net&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;154,034&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;146,437&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;/div&gt;</us-gaap:ScheduleOfFiniteLivedIntangibleAssetsTableTextBlock>
  <us-gaap:ScheduleofFiniteLivedIntangibleAssetsFutureAmortizationExpenseTableTextBlock id="Tag1139" contextRef="D2015-01-01_To_2015-12-31">&lt;div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"&gt;
&lt;div style="display: block;"&gt;
&lt;div style="/* margin-left: 23pt;"&gt;
&lt;div class="CursorPointer"&gt;
&lt;table style="border-collapse: collapse; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'Times New Roman', Times, serif; width: 93%; margin-left: 30.72px;" cellpadding="0" cellspacing="0"&gt;

&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="text-align: left;" nowrap="nowrap" colspan="16"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;/font&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="font-weight: bold;" nowrap="nowrap"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="/* font-weight: bold; */ text-align: right;" nowrap="nowrap"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Amortization expense&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold;" nowrap="nowrap"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="text-align: left;" colspan="16"&gt;&lt;font style="font-family: 'times new roman', times;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;of intangible assets&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="text-align: left;" colspan="16"&gt;&lt;font style="font-family: 'times new roman', times;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" style="text-align: right;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="text-align: left; text-indent: -10pt; padding-left: 10pt; width: 87%; background-color: #cceeff;" colspan="16"&gt;&lt;font style="font-family: 'times new roman', times;"&gt;&lt;font style="font-size: 10pt;"&gt;2016&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 1%; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 1%; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 10%; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&lt;font&gt;44,269&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 1%; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -10pt; padding-left: 10pt;" colspan="16"&gt;&lt;font style="font-family: 'times new roman', times;"&gt;&lt;font style="font-size: 10pt;"&gt;2017&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&lt;font&gt;23,052&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="text-align: left; text-indent: -10pt; padding-left: 10pt; background-color: #cceeff;" colspan="16"&gt;&lt;font style="font-family: 'times new roman', times;"&gt;&lt;font style="font-size: 10pt;"&gt;2018&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&lt;font&gt;19,076&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -10pt; padding-left: 10pt;" colspan="16"&gt;&lt;font style="font-family: 'times new roman', times;"&gt;&lt;font style="font-size: 10pt;"&gt;2019&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;11,070&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="text-align: left; text-indent: -10pt; padding-left: 10pt; background-color: #cceeff;" colspan="16"&gt;&lt;font style="font-family: 'times new roman', times;"&gt;&lt;font style="font-size: 10pt;"&gt;2020&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;8,744&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;/div&gt;</us-gaap:ScheduleofFiniteLivedIntangibleAssetsFutureAmortizationExpenseTableTextBlock>
  <yy:NetIncomeLossAttributableToNoncontrollingInterestShareholdersAndMezzanineClassifiedNoncontrollingInterestShareholders id="Tag1140" contextRef="D2015-01-01_To_2015-12-31" unitRef="CNY" decimals="-3">-34938000</yy:NetIncomeLossAttributableToNoncontrollingInterestShareholdersAndMezzanineClassifiedNoncontrollingInterestShareholders>
  <yy:NetIncomeLossAttributableToNoncontrollingInterestShareholdersAndMezzanineClassifiedNoncontrollingInterestShareholders id="Tag1141" contextRef="D2015-01-01_To_2015-12-31" unitRef="USD" decimals="-3">-5393000</yy:NetIncomeLossAttributableToNoncontrollingInterestShareholdersAndMezzanineClassifiedNoncontrollingInterestShareholders>
  <us-gaap:OtherComprehensiveIncomeForeignCurrencyTranslationAdjustmentTaxPortionAttributableToParent id="Tag1142" contextRef="D2015-01-01_To_2015-12-31" unitRef="CNY" xsi:nil="true" />
  <yy:AmountTransferredTowardsStatutoryReserves id="Tag1143" contextRef="D2015-01-01_To_2015-12-31" unitRef="CNY" xsi:nil="true" />
  <us-gaap:IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest id="Tag1144" contextRef="D2015-01-01_To_2015-12-31" unitRef="CNY" decimals="-3">1033105000</us-gaap:IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest>
  <us-gaap:ScheduleOfSegmentReportingInformationBySegmentTextBlock id="Tag1145" contextRef="D2015-01-01_To_2015-12-31">&lt;div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"&gt;&lt;div style="display: block;;display: block;"&gt;
&lt;div style="display: block;"&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.32in; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;For the year ended December 31, 2015:&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;div align="left"&gt;
&lt;table style="border-collapse: collapse; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; margin-left: 0.32in;" cellpadding="0" cellspacing="0" width="96%"&gt;

&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-family: 'Times New Roman';" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-family: 'times new roman'; padding: 0px;" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; text-align: center; font-family: 'times new roman'; padding: 0px;" colspan="2" nowrap="nowrap"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;YY IVAS&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-family: 'times new roman'; padding: 0px;" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-family: 'times new roman'; padding: 0px;" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; text-align: center; font-family: 'times new roman'; padding: 0px;" colspan="2" nowrap="nowrap"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;Others&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-family: 'times new roman'; padding: 0px;" nowrap="nowrap"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-family: 'times new roman'; padding: 0px;" nowrap="nowrap"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; text-align: center; padding: 0px;" colspan="2" nowrap="nowrap"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;YY&amp;#160;IVAS&lt;/font&gt;&lt;br/&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt; and&lt;/font&gt;&lt;br/&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt; others&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-family: 'times new roman'; padding: 0px;" nowrap="nowrap"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-family: 'times new roman'; padding: 0px;" nowrap="nowrap"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; text-align: center; padding: 0px;" colspan="2" nowrap="nowrap"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Huya&lt;/font&gt;&lt;br/&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt; broadcasting&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-family: 'times new roman'; padding: 0px;" nowrap="nowrap"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-family: 'times new roman'; padding: 0px;" nowrap="nowrap"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; text-align: center; padding: 0px;" colspan="2" nowrap="nowrap"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;100&lt;/font&gt;&lt;br/&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt; Education&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-family: 'times new roman'; padding: 0px;" nowrap="nowrap"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-family: 'times new roman'; padding: 0px;" nowrap="nowrap"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; text-align: center; font-family: 'times new roman'; padding: 0px;" colspan="2" nowrap="nowrap"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;Total&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-family: 'times new roman'; padding: 0px;" nowrap="nowrap"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-family: 'Times New Roman';" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-family: 'times new roman'; padding: 0px;" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; text-align: center; font-family: 'times new roman'; padding: 0px;" colspan="2" nowrap="nowrap"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;RMB&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-family: 'times new roman'; padding: 0px;" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-family: 'times new roman'; padding: 0px;" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; text-align: center; font-family: 'times new roman'; padding: 0px;" colspan="2" nowrap="nowrap"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;RMB&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-family: 'times new roman'; padding: 0px;" nowrap="nowrap"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-family: 'times new roman'; padding: 0px;" nowrap="nowrap"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; text-align: center; font-family: 'times new roman'; padding: 0px;" colspan="2" nowrap="nowrap"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;RMB&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-family: 'times new roman'; padding: 0px;" nowrap="nowrap"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-family: 'times new roman'; padding: 0px;" nowrap="nowrap"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; text-align: center; font-family: 'times new roman'; padding: 0px;" colspan="2" nowrap="nowrap"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;RMB&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-family: 'times new roman'; padding: 0px;" nowrap="nowrap"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-family: 'times new roman'; padding: 0px;" nowrap="nowrap"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; text-align: center; font-family: 'times new roman'; padding: 0px;" colspan="2" nowrap="nowrap"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;RMB&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-family: 'times new roman'; padding: 0px;" nowrap="nowrap"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-family: 'times new roman'; padding: 0px;" nowrap="nowrap"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; text-align: center; font-family: 'times new roman'; padding: 0px;" colspan="2" nowrap="nowrap"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;RMB&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-family: 'times new roman'; padding: 0px;" nowrap="nowrap"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"&gt;
&lt;td style="font-weight: bold; text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;Net revenues&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"&gt;&lt;/td&gt;
&lt;td style="font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;Internet value-added service&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
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&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;651,019&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="text-indent: 0.1in; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#151;Other IVAS&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;561,682&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman'; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&lt;font&gt;-&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;561,682&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;356,324&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;-&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;918,006&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;Other revenues&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;-&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;112,516&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;112,516&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;-&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;123,774&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;236,290&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"&gt;
&lt;td style="font-weight: bold; text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;Total net revenues&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;5,304,635&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;112,516&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;5,417,151&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;356,324&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;123,774&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;5,897,249&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"&gt;
&lt;td style="font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;Cost of revenues&lt;sup style="font-style: normal;"&gt;(1)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;(2,798,064&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;(655,066&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;(126,614&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;(3,579,744&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"&gt;
&lt;td style="font-weight: bold; text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;Gross profit / (loss)&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;2,619,087&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;(298,742&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;(2,840&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
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&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
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&lt;td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
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&lt;td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
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&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
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&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"&gt;
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&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;Research and development expenses&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;(445,411&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;(66,538&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;(36,850&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;(548,799&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;Sales and marketing expenses&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;(253,129&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;(24,469&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;(35,272&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;(312,870&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;General and administrative expenses&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;(240,536&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;(25,869&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;)&lt;/font&gt;&lt;/td&gt;
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&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-weight: bold; text-align: left; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;Total operating expenses&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;(959,804&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;(116,876&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;(161,116&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;(1,237,796&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"&gt;
&lt;td style="vertical-align: top; text-align: left; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; text-align: left; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;Other income&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;82,300&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;-&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;-&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;82,300&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"&gt;
&lt;td style="vertical-align: top; text-align: left; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; text-align: left; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-weight: bold; text-align: left; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;Operating income / (loss)&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;1,741,583&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;(415,618&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;(163,956&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;1,162,009&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.32in; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;(1) Share based compensation was allocated in cost of revenues and operating expenses as follows:&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;div align="left"&gt;
&lt;table style="border-collapse: collapse; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; margin-left: 0.32in;" cellpadding="0" cellspacing="0" width="96%"&gt;

&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-family: 'Times New Roman';" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-family: 'times new roman';" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; text-align: center; font-family: 'times new roman';" colspan="2" nowrap="nowrap"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;YY IVAS and others&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-family: 'times new roman';" nowrap="nowrap"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-family: 'times new roman';" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; text-align: center; font-family: 'times new roman';" colspan="2" nowrap="nowrap"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;Huya broadcasting&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-family: 'times new roman';" nowrap="nowrap"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-family: 'times new roman';" nowrap="nowrap"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center;" colspan="2" nowrap="nowrap"&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;100&amp;#160;&lt;/b&gt;&lt;b&gt;Education&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="font-family: 'Times New Roman';" nowrap="nowrap"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-family: 'Times New Roman';" nowrap="nowrap"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; text-align: center; font-family: 'times new roman';" colspan="2" nowrap="nowrap"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;Total&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-family: 'times new roman';" nowrap="nowrap"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-family: 'Times New Roman';" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-family: 'times new roman';" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; text-align: center; font-family: 'times new roman';" colspan="2" nowrap="nowrap"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;RMB&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-family: 'times new roman';" nowrap="nowrap"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-family: 'times new roman';" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; text-align: center; font-family: 'times new roman';" colspan="2" nowrap="nowrap"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;RMB&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-family: 'times new roman';" nowrap="nowrap"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-family: 'times new roman';" nowrap="nowrap"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; text-align: center; font-family: 'times new roman';" colspan="2" nowrap="nowrap"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;RMB&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-family: 'times new roman';" nowrap="nowrap"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-family: 'times new roman';" nowrap="nowrap"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; text-align: center; font-family: 'times new roman';" colspan="2" nowrap="nowrap"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;RMB&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-family: 'times new roman';" nowrap="nowrap"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';" colspan="2"&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';" colspan="2"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';" colspan="2"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';" colspan="2"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;Cost of revenues&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-family: 'Times New Roman';"&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;" colspan="2"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;22,077&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;" colspan="2"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;1,497&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;" colspan="2"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;389&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;" colspan="2"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;23,963&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white;"&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; width: 48%;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;Research and development expenses&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-family: 'times new roman'; width: 1%;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; width: 10%;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;59,400&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; width: 10%;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;4,754&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; width: 10%;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;6,797&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; width: 10%;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;70,951&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="text-align: left; /* text-indent: 0.1in; *//* padding-left: 0.1in; */font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;Sales and marketing expenses&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;3,119&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;164&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;-&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;3,283&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white;"&gt;
&lt;td style="text-align: left; padding-bottom: 1pt; /* text-indent: 0.1in; *//* padding-left: 0.1in; */font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;General and administrative expenses&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;51,260&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;3,302&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;32,613&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;87,175&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="text-indent: 0.1in; padding-left: 0.1in; font-family: 'times new roman'; vertical-align: top; text-align: left;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white;"&gt;
&lt;td style="text-align: left; padding-bottom: 1pt; /* text-indent: 0.1in; *//* padding-left: 0.1in; */font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;Share-based compensation expenses&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;135,856&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;9,717&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;39,799&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;185,372&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;


&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.32in; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;For the year ended December 31, 2014:&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;div align="left"&gt;
&lt;table style="border-collapse: collapse; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; width: 96%; margin-left: 0.32in;" cellpadding="0" cellspacing="0"&gt;

&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-family: 'Times New Roman';" nowrap="nowrap"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-family: 'times new roman';" nowrap="nowrap"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; text-align: center; font-family: 'times new roman';" colspan="2" nowrap="nowrap"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;YY&amp;#160;IVAS&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-family: 'times new roman';" nowrap="nowrap"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-family: 'times new roman';" nowrap="nowrap"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; text-align: center; font-family: 'times new roman';" colspan="2" nowrap="nowrap"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;Others&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-family: 'times new roman';" nowrap="nowrap"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-family: 'times new roman';" nowrap="nowrap"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; text-align: center;" colspan="2" nowrap="nowrap"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;YY&amp;#160;IVAS&lt;/font&gt;&lt;br/&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt; and&lt;/font&gt;&lt;br/&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt; others&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-family: 'times new roman';" nowrap="nowrap"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-family: 'times new roman';" nowrap="nowrap"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; text-align: center;" colspan="2" nowrap="nowrap"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Huya&lt;/font&gt;&lt;br/&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt; broadcasting&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-family: 'times new roman';" nowrap="nowrap"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-family: 'times new roman';" nowrap="nowrap"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; text-align: center;" colspan="2" nowrap="nowrap"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;100&lt;/font&gt;&lt;br/&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt; Education&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-family: 'times new roman';" nowrap="nowrap"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-family: 'times new roman';" nowrap="nowrap"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; text-align: center; font-family: 'times new roman';" colspan="2" nowrap="nowrap"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;Total&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-family: 'times new roman';" nowrap="nowrap"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-family: 'Times New Roman';" nowrap="nowrap"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-family: 'times new roman';" nowrap="nowrap"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; text-align: center; font-family: 'times new roman';" colspan="2" nowrap="nowrap"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;RMB&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-family: 'times new roman';" nowrap="nowrap"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-family: 'times new roman';" nowrap="nowrap"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; text-align: center; font-family: 'times new roman';" colspan="2" nowrap="nowrap"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;RMB&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-family: 'times new roman';" nowrap="nowrap"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-family: 'times new roman';" nowrap="nowrap"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; text-align: center; font-family: 'times new roman';" colspan="2" nowrap="nowrap"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;RMB&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-family: 'times new roman';" nowrap="nowrap"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-family: 'times new roman';" nowrap="nowrap"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; text-align: center; font-family: 'times new roman';" colspan="2" nowrap="nowrap"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;RMB&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-family: 'times new roman';" nowrap="nowrap"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-family: 'times new roman';" nowrap="nowrap"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; text-align: center; font-family: 'times new roman';" colspan="2" nowrap="nowrap"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;RMB&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-family: 'times new roman';" nowrap="nowrap"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-family: 'times new roman';" nowrap="nowrap"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; text-align: center; font-family: 'times new roman';" colspan="2" nowrap="nowrap"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;RMB&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-family: 'times new roman';" nowrap="nowrap"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-weight: bold; text-align: left; /* text-indent: 0.1in; *//* padding-left: 0.1in; */font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;Net revenues&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white;"&gt;
&lt;td style="text-align: left; padding-bottom: 1pt; /* text-indent: 0.1in; *//* padding-left: 0.1in; */font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;Internet value-added service&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
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&lt;td style="font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&lt;font&gt;262,318&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&lt;font&gt;153,371&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&lt;font&gt;-&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&lt;font&gt;415,689&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="text-align: left; padding-bottom: 1pt; /* text-indent: 0.1in; *//* padding-left: 0.1in; */font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;Other revenues&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&lt;font&gt;-&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman'; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&lt;font&gt;146,393&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&lt;font&gt;146,393&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&lt;font&gt;-&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&lt;font&gt;950&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&lt;font&gt;147,343&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white;"&gt;
&lt;td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-family: 'times new roman'; vertical-align: top; text-align: left;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-weight: bold; text-align: left; padding-bottom: 1pt; /* text-indent: 0.1in; *//* padding-left: 0.1in; */font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;Total net revenues&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&lt;font&gt;3,377,654&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman'; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&lt;font&gt;146,393&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&lt;font&gt;3,524,047&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&lt;font&gt;153,371&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&lt;font&gt;950&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&lt;font&gt;3,678,368&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white;"&gt;
&lt;td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="padding-bottom: 1pt; /* text-indent: 0.1in; *//* padding-left: 0.1in; */font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;Cost of revenues&lt;sup style="font-style: normal;"&gt;(1)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: right; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: right; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&lt;font&gt;(1,586,933&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&lt;font&gt;(248,154&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;)&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&lt;font&gt;(14,062&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&lt;font&gt;(1,849,149&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;)&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white;"&gt;
&lt;td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-weight: bold; text-align: left; padding-bottom: 1pt; /* text-indent: 0.1in; *//* padding-left: 0.1in; */font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;Gross profit / (loss)&lt;/font&gt;&lt;/td&gt;
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&lt;td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: right; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: right; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&lt;font&gt;1,937,114&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&lt;font&gt;(94,783&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
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&lt;td style="border-bottom: black 1pt solid; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&lt;font&gt;(13,112&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
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&lt;td style="border-bottom: black 1pt solid; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
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&lt;td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white;"&gt;
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&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-weight: bold; /* text-indent: 0.1in; *//* padding-left: 0.1in; */font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&lt;b&gt;Operating expenses&lt;sup style="font-style: normal;"&gt;(1)&lt;/sup&gt;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white;"&gt;
&lt;td style="text-align: left; /* text-indent: 0.1in; *//* padding-left: 0.1in; */font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;Research and development expenses&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&lt;font&gt;(362,352&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&lt;font&gt;(47,765&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&lt;font&gt;(21,071&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;)&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&lt;font&gt;(431,188&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="text-align: left; /* text-indent: 0.1in; *//* padding-left: 0.1in; */font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;Sales and marketing expenses&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&lt;font&gt;(97,983&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&lt;font&gt;(4,399&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&lt;font&gt;(145&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&lt;font&gt;(102,527&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white;"&gt;
&lt;td style="text-align: left; padding-bottom: 1pt; /* text-indent: 0.1in; *//* padding-left: 0.1in; */font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;General&amp;#160;and&amp;#160;administrative&amp;#160;expenses&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: right; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: right; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&lt;font&gt;(200,535&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
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&lt;td style="padding-bottom: 1pt; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&lt;font&gt;(20,954&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
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&lt;td style="border-bottom: black 1pt solid; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&lt;font&gt;(1,530&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
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&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
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&lt;td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
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&lt;tr style="vertical-align: bottom; background-color: white;"&gt;
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&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
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&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white;"&gt;
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&lt;td style="padding-bottom: 1pt; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&lt;font&gt;-&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&lt;font&gt;-&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&lt;font&gt;6,319&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white;"&gt;
&lt;td style="font-weight: bold; text-align: left; padding-bottom: 1pt; /* text-indent: 0.1in; *//* padding-left: 0.1in; */font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;Operating income / (loss)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: right; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: right; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&lt;font&gt;1,282,563&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&lt;font&gt;(167,901&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&lt;font&gt;(35,858&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&lt;font&gt;1,078,804&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.32in; text-align: justify;"&gt;(1) Share based compensation was allocated in cost of revenues and operating expenses as follows:&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;div align="left"&gt;
&lt;table style="border-collapse: collapse; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; width: 96%; margin-left: 0.32in;" cellpadding="0" cellspacing="0"&gt;

&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-family: 'Times New Roman';" nowrap="nowrap"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-family: 'times new roman';" nowrap="nowrap"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; text-align: center; font-family: 'times new roman';" colspan="2" nowrap="nowrap"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;YY IVAS and others&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-family: 'times new roman';" nowrap="nowrap"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-family: 'times new roman';" nowrap="nowrap"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; text-align: center; font-family: 'times new roman';" colspan="2" nowrap="nowrap"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;Huya broadcasting&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-family: 'times new roman';" nowrap="nowrap"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-family: 'Times New Roman';" nowrap="nowrap"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center;" colspan="2" nowrap="nowrap"&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;100&amp;#160;&lt;/b&gt;&lt;b&gt;Education&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="font-family: 'Times New Roman';" nowrap="nowrap"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-family: 'times new roman';" nowrap="nowrap"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; text-align: center; font-family: 'times new roman';" colspan="2" nowrap="nowrap"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;Total&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-family: 'times new roman';" nowrap="nowrap"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-family: 'Times New Roman';" nowrap="nowrap"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-family: 'times new roman';" nowrap="nowrap"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; text-align: center; font-family: 'times new roman';" colspan="2" nowrap="nowrap"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;RMB&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-family: 'times new roman';" nowrap="nowrap"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-family: 'times new roman';" nowrap="nowrap"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; text-align: center; font-family: 'times new roman';" colspan="2" nowrap="nowrap"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;RMB&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-family: 'times new roman';" nowrap="nowrap"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-family: 'times new roman';" nowrap="nowrap"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; text-align: center; font-family: 'times new roman';" colspan="2" nowrap="nowrap"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;RMB&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-family: 'times new roman';" nowrap="nowrap"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-family: 'times new roman';" nowrap="nowrap"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; text-align: center; font-family: 'times new roman';" colspan="2" nowrap="nowrap"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;RMB&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-family: 'times new roman';" nowrap="nowrap"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';" colspan="2"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';" colspan="2"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';" colspan="2"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';" colspan="2"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-family: 'times new roman'; width: 48%;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;Cost of revenues&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-family: 'Times New Roman'; width: 1%;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; width: 1%;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman'; width: 10%;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&lt;font&gt;16,552&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; width: 1%;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-family: 'Times New Roman'; width: 1%;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; width: 1%;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman'; width: 10%;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&lt;font&gt;1,185&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; width: 1%;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-family: 'Times New Roman'; width: 1%;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; width: 1%;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman'; width: 10%;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&lt;font&gt;300&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; width: 1%;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-family: 'Times New Roman'; width: 1%;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; width: 1%;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman'; width: 10%;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&lt;font&gt;18,037&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; width: 1%;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white;"&gt;
&lt;td style="text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;Research and development expenses&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&lt;font&gt;47,315&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&lt;font&gt;1,895&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&lt;font&gt;4,931&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&lt;font&gt;54,141&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="text-align: left; /* text-indent: 0.1in; *//* padding-left: 0.1in; */font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;Sales and marketing expenses&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&lt;font&gt;2,803&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&lt;font&gt;4&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&lt;font&gt;-&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&lt;font&gt;2,807&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white;"&gt;
&lt;td style="text-align: left; padding-bottom: 1pt; /* text-indent: 0.1in; *//* padding-left: 0.1in; */font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;General and administrative expenses&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&lt;font&gt;57,938&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&lt;font&gt;1,660&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&lt;font&gt;49&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&lt;font&gt;59,647&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="text-indent: 0.1in; padding-left: 0.1in; font-family: 'times new roman'; vertical-align: top; text-align: left;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white;"&gt;
&lt;td style="text-align: left; padding-bottom: 1pt; /* text-indent: 0.1in; *//* padding-left: 0.1in; */font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;Share-based compensation expenses&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&lt;font&gt;124,608&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&lt;font&gt;4,744&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&lt;font&gt;5,280&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&lt;font&gt;134,632&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;/div&gt;&lt;/div&gt;</us-gaap:ScheduleOfSegmentReportingInformationBySegmentTextBlock>
  <us-gaap:NumberOfOperatingSegments id="Tag1146" contextRef="D2015-01-01_To_2015-12-31" unitRef="Item" decimals="INF">1</us-gaap:NumberOfOperatingSegments>
  <us-gaap:FiniteLivedIntangibleAssetsAccumulatedAmortization id="Tag1147" contextRef="I2015-12-31_ComputerSoftwareIntangibleAssetMember" unitRef="CNY" decimals="-3">9464000</us-gaap:FiniteLivedIntangibleAssetsAccumulatedAmortization>
  <us-gaap:FiniteLivedIntangibleAssetsAccumulatedAmortization id="Tag1148" contextRef="I2014-12-31_TechnologyBasedIntangibleAssetsMember" unitRef="CNY" decimals="-3">6035000</us-gaap:FiniteLivedIntangibleAssetsAccumulatedAmortization>
  <us-gaap:FiniteLivedIntangibleAssetsGross id="Tag1149" contextRef="I2014-12-31_TechnologyBasedIntangibleAssetsMember" unitRef="CNY" decimals="-3">17145000</us-gaap:FiniteLivedIntangibleAssetsGross>
  <us-gaap:FiniteLivedIntangibleAssetsGross id="Tag1150" contextRef="I2015-12-31_TechnologyBasedIntangibleAssetsMember" unitRef="CNY" decimals="-3">17621000</us-gaap:FiniteLivedIntangibleAssetsGross>
  <us-gaap:FiniteLivedIntangibleAssetsAccumulatedAmortization id="Tag1151" contextRef="I2015-12-31_TechnologyBasedIntangibleAssetsMember" unitRef="CNY" decimals="-3">7712000</us-gaap:FiniteLivedIntangibleAssetsAccumulatedAmortization>
  <us-gaap:FiniteLivedIntangibleAssetsGross id="Tag1152" contextRef="I2014-12-31_InternetDomainNamesMember" unitRef="CNY" decimals="-3">24686000</us-gaap:FiniteLivedIntangibleAssetsGross>
  <us-gaap:FiniteLivedIntangibleAssetsAccumulatedAmortization id="Tag1153" contextRef="I2014-12-31_InternetDomainNamesMember" unitRef="CNY" decimals="-3">4278000</us-gaap:FiniteLivedIntangibleAssetsAccumulatedAmortization>
  <us-gaap:SegmentReportingDisclosureTextBlock id="Tag1154" contextRef="D2015-01-01_To_2015-12-31">&lt;div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"&gt;
&lt;table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse;"&gt;

&lt;tr style="vertical-align: top;"&gt;
&lt;td style="width: 0.32in;"&gt;&lt;font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"&gt;&lt;b&gt;29.&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"&gt;&lt;b&gt;Segment Reporting &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.32in; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font style="color: #000000; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;"&gt;Prior to 2015, the Group's internal reporting to the CODM does not distinguish cost and expenses among segments. Hence, the Group had only&lt;/font&gt;&amp;#160;&lt;font&gt;one&lt;/font&gt;&amp;#160;&lt;font style="color: #000000; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;"&gt;operating segment prior to 2015.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.32in; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Starting from the first quarter of 2015, in order to better evaluate the Group's business performance and better allocate resources the CODM began to review YY IVAS and others, Huya broadcasting, and 100 Education separately.&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;/font&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.32in; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;The CODM assesses the performance of the operating segments mainly based on net revenues, gross profit / (loss), operating income / (loss) of each reporting segment. Net revenues of YY IVAS and others are presented for the CODM's review separately. Gross profit and operating income of YY IVAS and others are presented for the CODM's review on a combined basis as the cost of revenues and operating expenses of others cannot be distinguished from those of YY IVAS. Net revenues, gross loss and operating loss of Huya broadcasting and 100 education are presented for the CODM's review separately. Segmental information for prior periods was prepared and presented on the same basis as 2015 for comparative information purpose.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.32in; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;The Group currently does not allocate assets to all of its segments, as its CODM does not use such information to allocate resources or evaluate the performance of the operating segments.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.32in; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;As the Group's long-lived assets and revenue are substantially located in and derived from the PRC, no geographical segments are presented.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.32in; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;The Group currently does not allocate assets to all of its segments, as its CODM does not use such information to allocate resources or evaluate the performance of the operating segments.&lt;/font&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.32in; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;The following table presents summary information by segment:&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;&lt;div style="display: block;;display: block;"&gt;
&lt;div style="display: block;"&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.32in; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;For the year ended December 31, 2015:&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;div align="left"&gt;
&lt;table style="border-collapse: collapse; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; margin-left: 0.32in;" cellpadding="0" cellspacing="0" width="96%"&gt;

&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-family: 'Times New Roman';" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-family: 'times new roman'; padding: 0px;" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; text-align: center; font-family: 'times new roman'; padding: 0px;" colspan="2" nowrap="nowrap"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;YY IVAS&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-family: 'times new roman'; padding: 0px;" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-family: 'times new roman'; padding: 0px;" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; text-align: center; font-family: 'times new roman'; padding: 0px;" colspan="2" nowrap="nowrap"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;Others&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-family: 'times new roman'; padding: 0px;" nowrap="nowrap"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-family: 'times new roman'; padding: 0px;" nowrap="nowrap"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; text-align: center; padding: 0px;" colspan="2" nowrap="nowrap"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;YY&amp;#160;IVAS&lt;/font&gt;&lt;br/&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt; and&lt;/font&gt;&lt;br/&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt; others&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-family: 'times new roman'; padding: 0px;" nowrap="nowrap"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-family: 'times new roman'; padding: 0px;" nowrap="nowrap"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; text-align: center; padding: 0px;" colspan="2" nowrap="nowrap"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Huya&lt;/font&gt;&lt;br/&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt; broadcasting&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-family: 'times new roman'; padding: 0px;" nowrap="nowrap"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-family: 'times new roman'; padding: 0px;" nowrap="nowrap"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; text-align: center; padding: 0px;" colspan="2" nowrap="nowrap"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;100&lt;/font&gt;&lt;br/&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt; Education&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-family: 'times new roman'; padding: 0px;" nowrap="nowrap"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-family: 'times new roman'; padding: 0px;" nowrap="nowrap"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; text-align: center; font-family: 'times new roman'; padding: 0px;" colspan="2" nowrap="nowrap"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;Total&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-family: 'times new roman'; padding: 0px;" nowrap="nowrap"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-family: 'Times New Roman';" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-family: 'times new roman'; padding: 0px;" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; text-align: center; font-family: 'times new roman'; padding: 0px;" colspan="2" nowrap="nowrap"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;RMB&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-family: 'times new roman'; padding: 0px;" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-family: 'times new roman'; padding: 0px;" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; text-align: center; font-family: 'times new roman'; padding: 0px;" colspan="2" nowrap="nowrap"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;RMB&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-family: 'times new roman'; padding: 0px;" nowrap="nowrap"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-family: 'times new roman'; padding: 0px;" nowrap="nowrap"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; text-align: center; font-family: 'times new roman'; padding: 0px;" colspan="2" nowrap="nowrap"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;RMB&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-family: 'times new roman'; padding: 0px;" nowrap="nowrap"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-family: 'times new roman'; padding: 0px;" nowrap="nowrap"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; text-align: center; font-family: 'times new roman'; padding: 0px;" colspan="2" nowrap="nowrap"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;RMB&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-family: 'times new roman'; padding: 0px;" nowrap="nowrap"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-family: 'times new roman'; padding: 0px;" nowrap="nowrap"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; text-align: center; font-family: 'times new roman'; padding: 0px;" colspan="2" nowrap="nowrap"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;RMB&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-family: 'times new roman'; padding: 0px;" nowrap="nowrap"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-family: 'times new roman'; padding: 0px;" nowrap="nowrap"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; text-align: center; font-family: 'times new roman'; padding: 0px;" colspan="2" nowrap="nowrap"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;RMB&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-family: 'times new roman'; padding: 0px;" nowrap="nowrap"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"&gt;
&lt;td style="font-weight: bold; text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;Net revenues&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"&gt;&lt;/td&gt;
&lt;td style="font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
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&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman'; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&lt;font&gt;-&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;651,019&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;-&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;-&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;651,019&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="text-indent: 0.1in; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#151;Other IVAS&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;561,682&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman'; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&lt;font&gt;-&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;561,682&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;356,324&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;-&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;918,006&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;Other revenues&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;-&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;112,516&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;112,516&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;-&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;123,774&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;236,290&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"&gt;
&lt;td style="font-weight: bold; text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;Total net revenues&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;5,304,635&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;112,516&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;5,417,151&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;356,324&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;123,774&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;5,897,249&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"&gt;
&lt;td style="font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;Cost of revenues&lt;sup style="font-style: normal;"&gt;(1)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;(2,798,064&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;(655,066&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;(126,614&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;(3,579,744&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"&gt;
&lt;td style="font-weight: bold; text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;Gross profit / (loss)&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;2,619,087&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;(298,742&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;(2,840&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;2,317,505&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
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&lt;td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"&gt;
&lt;td style="font-weight: bold; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&lt;b&gt;Operating expenses&lt;sup style="font-style: normal;"&gt;(1)&lt;/sup&gt;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;Research and development expenses&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;(445,411&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;(66,538&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;(36,850&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;(548,799&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;Sales and marketing expenses&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;(253,129&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;(24,469&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;(35,272&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
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&lt;td style="vertical-align: top; text-align: left; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; text-align: left; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-weight: bold; text-align: left; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;Total operating expenses&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;(959,804&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;(116,876&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;(161,116&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;(1,237,796&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"&gt;
&lt;td style="vertical-align: top; text-align: left; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; text-align: left; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;Other income&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;82,300&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;-&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;-&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;82,300&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"&gt;
&lt;td style="vertical-align: top; text-align: left; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; text-align: left; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-weight: bold; text-align: left; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;Operating income / (loss)&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;1,741,583&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;(415,618&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;(163,956&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;1,162,009&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.32in; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;(1) Share based compensation was allocated in cost of revenues and operating expenses as follows:&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;div align="left"&gt;
&lt;table style="border-collapse: collapse; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; margin-left: 0.32in;" cellpadding="0" cellspacing="0" width="96%"&gt;

&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-family: 'Times New Roman';" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-family: 'times new roman';" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; text-align: center; font-family: 'times new roman';" colspan="2" nowrap="nowrap"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;YY IVAS and others&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-family: 'times new roman';" nowrap="nowrap"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-family: 'times new roman';" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; text-align: center; font-family: 'times new roman';" colspan="2" nowrap="nowrap"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;Huya broadcasting&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-family: 'times new roman';" nowrap="nowrap"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-family: 'times new roman';" nowrap="nowrap"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center;" colspan="2" nowrap="nowrap"&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;100&amp;#160;&lt;/b&gt;&lt;b&gt;Education&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="font-family: 'Times New Roman';" nowrap="nowrap"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-family: 'Times New Roman';" nowrap="nowrap"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; text-align: center; font-family: 'times new roman';" colspan="2" nowrap="nowrap"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;Total&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-family: 'times new roman';" nowrap="nowrap"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-family: 'Times New Roman';" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-family: 'times new roman';" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; text-align: center; font-family: 'times new roman';" colspan="2" nowrap="nowrap"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;RMB&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-family: 'times new roman';" nowrap="nowrap"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-family: 'times new roman';" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; text-align: center; font-family: 'times new roman';" colspan="2" nowrap="nowrap"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;RMB&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-family: 'times new roman';" nowrap="nowrap"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-family: 'times new roman';" nowrap="nowrap"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; text-align: center; font-family: 'times new roman';" colspan="2" nowrap="nowrap"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;RMB&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-family: 'times new roman';" nowrap="nowrap"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-family: 'times new roman';" nowrap="nowrap"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; text-align: center; font-family: 'times new roman';" colspan="2" nowrap="nowrap"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;RMB&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-family: 'times new roman';" nowrap="nowrap"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';" colspan="2"&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';" colspan="2"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';" colspan="2"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';" colspan="2"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;Cost of revenues&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-family: 'Times New Roman';"&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;" colspan="2"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;22,077&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;" colspan="2"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;1,497&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;" colspan="2"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;389&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;" colspan="2"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;23,963&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white;"&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; width: 48%;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;Research and development expenses&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-family: 'times new roman'; width: 1%;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; width: 10%;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;59,400&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; width: 10%;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;4,754&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; width: 10%;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;6,797&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; width: 10%;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;70,951&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="text-align: left; /* text-indent: 0.1in; *//* padding-left: 0.1in; */font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;Sales and marketing expenses&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;3,119&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;164&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;-&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;3,283&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white;"&gt;
&lt;td style="text-align: left; padding-bottom: 1pt; /* text-indent: 0.1in; *//* padding-left: 0.1in; */font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;General and administrative expenses&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;51,260&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;3,302&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;32,613&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;87,175&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="text-indent: 0.1in; padding-left: 0.1in; font-family: 'times new roman'; vertical-align: top; text-align: left;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white;"&gt;
&lt;td style="text-align: left; padding-bottom: 1pt; /* text-indent: 0.1in; *//* padding-left: 0.1in; */font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;Share-based compensation expenses&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;135,856&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;9,717&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;39,799&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;185,372&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;


&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.32in; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;For the year ended December 31, 2014:&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;div align="left"&gt;
&lt;table style="border-collapse: collapse; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; width: 96%; margin-left: 0.32in;" cellpadding="0" cellspacing="0"&gt;

&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-family: 'Times New Roman';" nowrap="nowrap"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-family: 'times new roman';" nowrap="nowrap"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; text-align: center; font-family: 'times new roman';" colspan="2" nowrap="nowrap"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;YY&amp;#160;IVAS&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-family: 'times new roman';" nowrap="nowrap"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-family: 'times new roman';" nowrap="nowrap"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; text-align: center; font-family: 'times new roman';" colspan="2" nowrap="nowrap"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;Others&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-family: 'times new roman';" nowrap="nowrap"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-family: 'times new roman';" nowrap="nowrap"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; text-align: center;" colspan="2" nowrap="nowrap"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;YY&amp;#160;IVAS&lt;/font&gt;&lt;br/&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt; and&lt;/font&gt;&lt;br/&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt; others&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-family: 'times new roman';" nowrap="nowrap"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-family: 'times new roman';" nowrap="nowrap"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; text-align: center;" colspan="2" nowrap="nowrap"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Huya&lt;/font&gt;&lt;br/&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt; broadcasting&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-family: 'times new roman';" nowrap="nowrap"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-family: 'times new roman';" nowrap="nowrap"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; text-align: center;" colspan="2" nowrap="nowrap"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;100&lt;/font&gt;&lt;br/&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt; Education&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-family: 'times new roman';" nowrap="nowrap"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-family: 'times new roman';" nowrap="nowrap"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; text-align: center; font-family: 'times new roman';" colspan="2" nowrap="nowrap"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;Total&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-family: 'times new roman';" nowrap="nowrap"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-family: 'Times New Roman';" nowrap="nowrap"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-family: 'times new roman';" nowrap="nowrap"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; text-align: center; font-family: 'times new roman';" colspan="2" nowrap="nowrap"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;RMB&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-family: 'times new roman';" nowrap="nowrap"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-family: 'times new roman';" nowrap="nowrap"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; text-align: center; font-family: 'times new roman';" colspan="2" nowrap="nowrap"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;RMB&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-family: 'times new roman';" nowrap="nowrap"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-family: 'times new roman';" nowrap="nowrap"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; text-align: center; font-family: 'times new roman';" colspan="2" nowrap="nowrap"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;RMB&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-family: 'times new roman';" nowrap="nowrap"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-family: 'times new roman';" nowrap="nowrap"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; text-align: center; font-family: 'times new roman';" colspan="2" nowrap="nowrap"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;RMB&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-family: 'times new roman';" nowrap="nowrap"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-family: 'times new roman';" nowrap="nowrap"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; text-align: center; font-family: 'times new roman';" colspan="2" nowrap="nowrap"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;RMB&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-family: 'times new roman';" nowrap="nowrap"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-family: 'times new roman';" nowrap="nowrap"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; text-align: center; font-family: 'times new roman';" colspan="2" nowrap="nowrap"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;RMB&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-family: 'times new roman';" nowrap="nowrap"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-weight: bold; text-align: left; /* text-indent: 0.1in; *//* padding-left: 0.1in; */font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;Net revenues&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
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&lt;td style="font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&lt;font&gt;194,134&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&lt;font&gt;-&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&lt;font&gt;-&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&lt;font&gt;194,134&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white;"&gt;
&lt;td style="text-indent: 0.1in; /* padding-left: 16.2pt; */font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#151;Other IVAS&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&lt;font&gt;262,318&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&lt;font&gt;-&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&lt;font&gt;262,318&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&lt;font&gt;153,371&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&lt;font&gt;-&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&lt;font&gt;415,689&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="text-align: left; padding-bottom: 1pt; /* text-indent: 0.1in; *//* padding-left: 0.1in; */font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;Other revenues&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&lt;font&gt;-&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman'; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&lt;font&gt;146,393&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&lt;font&gt;146,393&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&lt;font&gt;-&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&lt;font&gt;950&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&lt;font&gt;147,343&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white;"&gt;
&lt;td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-family: 'times new roman'; vertical-align: top; text-align: left;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-weight: bold; text-align: left; padding-bottom: 1pt; /* text-indent: 0.1in; *//* padding-left: 0.1in; */font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;Total net revenues&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&lt;font&gt;3,377,654&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman'; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&lt;font&gt;146,393&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&lt;font&gt;3,524,047&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&lt;font&gt;153,371&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&lt;font&gt;950&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&lt;font&gt;3,678,368&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white;"&gt;
&lt;td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="padding-bottom: 1pt; /* text-indent: 0.1in; *//* padding-left: 0.1in; */font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;Cost of revenues&lt;sup style="font-style: normal;"&gt;(1)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: right; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: right; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&lt;font&gt;(1,586,933&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&lt;font&gt;(248,154&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;)&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&lt;font&gt;(14,062&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&lt;font&gt;(1,849,149&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;)&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white;"&gt;
&lt;td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-weight: bold; text-align: left; padding-bottom: 1pt; /* text-indent: 0.1in; *//* padding-left: 0.1in; */font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;Gross profit / (loss)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: right; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: right; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
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&lt;td style="border-bottom: black 1pt solid; text-align: right; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&lt;font&gt;1,937,114&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&lt;font&gt;(94,783&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&lt;font&gt;(13,112&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&lt;font&gt;1,829,219&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white;"&gt;
&lt;td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-weight: bold; /* text-indent: 0.1in; *//* padding-left: 0.1in; */font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&lt;b&gt;Operating expenses&lt;sup style="font-style: normal;"&gt;(1)&lt;/sup&gt;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white;"&gt;
&lt;td style="text-align: left; /* text-indent: 0.1in; *//* padding-left: 0.1in; */font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;Research and development expenses&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&lt;font&gt;(362,352&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
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&lt;td style="font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&lt;font&gt;(47,765&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
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&lt;td style="font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&lt;font&gt;(21,071&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;)&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&lt;font&gt;(431,188&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
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&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="text-align: left; /* text-indent: 0.1in; *//* padding-left: 0.1in; */font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;Sales and marketing expenses&lt;/font&gt;&lt;/td&gt;
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&lt;td style="text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
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&lt;td style="text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
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&lt;td style="font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&lt;font&gt;(97,983&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
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&lt;td style="text-align: right; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&lt;font&gt;(4,399&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&lt;font&gt;(145&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
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&lt;td style="text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white;"&gt;
&lt;td style="text-align: left; padding-bottom: 1pt; /* text-indent: 0.1in; *//* padding-left: 0.1in; */font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;General&amp;#160;and&amp;#160;administrative&amp;#160;expenses&amp;#160;&lt;/font&gt;&lt;/td&gt;
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&lt;td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: right; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
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&lt;td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: right; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
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&lt;td style="padding-bottom: 1pt; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&lt;font&gt;(20,954&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
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&lt;td style="border-bottom: black 1pt solid; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&lt;font&gt;(1,530&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
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&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
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&lt;td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
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&lt;tr style="vertical-align: bottom; background-color: white;"&gt;
&lt;td style="font-weight: bold; text-align: left; padding-bottom: 1pt; /* text-indent: 0.1in; *//* padding-left: 0.1in; */font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;Total operating expenses&lt;/font&gt;&lt;/td&gt;
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&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
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&lt;td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white;"&gt;
&lt;td style="text-align: left; padding-bottom: 1pt; /* text-indent: 0.1in; *//* padding-left: 0.1in; */font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;Other income&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: right; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: right; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&lt;font&gt;6,319&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&lt;font&gt;-&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&lt;font&gt;-&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&lt;font&gt;6,319&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white;"&gt;
&lt;td style="font-weight: bold; text-align: left; padding-bottom: 1pt; /* text-indent: 0.1in; *//* padding-left: 0.1in; */font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;Operating income / (loss)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: right; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: right; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&lt;font&gt;1,282,563&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&lt;font&gt;(167,901&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&lt;font&gt;(35,858&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&lt;font&gt;1,078,804&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.32in; text-align: justify;"&gt;(1) Share based compensation was allocated in cost of revenues and operating expenses as follows:&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;div align="left"&gt;
&lt;table style="border-collapse: collapse; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; width: 96%; margin-left: 0.32in;" cellpadding="0" cellspacing="0"&gt;

&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-family: 'Times New Roman';" nowrap="nowrap"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-family: 'times new roman';" nowrap="nowrap"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; text-align: center; font-family: 'times new roman';" colspan="2" nowrap="nowrap"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;YY IVAS and others&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-family: 'times new roman';" nowrap="nowrap"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-family: 'times new roman';" nowrap="nowrap"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; text-align: center; font-family: 'times new roman';" colspan="2" nowrap="nowrap"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;Huya broadcasting&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-family: 'times new roman';" nowrap="nowrap"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-family: 'Times New Roman';" nowrap="nowrap"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center;" colspan="2" nowrap="nowrap"&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;100&amp;#160;&lt;/b&gt;&lt;b&gt;Education&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="font-family: 'Times New Roman';" nowrap="nowrap"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-family: 'times new roman';" nowrap="nowrap"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; text-align: center; font-family: 'times new roman';" colspan="2" nowrap="nowrap"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;Total&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-family: 'times new roman';" nowrap="nowrap"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-family: 'Times New Roman';" nowrap="nowrap"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-family: 'times new roman';" nowrap="nowrap"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; text-align: center; font-family: 'times new roman';" colspan="2" nowrap="nowrap"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;RMB&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-family: 'times new roman';" nowrap="nowrap"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-family: 'times new roman';" nowrap="nowrap"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; text-align: center; font-family: 'times new roman';" colspan="2" nowrap="nowrap"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;RMB&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-family: 'times new roman';" nowrap="nowrap"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-family: 'times new roman';" nowrap="nowrap"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; text-align: center; font-family: 'times new roman';" colspan="2" nowrap="nowrap"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;RMB&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-family: 'times new roman';" nowrap="nowrap"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-family: 'times new roman';" nowrap="nowrap"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; text-align: center; font-family: 'times new roman';" colspan="2" nowrap="nowrap"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;RMB&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-family: 'times new roman';" nowrap="nowrap"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';" colspan="2"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';" colspan="2"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';" colspan="2"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';" colspan="2"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-family: 'times new roman'; width: 48%;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;Cost of revenues&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-family: 'Times New Roman'; width: 1%;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; width: 1%;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman'; width: 10%;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&lt;font&gt;16,552&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; width: 1%;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-family: 'Times New Roman'; width: 1%;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; width: 1%;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman'; width: 10%;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&lt;font&gt;1,185&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; width: 1%;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-family: 'Times New Roman'; width: 1%;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; width: 1%;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman'; width: 10%;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&lt;font&gt;300&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; width: 1%;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-family: 'Times New Roman'; width: 1%;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; width: 1%;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman'; width: 10%;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&lt;font&gt;18,037&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; width: 1%;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white;"&gt;
&lt;td style="text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;Research and development expenses&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&lt;font&gt;47,315&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&lt;font&gt;1,895&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&lt;font&gt;4,931&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&lt;font&gt;54,141&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="text-align: left; /* text-indent: 0.1in; *//* padding-left: 0.1in; */font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;Sales and marketing expenses&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&lt;font&gt;2,803&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&lt;font&gt;4&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&lt;font&gt;-&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&lt;font&gt;2,807&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white;"&gt;
&lt;td style="text-align: left; padding-bottom: 1pt; /* text-indent: 0.1in; *//* padding-left: 0.1in; */font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;General and administrative expenses&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&lt;font&gt;57,938&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&lt;font&gt;1,660&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&lt;font&gt;49&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&lt;font&gt;59,647&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="text-indent: 0.1in; padding-left: 0.1in; font-family: 'times new roman'; vertical-align: top; text-align: left;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white;"&gt;
&lt;td style="text-align: left; padding-bottom: 1pt; /* text-indent: 0.1in; *//* padding-left: 0.1in; */font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;Share-based compensation expenses&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&lt;font&gt;124,608&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&lt;font&gt;4,744&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&lt;font&gt;5,280&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&lt;font&gt;134,632&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'times new roman', times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;/div&gt;&lt;/div&gt;
&lt;/div&gt;</us-gaap:SegmentReportingDisclosureTextBlock>
  <us-gaap:GoodwillImpairmentLoss id="Tag1155" contextRef="D2015-01-01_To_2015-12-31" unitRef="USD" decimals="-3">47875000</us-gaap:GoodwillImpairmentLoss>
  <us-gaap:FiniteLivedIntangibleAssetsGross id="Tag1156" contextRef="I2015-12-31_InternetDomainNamesMember" unitRef="CNY" decimals="-3">25902000</us-gaap:FiniteLivedIntangibleAssetsGross>
  <us-gaap:FiniteLivedIntangibleAssetsAccumulatedAmortization id="Tag1157" contextRef="I2015-12-31_InternetDomainNamesMember" unitRef="CNY" decimals="-3">6249000</us-gaap:FiniteLivedIntangibleAssetsAccumulatedAmortization>
  <us-gaap:FiniteLivedIntangibleAssetsAccumulatedAmortization id="Tag1158" contextRef="I2014-12-31_BrandNameMember" unitRef="CNY" decimals="-3">1728000</us-gaap:FiniteLivedIntangibleAssetsAccumulatedAmortization>
  <us-gaap:FiniteLivedIntangibleAssetsGross id="Tag1159" contextRef="I2014-12-31_BrandNameMember" unitRef="CNY" decimals="-3">94120000</us-gaap:FiniteLivedIntangibleAssetsGross>
  <us-gaap:FiniteLivedIntangibleAssetsGross id="Tag1160" contextRef="I2015-12-31_BrandNameMember" unitRef="CNY" decimals="-3">102654000</us-gaap:FiniteLivedIntangibleAssetsGross>
  <us-gaap:FiniteLivedIntangibleAssetsAccumulatedAmortization id="Tag1161" contextRef="I2015-12-31_BrandNameMember" unitRef="CNY" decimals="-3">20294000</us-gaap:FiniteLivedIntangibleAssetsAccumulatedAmortization>
  <us-gaap:FiniteLivedIntangibleAssetsAccumulatedAmortization id="Tag1162" contextRef="I2014-12-31_OperatingRightsForLicensedGamesMember" unitRef="CNY" decimals="-3">4249000</us-gaap:FiniteLivedIntangibleAssetsAccumulatedAmortization>
  <us-gaap:MarketableSecuritiesAvailableForSaleSecuritiesPolicy id="Tag1163" contextRef="D2015-01-01_To_2015-12-31">&lt;div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"&gt;
&lt;table style="font: 10pt/normal 'times new roman', times, serif; width: 100%; border-collapse: collapse; font-size-adjust: none; font-stretch: normal;" cellspacing="0" cellpadding="0"&gt;

&lt;tr style="vertical-align: top;"&gt;
&lt;td style="padding-right: 0.8pt; font-family: 'times new roman'; width: 4%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;(l)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-right: 0.8pt; font-family: 'times new roman'; width: 96%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;Available-for-sale investment&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;/font&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;The Group classifies its investments in debt and equity securities into one of three categories and accounts for these as follows: (i) debt securities that the Group has the positive intent and the ability to hold to maturity are classified as &amp;#147;held to maturity&amp;#148; and reported at amortized cost; (ii) debt and equity securities that are bought and held principally for the purpose of selling them in the near term are classified as &amp;#147;trading securities&amp;#148; with unrealized holding gains and losses included in earnings; (iii) debt and equity securities not classified as held to maturity or as trading securities are classified as &amp;#147;available-for-sale&amp;#148; and reported at fair value. The Group has designated its investment in redeemable preferred shares of one company as available-for-sale debt security in accordance with ASC 320-10 (Note 10). Unrealized gains and losses on available-for-sale securities are excluded from earnings and reported as accumulated other comprehensive income (loss), net of tax. Realized gains or losses upon disposal are charged to earnings during the period in which the gains or losses are realized. An impairment loss on the available-for-sale securities is recognized in the consolidated statements of operations and comprehensive income when the decline in value is determined to be other-than-temporary.&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;</us-gaap:MarketableSecuritiesAvailableForSaleSecuritiesPolicy>
  <us-gaap:CostMethodInvestmentsPolicy id="Tag1164" contextRef="D2015-01-01_To_2015-12-31">&lt;div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"&gt;
&lt;div class="CursorPointer"&gt;
&lt;table style="font: 10pt/normal 'times new roman', times, serif; width: 100%; border-collapse: collapse; font-size-adjust: none; font-stretch: normal;" cellspacing="0" cellpadding="0"&gt;

&lt;tr style="vertical-align: top;"&gt;
&lt;td style="padding-right: 0.8pt; font-family: 'times new roman'; width: 4%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;(k)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-right: 0.8pt; font-family: 'times new roman'; width: 96%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;Cost investment&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;The cost investment is comprised of investments in privately-held companies. The Group accounts for cost investment which has no readily determinable fair value using the cost method. Under the cost method, the investment is measured initially at cost. The investment carried at cost should recognize income when dividends are received from the distribution of the investee's earnings. The Group periodically evaluates the carrying value of investments accounted for under the cost method of accounting and any impairment is included in the consolidated statements of operations.&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;</us-gaap:CostMethodInvestmentsPolicy>
  <us-gaap:FiniteLivedIntangibleAssetsGross id="Tag1165" contextRef="I2014-12-31_OperatingRightsForLicensedGamesMember" unitRef="CNY" decimals="-3">11721000</us-gaap:FiniteLivedIntangibleAssetsGross>
  <us-gaap:FiniteLivedIntangibleAssetsGross id="Tag1166" contextRef="I2015-12-31_OperatingRightsForLicensedGamesMember" unitRef="CNY" decimals="-3">46879000</us-gaap:FiniteLivedIntangibleAssetsGross>
  <us-gaap:FiniteLivedIntangibleAssetsAccumulatedAmortization id="Tag1167" contextRef="I2015-12-31_OperatingRightsForLicensedGamesMember" unitRef="CNY" decimals="-3">15010000</us-gaap:FiniteLivedIntangibleAssetsAccumulatedAmortization>
  <us-gaap:FiniteLivedIntangibleAssetUsefulLife id="Tag1168" contextRef="D2014-01-01_To_2014-12-31_ComputerSoftwareIntangibleAssetMember">P4Y</us-gaap:FiniteLivedIntangibleAssetUsefulLife>
  <us-gaap:FiniteLivedIntangibleAssetUsefulLife id="Tag1169" contextRef="D2015-01-01_To_2015-12-31_ComputerSoftwareIntangibleAssetMember">P5Y</us-gaap:FiniteLivedIntangibleAssetUsefulLife>
  <us-gaap:FiniteLivedIntangibleAssetUsefulLife id="Tag1170" contextRef="D2014-01-01_To_2014-12-31_InternetDomainNamesMember">P15Y</us-gaap:FiniteLivedIntangibleAssetUsefulLife>
  <us-gaap:FiniteLivedIntangibleAssetUsefulLife id="Tag1171" contextRef="D2014-01-01_To_2014-12-31_TechnologyBasedIntangibleAssetsMember">P5Y</us-gaap:FiniteLivedIntangibleAssetUsefulLife>
  <us-gaap:FiniteLivedIntangibleAssetUsefulLife id="Tag1172" contextRef="D2015-01-01_To_2015-12-31_TechnologyBasedIntangibleAssetsMember">P5Y</us-gaap:FiniteLivedIntangibleAssetUsefulLife>
  <yy:TemporaryEquityPolicyTextBlock id="Tag1173" contextRef="D2015-01-01_To_2015-12-31">&lt;div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"&gt;
&lt;div class="CursorPointer"&gt;
&lt;table style="font: 10pt/normal 'times new roman', times, serif; width: 100%; border-collapse: collapse; font-size-adjust: none; font-stretch: normal;" cellspacing="0" cellpadding="0"&gt;

&lt;tr style="vertical-align: top;"&gt;
&lt;td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; width: 4%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;(t)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; width: 96%;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;strong&gt;Mezzanine equity and non-controlling interest&lt;/strong&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Mezzanine equity&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;/font&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Mezzanine equity consists of non-controlling interests in certain subsidiaries with put option pursuant to which the non-controlling shareholders had the right to put their equity interests in certain subsidiaries to the Group at fair value if certain subsidiaries achieved specified performance milestones and met other pre-determined conditions before the expiry of the put option. Since the occurrence of the put was not solely within the Group's control, the Group classifies the non-controlling interests as mezzanine equity instead of permanent equity in the Group's consolidated financial statements.&lt;br/&gt; &lt;br/&gt;In accordance with ASC subtopic 480-10, the Group calculated, on an accumulative basis from the acquisition date, (i) the amount of accretion that would increase the balance of non-controlling interests to their estimated redemption value over the period from the date of acquisition to the earliest redemption date of the non-controlling interests and (ii) the amount of net (loss) / profit attributable to non-controlling shareholders of certain subsidiaries based on their ownership percentage. The carrying value of the non-controlling interests as mezzanine equity was adjusted by an accumulative amount equal to the higher of (i) and (ii).&lt;br/&gt; &lt;br/&gt;Non-controlling interest &lt;br/&gt; &lt;br/&gt;Non-controlling interests are recognized to reflect the portion of the equity of majority-owned subsidiaries and VIE's subsidiaries which is not attributable, directly or indirectly, to the controlling shareholder. Currently, the non-controlling interests in the Group's consolidated financial statements consist primarily of non-controlling interests for Engage L.P. and Shanghai Yilian.&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;</yy:TemporaryEquityPolicyTextBlock>
  <us-gaap:MinorityInterestOwnershipPercentageByParent id="Tag1174" contextRef="I2010-12-31_DuowanEntertainmentCorporationMember_ZhuhaiDuowanTechnologyCompanyLimitedMember" unitRef="Pure" decimals="INF">1</us-gaap:MinorityInterestOwnershipPercentageByParent>
  <yy:ExchangeRatioOfStockSharesIssuedInExchangeForExistingShares id="Tag1175" contextRef="D2011-09-05_To_2011-09-06" unitRef="Pure" decimals="INF">1</yy:ExchangeRatioOfStockSharesIssuedInExchangeForExistingShares>
  <us-gaap:StockIssuedDuringPeriodSharesNewIssues id="Tag1176" contextRef="D2012-11-20_To_2012-11-21_AmericanDepositorySharesMember" unitRef="Shares" decimals="INF">8970000</us-gaap:StockIssuedDuringPeriodSharesNewIssues>
  <us-gaap:ProceedsFromIssuanceInitialPublicOffering id="Tag1177" contextRef="D2012-11-20_To_2012-11-21_AmericanDepositorySharesMember" unitRef="USD" decimals="-3">82055000</us-gaap:ProceedsFromIssuanceInitialPublicOffering>
  <us-gaap:StockIssuedDuringPeriodSharesNewIssues id="Tag1178" contextRef="D2012-11-20_To_2012-11-21_CommonClassAMember" unitRef="Shares" decimals="INF">179400000</us-gaap:StockIssuedDuringPeriodSharesNewIssues>
  <dei:EntityListingDepositoryReceiptRatio id="Tag1179" contextRef="I2012-11-21_CommonClassAMember" unitRef="Pure" decimals="INF">20</dei:EntityListingDepositoryReceiptRatio>
  <us-gaap:ConversionOfStockSharesConverted1 id="Tag1180" contextRef="D2012-11-20_To_2012-11-21_RedeemableConvertiblePreferredStockMember" unitRef="Shares" decimals="INF">359424310</us-gaap:ConversionOfStockSharesConverted1>
  <us-gaap:ConversionOfStockSharesConverted1 id="Tag1181" contextRef="D2012-11-20_To_2012-11-21_CommonStockMember" unitRef="Shares" decimals="INF">548408914</us-gaap:ConversionOfStockSharesConverted1>
  <us-gaap:FiniteLivedIntangibleAssetUsefulLife id="Tag1182" contextRef="D2015-01-01_To_2015-12-31_OperatingRightsForLicensedGamesMember">P3Y</us-gaap:FiniteLivedIntangibleAssetUsefulLife>
  <us-gaap:RevenueRecognitionPolicyTextBlock id="Tag1183" contextRef="D2015-01-01_To_2015-12-31">&lt;div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"&gt;
&lt;div style="display: block;"&gt;
&lt;div class="CursorPointer"&gt;
&lt;table style="font: 10pt/normal 'times new roman', times, serif; width: 100%; border-collapse: collapse; font-size-adjust: none; font-stretch: normal;" cellspacing="0" cellpadding="0"&gt;

&lt;tr style="vertical-align: top;"&gt;
&lt;td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; width: 4%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;(u)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; width: 96%;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;strong&gt;Revenue recognition&lt;/strong&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;The Group generates revenues from internet value-added services (&amp;#147;IVAS&amp;#148;), online education, online advertising and others. Revenues from IVAS are generated from online music and entertainment, online games, online dating, Huya broadcasting, membership subscription fees and other IVAS. Online education services consist of vocational training and language training courses. Online advertising revenues are primarily generated from sales of different forms of advertising on the Group's platform. Revenue is recognized when persuasive evidence of an arrangement exists, service has been rendered, the price is fixed or determinable and collection is reasonably assured.&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;div&gt;
&lt;div class="CursorPointer"&gt;
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&lt;td style="text-align: justify; width: 96%;"&gt;&lt;font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"&gt;&lt;b&gt;Internet value-added services (continued)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
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&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;The Group operates a virtual currency system, under which, the users can directly purchase virtual currency on YY Client's online community channels or pay membership subscription fees via online payment systems provided by third parties including payments using mobile phone, internet debit/credit card payment and other third party payment systems. The virtual currency can be converted into game tokens that can be used to purchase virtual items in online games (both developed by third parties and self-developed), or used directly to purchase virtual items on YY Client's online community channels or used to pay membership subscription fees. Virtual currency sold but not yet consumed by the purchasers is recorded as &amp;#147;Advances from customers&amp;#148; and upon conversion or being used, is recognized as revenue according to the respective prescribed revenue recognition policies addressed below:&lt;/p&gt;


&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;&lt;b&gt;(1) Online music and entertainment revenue&lt;/b&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;The Group creates and offers virtual items to be used by users on online music and entertainment channels, which the Group operates and maintains. The virtual items are offered free of charge or sold to users at different specified prices as pre-determined by the Company. Online music and entertainment revenue consists of sales of virtual items. Users purchase consumable virtual items from the Group and present them to performers to show support for their favorite performers or time-based virtual items, which provide users with recognized status, such as priority speaking rights or special symbols on the music channels for a specific period of time. In order to attract user traffic, the Group shares with certain popular performers and channel owners, who have entered into revenue sharing arrangements with the Group, a portion of the revenues the Group derives from such in-channel virtual item sales on online music and entertainment channels, which the Group accounts for as cost of revenues. Performers and channel owners, who do not have revenue sharing arrangements with the Group, are not entitled to share any revenue derived from the virtual items sold. The Group does not recognize any revenue from offering free virtual items nor share any revenue with performers or channel owners when free virtual items are presented to performers by the users. Accordingly, online music and entertainment revenue is recognized for the sale of virtual items in online music and entertainment channels immediately if the virtual item is a consumable or, in the case of time-based virtual items, recognized ratably over the period when the virtual item is made available to the user, which does not exceed &lt;font&gt;one&lt;/font&gt; year. The Group does not have further obligations to the user after the virtual items are consumed. Virtual items may be sold individually or bundled into &lt;font&gt;one&lt;/font&gt; arrangement. When the Group's users purchase multiple virtual items bundled within the same arrangement, the Group evaluates such arrangements under ASC 605-25 Multiple-Element Arrangements. The Group identifies individual elements under the arrangement and determines if such elements meet the criteria to be accounted for as separate units of accounting. The Group allocates the arrangement consideration to the separate units of accounting based on their relative selling price.&lt;br/&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;The following hierarchy has been followed when determining the relative selling price for each element: (1)&amp;#160;vendor specific objective evidence (&amp;#147;VSOE&amp;#148;), (2)&amp;#160;third party evidence (&amp;#147;TPE&amp;#148;), and (3)&amp;#160;best estimate of selling price (&amp;#147;BESP&amp;#148;). Given that the VSOE of the selling price cannot be determined, the Group has adopted a policy to allocate the consideration of the whole arrangement to different virtual item elements based on the TPE of selling price or the BESP for each virtual item element. The Group determines the fair values of virtual items sold in a bundle based on similar products sold separately on the YY platform based on the TPE of the selling price and determines the fair values of virtual items without similar products sold separately on the YY platform based on the BESP. The BESP is generally based on the selling prices of the various elements of a similar nature when they are sold to users on a stand-alone basis. The BESP may also be based on an estimated stand-alone pricing when the element has not previously been sold on a stand-alone basis.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;These estimates are generally determined based on pricing strategies, market factors and strategic objectives. The Group recognizes revenue for each virtual item element in accordance with the applicable revenue recognition method.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px; text-align: justify; text-indent: 0.5in; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;

&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;(2)&amp;#160;&amp;#160;Online games revenue&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;The Group generates revenues from offering virtual items in online games developed by third parties or the Group itself to gaming players. Historically, the majority of online games revenues for the three years ended December 31, 2013, 2014 and 2015 were derived from third parties developed games.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Users play games through the Group's platform free of charge and are charged for purchases of virtual items including consumable and perpetual items, which can be utilized in the online games to enhance their game-playing experience. Consumable items represent virtual items that can be consumed by a specific user within a specified period of time. Perpetual items represent virtual items that are accessible to the users' account over the life of the online games.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;The Group recognizes revenue when recognition criteria defined under U.S&amp;#160;GAAP are satisfied. For purposes of determining when the service has been provided to the paying player, the Group has determined that an implied obligation exists to the paying player to continue providing access to the games such that the users can utilize the virtual items purchased. Game players need to log on and access the games through the Group's platform because their game tokens, virtual items, and game history are specific to the Group's game accounts and non-transferable to other platforms. To purchase in-game virtual items, players can either charge their game accounts by purchasing game tokens or virtual currency from the Group's platform, which is&amp;#160;convertible into game tokens based on a predetermined exchange rate agreed among the Group and the relevant game developers.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;The proceeds from the sales&amp;#160;of the Group's virtual currency is recorded as &amp;#147;advances from customers&amp;#148;, representing prepayments received from users in the form of the Group's virtual currency not yet converted into game specific tokens. Upon the conversion into a game token from the Group's virtual currency or upon the direct purchase of a game token, whichever is applicable, the proceeds will be shared between the Group and the relevant game developer based on a predetermined contractual ratio. Game tokens are non-refundable and non-exchangeable among different games. The Group's portion, net of the game developer's entitled consideration, is recorded as deferred revenue and amortized according to the prescribed revenue recognition policies described below. Users typically do not convert the virtual currency into game tokens or purchase the game tokens unless they plan to purchase in-game virtual items soon.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;br/&gt;There are &lt;font&gt;two&lt;/font&gt; types of third party developed online games:&lt;br/&gt;&lt;br/&gt;-&lt;font style="white-space: pre;" class="Apple-tab-span"&gt; &lt;/font&gt;&amp;#160; &amp;#160; &amp;#160;Non-exclusive third party developed games&lt;br/&gt;-&lt;font style="white-space: pre;" class="Apple-tab-span"&gt; &lt;/font&gt;&amp;#160; &amp;#160; &amp;#160;Exclusive third party developed games&lt;br/&gt;&lt;br/&gt;Under the non-exclusive arrangement, game developers license the games to various platforms and the Group&amp;#160;is only one of the platforms. Game developers will receive only revenue shared&amp;#160;from the Group&amp;#160;pursuant to the mutually agreed sharing percentage.&lt;br/&gt;&lt;br/&gt;Under the exclusive arrangement, game developers only license the game to the Group as the&amp;#160;exclusive licensee. The Group can sub-license the games to other platforms and receive a portion of revenue sharing from sub-licensees. In addition to the revenue shared to the game developers, the Group should also pay an exclusive license fee to the game developers.&lt;br/&gt;&lt;br/&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;i&gt;- &amp;#160; &amp;#160; &amp;#160;Non-exclusive third party developed games&lt;/i&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Pursuant to contracts signed between the Group and the respective game developers, revenues from the sale or conversion of game tokens for the purchase of in-game virtual items from online games developed by third parties are shared between the Group and the game developers based on a pre-agreed ratio for each game. These revenue-sharing contracts typically last for&amp;#160;&lt;font&gt;one&lt;/font&gt; to &lt;font&gt;two&lt;/font&gt; years.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;The third party developed games under non-exclusive licensing contracts are maintained and updated by the game developers. The Group views the game developers to be the Group's customers and considers the Group's responsibilities under the agreements with the game developers to offer certain standard promotions that include providing access to the platform, announcing the new games to users on the platform, and occasional advertising on the YY platform. The determination of whether to record these revenues using gross or net method is based on an assessment of various factors. The primary factors are whether the Group is acting as the principal in offering services to the game players or as agent in the transaction, and the specific requirement of each contract. The Group determined that for third party developed games, the third party game developers are the principals given the game developers design and develop the online game services offered, have reasonable latitude to establish prices of game tokens, and are responsible for maintaining and upgrading the game contents and virtual items. Accordingly, the Group records online games revenue, net of the pre-agreed portion of sharing of the revenues with the game developers.&lt;/font&gt;&lt;/p&gt;

&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Given that third party developed games under non-exclusive licensing contracts are managed&amp;#160;and administered by the third party game developers, the Group does not have access to the data on the consumption details such as when the game token is spent on the virtual items or the types of virtual items (consumable or perpetual items) purchased by each individual game player. However, the Group maintains historical data on timing of the conversion of its virtual currency into game specific tokens and the amount of purchases of game tokens. The Group believes that its performance for, and obligation to, the game developers correspond to the game developers' services to the users. The Group has adopted a policy to recognize revenues relating to game tokens for third party developed games over the estimated user relationship period with the Group on a game-by-game basis, which is&amp;#160;approximately &lt;font&gt;one&lt;/font&gt; to &lt;font&gt;six&lt;/font&gt; months for the periods presented. Future usage patterns may differ from historical usage patterns and therefore the estimated user relationship period with the Group may change in the future.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;When the Group launches a new game, it estimates the user relationship period based on other similar types of games in the market until the new game establishes its own history. The Group considers the game's profile, attributes, target audience, and its appeal to players of different demographics groups in estimating the user relationship period.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;The estimated user relationship period is based on data collected from those users who have acquired game tokens. To estimate the user relationship period, the Group maintains a system that captures the following information for each user: (a)&amp;#160;the frequency that users log into each game via the Group's platform, and (b)&amp;#160;the amount and the timing of when the users convert or charge his or her game tokens. The Group estimates the user relationship period for a particular game to be the date a player purchases or converts from virtual currency to a game token through the date the Group estimates the user plays the game for the last time. This computation is performed&amp;#160;on a user by user basis. Then, the results for all analyzed users are averaged to determine an estimated end user relationship period for each game. Revenues from in-game payments of each month are recognized over the user relationship period estimated for that game.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;The consideration of user relationship period with each online game is based on the Group's best estimate that takes into account all known and relevant information at the time of assessment. The Group assesses the estimated user relationship period for each game on a quarterly basis. Any adjustments arising from changes in the user relationship period as a result of new information will be accounted as a change in accounting estimate in accordance with ASC 250 Accounting Changes and Error Corrections.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic;"&gt;&amp;#160;&lt;br/&gt;-&lt;font style="white-space: pre;" class="Apple-tab-span"&gt; &lt;/font&gt;&amp;#160; &amp;#160; &amp;#160;Exclusive third party developed games&lt;br/&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;br/&gt;Under certain exclusive arrangements, the Group&amp;#160;pays additional license fees to the game developers as the Group is entitled to an exclusive right to operate third party developed games in specified geographic areas. Based on ASC 350-30-35-6, the Group has adopted an accounting policy to recognize the exclusive license fee as an intangible asset upon the commercial launch of the related online games. This intangible asset is&amp;#160;amortized on a straight-line basis over the shorter of the economic life or license period of the relevant online game.&lt;br/&gt;&lt;br/&gt;Pursuant to the exclusive licensing contracts signed between the Group and the third party game developers, the Group's responsibilities in operating the licensed games vary for each game. The determination of whether to record these revenues using gross or net method is based on an assessment of various factors, including but not limited to whether the Group (i) is&amp;#160;the primary obligor in the arrangement; (ii) has latitude in establishing the selling price; (iii) changes the product or performs part of the service, (iv) has involvement in the determination of product and service specifications.&lt;br/&gt;&lt;br/&gt;For the game license arrangements under which the Group takes primary responsibilities of game operation, including determining distribution and payment channels, providing customer services, hosting game servers, if needed, and controlling game and services specifications and pricing, the Group considered itself to be the principal in these arrangements. Accordingly, the Group records online games revenues from these third party licensed games on a gross basis. Commission fees paid to distribution channels and payment channels and content fees paid to third party game developers are recorded as cost of revenues.&lt;br/&gt;&lt;br/&gt;For the game license arrangements under which the Group's responsibilities are limited to publishing, providing payment solutions and game operating advice, the Group views the game developers to be its customers and considers itself to be the agent in the arrangements. Accordingly, the Group records online games revenues from these third party licensed games, net of fees paid to third parties upon the provision of service.&lt;br/&gt;&lt;br/&gt;Pursuant to the terms and conditions of certain online game exclusive license agreements entered into between game developers and the Group, the Group, as the exclusive licensee, could sublicense a non-exclusive, non-transferable and limited license to any third party without the prior formal consent of game developers. Under the non-exclusive and non-transferable limited license, the sub-licensee cannot further license the game to other platforms. The Group received monthly revenue-based royalty payments from all sub-licensees. The Group views the third-party sub-licensees operators as its customers and recognizes revenues on a net basis, as the Group does not have the primary responsibility for fulfillment and acceptability of the game services.&lt;br/&gt;&lt;br/&gt;Similar to other online games, the exclusive third party developed games are free to play and players can pay for virtual items for better in-game experience. For exclusive third party games, the consumption details can be provided by third party developers or the Group has access to such data. Therefore, the Group recognizes revenues based on item-based model: (1) for consumable items, the revenue is recognized immediately upon consumption; (2) for perpetual items, the revenue is recognized ratably over the user relationship period of a specific game as described.&amp;#160;The determination of user relationship period is the same as what is described in &amp;#147;&lt;em&gt;Non-exclusive third party developed games&lt;/em&gt;&amp;#148; above.&lt;br/&gt;&lt;br/&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;i&gt;- Self-developed games&lt;/i&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Revenues derived from self-developed games are recorded on a gross basis as the Group acts as a principal to fulfill all obligations.&amp;#160;&lt;font style="color: #000000; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;"&gt;Considering that revenues derived from self-developed games were immaterial to the Group for the years presented, the Group does not maintain information on consumption details of in-game virtual items, and only maintains limited information related to the frequency of log-ons for its self-developed games.&amp;#160;&lt;/font&gt;Given that certain historical data is not available, the Group uses the user relationship period of third party games with similar popularity, gaming experience and sales to determine the estimated period of user relationship for its self-developed games.&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;(3)&amp;#160;&amp;#160;Other IVAS revenue&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none;"&gt;Other IVAS revenue mainly represents revenue from sales of virtual items in various channels in YY platform, such as online dating and Huya broadcasting channels etc., membership subscription revenue, and other miscellaneous sales in YY platform&lt;/font&gt;.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none;"&gt;Revenue from sales of virtual items in various channels, including online dating and Huya broadcasting, is recognized on item basis, which is consistent with the revenue recognition policies for online music and entertainment revenue stream.&amp;#160;&lt;/font&gt;The Group operates a membership subscription program where subscription members can have enhanced user privileges when using YY Client. The membership fee is collected up-front from subscribers. The receipt of the revenue is initially recorded as deferred revenue and revenue is recognized ratably over the period of the subscription when&amp;#160;services are rendered. Unrecognized portion beyond 12 months from balance sheet date is classified as long-term deferred revenue.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;&amp;#160;&lt;/p&gt;
&lt;div class="CursorPointer"&gt;
&lt;table style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse;" cellpadding="0" cellspacing="0"&gt;

&lt;tr style="vertical-align: top;"&gt;
&lt;td style="font-size: 10pt; width: 4%;"&gt;&lt;font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"&gt;&lt;b&gt;(ii)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; width: 96%;"&gt;&lt;font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"&gt;&lt;b&gt;Online education revenues&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 20pt; text-align: justify;"&gt;Educational programs and services consist of vocational training and language training courses. The course fee is generally paid in advance and is initially recorded as deferred revenue. Revenue for regular courses is recognized proportionately as the classes are attended, and is reported net of scholarships and course fee refunds. Students are entitled to &lt;font&gt;one&lt;/font&gt; trial class of the purchased course and course fee is fully refundable if a student decides not to take the remaining course after the trial class. No refund will be provided to a student who withdraws from a course after the trial period, and revenue is recognized for the amount collected. Course fee refunds were insignificant over the period presented.&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 20pt; text-align: justify;"&gt;In addition to regular courses, the Company also provides a package of several regular courses to students, which has individual fair value in the market. Pursuant to the applicable accounting guidance, the Company has accounted for these course packages as a multiple-element arrangement because each individual course qualifies as a single unit of accounting, and allocated the course fee from the course package to each individual course in the package based on its relative fair value. The Company recognizes revenue equal to the fair value allocated to individual courses proportionately as the classes are attended.&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 20pt; text-align: justify;"&gt;Students are granted a right to retake the courses at a substantial discount in the circumstances where the students fail to achieve certain score targets for some specific courses. The discount arrangement has a stand-alone value and qualifies as a separate unit of accounting under U.S GAAP. Therefore, the Company has accounted for those courses as a multiple-element arrangement and allocated a portion of the initial course fee to the substantial discount based on a breakage rate. The breakage rate is determined based on our historical data. The amount allocated to the substantial discount is deferred and recognized as revenue upon the expiration of the retaking right, which is generally&lt;font&gt; six&lt;/font&gt; months after the end of the initial course term.&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 20pt; text-align: justify;"&gt;The Company also sells pre-paid cards primarily to distributors. Pre-paid card sales represent prepaid service fees received from students for online courses. The prepaid service fee is recorded as deferred revenue upon receiving the upfront cash payment. Revenue is recognised on a gross basis based on the selling price of the distributors to the students and is recognized over the period the online course is available to the students, which generally is from the enrolment date to the completion of the relevant professional examination date.&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in;"&gt;&amp;#160;&lt;/p&gt;
&lt;div class="CursorPointer"&gt;
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&lt;tr style="vertical-align: top;"&gt;
&lt;td style="padding-right: 0.8pt; font-family: 'times new roman'; width: 4%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;(iii)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-right: 0.8pt; font-family: 'times new roman'; width: 96%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;Advertising revenues&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Advertising revenues are derived principally from advertising arrangements where the advertisers pay to place their advertisements on the Group's platform in different formats over a particular period of time. Such formats generally include but are not limited to banners, text-links, videos, logos, and buttons. Advertisements on the Group's platform are generally charged on the basis of duration, and advertising contracts are signed to establish the fixed price and the advertising services to be provided. Where collectability is reasonably assured, advertising revenues from advertising contracts are recognized ratably over the contract period of display.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;The Group enters into advertising contracts directly with advertisers or third party advertising agencies that represent advertisers. Contract terms generally range from &lt;font&gt;1&lt;/font&gt; to &lt;font&gt;3&lt;/font&gt; months. Both third party advertising agencies and direct advertisers are generally billed at the end of the display period and payments are due usually within &lt;font&gt;6&lt;/font&gt; months.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Where customers purchase multiple advertising spaces with different display periods in the same contract, the Group allocates the total consideration to the various advertising elements based on the relative selling price method and recognizes revenue for the different elements over their respective display periods. The following hierarchy should be followed when determining the appropriate selling price for each element: (1)&amp;#160;vendor specific objective evidence (&amp;#147;VSOE&amp;#148;), (2)&amp;#160;third party evidence (&amp;#147;TPE&amp;#148;), and (3)&amp;#160;best estimate of selling price (&amp;#147;BESP&amp;#148;). Given that the VSOE or TPE of the selling price cannot be determined, the Group has adopted a policy to allocate the fair values of different advertising elements based on the best estimate selling prices of each advertisement within the contract taking into consideration the standard price list and historical discounts granted. The Group recognizes revenue on the elements delivered and defers the recognition of revenue for the fair value of the undelivered elements until the remaining obligations have been satisfied. Where all of the elements within an arrangement are delivered uniformly over the agreement period, the revenues are recognized on a straight line basis over the contract period.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;i&gt;Transactions with third party advertising agencies&lt;/i&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;For contracts entered into with third party advertising agencies, the third party advertising agencies will in turn sell the advertising services to advertisers. Revenue is recognized ratably over the contract period of display based on the following criteria:&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px; text-align: justify; text-indent: 0.5in; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
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&lt;tr&gt;
&lt;td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; width: 6%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; vertical-align: top; width: 3%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#149;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; vertical-align: top; width: 0%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; vertical-align: top; width: 91%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;There is persuasive evidence that an arrangement exists&amp;#151;the Group will enter into framework and execution agreements with the advertising agencies, specifying price, advertising content, format and timing.&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px; text-align: justify; text-indent: 0.5in; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt;
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&lt;tr&gt;
&lt;td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; width: 6%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; vertical-align: top; width: 3%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#149;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; vertical-align: top; width: 0%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; vertical-align: top; width: 91%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Price is fixed or determinable&amp;#151;price charged to the advertising agencies are specified in the agreements, including relevant discount and rebate rates.&lt;/font&gt;&lt;/td&gt;
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&lt;/table&gt;
&lt;/div&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px; text-align: justify; text-indent: 0.5in; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;div class="CursorPointer"&gt;
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&lt;tr&gt;
&lt;td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; width: 6%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; vertical-align: top; width: 3%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#149;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; vertical-align: top; width: 0%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; vertical-align: top; width: 91%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Services are rendered&amp;#151;the Group recognizes revenue ratably as the element are delivered over the contract period of display.&lt;/font&gt;&lt;/td&gt;
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&lt;/table&gt;
&lt;/div&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px; text-align: justify; text-indent: 0.5in; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;div class="CursorPointer"&gt;
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&lt;tr&gt;
&lt;td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; width: 6%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; vertical-align: top; width: 3%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#149;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; vertical-align: top; width: 0%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; vertical-align: top; width: 91%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Collectability is reasonably assured&amp;#151;the Group assesses credit history of each advertising agency before entering into any framework and execution agreements. If the collectability from the agencies is assessed as not reasonably assured, the Group recognizes revenue only when the cash is received and all the other revenue criteria are met.&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;The Group provides sales incentives in the forms of discounts and rebates to third party advertising agencies based on purchase volume. As the advertising agencies are viewed as the customers in these transactions, revenue is recognized based on the price charged to the agencies, net of sales incentives provided to the agencies. Sales incentives are estimated and recorded at the time of revenue recognition based on the contracted rebate rates and estimated sales volume based on historical experience.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;i&gt;Transactions with advertisers&lt;/i&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;The Group also enters into advertisement contracts directly with advertisers. Similar to transactions with third party advertising agencies, the Group recognizes revenue ratably as the elements are delivered over the contract period of display. The terms and conditions, including price, are fixed according to the contract between the Group and the advertisers. The Group also performs a credit assessment of all advertisers prior to entering into contracts. Revenue is recognized based on the amount charged to the advertisers, net of discounts.&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;
&lt;/div&gt;</us-gaap:RevenueRecognitionPolicyTextBlock>
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  <us-gaap:CashAndCashEquivalentsAtCarryingValue id="Tag1425" contextRef="I2015-12-31_USD" unitRef="USD" decimals="-3">73632000</us-gaap:CashAndCashEquivalentsAtCarryingValue>
  <us-gaap:CashAndCashEquivalentsAtCarryingValue id="Tag1426" contextRef="I2015-12-31_USD" unitRef="CNY" decimals="-3">478132000</us-gaap:CashAndCashEquivalentsAtCarryingValue>
  <us-gaap:ShortTermInvestments id="Tag1427" contextRef="I2015-12-31_USD" unitRef="USD" decimals="-3">253322000</us-gaap:ShortTermInvestments>
  <us-gaap:ShareBasedCompensation id="Tag1428" contextRef="D2013-01-01_To_2013-12-31_ResearchAndDevelopmentExpenseMember" unitRef="CNY" decimals="-3">39587000</us-gaap:ShareBasedCompensation>
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  <us-gaap:SalesRevenueServicesNet id="Tag1432" contextRef="D2015-01-01_To_2015-12-31_YYMusicRevenueMember" unitRef="CNY" decimals="-3">3320052000</us-gaap:SalesRevenueServicesNet>
  <us-gaap:SalesRevenueServicesNet id="Tag1433" contextRef="D2015-01-01_To_2015-12-31_YYMusicRevenueMember" unitRef="USD" decimals="-3">512528000</us-gaap:SalesRevenueServicesNet>
  <us-gaap:SalesRevenueServicesNet id="Tag1434" contextRef="D2014-01-01_To_2014-12-31_OnlineGameRevenueMember" unitRef="CNY" decimals="-3">811699000</us-gaap:SalesRevenueServicesNet>
  <us-gaap:SalesRevenueServicesNet id="Tag1435" contextRef="D2015-01-01_To_2015-12-31_OnlineGameRevenueMember" unitRef="CNY" decimals="-3">771882000</us-gaap:SalesRevenueServicesNet>
  <us-gaap:SalesRevenueServicesNet id="Tag1436" contextRef="D2015-01-01_To_2015-12-31_OnlineGameRevenueMember" unitRef="USD" decimals="-3">119158000</us-gaap:SalesRevenueServicesNet>
  <us-gaap:SalesRevenueServicesNet id="Tag1437" contextRef="D2014-01-01_To_2014-12-31_OtherRevenueMember" unitRef="CNY" decimals="-3">415689000</us-gaap:SalesRevenueServicesNet>
  <us-gaap:SalesRevenueServicesNet id="Tag1438" contextRef="D2015-01-01_To_2015-12-31_OtherRevenueMember" unitRef="CNY" decimals="-3">918006000</us-gaap:SalesRevenueServicesNet>
  <us-gaap:SalesRevenueServicesNet id="Tag1439" contextRef="D2015-01-01_To_2015-12-31_OtherRevenueMember" unitRef="USD" decimals="-3">141716000</us-gaap:SalesRevenueServicesNet>
  <us-gaap:ShareBasedCompensation id="Tag1440" contextRef="D2014-01-01_To_2014-12-31_ResearchAndDevelopmentExpenseMember" unitRef="CNY" decimals="-3">54141000</us-gaap:ShareBasedCompensation>
  <us-gaap:ShareBasedCompensation id="Tag1441" contextRef="D2015-01-01_To_2015-12-31_ResearchAndDevelopmentExpenseMember" unitRef="CNY" decimals="-3">70951000</us-gaap:ShareBasedCompensation>
  <us-gaap:ShareBasedCompensation id="Tag1442" contextRef="D2015-01-01_To_2015-12-31_ResearchAndDevelopmentExpenseMember" unitRef="USD" decimals="-3">10953000</us-gaap:ShareBasedCompensation>
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  <us-gaap:ShareBasedCompensation id="Tag1444" contextRef="D2015-01-01_To_2015-12-31_SellingAndMarketingExpenseMember" unitRef="CNY" decimals="-3">3283000</us-gaap:ShareBasedCompensation>
  <us-gaap:ShareBasedCompensation id="Tag1445" contextRef="D2015-01-01_To_2015-12-31_SellingAndMarketingExpenseMember" unitRef="USD" decimals="-3">507000</us-gaap:ShareBasedCompensation>
  <us-gaap:ShareBasedCompensation id="Tag1446" contextRef="D2014-01-01_To_2014-12-31_GeneralAndAdministrativeExpenseMember" unitRef="CNY" decimals="-3">59647000</us-gaap:ShareBasedCompensation>
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&lt;div class="CursorPointer"&gt;
&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; margin-left: 0.32in;" width="95%"&gt;

&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; text-align: center; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; padding: 0px; text-align: right;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Number of&lt;/font&gt;&lt;br/&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; options&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right;"&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; padding: 0px; text-align: right;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Weighted&lt;/font&gt;&lt;br/&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; average&lt;/font&gt;&lt;br/&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; exercise&lt;/font&gt;&lt;br/&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; price&amp;#160;(US$)&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right;"&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; padding: 0px; text-align: right;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Weighted&lt;/font&gt;&lt;br/&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; average&lt;/font&gt;&lt;br/&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; remaining&lt;/font&gt;&lt;br/&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; contractual&amp;#160;life&lt;/font&gt;&lt;br/&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (years)&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right;"&gt;&lt;/td&gt;
&lt;td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; padding: 0px; text-align: right;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Aggregate&lt;/font&gt;&lt;br/&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; intrinsic&lt;/font&gt;&lt;br/&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; value&lt;/font&gt;&lt;br/&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; (US$)&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;" colspan="2"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;" colspan="2"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; font-family: 'times new roman'; padding: 0px; width: 48%;"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: -13.3333px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none; background-color: #cceeff;"&gt;Outstanding, January 1, 2013&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; width: 1%;"&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; width: 1%;"&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 10%;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;17,870,425&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 10%;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;0.0055&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 10%;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;5.37&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 10%;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;12,642&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Exercised&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;(4,648,420&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;0.0045&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;4.30&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: right; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-size: 10pt; text-indent: 0px; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Outstanding, December 31, 2013&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;13,222,005&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;0.0059&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;4.40&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;33,162&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Exercised&lt;/font&gt;&lt;/td&gt;
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&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;(5,841,660&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
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&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;0.0057&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;3.24&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
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&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white;"&gt;
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&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
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&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px;"&gt;Outstanding, vested and exercisable, December 31, 2014&lt;/td&gt;
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&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;7,380,345&lt;/font&gt;&lt;/td&gt;
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&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;0.0061&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
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&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;3.52&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
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&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;22,959&lt;/font&gt;&lt;/td&gt;
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&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
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&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
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&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"&gt;&lt;/td&gt;
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&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"&gt;&lt;/td&gt;
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&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"&gt;&lt;/td&gt;
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&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
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&lt;tr style="vertical-align: bottom; background-color: white;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Outstanding,&amp;#160;vested&amp;#160;and&amp;#160;exercisable,&amp;#160;December&amp;#160;31,&amp;#160;2015&lt;/font&gt;&lt;/td&gt;
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&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;768,375&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;0.0067&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;2.99&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;2,395&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
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&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
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&lt;div style="/* margin-left: 0.25in;"&gt;
&lt;p style="text-align: justify; margin: 0pt 0px 0pt 23pt; font: 10pt Times New Roman, Times, Serif;"&gt;&amp;#160;&lt;/p&gt;
&lt;div style="margin-left: 0.25in;"&gt;
&lt;table style="width: 96%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; /* margin-left: 0.25in;" cellspacing="0" cellpadding="0"&gt;

&lt;tr style="vertical-align: bottom;"&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="font-weight: bold;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; font-weight: bold;" colspan="2"&gt;RMB&lt;/td&gt;
&lt;td style="font-weight: bold;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td colspan="2"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -10pt; padding-left: 10pt; width: 85%;"&gt;Net liabilities assumed&lt;/td&gt;
&lt;td style="width: 1%;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 1%;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 12%;"&gt;&lt;font&gt;(8,549&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 1%;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -10pt; padding-left: 10pt;"&gt;Identifiable&amp;#160;intangible&amp;#160;assets&amp;#160;acquired&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -0.25in; padding-left: 41pt;"&gt;-&amp;#160;&amp;#160;&amp;#160;Brand names&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font&gt;43,620&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
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&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-indent: -0.25in; padding-left: 41pt;"&gt;-&amp;#160;&amp;#160;&amp;#160;Other&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font&gt;4,792&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
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&lt;tr style="background-color: #cceeff; vertical-align: bottom;"&gt;
&lt;td&gt;Goodwill&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
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&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
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&lt;td style="text-align: left; padding-bottom: 1pt;"&gt;Deferred tax liabilities&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
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&lt;td style="text-align: left; padding-bottom: 1pt;"&gt;)&lt;/td&gt;
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&lt;td style="padding-bottom: 2.5pt; text-indent: -10pt; padding-left: 10pt; font-weight: bold;"&gt;Total&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;&lt;font&gt;128,142&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;

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&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px; width: 85%; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Cash consideration&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; width: 1%; background-color: #cceeff;"&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; width: 1%; background-color: #cceeff;"&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 12%; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;39,200&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; width: 1%; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Contingent consideration&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;107,306&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;strong&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Total consideration&lt;/font&gt;&lt;/strong&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;146,506&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-size: 10pt; text-indent: 0px; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;Net assets acquired&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;31,994&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px;"&gt;Identifiable&amp;#160;intangible&amp;#160;assets&amp;#160;acquired&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 0px; white-space: nowrap; text-align: right;"&gt;&lt;font&gt;12,900&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Goodwill&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;147,388&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px;"&gt;Deferred tax liabilities&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; /* border-bottom: #000000 1pt solid !important; */padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; /* border-bottom: #000000 1pt solid !important; */padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;(3,225&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;Non-controlling interest&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: #cceeff;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: #cceeff;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font&gt;(42,551&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 1%;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; font-family: 'times new roman'; padding: 0px;"&gt;&lt;strong&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;Total&lt;/font&gt;&lt;/strong&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"&gt;&lt;font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;146,506&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;
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  <us-gaap:SalesRevenueServicesNet id="Tag1904" contextRef="D2015-01-01_To_2015-12-31_YYIVASMember_OnlineGameRevenueMember" unitRef="CNY" decimals="-3">771882000</us-gaap:SalesRevenueServicesNet>
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  <us-gaap:SalesRevenueServicesNet id="Tag1908" contextRef="D2015-01-01_To_2015-12-31_YYIVASMember_OnlineDatingRevenueMember" unitRef="CNY" decimals="-3">651019000</us-gaap:SalesRevenueServicesNet>
  <us-gaap:SalesRevenueServicesNet id="Tag1909" contextRef="D2015-01-01_To_2015-12-31_YYIVASAndOthersMember_OnlineDatingRevenueMember" unitRef="CNY" decimals="-3">651019000</us-gaap:SalesRevenueServicesNet>
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  <us-gaap:SalesRevenueServicesNet id="Tag1912" contextRef="D2015-01-01_To_2015-12-31_YYIVASMember_OtherRevenueMember" unitRef="CNY" decimals="-3">561682000</us-gaap:SalesRevenueServicesNet>
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(1)
Share-based compensation was allocated in cost of revenues and operating expenses as follows:











For the year ended December 31,





Note

2013


2014


2015


2015







RMB


RMB


RMB


US$
















(Note2(e))



Cost of revenues




9,860



18,037



23,963



3,699



Research and development expenses




39,587



54,141



70,951



10,953



Sales and marketing expenses




1,318



2,807



3,283



507



General and administrative expenses




66,331



59,647



87,175



13,458



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    <link:footnote xlink:type="resource" xml:lang="en-US" xlink:label="footnote2635" xlink:role="http://www.xbrl.org/2003/role/footnote">
In 2015, the Group entered into agreements to acquire minority stake of 16 entities with total consideration of RMB351,800. The investments were not investment in common stock or in-substance common stock and therefore were precluded from applying the equity method of accounting. They have been accounted for as investments under cost method, since all of these equity securities do not have a readily determinable fair value.
</link:footnote>
    <link:footnoteArc xlink:type="arc" xlink:from="value2635" xlink:to="footnote2635" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="2635" />
    <link:footnote xlink:type="resource" xml:lang="en-US" xlink:label="footnote1" xlink:role="http://www.xbrl.org/2003/role/footnote">Permanent differences mainly arise from expenses not deductible for tax purposes including primarily share-based compensation costs and expenses incurred by subsidiaries and VIEs.</link:footnote>
    <link:footnoteArc xlink:type="arc" xlink:from="value1" xlink:to="footnote1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="1" />
    <link:footnote xlink:type="resource" xml:lang="en-US" xlink:label="footnote2" xlink:role="http://www.xbrl.org/2003/role/footnote">Valuation allowance is provided against deferred tax assets when the Group determines that it is more likely than not that the deferred tax assets will not be utilized in the future. In making such determination, the Group considered factors including future taxable income exclusive of reversing temporary differences and tax loss carry forwards. Valuation allowance was provided for net operating loss carry forward because it was more likely than not that such deferred tax assets will not be realized based on the Group's estimate of its future taxable income. If events occur in the future that allow the Group to realize more of its deferred income tax than the presently recorded amounts, an adjustment to the valuation allowances will result in a decrease in tax expense when those events occur.</link:footnote>
    <link:footnoteArc xlink:type="arc" xlink:from="value2" xlink:to="footnote2" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="2" />
    <link:footnote xlink:type="resource" xml:lang="en-US" xlink:label="footnote2634" xlink:role="http://www.xbrl.org/2003/role/footnote">*100 Online Education Technology (Beijing) Co.,Ltd. (&#x201C;100 Online&#x201D;), formerly known as Zhengrenqiang and His Partners Education Technology (Beijing) Co., Ltd. (&#x201C;Zhengrenqiang&#x201D;).</link:footnote>
    <link:footnoteArc xlink:type="arc" xlink:from="value2634" xlink:to="footnote2634" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="2634" />
    <link:footnote xlink:type="resource" xml:lang="en-US" xlink:label="footnote2629" xlink:role="http://www.xbrl.org/2003/role/footnote">As of December 31, 2014 and 2015, the Group had restricted short-term deposits balance of RMB100 million and RMB 110 million representing pledged deposit for one pending litigation in which the Group is the claimant and has applied to the court to freeze the assets of the defendant. Pursuant to relevant PRC laws and regulations, the Group had to deposit a certain amount of cash as pledged deposit in order to submit the application to the court requesting to freeze the defendant's assets.</link:footnote>
    <link:footnoteArc xlink:type="arc" xlink:from="value2629" xlink:to="footnote2629" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="2629" />
    <link:footnote xlink:type="resource" xml:lang="en-US" xlink:label="footnote2630" xlink:role="http://www.xbrl.org/2003/role/footnote">As of December 31, 2015, the Company had offshore restricted short-term deposits balance set aside for a period of 12 months or less of approximately RMB279 million for bank borrowing facilities.</link:footnote>
    <link:footnoteArc xlink:type="arc" xlink:from="value2630" xlink:to="footnote2630" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="2630" />
    <link:footnote xlink:type="resource" xml:lang="en-US" xlink:label="footnote2636" xlink:role="http://www.xbrl.org/2003/role/footnote">In September 2015, the Group entered into share purchase agreements to acquire 4.25% equity stake of a company with a total consideration of RMB6,117. The Group recorded this investment as an available-for-sale debt security since the preferred shares purchased by the Group are redeemable at the option of the Group. Subsequent to initial recognition, the available-for-sale debt security is measured at fair value at every period end. There was no significant change in fair value of the investment from the investment date to December 31, 2015.</link:footnote>
    <link:footnoteArc xlink:type="arc" xlink:from="value2636" xlink:to="footnote2636" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="2636" />
    <link:footnote xlink:type="resource" xml:lang="en-US" xlink:label="footnote2549" xlink:role="http://www.xbrl.org/2003/role/footnote">




(1)
Share-based compensation was allocated in cost of revenues and operating expenses as follows:









YY IVAS and others


Huya broadcasting



100
Education



Total





RMB


RMB


RMB


RMB


















Cost of revenues

16,552


1,185


300


18,037



Research and development expenses


47,315



1,895



4,931



54,141



Sales and marketing expenses


2,803



4



-



2,807



General and administrative expenses


57,938



1,660



49



59,647






















Share-based compensation expenses


124,608



4,744



5,280



134,632




</link:footnote>
    <link:footnoteArc xlink:type="arc" xlink:from="value2549" xlink:to="footnote2549" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="2549" />
    <link:footnote xlink:type="resource" xml:lang="en-US" xlink:label="footnote2550" xlink:role="http://www.xbrl.org/2003/role/footnote">



(1)
Share-based compensation was allocated in cost of revenues and operating expenses as follows:









YY IVAS and others


Huya broadcasting



100
Education



Total





RMB


RMB


RMB


RMB


















Cost of revenues

22,077


1,497


389


23,963



Research and development expenses


59,400



4,754



6,797



70,951



Sales and marketing expenses


3,119



164



-



3,283



General and administrative expenses


51,260



3,302



32,613



87,175






















Share-based compensation expenses


135,856



9,717



39,799



185,372



</link:footnote>
    <link:footnoteArc xlink:type="arc" xlink:from="value2550" xlink:to="footnote2550" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="2550" />
    <link:footnote xlink:type="resource" xml:lang="en-US" xlink:label="footnote1028" xlink:role="http://www.xbrl.org/2003/role/footnote">Less than 10%</link:footnote>
    <link:footnoteArc xlink:type="arc" xlink:from="value1028" xlink:to="footnote1028" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="1028" />
  </link:footnoteLink>
</xbrli:xbrl>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.SCH
<SEQUENCE>17
<FILENAME>yy-20151231.xsd
<DESCRIPTION>XBRL TAXONOMY EXTENSION SCHEMA
<TEXT>
<XBRL>
<?xml version="1.0" encoding="us-ascii" standalone="yes"?>
<!--Created by IRIS, Powered by IRIS Carbon-->
<xsd:schema xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsd="http://www.w3.org/2001/XMLSchema" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:xbrldt="http://xbrl.org/2005/xbrldt" xmlns:ref="http://www.xbrl.org/2006/ref" xmlns:nonnum="http://www.xbrl.org/dtr/type/non-numeric" xmlns:num="http://www.xbrl.org/dtr/type/numeric" xmlns:negated="http://www.xbrl.org/2009/role/negated" xmlns:xbrli="http://www.xbrl.org/2003/instance" xmlns:xl="http://www.xbrl.org/2003/XLink" xmlns:yy="http://www.yy.com/20151231" xmlns:invest="http://xbrl.sec.gov/invest/2013-01-31" xmlns:country="http://xbrl.sec.gov/country/2013-01-31" xmlns:dei="http://xbrl.sec.gov/dei/2014-01-31" xmlns:currency="http://xbrl.sec.gov/currency/2014-01-31" xmlns:us-gaap="http://fasb.org/us-gaap/2015-01-31" attributeFormDefault="unqualified" elementFormDefault="qualified" targetNamespace="http://www.yy.com/20151231">
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    <xsd:appinfo>
      <link:linkbaseRef xlink:type="simple" xlink:href="yy-20151231_pre.xml" xlink:role="http://www.xbrl.org/2003/role/presentationLinkbaseRef" xlink:arcrole="http://www.w3.org/1999/xlink/properties/linkbase" />
      <link:linkbaseRef xlink:type="simple" xlink:href="yy-20151231_cal.xml" xlink:role="http://www.xbrl.org/2003/role/calculationLinkbaseRef" xlink:arcrole="http://www.w3.org/1999/xlink/properties/linkbase" />
      <link:linkbaseRef xlink:type="simple" xlink:href="yy-20151231_def.xml" xlink:role="http://www.xbrl.org/2003/role/definitionLinkbaseRef" xlink:arcrole="http://www.w3.org/1999/xlink/properties/linkbase" />
      <link:linkbaseRef xlink:type="simple" xlink:href="yy-20151231_lab.xml" xlink:role="http://www.xbrl.org/2003/role/labelLinkbaseRef" xlink:arcrole="http://www.w3.org/1999/xlink/properties/linkbase" />
      <link:roleType roleURI="http://www.yy.com/role/yy-daei" id="yy-daei">
        <link:definition>001 - Document - Document and Entity Information</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.yy.com/role/yy-cbs" id="yy-cbs">
        <link:definition>002 - Statement - CONSOLIDATED BALANCE SHEETS</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.yy.com/role/yy-cbsp" id="yy-cbsp">
        <link:definition>003 - Statement - CONSOLIDATED BALANCE SHEETS (Parenthetical)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.yy.com/role/yy-csooaci" id="yy-csooaci">
        <link:definition>004 - Statement - CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.yy.com/role/yy-csooacip" id="yy-csooacip">
        <link:definition>005 - Statement - CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (Parenthetical)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.yy.com/role/yy-csocise" id="yy-csocise">
        <link:definition>006 - Statement - CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.yy.com/role/yy-csocisep" id="yy-csocisep">
        <link:definition>007 - Statement - CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Parenthetical)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.yy.com/role/yy-csocf" id="yy-csocf">
        <link:definition>008 - Statement - CONSOLIDATED STATEMENTS OF CASH FLOWS</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.yy.com/role/yy-csocfp" id="yy-csocfp">
        <link:definition>009 - Statement - CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.yy.com/role/yy-oapa" id="yy-oapa">
        <link:definition>101 - Disclosure - Organization and principal activities</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.yy.com/role/yy-pap" id="yy-pap">
        <link:definition>102 - Disclosure - Principal accounting policies</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.yy.com/role/yy-crac" id="yy-crac">
        <link:definition>103 - Disclosure - Certain risks and concentration</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.yy.com/role/yy-bc" id="yy-bc">
        <link:definition>104 - Disclosure - Business combination</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.yy.com/role/yy-cace" id="yy-cace">
        <link:definition>105 - Disclosure - Cash and cash equivalents</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.yy.com/role/yy-std" id="yy-std">
        <link:definition>106 - Disclosure - Short-term deposits</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.yy.com/role/yy-rstd" id="yy-rstd">
        <link:definition>107 - Disclosure - Restricted short-term deposits</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.yy.com/role/yy-arn" id="yy-arn">
        <link:definition>108 - Disclosure - Accounts receivable, net</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.yy.com/role/yy-paoca" id="yy-paoca">
        <link:definition>109 - Disclosure - Prepayments and other current assets</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.yy.com/role/yy-i" id="yy-i">
        <link:definition>110 - Disclosure - Investments</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.yy.com/role/yy-paen" id="yy-paen">
        <link:definition>111 - Disclosure - Property and equipment, net</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.yy.com/role/yy-ian" id="yy-ian">
        <link:definition>112 - Disclosure - Intangible assets, net</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.yy.com/role/yy-g" id="yy-g">
        <link:definition>113 - Disclosure - Goodwill</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.yy.com/role/yy-onca" id="yy-onca">
        <link:definition>114 - Disclosure - Other non-current assets</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.yy.com/role/yy-dr" id="yy-dr">
        <link:definition>115 - Disclosure - Deferred revenue</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.yy.com/role/yy-alaocl" id="yy-alaocl">
        <link:definition>116 - Disclosure - Accrued liabilities and other current liabilities</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.yy.com/role/yy-cor" id="yy-cor">
        <link:definition>118 - Disclosure - Cost of revenues</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.yy.com/role/yy-oi" id="yy-oi">
        <link:definition>119 - Disclosure - Other income</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.yy.com/role/yy-it" id="yy-it">
        <link:definition>120 - Disclosure - Income tax</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.yy.com/role/yy-cb" id="yy-cb">
        <link:definition>117 - Disclosure - Convertible bonds</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.yy.com/role/yy-cs" id="yy-cs">
        <link:definition>121 - Disclosure - Common shares</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.yy.com/role/yy-crps" id="yy-crps">
        <link:definition>80102 - Disclosure - Convertible redeemable preferred shares</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.yy.com/role/yy-sbc" id="yy-sbc">
        <link:definition>122 - Disclosure - Share based compensation</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.yy.com/role/yy-badnips" id="yy-badnips">
        <link:definition>123 - Disclosure - Basic and diluted net income per share</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.yy.com/role/yy-rpt" id="yy-rpt">
        <link:definition>124 - Disclosure - Related party transactions</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.yy.com/role/yy-fvm" id="yy-fvm">
        <link:definition>125 - Disclosure - Fair value measurements</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.yy.com/role/yy-cac" id="yy-cac">
        <link:definition>126 - Disclosure - Commitments and contingencies</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.yy.com/role/yy-se" id="yy-se">
        <link:definition>127 - Disclosure - Subsequent events</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.yy.com/role/yy-rna" id="yy-rna">
        <link:definition>128 - Disclosure - Restricted net assets</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.yy.com/role/yy-papp" id="yy-papp">
        <link:definition>202 - Disclosure - Principal accounting policies (Policies)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.yy.com/role/yy-oapat" id="yy-oapat">
        <link:definition>301 - Disclosure - Organization and principal activities (Tables)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
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        <link:definition>302 - Disclosure - Principal accounting policies (Tables)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
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      <link:roleType roleURI="http://www.yy.com/role/yy-cract" id="yy-cract">
        <link:definition>303 - Disclosure - Certain risks and concentration (Tables)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
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      <link:roleType roleURI="http://www.yy.com/role/yy-bct" id="yy-bct">
        <link:definition>304 - Disclosure - Business combination (Tables)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
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      <link:roleType roleURI="http://www.yy.com/role/yy-cacet" id="yy-cacet">
        <link:definition>305 - Disclosure - Cash and cash equivalents (Tables)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
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      <link:roleType roleURI="http://www.yy.com/role/yy-stdt" id="yy-stdt">
        <link:definition>306 - Disclosure - Short-term deposits (Tables)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
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      <link:roleType roleURI="http://www.yy.com/role/yy-arnt" id="yy-arnt">
        <link:definition>308 - Disclosure - Accounts receivable, net (Tables)</link:definition>
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        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
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      <link:roleType roleURI="http://www.yy.com/role/yy-paocat" id="yy-paocat">
        <link:definition>309 - Disclosure - Prepayments and other current assets (Table)</link:definition>
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        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
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      <link:roleType roleURI="http://www.yy.com/role/yy-it1" id="yy-it1">
        <link:definition>310 - Disclosure - Investments (Tables)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
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      <link:roleType roleURI="http://www.yy.com/role/yy-paent" id="yy-paent">
        <link:definition>311 - Disclosure - Property and equipment, net (Tables)</link:definition>
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        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
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      <link:roleType roleURI="http://www.yy.com/role/yy-iant" id="yy-iant">
        <link:definition>312 - Disclosure - Intangible assets, net (Tables)</link:definition>
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        <link:usedOn>link:calculationLink</link:usedOn>
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      <link:roleType roleURI="http://www.yy.com/role/yy-gt" id="yy-gt">
        <link:definition>313 - Disclosure - Goodwill (Tables)</link:definition>
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        <link:usedOn>link:calculationLink</link:usedOn>
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        <link:definition>314 - Disclosure - Other non-current assets (Tables)</link:definition>
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        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
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      <link:roleType roleURI="http://www.yy.com/role/yy-drt" id="yy-drt">
        <link:definition>315 - Disclosure - Deferred revenue (Tables)</link:definition>
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        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
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      <link:roleType roleURI="http://www.yy.com/role/yy-alaoclt" id="yy-alaoclt">
        <link:definition>316 - Disclosure - Accrued liabilities and other current liabilities (Tables)</link:definition>
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        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
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      <link:roleType roleURI="http://www.yy.com/role/yy-cort" id="yy-cort">
        <link:definition>318 - Disclosure - Cost of revenues (Tables)</link:definition>
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        <link:usedOn>link:calculationLink</link:usedOn>
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        <link:definition>319 - Disclosure - Other income (Tables)</link:definition>
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        <link:usedOn>link:calculationLink</link:usedOn>
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      <link:roleType roleURI="http://www.yy.com/role/yy-itt" id="yy-itt">
        <link:definition>320 - Disclosure - Income tax (Tables)</link:definition>
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        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
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        <link:usedOn>link:calculationLink</link:usedOn>
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      <link:roleType roleURI="http://www.yy.com/role/yy-sbct" id="yy-sbct">
        <link:definition>322 - Disclosure - Share based compensation (Tables)</link:definition>
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        <link:usedOn>link:calculationLink</link:usedOn>
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      <link:roleType roleURI="http://www.yy.com/role/yy-badnipst" id="yy-badnipst">
        <link:definition>323 - Disclosure - Basic and diluted net income per share (Tables)</link:definition>
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        <link:usedOn>link:calculationLink</link:usedOn>
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        <link:definition>324 - Disclosure - Related party transactions (Tables)</link:definition>
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        <link:usedOn>link:calculationLink</link:usedOn>
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        <link:definition>326 - Disclosure - Commitments and contingencies (Tables)</link:definition>
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        <link:usedOn>link:definitionLink</link:usedOn>
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        <link:definition>40102 - Disclosure - Organization and principal activities (Schedule of Details of Subsidiaries, VIEs and VIE's Subsidiary) (Details)</link:definition>
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        <link:usedOn>link:definitionLink</link:usedOn>
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        <link:definition>40202 - Disclosure - Principal accounting policies (Schedule of Property and Equipment Estimated Useful Lives and Residual Rate) (Details)</link:definition>
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        <link:usedOn>link:calculationLink</link:usedOn>
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        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
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      <link:roleType roleURI="http://www.yy.com/role/yy-cracnd" id="yy-cracnd">
        <link:definition>40301 - Disclosure - Certain risks and concentration (Narrative) (Details)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
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        <link:usedOn>link:calculationLink</link:usedOn>
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        <link:definition>40303 - Disclosure - Certain Risks And Concentration (Summary of Percentage of Accounts Receivable from Collection Agencies and Advertising Customers With Over 10% of Total Accounts Receivable) (Details)</link:definition>
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        <link:usedOn>link:definitionLink</link:usedOn>
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        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
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      <link:roleType roleURI="http://www.yy.com/role/yy-bcsoaoppadoad" id="yy-bcsoaoppadoad">
        <link:definition>40402 - Disclosure - Business combination (Schedule of Allocation of Purchase Price at Date of Acquisition) (Details)</link:definition>
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        <link:usedOn>link:calculationLink</link:usedOn>
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        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
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        <link:definition>40601 - Disclosure - Short-term deposits (Details)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
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        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
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        <link:usedOn>link:calculationLink</link:usedOn>
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      <link:roleType roleURI="http://www.yy.com/role/yy-isoid" id="yy-isoid">
        <link:definition>41001 - Disclosure - Investments (Schedule of Investments) (Details)</link:definition>
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        <link:definition>41002 - Disclosure - Investments (Narrative) (Details)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
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        <link:definition>41101 - Disclosure - Property and equipment, net (Schedule of Property and Equipment) (Details)</link:definition>
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        <link:definition>41102 - Disclosure - Property and equipment, net (Narrative) (Details)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
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        <link:definition>41201 - Disclosure - Intangible assets, net (Summary of Group's Intangible Assets) (Details)</link:definition>
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        <link:definition>41202 - Disclosure - Intangible assets, net (Narrative) (Details)</link:definition>
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        <link:definition>41203 - Disclosure - Intangible assets, net (Schedule of Estimated Amortization Expenses) (Details)</link:definition>
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        <link:usedOn>link:definitionLink</link:usedOn>
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      <link:roleType roleURI="http://www.yy.com/role/yy-iansowaapoiad" id="yy-iansowaapoiad">
        <link:definition>41204 - Disclosure - Intangible assets, net (Schedule of Weighted Average Amortization Periods of Intangible Assets) (Details)</link:definition>
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      <link:roleType roleURI="http://www.yy.com/role/yy-gd" id="yy-gd">
        <link:definition>41301 - Disclosure - Goodwill (Details)</link:definition>
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        <link:usedOn>link:definitionLink</link:usedOn>
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        <link:definition>41401 - Disclosure - Other non-current assets (Details)</link:definition>
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      <link:roleType roleURI="http://www.yy.com/role/yy-drd" id="yy-drd">
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        <link:usedOn>link:definitionLink</link:usedOn>
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      <link:roleType roleURI="http://www.yy.com/role/yy-alaocld" id="yy-alaocld">
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      <link:roleType roleURI="http://www.yy.com/role/yy-cord" id="yy-cord">
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      <link:roleType roleURI="http://www.yy.com/role/yy-oid" id="yy-oid">
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        <link:definition>42001 - Disclosure - Income tax (Narrative) (Details)</link:definition>
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        <link:usedOn>link:definitionLink</link:usedOn>
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      <link:roleType roleURI="http://www.yy.com/role/yy-itsonotlcfd" id="yy-itsonotlcfd">
        <link:definition>42005 - Disclosure - Income tax (Schedule of Net Operating Tax Loss Carry Forwards) (Details)</link:definition>
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        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
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      <link:roleType roleURI="http://www.yy.com/role/yy-cbd" id="yy-cbd">
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      <link:roleType roleURI="http://www.yy.com/role/yy-csd" id="yy-csd">
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      <link:roleType roleURI="http://www.yy.com/role/yy-crpsnd" id="yy-crpsnd">
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        <link:usedOn>link:calculationLink</link:usedOn>
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  <xsd:element name="ExclusiveBusinessCooperationAgreementMember" id="yy_ExclusiveBusinessCooperationAgreementMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="ExclusiveOptionAgreementMember" id="yy_ExclusiveOptionAgreementMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="BeijingTudaScienceAndTechnologyCompanyLimitedMember" id="yy_BeijingTudaScienceAndTechnologyCompanyLimitedMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="ZhengRenQiangBusinessMember" id="yy_ZhengRenQiangBusinessMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="HuanqiuGroupMember" id="yy_HuanqiuGroupMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="NeoTasksIncMember" id="yy_NeoTasksIncMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="NeoTasksLimitedMember" id="yy_NeoTasksLimitedMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="ZhuhaiDuowanInformationTechnologyCompanyLimitedMember" id="yy_ZhuhaiDuowanInformationTechnologyCompanyLimitedMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="GuangzhouHuanjuShidaiInformationTechnologyCompanyLimitedMember" id="yy_GuangzhouHuanjuShidaiInformationTechnologyCompanyLimitedMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="ZhuhaiHuanjuShidaiInformationTechnologyCompanyLimitedMember" id="yy_ZhuhaiHuanjuShidaiInformationTechnologyCompanyLimitedMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="SubsidiariesOfVariableInterestEntitiesByClassificationOfEntityAxis" id="yy_SubsidiariesOfVariableInterestEntitiesByClassificationOfEntityAxis" type="xbrli:stringItemType" substitutionGroup="xbrldt:dimensionItem" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="GuangzhouJuhuiInformationTechnologyCompanyLimitedMember" id="yy_GuangzhouJuhuiInformationTechnologyCompanyLimitedMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="VariableInterestEntitySubsidiaryOwnershipPercentage" id="yy_VariableInterestEntitySubsidiaryOwnershipPercentage" type="xbrli:pureItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="PrepaymentsForFixedAssets" id="yy_PrepaymentsForFixedAssets" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="PrepaymentForOperatingRightsOfLicensedGames" id="yy_PrepaymentForOperatingRightsOfLicensedGames" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="InternetValueAddedServicesRevenueMember" id="yy_InternetValueAddedServicesRevenueMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="GovernmentGrantMember" id="yy_GovernmentGrantMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="GuangzhouHuanjuChuanmeiCompanyLimitedMember" id="yy_GuangzhouHuanjuChuanmeiCompanyLimitedMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="GuangzhouZhuqueInformationTechnologyCompanyLimitedMember" id="yy_GuangzhouZhuqueInformationTechnologyCompanyLimitedMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="BeijingHuanqiuXingxueTechnologyDevelopmentCoLtdMember" id="yy_BeijingHuanqiuXingxueTechnologyDevelopmentCoLtdMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="BeijingHuanqiuChuangzhiSoftwareCoLtdMember" id="yy_BeijingHuanqiuChuangzhiSoftwareCoLtdMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="ZhengRenQiangAndHisTeamsEducationTechnologyBeijingCompanyLimitedMember" id="yy_ZhengRenQiangAndHisTeamsEducationTechnologyBeijingCompanyLimitedMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="BeijingReadingBlogCompanyLimitedMember" id="yy_BeijingReadingBlogCompanyLimitedMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="AccruedRevenueSharingFeesCurrent" id="yy_AccruedRevenueSharingFeesCurrent" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="AccruedTechnologyServiceFeeCurrent" id="yy_AccruedTechnologyServiceFeeCurrent" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="RevenueSharingFeesAndContentCosts" id="yy_RevenueSharingFeesAndContentCosts" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="BandwidthCosts" id="yy_BandwidthCosts" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="PaymentHandlingCosts" id="yy_PaymentHandlingCosts" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="CostOfRevenuesDisclosureTextBlock" id="yy_CostOfRevenuesDisclosureTextBlock" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="ScheduleOfCostOfRevenueTableTextBlock" id="yy_ScheduleOfCostOfRevenueTableTextBlock" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="OtherOperatingIncomeMiscellaneous" id="yy_OtherOperatingIncomeMiscellaneous" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="OtherIncomeTableTextBlock" id="yy_OtherIncomeTableTextBlock" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="PreferentialEnterpriseIncomeTaxRate" id="yy_PreferentialEnterpriseIncomeTaxRate" type="num:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="IncomeTaxExemptionPeriod" id="yy_IncomeTaxExemptionPeriod" type="xbrli:durationItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="IncomeTaxReductionPercentageFollowingExemptionPeriod" id="yy_IncomeTaxReductionPercentageFollowingExemptionPeriod" type="num:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="IncomeTaxReductionPeriod" id="yy_IncomeTaxReductionPeriod" type="xbrli:durationItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="EffectiveIncomeTaxRatePercentageToBeClaimedForResearchAndDevelopmentExpense" id="yy_EffectiveIncomeTaxRatePercentageToBeClaimedForResearchAndDevelopmentExpense" type="num:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="WithholdingIncomeTaxRate" id="yy_WithholdingIncomeTaxRate" type="num:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="MaximumPeriodForClawBackUnderpaidTaxPlusPenaltiesAndInterestByTaxAuthorities" id="yy_MaximumPeriodForClawBackUnderpaidTaxPlusPenaltiesAndInterestByTaxAuthorities" type="xbrli:durationItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="OtherPRCSubsidiariesVariableInterestEntityAndVariableInterestEntitiesSubsidiaryMember" id="yy_OtherPRCSubsidiariesVariableInterestEntityAndVariableInterestEntitiesSubsidiaryMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="WithholdingIncomeTax" id="yy_WithholdingIncomeTax" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="DeferredTaxLiabilitiesAccrualForChineseDividendWithholdingTaxes" id="yy_DeferredTaxLiabilitiesAccrualForChineseDividendWithholdingTaxes" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="PropertyPlantAndEquipmentEstimatedUsefulLivesAndResidualRateTableTextBlock" id="yy_PropertyPlantAndEquipmentEstimatedUsefulLivesAndResidualRateTableTextBlock" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="ScheduleOfUsefulLifeOfFiniteLivedIntangibleAssetsTableTextBlock" id="yy_ScheduleOfUsefulLifeOfFiniteLivedIntangibleAssetsTableTextBlock" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="EffectiveIncomeTaxRateReconciliationPreferentialTaxRate" id="yy_EffectiveIncomeTaxRateReconciliationPreferentialTaxRate" type="num:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="DeferredTaxAssetsDeferredIncomeCurrent" id="yy_DeferredTaxAssetsDeferredIncomeCurrent" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="DeferredTaxAssetsDeferredIncomeNonCurrent" id="yy_DeferredTaxAssetsDeferredIncomeNonCurrent" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsImpairmentLossesOnEquityInvestment" id="yy_DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsImpairmentLossesOnEquityInvestment" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsImpairmentLossesOnInvestment" id="yy_DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsImpairmentLossesOnInvestment" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="OperatingLossCarryfowardsExpirationPeriodAxis" id="yy_OperatingLossCarryfowardsExpirationPeriodAxis" type="xbrli:stringItemType" substitutionGroup="xbrldt:dimensionItem" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="OperatingLossCarryforwardsExpirationYearOneMember" id="yy_OperatingLossCarryforwardsExpirationYearOneMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="OperatingLossCarryforwardsExpirationYearTwoMember" id="yy_OperatingLossCarryforwardsExpirationYearTwoMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="OperatingLossCarryforwardsExpirationYearThreeMember" id="yy_OperatingLossCarryforwardsExpirationYearThreeMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="OperatingLossCarryforwardsExpirationYearFourMember" id="yy_OperatingLossCarryforwardsExpirationYearFourMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="OperatingLossCarryforwardsExpirationYearFiveMember" id="yy_OperatingLossCarryforwardsExpirationYearFiveMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="FairValueOfUnderlyingSecuritiesPerShare" id="yy_FairValueOfUnderlyingSecuritiesPerShare" type="num:perShareItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" />
  <xsd:element name="StockIssuedDuringPeriodSharesWarrantsExercised" id="yy_StockIssuedDuringPeriodSharesWarrantsExercised" type="xbrli:sharesItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="CommonStockVotingRightsPerShare" id="yy_CommonStockVotingRightsPerShare" type="xbrli:decimalItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" />
  <xsd:element name="CommonStockConversionRate" id="yy_CommonStockConversionRate" type="xbrli:pureItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="CommonSharesWarrantMember" id="yy_CommonSharesWarrantMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="MaximumPeriodOverWhichEachVirtualItemIsMadeAvailableToUsers" id="yy_MaximumPeriodOverWhichEachVirtualItemIsMadeAvailableToUsers" type="xbrli:durationItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="NumberOfArrangementIntoWhichVirtualItemsSoldIndividuallyOrBundled" id="yy_NumberOfArrangementIntoWhichVirtualItemsSoldIndividuallyOrBundled" type="xbrli:integerItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="PeriodOfRevenueSharingContracts" id="yy_PeriodOfRevenueSharingContracts" type="xbrli:durationItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="EstimatedUserRelationshipPeriod" id="yy_EstimatedUserRelationshipPeriod" type="xbrli:durationItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="AdvertisingRevenuesContractTerm" id="yy_AdvertisingRevenuesContractTerm" type="xbrli:durationItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="PaymentsAccrualPeriod" id="yy_PaymentsAccrualPeriod" type="xbrli:durationItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="NumberOfOtherCitiesAndProvincesToWhichPilotProgramOfTaxWasExpanded" id="yy_NumberOfOtherCitiesAndProvincesToWhichPilotProgramOfTaxWasExpanded" type="xbrli:integerItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="ValueAddedTaxRate" id="yy_ValueAddedTaxRate" type="num:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="TaxRateOnAdvertisingServiceIncome" id="yy_TaxRateOnAdvertisingServiceIncome" type="num:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="OnlineMusicAndEntertainmentRevenueMember" id="yy_OnlineMusicAndEntertainmentRevenueMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="ThirdPartyDevelopedOnlineGamesMember" id="yy_ThirdPartyDevelopedOnlineGamesMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="AdvertisingRevenuesMember" id="yy_AdvertisingRevenuesMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="OnlineGameRevenueMember" id="yy_OnlineGameRevenueMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="BusinessTaxRatePriorToPilotProgramBeingApplied" id="yy_BusinessTaxRatePriorToPilotProgramBeingApplied" type="num:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="SurchargesRateOnBusinessTaxAndValueAddedTax" id="yy_SurchargesRateOnBusinessTaxAndValueAddedTax" type="num:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="BusinessTaxRate" id="yy_BusinessTaxRate" type="num:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="MinimumPeriodForWhichHolderOfAwardsIsExposedToMarketValueFluctuationOfUnderlyingShares" id="yy_MinimumPeriodForWhichHolderOfAwardsIsExposedToMarketValueFluctuationOfUnderlyingShares" type="xbrli:durationItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="AppropriationOfAfterTaxProfitToGeneralReserveFundRequiredPercentageMinimum" id="yy_AppropriationOfAfterTaxProfitToGeneralReserveFundRequiredPercentageMinimum" type="num:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" />
  <xsd:element name="ReserveLevelThresholdForMandatoryTransferPercentage" id="yy_ReserveLevelThresholdForMandatoryTransferPercentage" type="num:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" />
  <xsd:element name="AppropriationOfAfterTaxProfitToStatutorySurplusFundRequiredPercentageMinimum" id="yy_AppropriationOfAfterTaxProfitToStatutorySurplusFundRequiredPercentageMinimum" type="num:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" />
  <xsd:element name="SurplusFundThresholdForMandatoryTransferPercentage" id="yy_SurplusFundThresholdForMandatoryTransferPercentage" type="num:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" />
  <xsd:element name="AmountTransferredTowardsStatutoryReserves" id="yy_AmountTransferredTowardsStatutoryReserves" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="NumberOfGeographicalSegments" id="yy_NumberOfGeographicalSegments" type="xbrli:integerItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="ConvenienceTranslationPolicyTextBlock" id="yy_ConvenienceTranslationPolicyTextBlock" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="ShortTermDepositPolicyTextBlock" id="yy_ShortTermDepositPolicyTextBlock" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="AnnualGoodwillImpairmentTestPolicyTextBlock" id="yy_AnnualGoodwillImpairmentTestPolicyTextBlock" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="EmployeeSocialSecurityAndWelfareBenefitsPolicyTextBlock" id="yy_EmployeeSocialSecurityAndWelfareBenefitsPolicyTextBlock" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="TemporaryEquityStockIssuedDuringPeriodSharesNewIssues" id="yy_TemporaryEquityStockIssuedDuringPeriodSharesNewIssues" type="xbrli:sharesItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="SeriesCOnePreferredStockMember" id="yy_SeriesCOnePreferredStockMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="SeriesCTwoPreferredStockMember" id="yy_SeriesCTwoPreferredStockMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="GovernmentGrantsPolicyTextBlock" id="yy_GovernmentGrantsPolicyTextBlock" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="StatutoryReservesPolicyTextBlock" id="yy_StatutoryReservesPolicyTextBlock" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="RelatedPartiesPolicyTextBlock" id="yy_RelatedPartiesPolicyTextBlock" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="DividendsPolicyTextBlock" id="yy_DividendsPolicyTextBlock" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="MinimumMarketCapitalizationForQualifiedIPO" id="yy_MinimumMarketCapitalizationForQualifiedIPO" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="ConvertibleSecuritiesConversionRatio" id="yy_ConvertibleSecuritiesConversionRatio" type="xbrli:pureItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="PeriodFollowingOriginalIssueDateOfSharesAfterWhichSharesCanBeRedeemedByEntity" id="yy_PeriodFollowingOriginalIssueDateOfSharesAfterWhichSharesCanBeRedeemedByEntity" type="xbrli:durationItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="CashOrCashEquivalentsMinimumLimitThreshold" id="yy_CashOrCashEquivalentsMinimumLimitThreshold" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="ThresholdBudgetedFreeCashFlowInPrecedingTwelveMonthsForRedemptionOfPreferredShare" id="yy_ThresholdBudgetedFreeCashFlowInPrecedingTwelveMonthsForRedemptionOfPreferredShare" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="PeriodOfMinimumFreeCashFlowsForRedemptionOfPreferredShares" id="yy_PeriodOfMinimumFreeCashFlowsForRedemptionOfPreferredShares" type="xbrli:durationItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="PreferredStockLiquidationPreferencePercentage" id="yy_PreferredStockLiquidationPreferencePercentage" type="num:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="PreferredStockVotingRightsPerShare" id="yy_PreferredStockVotingRightsPerShare" type="xbrli:integerItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="PreferredStockRedemptionPricePercentageOfIssuePrice" id="yy_PreferredStockRedemptionPricePercentageOfIssuePrice" type="num:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="PercentageOfInternalRateOfReturn" id="yy_PercentageOfInternalRateOfReturn" type="num:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="StockIssuanceDateAxis" id="yy_StockIssuanceDateAxis" type="xbrli:stringItemType" substitutionGroup="xbrldt:dimensionItem" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="December12006IssuanceDateMember" id="yy_December12006IssuanceDateMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="June22008IssuanceDateMember" id="yy_June22008IssuanceDateMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="ForeignOwnershipPercentageInInternetBasedBusinessesMaximum" id="yy_ForeignOwnershipPercentageInInternetBasedBusinessesMaximum" type="num:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="NumberOfVariableInterestEntitiesThroughWhichGroupOperatesOnlineBusiness" id="yy_NumberOfVariableInterestEntitiesThroughWhichGroupOperatesOnlineBusiness" type="xbrli:integerItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="TemporaryEquityConvertedToCommonShares" id="yy_TemporaryEquityConvertedToCommonShares" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="ScheduleOfConvertibleRedeemablePreferredSharesOutstandingRollForwardTableTextBlock" id="yy_ScheduleOfConvertibleRedeemablePreferredSharesOutstandingRollForwardTableTextBlock" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="ScheduleOfAssumptionsUsedInMeasuringFairValueOfConvertibleRedeemablePreferredSharesTableTextBlock" id="yy_ScheduleOfAssumptionsUsedInMeasuringFairValueOfConvertibleRedeemablePreferredSharesTableTextBlock" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="TermOfContractualAgreements" id="yy_TermOfContractualAgreements" type="xbrli:durationItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="MaximumPercentageOfIncomeOfVariableInterestEntitiesWhichMayBeChargedAsServiceFees" id="yy_MaximumPercentageOfIncomeOfVariableInterestEntitiesWhichMayBeChargedAsServiceFees" type="num:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="MaximumPercentageOfProfitsPayableByVariableInterestEntities" id="yy_MaximumPercentageOfProfitsPayableByVariableInterestEntities" type="num:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="ServiceFees" id="yy_ServiceFees" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="ConcentrationRiskNumberOfTopAccountsReceivable" id="yy_ConcentrationRiskNumberOfTopAccountsReceivable" type="xbrli:integerItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="DirectorChairmanOfTechnologyCommitteeMember" id="yy_DirectorChairmanOfTechnologyCommitteeMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="BeijingTudaScienceAndTechnologyCompanyLimitedAndGuangzhouHuaduoNetworkTechnologyCompanyLimitedMember" id="yy_BeijingTudaScienceAndTechnologyCompanyLimitedAndGuangzhouHuaduoNetworkTechnologyCompanyLimitedMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="TopTenCollectionAgenciesAndCustomersMember" id="yy_TopTenCollectionAgenciesAndCustomersMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="NumberOfVariableInterestEntitiesOrTheirShareholdersEntitledToTerminateContractsPriorToExpirationDate" id="yy_NumberOfVariableInterestEntitiesOrTheirShareholdersEntitledToTerminateContractsPriorToExpirationDate" type="xbrli:integerItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="AppropriationOfAfterTaxIncomeToStatutoryGeneralReservePerAnnum" id="yy_AppropriationOfAfterTaxIncomeToStatutoryGeneralReservePerAnnum" type="num:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="ScheduleOfRelatedPartiesAndTheirRelationshipsWithGroupTableTextBlock" id="yy_ScheduleOfRelatedPartiesAndTheirRelationshipsWithGroupTableTextBlock" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="ScheduleOfRelatedPartyTransactionDueFromToRelatedPartyTableTextBlock" id="yy_ScheduleOfRelatedPartyTransactionDueFromToRelatedPartyTableTextBlock" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="ZhuhaiDarenComputerTechnologyCompanyLimitedMember" id="yy_ZhuhaiDarenComputerTechnologyCompanyLimitedMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="GuangzhouShanghangInformationTechnicalCoLtdMember" id="yy_GuangzhouShanghangInformationTechnicalCoLtdMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="KingsoftCorporationMember" id="yy_KingsoftCorporationMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="ZhuhaiLequTechnologyCoLtdMember" id="yy_ZhuhaiLequTechnologyCoLtdMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="XiaomiCorporationMember" id="yy_XiaomiCorporationMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="OnlineAdvertisingRevenuesMember" id="yy_OnlineAdvertisingRevenuesMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="ProceedsFromSaleOfCostMethodInvestments" id="yy_ProceedsFromSaleOfCostMethodInvestments" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="IncrementalCommonSharesAttributableToDilutiveEffectOfRestrictedShares" id="yy_IncrementalCommonSharesAttributableToDilutiveEffectOfRestrictedShares" type="xbrli:sharesItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="IncrementalCommonSharesAttributableToDilutiveEffectOfRestrictedShareUnits" id="yy_IncrementalCommonSharesAttributableToDilutiveEffectOfRestrictedShareUnits" type="xbrli:sharesItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="IncrementalCommonSharesAttributableToDilutiveEffectOfShareBasedAwardsGrantedToChiefExecutiveOfficerAndChairman" id="yy_IncrementalCommonSharesAttributableToDilutiveEffectOfShareBasedAwardsGrantedToChiefExecutiveOfficerAndChairman" type="xbrli:sharesItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="CollectionAgenciesAndCustomersB1Member" id="yy_CollectionAgenciesAndCustomersB1Member" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="CollectionAgenciesAndCustomersB2Member" id="yy_CollectionAgenciesAndCustomersB2Member" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="CollectionAgenciesAndCustomersB3Member" id="yy_CollectionAgenciesAndCustomersB3Member" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="CollectionAgenciesAndCustomersB4Member" id="yy_CollectionAgenciesAndCustomersB4Member" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="CustomerB4Member" id="yy_CustomerB4Member" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="CollectionAgenciesAndCustomersB5Member" id="yy_CollectionAgenciesAndCustomersB5Member" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="EmployeeAndNonEmployeeStockOptionsMember" id="yy_EmployeeAndNonEmployeeStockOptionsMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="ChiefExecutiveOfficerAndChairmanMember" id="yy_ChiefExecutiveOfficerAndChairmanMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="InternetServiceCompanyMember" id="yy_InternetServiceCompanyMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="ShortTermDepositsTextBlock" id="yy_ShortTermDepositsTextBlock" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="CostAndEquityMethodInvestmentsTableTextBlock" id="yy_CostAndEquityMethodInvestmentsTableTextBlock" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="InvestmentInEquityInterestOfCompanyMember" id="yy_InvestmentInEquityInterestOfCompanyMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="NumberOfEntitiesWhoseMinorityStakeOfPreferredStockAcquired" id="yy_NumberOfEntitiesWhoseMinorityStakeOfPreferredStockAcquired" type="xbrli:integerItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="InvestmentInPreferredSharesOfTwoCompanyMember" id="yy_InvestmentInPreferredSharesOfTwoCompanyMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="InvestmentInPreferredSharesOfCompanyOneMember" id="yy_InvestmentInPreferredSharesOfCompanyOneMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="InvestmentInPreferredSharesOfCompanyTwoMember" id="yy_InvestmentInPreferredSharesOfCompanyTwoMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="ScheduleOfOrganizationAndPrincipalActivitiesTable" id="yy_ScheduleOfOrganizationAndPrincipalActivitiesTable" type="xbrli:stringItemType" substitutionGroup="xbrldt:hypercubeItem" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="VariableInterestEntityConsolidatedRegisteredCapital" id="yy_VariableInterestEntityConsolidatedRegisteredCapital" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="OrganizationAndPrincipalActivitiesLineItems" id="yy_OrganizationAndPrincipalActivitiesLineItems" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationRestrictedStockRequisiteServicePeriodRecognition" id="yy_AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationRestrictedStockRequisiteServicePeriodRecognition" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="OnlineGameRevenueNetMember" id="yy_OnlineGameRevenueNetMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="FiniteLivedIntangibleAssetUsefulLifeAbstract" id="yy_FiniteLivedIntangibleAssetUsefulLifeAbstract" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="AccruedListingExpensesCurrent" id="yy_AccruedListingExpensesCurrent" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="NumberOfSelfDevelopedGames" id="yy_NumberOfSelfDevelopedGames" type="xbrli:integerItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="EmployeeSocialSecurityAndWelfareBenefitsAbstract" id="yy_EmployeeSocialSecurityAndWelfareBenefitsAbstract" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="YYMusicRevenueMember" id="yy_YYMusicRevenueMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="StockIssuanceDateDomain" id="yy_StockIssuanceDateDomain" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsImpairmentLossesOnCostInvestment" id="yy_DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsImpairmentLossesOnCostInvestment" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="AdjustmentsToAdditionalPaidInCapitalReclassificationFromLiabilityRelatedToShareOptions" id="yy_AdjustmentsToAdditionalPaidInCapitalReclassificationFromLiabilityRelatedToShareOptions" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="AdjustmentsToAdditionalPaidInCapitalReclassificationFromLiabilityRelatedToWarrants" id="yy_AdjustmentsToAdditionalPaidInCapitalReclassificationFromLiabilityRelatedToWarrants" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="BusinessTaxSurchargesAndCulturalDevelopmentFees" id="yy_BusinessTaxSurchargesAndCulturalDevelopmentFees" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="CashAndCashEquivalentsPeriodIncreaseDecreaseVariableInterestEntities" id="yy_CashAndCashEquivalentsPeriodIncreaseDecreaseVariableInterestEntities" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="DocumentAndEntityInformationAbstract" id="yy_DocumentAndEntityInformationAbstract" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="EmployeeLoansSettledByRepurchaseOfVestedShareOptions" id="yy_EmployeeLoansSettledByRepurchaseOfVestedShareOptions" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="EmployeesMember" id="yy_EmployeesMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="EquityClassifiedAwardsMember" id="yy_EquityClassifiedAwardsMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageRemainingContractualTerm" id="yy_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageRemainingContractualTerm" type="xbrli:durationItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="IncomeLossFromContinuingOperationsBeforeIncomeLossFromEquityMethodInvestments" id="yy_IncomeLossFromContinuingOperationsBeforeIncomeLossFromEquityMethodInvestments" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="LiabilityClassifiedAwardsMember" id="yy_LiabilityClassifiedAwardsMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="PaymentsForLoansToThirdParties" id="yy_PaymentsForLoansToThirdParties" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="NetCashProvidedByUsedInFinancingActivitiesVariableInterestEntities" id="yy_NetCashProvidedByUsedInFinancingActivitiesVariableInterestEntities" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="NetCashProvidedByUsedInInvestingActivitiesVariableInterestEntities" id="yy_NetCashProvidedByUsedInInvestingActivitiesVariableInterestEntities" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="NetCashProvidedByUsedInOperatingActivitiesVariableInterestEntities" id="yy_NetCashProvidedByUsedInOperatingActivitiesVariableInterestEntities" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="PaymentsForRepurchaseOfStockOptions" id="yy_PaymentsForRepurchaseOfStockOptions" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="OperatingLeasesFutureMinimumPaymentsDueInFourYearsAndThereafter" id="yy_OperatingLeasesFutureMinimumPaymentsDueInFourYearsAndThereafter" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="OtherRevenueMember" id="yy_OtherRevenueMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="OwnershipInterest" id="yy_OwnershipInterest" type="num:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="PaymentsToAcquireCostMethodInvestment" id="yy_PaymentsToAcquireCostMethodInvestment" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="PercentageOfEquityInterestOwnedByThirdParty" id="yy_PercentageOfEquityInterestOwnedByThirdParty" type="num:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="ProceedsFromRepaymentOfLoansFromEmployees" id="yy_ProceedsFromRepaymentOfLoansFromEmployees" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="RevenueSharingFees" id="yy_RevenueSharingFees" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="ScheduleOfIncomeTaxLineItems" id="yy_ScheduleOfIncomeTaxLineItems" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="ScheduleOfIncomeTaxTable" id="yy_ScheduleOfIncomeTaxTable" type="xbrli:stringItemType" substitutionGroup="xbrldt:hypercubeItem" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="SelfDevelopedGamesMember" id="yy_SelfDevelopedGamesMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="ServiceFeePercentage" id="yy_ServiceFeePercentage" type="num:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" />
  <xsd:element name="ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsExpectedToVestWeightedAverageGrantDateFairValue" id="yy_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsExpectedToVestWeightedAverageGrantDateFairValue" type="num:perShareItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" />
  <xsd:element name="PaidInCapitalTransferredFromMaturedLiabilityAward" id="yy_PaidInCapitalTransferredFromMaturedLiabilityAward" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="TerminationPeriodOfRightsPlan" id="yy_TerminationPeriodOfRightsPlan" type="xbrli:durationItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="UnderwritersCommissions" id="yy_UnderwritersCommissions" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="OperatingLossCarryfowardsExpirationPeriodDomain" id="yy_OperatingLossCarryfowardsExpirationPeriodDomain" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="EffectiveIncomeTaxRateReconciliationStateIncomeTaxes" id="yy_EffectiveIncomeTaxRateReconciliationStateIncomeTaxes" type="num:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="EffectiveIncomeTaxRateReconciliationLocalIncomeTaxes" id="yy_EffectiveIncomeTaxRateReconciliationLocalIncomeTaxes" type="num:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="NeoTasksFoundersMember" id="yy_NeoTasksFoundersMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="RedeemableConvertibleSeriesAPreferredStockMember" id="yy_RedeemableConvertibleSeriesAPreferredStockMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="RedeemableConvertibleSeriesBPreferredStockMember" id="yy_RedeemableConvertibleSeriesBPreferredStockMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="RedeemableConvertibleSeriesCPreferredStockMember" id="yy_RedeemableConvertibleSeriesCPreferredStockMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="IncentiveScheme2011Member" id="yy_IncentiveScheme2011Member" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="RestrictedNetAssetsAsMaximumPercentageOfConsolidatedNetAssetsTest" id="yy_RestrictedNetAssetsAsMaximumPercentageOfConsolidatedNetAssetsTest" type="num:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" />
  <xsd:element name="TopFiveGamesMember" id="yy_TopFiveGamesMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="OnlineGameA1Member" id="yy_OnlineGameA1Member" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="OnlineGameA2Member" id="yy_OnlineGameA2Member" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="OnlineGameA3Member" id="yy_OnlineGameA3Member" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="OnlineGameA4Member" id="yy_OnlineGameA4Member" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="TopTenCustomersMember" id="yy_TopTenCustomersMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="CustomerB1Member" id="yy_CustomerB1Member" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="CustomerB2Member" id="yy_CustomerB2Member" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="CustomerB3Member" id="yy_CustomerB3Member" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="CustomerB5Member" id="yy_CustomerB5Member" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="ConcentrationRiskNumberOfTopGames" id="yy_ConcentrationRiskNumberOfTopGames" type="xbrli:integerItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="ConcentrationRiskNumberOfTopCustomers" id="yy_ConcentrationRiskNumberOfTopCustomers" type="xbrli:integerItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="NumberOfFinancialInstitutionsHoldingSubstantiallyEntireCashAndCashEquivalentsAndShortTermDeposits" id="yy_NumberOfFinancialInstitutionsHoldingSubstantiallyEntireCashAndCashEquivalentsAndShortTermDeposits" type="xbrli:integerItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpectedToVestOutstandingNumber" id="yy_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpectedToVestOutstandingNumber" type="xbrli:sharesItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" />
  <xsd:element name="ScheduleOfSharebasedCompensationMovementsOfEquityClassifiedAndLiabilityClassifiedAwardsTableTextBlock" id="yy_ScheduleOfSharebasedCompensationMovementsOfEquityClassifiedAndLiabilityClassifiedAwardsTableTextBlock" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="Pre2009SchemeOptionsMember" id="yy_Pre2009SchemeOptionsMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfIndividualsToWhomAwardsWereGranted" id="yy_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfIndividualsToWhomAwardsWereGranted" type="xbrli:integerItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="ShareBasedCompensationArrangementByShareBasedPaymentAwardVestingNumberOfEqualInstallments" id="yy_ShareBasedCompensationArrangementByShareBasedPaymentAwardVestingNumberOfEqualInstallments" type="xbrli:integerItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsWeightedAverageRemainingContractualLifeAbstract" id="yy_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsWeightedAverageRemainingContractualLifeAbstract" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageRemainingContractualTerm" id="yy_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageRemainingContractualTerm" type="xbrli:durationItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsAggregateIntrinsicValueAbstract" id="yy_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsAggregateIntrinsicValueAbstract" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfIndividualsToWhomOpportunityWereGivenToCashSettleVestedAwards" id="yy_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfIndividualsToWhomOpportunityWereGivenToCashSettleVestedAwards" type="xbrli:integerItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="PeriodFromReceiptOfNotificationToDeliverProperlySignedAgreementAfterWhichServiceVestedSharesHeldByLeavingEmployeeShallAutomaticallyLapseAndExpire" id="yy_PeriodFromReceiptOfNotificationToDeliverProperlySignedAgreementAfterWhichServiceVestedSharesHeldByLeavingEmployeeShallAutomaticallyLapseAndExpire" type="xbrli:durationItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="ShareBasedCompensationArrangementByShareBasedPaymentAwardAnnualIncreaseOnFirstDayOfEachFiscalYearInNumberOfSharesAuthorized" id="yy_ShareBasedCompensationArrangementByShareBasedPaymentAwardAnnualIncreaseOnFirstDayOfEachFiscalYearInNumberOfSharesAuthorized" type="xbrli:sharesItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="IncentiveScheme2009Member" id="yy_IncentiveScheme2009Member" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="ShareBasedCompensationArrangementByShareBasedPaymentAwardOutstanding" id="yy_ShareBasedCompensationArrangementByShareBasedPaymentAwardOutstanding" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="ShareBasedCompensationArrangementByShareBasedPaymentAwardReclassificationsAbstract" id="yy_ShareBasedCompensationArrangementByShareBasedPaymentAwardReclassificationsAbstract" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="ShareBasedCompensationArrangementByShareBasedPaymentAwardReclassificationsFromLiabilityAwardsToCommonShare" id="yy_ShareBasedCompensationArrangementByShareBasedPaymentAwardReclassificationsFromLiabilityAwardsToCommonShare" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="ShareBasedCompensationArrangementByShareBasedPaymentAwardReclassificationsFromLiabilityAwardsToEquityAwards" id="yy_ShareBasedCompensationArrangementByShareBasedPaymentAwardReclassificationsFromLiabilityAwardsToEquityAwards" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="ShareBasedCompensationArrangementByShareBasedPaymentAwardForeignCurrencyTranslationAdjustment" id="yy_ShareBasedCompensationArrangementByShareBasedPaymentAwardForeignCurrencyTranslationAdjustment" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="ShareBasedCompensationArrangementByShareBasedPaymentAwardThresholdPeriodToReclassifyLiabilityAwardsToCommonShare" id="yy_ShareBasedCompensationArrangementByShareBasedPaymentAwardThresholdPeriodToReclassifyLiabilityAwardsToCommonShare" type="xbrli:durationItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
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  <xsd:element name="AwardClassificationAxis" id="yy_AwardClassificationAxis" type="xbrli:stringItemType" substitutionGroup="xbrldt:dimensionItem" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="AwardClassificationDomain" id="yy_AwardClassificationDomain" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="InvestmentInPrivateCompanyMember" id="yy_InvestmentInPrivateCompanyMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="ShenzhenYingpengMember" id="yy_ShenzhenYingpengMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="CostMethodInvestmentsAmountReceivableByGroupInEventOfLiquidationInPreferenceToOtherCommonShareholdersAsPercentageOfOriginalInvestment" id="yy_CostMethodInvestmentsAmountReceivableByGroupInEventOfLiquidationInPreferenceToOtherCommonShareholdersAsPercentageOfOriginalInvestment" type="num:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="StockOptions1Member" id="yy_StockOptions1Member" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="VariableInterestEntitiesLegalAgreementDomain" id="yy_VariableInterestEntitiesLegalAgreementDomain" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="CostMethodInvestmentSoldCarryingAmount" id="yy_CostMethodInvestmentSoldCarryingAmount" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationWarrantsRequisiteServicePeriodRecognition" id="yy_AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationWarrantsRequisiteServicePeriodRecognition" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="StockIssuedDuringPeriodSharesExerciseOfWarrant" id="yy_StockIssuedDuringPeriodSharesExerciseOfWarrant" type="xbrli:sharesItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="StockIssuedDuringPeriodValueExerciseOfWarrant" id="yy_StockIssuedDuringPeriodValueExerciseOfWarrant" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="PeriodForWhichEntityWillBeEntitledToEnjoyPreferentialEnterpriseIncomeTaxRate" id="yy_PeriodForWhichEntityWillBeEntitledToEnjoyPreferentialEnterpriseIncomeTaxRate" type="xbrli:durationItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="PaymentsForExerciseOrRepurchaseOfStockOptions" id="yy_PaymentsForExerciseOrRepurchaseOfStockOptions" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="ClassificationOfSubsidiariesOfVariableInterestEntityDomain" id="yy_ClassificationOfSubsidiariesOfVariableInterestEntityDomain" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="NumberOfTypesOfThirdPartyDevelopedOnlineGames" id="yy_NumberOfTypesOfThirdPartyDevelopedOnlineGames" type="xbrli:integerItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="InvestmentInCompanyAMember" id="yy_InvestmentInCompanyAMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="InvestmentInCompanyBAndCompanyCMember" id="yy_InvestmentInCompanyBAndCompanyCMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
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  <xsd:element name="NumbersOfInvestmentsInPreferredStocks" id="yy_NumbersOfInvestmentsInPreferredStocks" type="xbrli:integerItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="EmployeesAndNonEmployeesMember" id="yy_EmployeesAndNonEmployeesMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="GuangzhouZhuqueInformationTechnologyCompanyLimitedFoundersMember" id="yy_GuangzhouZhuqueInformationTechnologyCompanyLimitedFoundersMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="PaymentsToAcquireOtherNoncurrentAssets" id="yy_PaymentsToAcquireOtherNoncurrentAssets" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="PaymentsExpensePaidOnBehalfOfRelatedParty" id="yy_PaymentsExpensePaidOnBehalfOfRelatedParty" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="ProceedsFromCollectionOfLoansToThirdParties" id="yy_ProceedsFromCollectionOfLoansToThirdParties" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="Edu24oLComMember" id="yy_Edu24oLComMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="MobileGameCompanyMember" id="yy_MobileGameCompanyMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="BusinessCombinationContingentConsiderationContingentUponAchievementOfSpecifiedPerformanceMilestones" id="yy_BusinessCombinationContingentConsiderationContingentUponAchievementOfSpecifiedPerformanceMilestones" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="RestrictedShortTermDepositsTextBlock" id="yy_RestrictedShortTermDepositsTextBlock" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedReceivablesAndOtherTangibleAssets" id="yy_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedReceivablesAndOtherTangibleAssets" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="BigoTechnologyPteLimitedMember" id="yy_BigoTechnologyPteLimitedMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="RelatedPartyTransactionOwnershipPercentage" id="yy_RelatedPartyTransactionOwnershipPercentage" type="num:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" />
  <xsd:element name="ZhuqueFounderMember" id="yy_ZhuqueFounderMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="AcquisitionOfOwnershipInterestUponFulfillmentOfServiceCondition" id="yy_AcquisitionOfOwnershipInterestUponFulfillmentOfServiceCondition" type="num:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="GuangzhouKuyouInformationTechnologyCoLtdMember" id="yy_GuangzhouKuyouInformationTechnologyCoLtdMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="ChengduXishanjuEntertainmentTechnologyCoLtdMember" id="yy_ChengduXishanjuEntertainmentTechnologyCoLtdMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="ShenzhenQingdouNetworkTechnologyCoLtdMember" id="yy_ShenzhenQingdouNetworkTechnologyCoLtdMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="GuangzhouMuyouNetworkTechnologyCoLtdMember" id="yy_GuangzhouMuyouNetworkTechnologyCoLtdMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="RelatedPartyTransactionsAxis" id="yy_RelatedPartyTransactionsAxis" type="xbrli:stringItemType" substitutionGroup="xbrldt:dimensionItem" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="LightstoneSlpLlcMember" id="yy_LightstoneSlpLlcMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="FiniteLivedIntangibleAssetsAccumulatedImpairment" id="yy_FiniteLivedIntangibleAssetsAccumulatedImpairment" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="SlpUnitsMember" id="yy_SlpUnitsMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="FounderOfVIESubsidiariesMember" id="yy_FounderOfVIESubsidiariesMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="ZhengrenqiangAndHisBuddiesEducationTechnologyBeijingCompanyLimitedMember" id="yy_ZhengrenqiangAndHisBuddiesEducationTechnologyBeijingCompanyLimitedMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="BeijingDuBookerCultureCommunicationCompanyLimitedMember" id="yy_BeijingDuBookerCultureCommunicationCompanyLimitedMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="ZhengrenqiangAndHisBuddiesEducationTechnologyBeijingCompanyLimitedAndBeijingDuBookerCultureCommunicationCompanyLimitedMember" id="yy_ZhengrenqiangAndHisBuddiesEducationTechnologyBeijingCompanyLimitedAndBeijingDuBookerCultureCommunicationCompanyLimitedMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="BeijingHuanqiuXingxueTechnologyDevelopmentCoLtdAndBeijingHuanqiuChuangzhiSoftwareCoLtdMember" id="yy_BeijingHuanqiuXingxueTechnologyDevelopmentCoLtdAndBeijingHuanqiuChuangzhiSoftwareCoLtdMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="PaymentsForLoansToEmployeeAndThirdParties" id="yy_PaymentsForLoansToEmployeeAndThirdParties" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="ProceedsFromRepaymentOfLoansFromEmployeesAndThirdParties" id="yy_ProceedsFromRepaymentOfLoansFromEmployeesAndThirdParties" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="SurchargesRateOnBusinessTax" id="yy_SurchargesRateOnBusinessTax" type="num:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="HuanjuShidaiTechnologyBeijingCompanyLimitedAndGuangzhouHuanjuShidaiInformationTechnologyCompanyLimitedMember" id="yy_HuanjuShidaiTechnologyBeijingCompanyLimitedAndGuangzhouHuanjuShidaiInformationTechnologyCompanyLimitedMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="InvestmentInPreferredSharesOfThreeCompanyMember" id="yy_InvestmentInPreferredSharesOfThreeCompanyMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="CopyrightInfringementClaimMember" id="yy_CopyrightInfringementClaimMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="NetEaseComIncMember" id="yy_NetEaseComIncMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="DebtInstrumentRedemptionOptionOneMember" id="yy_DebtInstrumentRedemptionOptionOneMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="DebtInstrumentRedemptionOptionTwoMember" id="yy_DebtInstrumentRedemptionOptionTwoMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesDeferredTaxLiabilities" id="yy_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesDeferredTaxLiabilities" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedNetAssetsAcquired" id="yy_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedNetAssetsAcquired" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedNetLiabilitiesAssumed" id="yy_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedNetLiabilitiesAssumed" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="ScheduleOfPrincipalAccountingPoliciesTable" id="yy_ScheduleOfPrincipalAccountingPoliciesTable" type="xbrli:stringItemType" substitutionGroup="xbrldt:hypercubeItem" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="PrincipalAccountingPoliciesLineItems" id="yy_PrincipalAccountingPoliciesLineItems" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="AdditionsToAllowanceForDoubtfulAccounts" id="yy_AdditionsToAllowanceForDoubtfulAccounts" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="OtherFiniteLivedIntangibleAssetsMember" id="yy_OtherFiniteLivedIntangibleAssetsMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="PrepaymentsOfExclusiveLicenseFee" id="yy_PrepaymentsOfExclusiveLicenseFee" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="PaymentsOfInterestFreeLoanToRelatedParties" id="yy_PaymentsOfInterestFreeLoanToRelatedParties" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="ShanghaiBeifuCultureCommunicationCoLtdMember" id="yy_ShanghaiBeifuCultureCommunicationCoLtdMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="BusinessCombinationContingentPaymentToBeMadeWhenAchievesSpecificPercentageOfPerformanceMetrics" id="yy_BusinessCombinationContingentPaymentToBeMadeWhenAchievesSpecificPercentageOfPerformanceMetrics" type="num:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="ShareRepurchaseProgramApprovedOn4May2014And5March2015Member" id="yy_ShareRepurchaseProgramApprovedOn4May2014And5March2015Member" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="PaymentOnBehalfOfRelatedParty" id="yy_PaymentOnBehalfOfRelatedParty" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
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  <xsd:element name="GuangzhouHuanjuMediaCompanyLimitedMember" id="yy_GuangzhouHuanjuMediaCompanyLimitedMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="ZhengrenqiangAndHisPartnersEducationTechnologyBeijingCompanyLimitedMember" id="yy_ZhengrenqiangAndHisPartnersEducationTechnologyBeijingCompanyLimitedMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
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  <xsd:element name="EngageCapitalPartnersILPMember" id="yy_EngageCapitalPartnersILPMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="BilinInformationTechnologyCoLtdMember" id="yy_BilinInformationTechnologyCoLtdMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="BilinInformationTechnologyCoLimitedMember" id="yy_BilinInformationTechnologyCoLimitedMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
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  <xsd:element name="BeijingBilinOnlineInformationTechnologyCoLtdMember" id="yy_BeijingBilinOnlineInformationTechnologyCoLtdMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="ZhuhaiHuanjuInteractiveEntertainmentTechnologyMember" id="yy_ZhuhaiHuanjuInteractiveEntertainmentTechnologyMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
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  <xsd:element name="BeijingYunkeOnlineTechnologyDevelopmentCoLtdMember" id="yy_BeijingYunkeOnlineTechnologyDevelopmentCoLtdMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
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  <xsd:element name="NumberOfTrialClassOfPurchasedCourse" id="yy_NumberOfTrialClassOfPurchasedCourse" type="xbrli:integerItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" />
  <xsd:element name="AmountOfRefundToBeProvidedToStudentWhoWithdrawsFundAfterTrialPeriod" id="yy_AmountOfRefundToBeProvidedToStudentWhoWithdrawsFundAfterTrialPeriod" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
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  <xsd:element name="InternetValueAddedServicesAndOthersMember" id="yy_InternetValueAddedServicesAndOthersMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="HuyaBroadcastingMember" id="yy_HuyaBroadcastingMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="OneHundredEducationMember" id="yy_OneHundredEducationMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="YYIVASMember" id="yy_YYIVASMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
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  <xsd:element name="HundredEducationMember" id="yy_HundredEducationMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="OnlineGameHostsMember" id="yy_OnlineGameHostsMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="ShanghaiJiazuoMember" id="yy_ShanghaiJiazuoMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="XiamenDuoyiMember" id="yy_XiamenDuoyiMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
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  <xsd:element name="ConditionsToExerciseCallOptionAndPutOption" id="yy_ConditionsToExerciseCallOptionAndPutOption" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="AmountOfShortTermBorrowingOffset" id="yy_AmountOfShortTermBorrowingOffset" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="instant" />
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  <xsd:element name="OperatingRightsForGamesBroadcastingMember" id="yy_OperatingRightsForGamesBroadcastingMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="NumberOfVariableInterestEntitiesHaveAccumulatedLossesSinceInception" id="yy_NumberOfVariableInterestEntitiesHaveAccumulatedLossesSinceInception" type="xbrli:integerItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="ScheduleOfRestrictedShortTermDepositsTableTextBlock" id="yy_ScheduleOfRestrictedShortTermDepositsTableTextBlock" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="PledgeShortTermDepositsForOnePendingLitigation" id="yy_PledgeShortTermDepositsForOnePendingLitigation" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="PledgeShortTermDepositsForBankBorrowingFacilities" id="yy_PledgeShortTermDepositsForBankBorrowingFacilities" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="EmployeeAdvancesCurrent" id="yy_EmployeeAdvancesCurrent" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="HundredOnlineEducationTechnologyBeijingCoLtdAndBeijingDubookerCultureCommunicationCoLtdMember" id="yy_HundredOnlineEducationTechnologyBeijingCoLtdAndBeijingDubookerCultureCommunicationCoLtdMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="HundredOnlineEducationTechnologyBeijingCoLtdMember" id="yy_HundredOnlineEducationTechnologyBeijingCoLtdMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="AccruedExclusiveLicenseFeesCurrent" id="yy_AccruedExclusiveLicenseFeesCurrent" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="BusinessAcquisitionNumberOfAcquiredEntity" id="yy_BusinessAcquisitionNumberOfAcquiredEntity" type="xbrli:integerItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" />
  <xsd:element name="OneHundredOnlineEducationTechnologyBeijingCoLtdAndBeijingDubookerCultureCommunicationCoLtdMember" id="yy_OneHundredOnlineEducationTechnologyBeijingCoLtdAndBeijingDubookerCultureCommunicationCoLtdMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="PromotionExpenseMember" id="yy_PromotionExpenseMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="OtherRelatedPartyMember" id="yy_OtherRelatedPartyMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="RelatedPartyTransactionNumberOfSharesIssued" id="yy_RelatedPartyTransactionNumberOfSharesIssued" type="xbrli:sharesItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="IncomeLossFromSubsidiariesVariableInterestEntityAndVariableInterestEntitySubsidiaries" id="yy_IncomeLossFromSubsidiariesVariableInterestEntityAndVariableInterestEntitySubsidiaries" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="NetIncomeLossAttributableToNoncontrollingInterestShareholdersAndMezzanineClassifiedNoncontrollingInterestShareholders" id="yy_NetIncomeLossAttributableToNoncontrollingInterestShareholdersAndMezzanineClassifiedNoncontrollingInterestShareholders" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="RelatedPartyTransactionOtherTransactionWithRelatedParties" id="yy_RelatedPartyTransactionOtherTransactionWithRelatedParties" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="AvailableForSaleSecuritiesOwnershipPercentage" id="yy_AvailableForSaleSecuritiesOwnershipPercentage" type="num:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" />
</xsd:schema>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.CAL
<SEQUENCE>18
<FILENAME>yy-20151231_cal.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION CALCULATION LINKBASE
<TEXT>
<XBRL>
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    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_BigoTechnologyPteLimitedMember" xlink:label="yy_BigoTechnologyPteLimitedMember" xlink:title="yy_BigoTechnologyPteLimitedMember" />
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  </link:definitionLink>
</link:linkbase>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.LAB
<SEQUENCE>20
<FILENAME>yy-20151231_lab.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION LABEL LINKBASE
<TEXT>
<XBRL>
<?xml version="1.0" encoding="us-ascii" standalone="yes"?>
<!--Created by IRIS, Powered by IRIS Carbon-->
<link:linkbase xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:xbrli="http://www.xbrl.org/2003/instance" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd">
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  <link:roleRef roleURI="http://www.xbrl.org/2009/role/negatedPeriodEndLabel" xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedPeriodEndLabel" />
  <link:roleRef roleURI="http://www.xbrl.org/2009/role/negatedPeriodStartLabel" xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedPeriodStartLabel" />
  <link:roleRef roleURI="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedTerseLabel" />
  <link:roleRef roleURI="http://www.xbrl.org/2009/role/negatedTotalLabel" xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedTotalLabel" />
  <link:labelLink xlink:type="extended" xlink:role="http://www.xbrl.org/2003/role/link">
    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_FurnitureFixturesAndOfficeEquipmentMember" xlink:label="yy_FurnitureFixturesAndOfficeEquipmentMember" xlink:title="yy_FurnitureFixturesAndOfficeEquipmentMember" />
    <link:label xlink:type="resource" xlink:label="label_yy_FurnitureFixturesAndOfficeEquipmentMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_yy_FurnitureFixturesAndOfficeEquipmentMember" xml:lang="en-US" id="label_yy_FurnitureFixturesAndOfficeEquipmentMember">Represents information pertaining to furniture, fixture and office equipment.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_FurnitureFixturesAndOfficeEquipmentMember" xlink:to="label_yy_FurnitureFixturesAndOfficeEquipmentMember" xlink:title="Label : yy_FurnitureFixturesAndOfficeEquipmentMember to label_yy_FurnitureFixturesAndOfficeEquipmentMember" />
    <link:label xlink:type="resource" xlink:label="label_yy_FurnitureFixturesAndOfficeEquipmentMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_yy_FurnitureFixturesAndOfficeEquipmentMember_1" xml:lang="en-US" id="label_yy_FurnitureFixturesAndOfficeEquipmentMember_1">Furniture Fixtures and Office Equipment [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_FurnitureFixturesAndOfficeEquipmentMember" xlink:to="label_yy_FurnitureFixturesAndOfficeEquipmentMember_1" xlink:title="Label : yy_FurnitureFixturesAndOfficeEquipmentMember to label_yy_FurnitureFixturesAndOfficeEquipmentMember_1" />
    <link:label xlink:type="resource" xlink:label="label_yy_FurnitureFixturesAndOfficeEquipmentMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_yy_FurnitureFixturesAndOfficeEquipmentMember_2" xml:lang="en-US" id="label_yy_FurnitureFixturesAndOfficeEquipmentMember_2">Furniture, fixture and office equipment [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_FurnitureFixturesAndOfficeEquipmentMember" xlink:to="label_yy_FurnitureFixturesAndOfficeEquipmentMember_2" xlink:title="Label : yy_FurnitureFixturesAndOfficeEquipmentMember to label_yy_FurnitureFixturesAndOfficeEquipmentMember_2" />
    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_DuowanEntertainmentCorporationMember" xlink:label="yy_DuowanEntertainmentCorporationMember" xlink:title="yy_DuowanEntertainmentCorporationMember" />
    <link:label xlink:type="resource" xlink:label="label_yy_DuowanEntertainmentCorporationMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_yy_DuowanEntertainmentCorporationMember" xml:lang="en-US" id="label_yy_DuowanEntertainmentCorporationMember">Represents the information pertaining to the Duowan Entertainment Corporation, a wholly-owed subsidiary of the reporting entity.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_DuowanEntertainmentCorporationMember" xlink:to="label_yy_DuowanEntertainmentCorporationMember" xlink:title="Label : yy_DuowanEntertainmentCorporationMember to label_yy_DuowanEntertainmentCorporationMember" />
    <link:label xlink:type="resource" xlink:label="label_yy_DuowanEntertainmentCorporationMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_yy_DuowanEntertainmentCorporationMember_1" xml:lang="en-US" id="label_yy_DuowanEntertainmentCorporationMember_1">Duowan Entertainment Corporation [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_DuowanEntertainmentCorporationMember" xlink:to="label_yy_DuowanEntertainmentCorporationMember_1" xlink:title="Label : yy_DuowanEntertainmentCorporationMember to label_yy_DuowanEntertainmentCorporationMember_1" />
    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_ZhuhaiDuowanTechnologyCompanyLimitedMember" xlink:label="yy_ZhuhaiDuowanTechnologyCompanyLimitedMember" xlink:title="yy_ZhuhaiDuowanTechnologyCompanyLimitedMember" />
    <link:label xlink:type="resource" xlink:label="label_yy_ZhuhaiDuowanTechnologyCompanyLimitedMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_yy_ZhuhaiDuowanTechnologyCompanyLimitedMember" xml:lang="en-US" id="label_yy_ZhuhaiDuowanTechnologyCompanyLimitedMember">Represents Zhuhai Duowan Technology Company Limited, which is directly 100% owned by Duowan BVI.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_ZhuhaiDuowanTechnologyCompanyLimitedMember" xlink:to="label_yy_ZhuhaiDuowanTechnologyCompanyLimitedMember" xlink:title="Label : yy_ZhuhaiDuowanTechnologyCompanyLimitedMember to label_yy_ZhuhaiDuowanTechnologyCompanyLimitedMember" />
    <link:label xlink:type="resource" xlink:label="label_yy_ZhuhaiDuowanTechnologyCompanyLimitedMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_yy_ZhuhaiDuowanTechnologyCompanyLimitedMember_1" xml:lang="en-US" id="label_yy_ZhuhaiDuowanTechnologyCompanyLimitedMember_1">Zhuhai Duowan Technology Company Limited [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_ZhuhaiDuowanTechnologyCompanyLimitedMember" xlink:to="label_yy_ZhuhaiDuowanTechnologyCompanyLimitedMember_1" xlink:title="Label : yy_ZhuhaiDuowanTechnologyCompanyLimitedMember to label_yy_ZhuhaiDuowanTechnologyCompanyLimitedMember_1" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_ZhuhaiDuowanTechnologyCompanyLimitedMember" xlink:to="label_yy_ZhuhaiDuowanTechnologyCompanyLimitedMember_2" xlink:title="Label : yy_ZhuhaiDuowanTechnologyCompanyLimitedMember to label_yy_ZhuhaiDuowanTechnologyCompanyLimitedMember_2" />
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    <link:label xlink:type="resource" xlink:label="label_yy_CooperationAgreementsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_yy_CooperationAgreementsMember" xml:lang="en-US" id="label_yy_CooperationAgreementsMember">Represents information pertaining to cooperation agreements.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_CooperationAgreementsMember" xlink:to="label_yy_CooperationAgreementsMember" xlink:title="Label : yy_CooperationAgreementsMember to label_yy_CooperationAgreementsMember" />
    <link:label xlink:type="resource" xlink:label="label_yy_CooperationAgreementsMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_yy_CooperationAgreementsMember_1" xml:lang="en-US" id="label_yy_CooperationAgreementsMember_1">Cooperation agreements [Member]</link:label>
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    <link:label xlink:type="resource" xlink:label="label_yy_CooperationAgreementsMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_yy_CooperationAgreementsMember_2" xml:lang="en-US" id="label_yy_CooperationAgreementsMember_2">Cooperation Agreements [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_CooperationAgreementsMember" xlink:to="label_yy_CooperationAgreementsMember_2" xlink:title="Label : yy_CooperationAgreementsMember to label_yy_CooperationAgreementsMember_2" />
    <link:label xlink:type="resource" xlink:label="label_yy_CooperationAgreementsMember_3" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_yy_CooperationAgreementsMember_3" xml:lang="en-US" id="label_yy_CooperationAgreementsMember_3">Cooperation Agreements [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_CooperationAgreementsMember" xlink:to="label_yy_CooperationAgreementsMember_3" xlink:title="Label : yy_CooperationAgreementsMember to label_yy_CooperationAgreementsMember_3" />
    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_ExchangeRatioOfStockSharesIssuedInExchangeForExistingShares" xlink:label="yy_ExchangeRatioOfStockSharesIssuedInExchangeForExistingShares" xlink:title="yy_ExchangeRatioOfStockSharesIssuedInExchangeForExistingShares" />
    <link:label xlink:type="resource" xlink:label="label_yy_ExchangeRatioOfStockSharesIssuedInExchangeForExistingShares" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_yy_ExchangeRatioOfStockSharesIssuedInExchangeForExistingShares" xml:lang="en-US" id="label_yy_ExchangeRatioOfStockSharesIssuedInExchangeForExistingShares">Number of shares of the reporting entity, issued in exchange for each share held by all existing shareholders of the subsidiary pursuant to a share swap agreement.</link:label>
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    <link:label xlink:type="resource" xlink:label="label_yy_ExchangeRatioOfStockSharesIssuedInExchangeForExistingShares_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_yy_ExchangeRatioOfStockSharesIssuedInExchangeForExistingShares_1" xml:lang="en-US" id="label_yy_ExchangeRatioOfStockSharesIssuedInExchangeForExistingShares_1">Exchange Ratio of Stock Shares Issued in Exchange for Existing Shares</link:label>
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    <link:label xlink:type="resource" xlink:label="label_yy_ExchangeRatioOfStockSharesIssuedInExchangeForExistingShares_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_yy_ExchangeRatioOfStockSharesIssuedInExchangeForExistingShares_2" xml:lang="en-US" id="label_yy_ExchangeRatioOfStockSharesIssuedInExchangeForExistingShares_2">Number of shares issued in exchange for each share held by all existing shareholders of Duowan BVI pursuant to a share swap agreement</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_ExchangeRatioOfStockSharesIssuedInExchangeForExistingShares" xlink:to="label_yy_ExchangeRatioOfStockSharesIssuedInExchangeForExistingShares_2" xlink:title="Label : yy_ExchangeRatioOfStockSharesIssuedInExchangeForExistingShares to label_yy_ExchangeRatioOfStockSharesIssuedInExchangeForExistingShares_2" />
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    <link:label xlink:type="resource" xlink:label="label_yy_NumberOfVariableInterestEntitiesConsideredAsPrimaryBeneficiary" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_yy_NumberOfVariableInterestEntitiesConsideredAsPrimaryBeneficiary" xml:lang="en-US" id="label_yy_NumberOfVariableInterestEntitiesConsideredAsPrimaryBeneficiary">The number of Variable Interest Entities (VIE) in which the entity has variable interest and is the primary beneficiary.</link:label>
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    <link:label xlink:type="resource" xlink:label="label_yy_NumberOfVariableInterestEntitiesConsideredAsPrimaryBeneficiary_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_yy_NumberOfVariableInterestEntitiesConsideredAsPrimaryBeneficiary_1" xml:lang="en-US" id="label_yy_NumberOfVariableInterestEntitiesConsideredAsPrimaryBeneficiary_1">Number of Variable Interest Entities Considered as Primary Beneficiary</link:label>
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    <link:label xlink:type="resource" xlink:label="label_yy_NumberOfVariableInterestEntitiesConsideredAsPrimaryBeneficiary_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_yy_NumberOfVariableInterestEntitiesConsideredAsPrimaryBeneficiary_2" xml:lang="en-US" id="label_yy_NumberOfVariableInterestEntitiesConsideredAsPrimaryBeneficiary_2">Number of VIEs considered as primary beneficiary</link:label>
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    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_AmericanDepositorySharesMember" xlink:label="yy_AmericanDepositorySharesMember" xlink:title="yy_AmericanDepositorySharesMember" />
    <link:label xlink:type="resource" xlink:label="label_yy_AmericanDepositorySharesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_yy_AmericanDepositorySharesMember" xml:lang="en-US" id="label_yy_AmericanDepositorySharesMember">A U.S. dollar-denominated equity share of a foreign-based company available for purchase on an American stock exchange.</link:label>
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    <link:label xlink:type="resource" xlink:label="label_yy_AmericanDepositorySharesMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_yy_AmericanDepositorySharesMember_1" xml:lang="en-US" id="label_yy_AmericanDepositorySharesMember_1">American Depository Shares [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_AmericanDepositorySharesMember" xlink:to="label_yy_AmericanDepositorySharesMember_1" xlink:title="Label : yy_AmericanDepositorySharesMember to label_yy_AmericanDepositorySharesMember_1" />
    <link:label xlink:type="resource" xlink:label="label_yy_AmericanDepositorySharesMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_yy_AmericanDepositorySharesMember_2" xml:lang="en-US" id="label_yy_AmericanDepositorySharesMember_2">ADSs [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_AmericanDepositorySharesMember" xlink:to="label_yy_AmericanDepositorySharesMember_2" xlink:title="Label : yy_AmericanDepositorySharesMember to label_yy_AmericanDepositorySharesMember_2" />
    <link:label xlink:type="resource" xlink:label="label_yy_AmericanDepositorySharesMember_3" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_yy_AmericanDepositorySharesMember_3" xml:lang="en-US" id="label_yy_AmericanDepositorySharesMember_3">ADS [Member]</link:label>
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    <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_AmendmentDescription" xlink:label="dei_AmendmentDescription" xlink:title="dei_AmendmentDescription" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_PeriodOfPriorWrittenNoticeRequiredToTerminateAgreement" xlink:to="label_yy_PeriodOfPriorWrittenNoticeRequiredToTerminateAgreement_1" xlink:title="Label : yy_PeriodOfPriorWrittenNoticeRequiredToTerminateAgreement to label_yy_PeriodOfPriorWrittenNoticeRequiredToTerminateAgreement_1" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_PeriodOfPriorWrittenNoticeRequiredToTerminateAgreement" xlink:to="label_yy_PeriodOfPriorWrittenNoticeRequiredToTerminateAgreement_2" xlink:title="Label : yy_PeriodOfPriorWrittenNoticeRequiredToTerminateAgreement to label_yy_PeriodOfPriorWrittenNoticeRequiredToTerminateAgreement_2" />
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    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_GuangzhouJuhuiInformationTechnologyCompanyLimitedMember" xlink:label="yy_GuangzhouJuhuiInformationTechnologyCompanyLimitedMember" xlink:title="yy_GuangzhouJuhuiInformationTechnologyCompanyLimitedMember" />
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    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_PrepaymentsForFixedAssets" xlink:label="yy_PrepaymentsForFixedAssets" xlink:title="yy_PrepaymentsForFixedAssets" />
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    <link:label xlink:type="resource" xlink:label="label_yy_PrepaymentsForFixedAssets_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_yy_PrepaymentsForFixedAssets_1" xml:lang="en-US" id="label_yy_PrepaymentsForFixedAssets_1">Prepayments for Fixed Assets</link:label>
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    <link:label xlink:type="resource" xlink:label="label_yy_PrepaymentsForFixedAssets_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_yy_PrepaymentsForFixedAssets_2" xml:lang="en-US" id="label_yy_PrepaymentsForFixedAssets_2">Prepayment for acquiring an office building</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_PrepaymentsForFixedAssets" xlink:to="label_yy_PrepaymentsForFixedAssets_2" xlink:title="Label : yy_PrepaymentsForFixedAssets to label_yy_PrepaymentsForFixedAssets_2" />
    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_PrepaymentForOperatingRightsOfLicensedGames" xlink:label="yy_PrepaymentForOperatingRightsOfLicensedGames" xlink:title="yy_PrepaymentForOperatingRightsOfLicensedGames" />
    <link:label xlink:type="resource" xlink:label="label_yy_PrepaymentForOperatingRightsOfLicensedGames" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_yy_PrepaymentForOperatingRightsOfLicensedGames" xml:lang="en-US" id="label_yy_PrepaymentForOperatingRightsOfLicensedGames">Represents the non-current portion of prepayment for operating rights of licensed games.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_PrepaymentForOperatingRightsOfLicensedGames" xlink:to="label_yy_PrepaymentForOperatingRightsOfLicensedGames" xlink:title="Label : yy_PrepaymentForOperatingRightsOfLicensedGames to label_yy_PrepaymentForOperatingRightsOfLicensedGames" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_PrepaymentForOperatingRightsOfLicensedGames" xlink:to="label_yy_PrepaymentForOperatingRightsOfLicensedGames_1" xlink:title="Label : yy_PrepaymentForOperatingRightsOfLicensedGames to label_yy_PrepaymentForOperatingRightsOfLicensedGames_1" />
    <link:label xlink:type="resource" xlink:label="label_yy_PrepaymentForOperatingRightsOfLicensedGames_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_yy_PrepaymentForOperatingRightsOfLicensedGames_2" xml:lang="en-US" id="label_yy_PrepaymentForOperatingRightsOfLicensedGames_2">Prepayment for operating rights of licensed games</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_PrepaymentForOperatingRightsOfLicensedGames" xlink:to="label_yy_PrepaymentForOperatingRightsOfLicensedGames_2" xlink:title="Label : yy_PrepaymentForOperatingRightsOfLicensedGames to label_yy_PrepaymentForOperatingRightsOfLicensedGames_2" />
    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_InternetValueAddedServicesRevenueMember" xlink:label="yy_InternetValueAddedServicesRevenueMember" xlink:title="yy_InternetValueAddedServicesRevenueMember" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_InternetValueAddedServicesRevenueMember" xlink:to="label_yy_InternetValueAddedServicesRevenueMember" xlink:title="Label : yy_InternetValueAddedServicesRevenueMember to label_yy_InternetValueAddedServicesRevenueMember" />
    <link:label xlink:type="resource" xlink:label="label_yy_InternetValueAddedServicesRevenueMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_yy_InternetValueAddedServicesRevenueMember_1" xml:lang="en-US" id="label_yy_InternetValueAddedServicesRevenueMember_1">Internet Value Added Services Revenue [Member]</link:label>
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    <link:label xlink:type="resource" xlink:label="label_yy_InternetValueAddedServicesRevenueMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_yy_InternetValueAddedServicesRevenueMember_2" xml:lang="en-US" id="label_yy_InternetValueAddedServicesRevenueMember_2">IVAS revenue [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_InternetValueAddedServicesRevenueMember" xlink:to="label_yy_InternetValueAddedServicesRevenueMember_2" xlink:title="Label : yy_InternetValueAddedServicesRevenueMember to label_yy_InternetValueAddedServicesRevenueMember_2" />
    <link:label xlink:type="resource" xlink:label="label_yy_InternetValueAddedServicesRevenueMember_3" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_yy_InternetValueAddedServicesRevenueMember_3" xml:lang="en-US" id="label_yy_InternetValueAddedServicesRevenueMember_3">IVAS revenues [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_InternetValueAddedServicesRevenueMember" xlink:to="label_yy_InternetValueAddedServicesRevenueMember_3" xlink:title="Label : yy_InternetValueAddedServicesRevenueMember to label_yy_InternetValueAddedServicesRevenueMember_3" />
    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_GovernmentGrantMember" xlink:label="yy_GovernmentGrantMember" xlink:title="yy_GovernmentGrantMember" />
    <link:label xlink:type="resource" xlink:label="label_yy_GovernmentGrantMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_yy_GovernmentGrantMember" xml:lang="en-US" id="label_yy_GovernmentGrantMember">Represents information pertaining to revenue earned during the period from non-repayable sum of money awarded to an entity to carry out a specific purpose as provided in grant agreements.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_GovernmentGrantMember" xlink:to="label_yy_GovernmentGrantMember" xlink:title="Label : yy_GovernmentGrantMember to label_yy_GovernmentGrantMember" />
    <link:label xlink:type="resource" xlink:label="label_yy_GovernmentGrantMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_yy_GovernmentGrantMember_1" xml:lang="en-US" id="label_yy_GovernmentGrantMember_1">Government Grant [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_GovernmentGrantMember" xlink:to="label_yy_GovernmentGrantMember_1" xlink:title="Label : yy_GovernmentGrantMember to label_yy_GovernmentGrantMember_1" />
    <link:label xlink:type="resource" xlink:label="label_yy_GovernmentGrantMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_yy_GovernmentGrantMember_2" xml:lang="en-US" id="label_yy_GovernmentGrantMember_2">Government grants [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_GovernmentGrantMember" xlink:to="label_yy_GovernmentGrantMember_2" xlink:title="Label : yy_GovernmentGrantMember to label_yy_GovernmentGrantMember_2" />
    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_GuangzhouHuanjuChuanmeiCompanyLimitedMember" xlink:label="yy_GuangzhouHuanjuChuanmeiCompanyLimitedMember" xlink:title="yy_GuangzhouHuanjuChuanmeiCompanyLimitedMember" />
    <link:label xlink:type="resource" xlink:label="label_yy_GuangzhouHuanjuChuanmeiCompanyLimitedMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_yy_GuangzhouHuanjuChuanmeiCompanyLimitedMember" xml:lang="en-US" id="label_yy_GuangzhouHuanjuChuanmeiCompanyLimitedMember">Represents information pertaining to Guangzhou Huanju Chuanmei Company Limited.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_GuangzhouHuanjuChuanmeiCompanyLimitedMember" xlink:to="label_yy_GuangzhouHuanjuChuanmeiCompanyLimitedMember" xlink:title="Label : yy_GuangzhouHuanjuChuanmeiCompanyLimitedMember to label_yy_GuangzhouHuanjuChuanmeiCompanyLimitedMember" />
    <link:label xlink:type="resource" xlink:label="label_yy_GuangzhouHuanjuChuanmeiCompanyLimitedMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_yy_GuangzhouHuanjuChuanmeiCompanyLimitedMember_1" xml:lang="en-US" id="label_yy_GuangzhouHuanjuChuanmeiCompanyLimitedMember_1">Guangzhou Huanju Chuanmei Company Limited [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_GuangzhouHuanjuChuanmeiCompanyLimitedMember" xlink:to="label_yy_GuangzhouHuanjuChuanmeiCompanyLimitedMember_1" xlink:title="Label : yy_GuangzhouHuanjuChuanmeiCompanyLimitedMember to label_yy_GuangzhouHuanjuChuanmeiCompanyLimitedMember_1" />
    <link:label xlink:type="resource" xlink:label="label_yy_GuangzhouHuanjuChuanmeiCompanyLimitedMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_yy_GuangzhouHuanjuChuanmeiCompanyLimitedMember_2" xml:lang="en-US" id="label_yy_GuangzhouHuanjuChuanmeiCompanyLimitedMember_2">Guangzhou Huanju Chuanmei [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_GuangzhouHuanjuChuanmeiCompanyLimitedMember" xlink:to="label_yy_GuangzhouHuanjuChuanmeiCompanyLimitedMember_2" xlink:title="Label : yy_GuangzhouHuanjuChuanmeiCompanyLimitedMember to label_yy_GuangzhouHuanjuChuanmeiCompanyLimitedMember_2" />
    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_GuangzhouZhuqueInformationTechnologyCompanyLimitedMember" xlink:label="yy_GuangzhouZhuqueInformationTechnologyCompanyLimitedMember" xlink:title="yy_GuangzhouZhuqueInformationTechnologyCompanyLimitedMember" />
    <link:label xlink:type="resource" xlink:label="label_yy_GuangzhouZhuqueInformationTechnologyCompanyLimitedMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_yy_GuangzhouZhuqueInformationTechnologyCompanyLimitedMember" xml:lang="en-US" id="label_yy_GuangzhouZhuqueInformationTechnologyCompanyLimitedMember">Represents information pertaining to Guangzhou Zhuque Information Technology Company Limited.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_GuangzhouZhuqueInformationTechnologyCompanyLimitedMember" xlink:to="label_yy_GuangzhouZhuqueInformationTechnologyCompanyLimitedMember" xlink:title="Label : yy_GuangzhouZhuqueInformationTechnologyCompanyLimitedMember to label_yy_GuangzhouZhuqueInformationTechnologyCompanyLimitedMember" />
    <link:label xlink:type="resource" xlink:label="label_yy_GuangzhouZhuqueInformationTechnologyCompanyLimitedMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_yy_GuangzhouZhuqueInformationTechnologyCompanyLimitedMember_1" xml:lang="en-US" id="label_yy_GuangzhouZhuqueInformationTechnologyCompanyLimitedMember_1">Guangzhou Zhuque Information Technology Company Limited [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_GuangzhouZhuqueInformationTechnologyCompanyLimitedMember" xlink:to="label_yy_GuangzhouZhuqueInformationTechnologyCompanyLimitedMember_1" xlink:title="Label : yy_GuangzhouZhuqueInformationTechnologyCompanyLimitedMember to label_yy_GuangzhouZhuqueInformationTechnologyCompanyLimitedMember_1" />
    <link:label xlink:type="resource" xlink:label="label_yy_GuangzhouZhuqueInformationTechnologyCompanyLimitedMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_yy_GuangzhouZhuqueInformationTechnologyCompanyLimitedMember_2" xml:lang="en-US" id="label_yy_GuangzhouZhuqueInformationTechnologyCompanyLimitedMember_2">Guangzhou Zhuque Information Technology Company Limited [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_GuangzhouZhuqueInformationTechnologyCompanyLimitedMember" xlink:to="label_yy_GuangzhouZhuqueInformationTechnologyCompanyLimitedMember_2" xlink:title="Label : yy_GuangzhouZhuqueInformationTechnologyCompanyLimitedMember to label_yy_GuangzhouZhuqueInformationTechnologyCompanyLimitedMember_2" />
    <link:label xlink:type="resource" xlink:label="label_yy_GuangzhouZhuqueInformationTechnologyCompanyLimitedMember_3" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_yy_GuangzhouZhuqueInformationTechnologyCompanyLimitedMember_3" xml:lang="en-US" id="label_yy_GuangzhouZhuqueInformationTechnologyCompanyLimitedMember_3">Zhuque [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_GuangzhouZhuqueInformationTechnologyCompanyLimitedMember" xlink:to="label_yy_GuangzhouZhuqueInformationTechnologyCompanyLimitedMember_3" xlink:title="Label : yy_GuangzhouZhuqueInformationTechnologyCompanyLimitedMember to label_yy_GuangzhouZhuqueInformationTechnologyCompanyLimitedMember_3" />
    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_BeijingHuanqiuXingxueTechnologyDevelopmentCoLtdMember" xlink:label="yy_BeijingHuanqiuXingxueTechnologyDevelopmentCoLtdMember" xlink:title="yy_BeijingHuanqiuXingxueTechnologyDevelopmentCoLtdMember" />
    <link:label xlink:type="resource" xlink:label="label_yy_BeijingHuanqiuXingxueTechnologyDevelopmentCoLtdMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_yy_BeijingHuanqiuXingxueTechnologyDevelopmentCoLtdMember" xml:lang="en-US" id="label_yy_BeijingHuanqiuXingxueTechnologyDevelopmentCoLtdMember">Represents information pertaining to Beijing Huanqiu Xingxue Technology Development Co., Ltd.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_BeijingHuanqiuXingxueTechnologyDevelopmentCoLtdMember" xlink:to="label_yy_BeijingHuanqiuXingxueTechnologyDevelopmentCoLtdMember" xlink:title="Label : yy_BeijingHuanqiuXingxueTechnologyDevelopmentCoLtdMember to label_yy_BeijingHuanqiuXingxueTechnologyDevelopmentCoLtdMember" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_PaymentHandlingCosts" xlink:to="label_yy_PaymentHandlingCosts" xlink:title="Label : yy_PaymentHandlingCosts to label_yy_PaymentHandlingCosts" />
    <link:label xlink:type="resource" xlink:label="label_yy_PaymentHandlingCosts_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_yy_PaymentHandlingCosts_1" xml:lang="en-US" id="label_yy_PaymentHandlingCosts_1">Payment Handling Costs</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_PaymentHandlingCosts" xlink:to="label_yy_PaymentHandlingCosts_1" xlink:title="Label : yy_PaymentHandlingCosts to label_yy_PaymentHandlingCosts_1" />
    <link:label xlink:type="resource" xlink:label="label_yy_PaymentHandlingCosts_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_yy_PaymentHandlingCosts_2" xml:lang="en-US" id="label_yy_PaymentHandlingCosts_2">Payment handling costs</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_PaymentHandlingCosts" xlink:to="label_yy_PaymentHandlingCosts_2" xlink:title="Label : yy_PaymentHandlingCosts to label_yy_PaymentHandlingCosts_2" />
    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_CostOfRevenuesDisclosureTextBlock" xlink:label="yy_CostOfRevenuesDisclosureTextBlock" xlink:title="yy_CostOfRevenuesDisclosureTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_yy_CostOfRevenuesDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_yy_CostOfRevenuesDisclosureTextBlock" xml:lang="en-US" id="label_yy_CostOfRevenuesDisclosureTextBlock">The entire disclosure for recognition of costs in the period which correspond to the sales and revenue categories presented in the statement of operations.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_CostOfRevenuesDisclosureTextBlock" xlink:to="label_yy_CostOfRevenuesDisclosureTextBlock" xlink:title="Label : yy_CostOfRevenuesDisclosureTextBlock to label_yy_CostOfRevenuesDisclosureTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_yy_CostOfRevenuesDisclosureTextBlock_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_yy_CostOfRevenuesDisclosureTextBlock_1" xml:lang="en-US" id="label_yy_CostOfRevenuesDisclosureTextBlock_1">Cost of Revenues Disclosure [Text Block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_CostOfRevenuesDisclosureTextBlock" xlink:to="label_yy_CostOfRevenuesDisclosureTextBlock_1" xlink:title="Label : yy_CostOfRevenuesDisclosureTextBlock to label_yy_CostOfRevenuesDisclosureTextBlock_1" />
    <link:label xlink:type="resource" xlink:label="label_yy_CostOfRevenuesDisclosureTextBlock_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_yy_CostOfRevenuesDisclosureTextBlock_2" xml:lang="en-US" id="label_yy_CostOfRevenuesDisclosureTextBlock_2">Cost of revenues</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_CostOfRevenuesDisclosureTextBlock" xlink:to="label_yy_CostOfRevenuesDisclosureTextBlock_2" xlink:title="Label : yy_CostOfRevenuesDisclosureTextBlock to label_yy_CostOfRevenuesDisclosureTextBlock_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/country/2013/country-2013-01-31.xsd#country_CN" xlink:label="country_CN" xlink:title="country_CN" />
    <link:label xlink:type="resource" xlink:label="label_country_CN" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_country_CN" xml:lang="en-US" id="label_country_CN">CHINA</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="country_CN" xlink:to="label_country_CN" xlink:title="Label : country_CN to label_country_CN" />
    <link:label xlink:type="resource" xlink:label="label_country_CN_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_country_CN_1" xml:lang="en-US" id="label_country_CN_1">People's Republic of China</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="country_CN" xlink:to="label_country_CN_1" xlink:title="Label : country_CN to label_country_CN_1" />
    <link:label xlink:type="resource" xlink:label="label_country_CN_2" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_country_CN_2" xml:lang="en-US" id="label_country_CN_2">PRC [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="country_CN" xlink:to="label_country_CN_2" xlink:title="Label : country_CN to label_country_CN_2" />
    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_ScheduleOfCostOfRevenueTableTextBlock" xlink:label="yy_ScheduleOfCostOfRevenueTableTextBlock" xlink:title="yy_ScheduleOfCostOfRevenueTableTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_yy_ScheduleOfCostOfRevenueTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_yy_ScheduleOfCostOfRevenueTableTextBlock" xml:lang="en-US" id="label_yy_ScheduleOfCostOfRevenueTableTextBlock">Tabular disclosure for recognition of costs in the period which correspond to the sales and revenue categories presented in the statement of operations.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_ScheduleOfCostOfRevenueTableTextBlock" xlink:to="label_yy_ScheduleOfCostOfRevenueTableTextBlock" xlink:title="Label : yy_ScheduleOfCostOfRevenueTableTextBlock to label_yy_ScheduleOfCostOfRevenueTableTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_yy_ScheduleOfCostOfRevenueTableTextBlock_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_yy_ScheduleOfCostOfRevenueTableTextBlock_1" xml:lang="en-US" id="label_yy_ScheduleOfCostOfRevenueTableTextBlock_1">Schedule of Cost of Revenue [Table Text Block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_ScheduleOfCostOfRevenueTableTextBlock" xlink:to="label_yy_ScheduleOfCostOfRevenueTableTextBlock_1" xlink:title="Label : yy_ScheduleOfCostOfRevenueTableTextBlock to label_yy_ScheduleOfCostOfRevenueTableTextBlock_1" />
    <link:label xlink:type="resource" xlink:label="label_yy_ScheduleOfCostOfRevenueTableTextBlock_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_yy_ScheduleOfCostOfRevenueTableTextBlock_2" xml:lang="en-US" id="label_yy_ScheduleOfCostOfRevenueTableTextBlock_2">Schedule of Cost of revenues</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_ScheduleOfCostOfRevenueTableTextBlock" xlink:to="label_yy_ScheduleOfCostOfRevenueTableTextBlock_2" xlink:title="Label : yy_ScheduleOfCostOfRevenueTableTextBlock to label_yy_ScheduleOfCostOfRevenueTableTextBlock_2" />
    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_OtherOperatingIncomeMiscellaneous" xlink:label="yy_OtherOperatingIncomeMiscellaneous" xlink:title="yy_OtherOperatingIncomeMiscellaneous" />
    <link:label xlink:type="resource" xlink:label="label_yy_OtherOperatingIncomeMiscellaneous" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_yy_OtherOperatingIncomeMiscellaneous" xml:lang="en-US" id="label_yy_OtherOperatingIncomeMiscellaneous">The amount of other income which are not separately disclosed on the income statement.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_OtherOperatingIncomeMiscellaneous" xlink:to="label_yy_OtherOperatingIncomeMiscellaneous" xlink:title="Label : yy_OtherOperatingIncomeMiscellaneous to label_yy_OtherOperatingIncomeMiscellaneous" />
    <link:label xlink:type="resource" xlink:label="label_yy_OtherOperatingIncomeMiscellaneous_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_yy_OtherOperatingIncomeMiscellaneous_1" xml:lang="en-US" id="label_yy_OtherOperatingIncomeMiscellaneous_1">Other Operating Income Miscellaneous</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_OtherOperatingIncomeMiscellaneous" xlink:to="label_yy_OtherOperatingIncomeMiscellaneous_1" xlink:title="Label : yy_OtherOperatingIncomeMiscellaneous to label_yy_OtherOperatingIncomeMiscellaneous_1" />
    <link:label xlink:type="resource" xlink:label="label_yy_OtherOperatingIncomeMiscellaneous_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_yy_OtherOperatingIncomeMiscellaneous_2" xml:lang="en-US" id="label_yy_OtherOperatingIncomeMiscellaneous_2">Others</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_OtherOperatingIncomeMiscellaneous" xlink:to="label_yy_OtherOperatingIncomeMiscellaneous_2" xlink:title="Label : yy_OtherOperatingIncomeMiscellaneous to label_yy_OtherOperatingIncomeMiscellaneous_2" />
    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_OtherIncomeTableTextBlock" xlink:label="yy_OtherIncomeTableTextBlock" xlink:title="yy_OtherIncomeTableTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_yy_OtherIncomeTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_yy_OtherIncomeTableTextBlock" xml:lang="en-US" id="label_yy_OtherIncomeTableTextBlock">Tabular disclosure of other income elements which are not separately disclosed on the income statement.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_OtherIncomeTableTextBlock" xlink:to="label_yy_OtherIncomeTableTextBlock" xlink:title="Label : yy_OtherIncomeTableTextBlock to label_yy_OtherIncomeTableTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_yy_OtherIncomeTableTextBlock_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_yy_OtherIncomeTableTextBlock_1" xml:lang="en-US" id="label_yy_OtherIncomeTableTextBlock_1">Other Income [Table Text Block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_OtherIncomeTableTextBlock" xlink:to="label_yy_OtherIncomeTableTextBlock_1" xlink:title="Label : yy_OtherIncomeTableTextBlock to label_yy_OtherIncomeTableTextBlock_1" />
    <link:label xlink:type="resource" xlink:label="label_yy_OtherIncomeTableTextBlock_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_yy_OtherIncomeTableTextBlock_2" xml:lang="en-US" id="label_yy_OtherIncomeTableTextBlock_2">Schedule of other income</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_OtherIncomeTableTextBlock" xlink:to="label_yy_OtherIncomeTableTextBlock_2" xlink:title="Label : yy_OtherIncomeTableTextBlock to label_yy_OtherIncomeTableTextBlock_2" />
    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_PreferentialEnterpriseIncomeTaxRate" xlink:label="yy_PreferentialEnterpriseIncomeTaxRate" xlink:title="yy_PreferentialEnterpriseIncomeTaxRate" />
    <link:label xlink:type="resource" xlink:label="label_yy_PreferentialEnterpriseIncomeTaxRate" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_yy_PreferentialEnterpriseIncomeTaxRate" xml:lang="en-US" id="label_yy_PreferentialEnterpriseIncomeTaxRate">Represents the preferential tax rate applicable to the entity under the preferential tax treatment.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_PreferentialEnterpriseIncomeTaxRate" xlink:to="label_yy_PreferentialEnterpriseIncomeTaxRate" xlink:title="Label : yy_PreferentialEnterpriseIncomeTaxRate to label_yy_PreferentialEnterpriseIncomeTaxRate" />
    <link:label xlink:type="resource" xlink:label="label_yy_PreferentialEnterpriseIncomeTaxRate_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_yy_PreferentialEnterpriseIncomeTaxRate_1" xml:lang="en-US" id="label_yy_PreferentialEnterpriseIncomeTaxRate_1">Preferential Enterprise Income Tax Rate</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_PreferentialEnterpriseIncomeTaxRate" xlink:to="label_yy_PreferentialEnterpriseIncomeTaxRate_1" xlink:title="Label : yy_PreferentialEnterpriseIncomeTaxRate to label_yy_PreferentialEnterpriseIncomeTaxRate_1" />
    <link:label xlink:type="resource" xlink:label="label_yy_PreferentialEnterpriseIncomeTaxRate_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_yy_PreferentialEnterpriseIncomeTaxRate_2" xml:lang="en-US" id="label_yy_PreferentialEnterpriseIncomeTaxRate_2">Preferential tax rate (as a percent)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_PreferentialEnterpriseIncomeTaxRate" xlink:to="label_yy_PreferentialEnterpriseIncomeTaxRate_2" xlink:title="Label : yy_PreferentialEnterpriseIncomeTaxRate to label_yy_PreferentialEnterpriseIncomeTaxRate_2" />
    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_IncomeTaxExemptionPeriod" xlink:label="yy_IncomeTaxExemptionPeriod" xlink:title="yy_IncomeTaxExemptionPeriod" />
    <link:label xlink:type="resource" xlink:label="label_yy_IncomeTaxExemptionPeriod" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_yy_IncomeTaxExemptionPeriod" xml:lang="en-US" id="label_yy_IncomeTaxExemptionPeriod">Represents the period after the first profitable year during which the entity is exempted from tax.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_IncomeTaxExemptionPeriod" xlink:to="label_yy_IncomeTaxExemptionPeriod" xlink:title="Label : yy_IncomeTaxExemptionPeriod to label_yy_IncomeTaxExemptionPeriod" />
    <link:label xlink:type="resource" xlink:label="label_yy_IncomeTaxExemptionPeriod_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_yy_IncomeTaxExemptionPeriod_1" xml:lang="en-US" id="label_yy_IncomeTaxExemptionPeriod_1">Income Tax Exemption Period</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_IncomeTaxExemptionPeriod" xlink:to="label_yy_IncomeTaxExemptionPeriod_1" xlink:title="Label : yy_IncomeTaxExemptionPeriod to label_yy_IncomeTaxExemptionPeriod_1" />
    <link:label xlink:type="resource" xlink:label="label_yy_IncomeTaxExemptionPeriod_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_yy_IncomeTaxExemptionPeriod_2" xml:lang="en-US" id="label_yy_IncomeTaxExemptionPeriod_2">Tax exemption period following the first profitable year</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_IncomeTaxExemptionPeriod" xlink:to="label_yy_IncomeTaxExemptionPeriod_2" xlink:title="Label : yy_IncomeTaxExemptionPeriod to label_yy_IncomeTaxExemptionPeriod_2" />
    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_IncomeTaxReductionPercentageFollowingExemptionPeriod" xlink:label="yy_IncomeTaxReductionPercentageFollowingExemptionPeriod" xlink:title="yy_IncomeTaxReductionPercentageFollowingExemptionPeriod" />
    <link:label xlink:type="resource" xlink:label="label_yy_IncomeTaxReductionPercentageFollowingExemptionPeriod" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_yy_IncomeTaxReductionPercentageFollowingExemptionPeriod" xml:lang="en-US" id="label_yy_IncomeTaxReductionPercentageFollowingExemptionPeriod">Represents the percentage by which the tax rate is reduced for the three year period following the initial exemption period.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_IncomeTaxReductionPercentageFollowingExemptionPeriod" xlink:to="label_yy_IncomeTaxReductionPercentageFollowingExemptionPeriod" xlink:title="Label : yy_IncomeTaxReductionPercentageFollowingExemptionPeriod to label_yy_IncomeTaxReductionPercentageFollowingExemptionPeriod" />
    <link:label xlink:type="resource" xlink:label="label_yy_IncomeTaxReductionPercentageFollowingExemptionPeriod_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_yy_IncomeTaxReductionPercentageFollowingExemptionPeriod_1" xml:lang="en-US" id="label_yy_IncomeTaxReductionPercentageFollowingExemptionPeriod_1">Income Tax Reduction Percentage Following Exemption Period</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_IncomeTaxReductionPercentageFollowingExemptionPeriod" xlink:to="label_yy_IncomeTaxReductionPercentageFollowingExemptionPeriod_1" xlink:title="Label : yy_IncomeTaxReductionPercentageFollowingExemptionPeriod to label_yy_IncomeTaxReductionPercentageFollowingExemptionPeriod_1" />
    <link:label xlink:type="resource" xlink:label="label_yy_IncomeTaxReductionPercentageFollowingExemptionPeriod_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_yy_IncomeTaxReductionPercentageFollowingExemptionPeriod_2" xml:lang="en-US" id="label_yy_IncomeTaxReductionPercentageFollowingExemptionPeriod_2">Reduction in tax rate for three years following the exemption period (as a percent)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_IncomeTaxReductionPercentageFollowingExemptionPeriod" xlink:to="label_yy_IncomeTaxReductionPercentageFollowingExemptionPeriod_2" xlink:title="Label : yy_IncomeTaxReductionPercentageFollowingExemptionPeriod to label_yy_IncomeTaxReductionPercentageFollowingExemptionPeriod_2" />
    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_IncomeTaxReductionPeriod" xlink:label="yy_IncomeTaxReductionPeriod" xlink:title="yy_IncomeTaxReductionPeriod" />
    <link:label xlink:type="resource" xlink:label="label_yy_IncomeTaxReductionPeriod" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_yy_IncomeTaxReductionPeriod" xml:lang="en-US" id="label_yy_IncomeTaxReductionPeriod">Represents the period during which the entity is entitled for a specified percentage reduction in tax following the initial exemption period from the first profitable year.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_IncomeTaxReductionPeriod" xlink:to="label_yy_IncomeTaxReductionPeriod" xlink:title="Label : yy_IncomeTaxReductionPeriod to label_yy_IncomeTaxReductionPeriod" />
    <link:label xlink:type="resource" xlink:label="label_yy_IncomeTaxReductionPeriod_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_yy_IncomeTaxReductionPeriod_1" xml:lang="en-US" id="label_yy_IncomeTaxReductionPeriod_1">Income Tax Reduction Period</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_IncomeTaxReductionPeriod" xlink:to="label_yy_IncomeTaxReductionPeriod_1" xlink:title="Label : yy_IncomeTaxReductionPeriod to label_yy_IncomeTaxReductionPeriod_1" />
    <link:label xlink:type="resource" xlink:label="label_yy_IncomeTaxReductionPeriod_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_yy_IncomeTaxReductionPeriod_2" xml:lang="en-US" id="label_yy_IncomeTaxReductionPeriod_2">Period for reduction in tax percentage</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_IncomeTaxReductionPeriod" xlink:to="label_yy_IncomeTaxReductionPeriod_2" xlink:title="Label : yy_IncomeTaxReductionPeriod to label_yy_IncomeTaxReductionPeriod_2" />
    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_EffectiveIncomeTaxRatePercentageToBeClaimedForResearchAndDevelopmentExpense" xlink:label="yy_EffectiveIncomeTaxRatePercentageToBeClaimedForResearchAndDevelopmentExpense" xlink:title="yy_EffectiveIncomeTaxRatePercentageToBeClaimedForResearchAndDevelopmentExpense" />
    <link:label xlink:type="resource" xlink:label="label_yy_EffectiveIncomeTaxRatePercentageToBeClaimedForResearchAndDevelopmentExpense" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_yy_EffectiveIncomeTaxRatePercentageToBeClaimedForResearchAndDevelopmentExpense" xml:lang="en-US" id="label_yy_EffectiveIncomeTaxRatePercentageToBeClaimedForResearchAndDevelopmentExpense">For enterprises engage in research and development activities, the percentage of research and development expenses entitled to be claimed, as tax deductible expenses in determining the entity's tax assessable profits.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_EffectiveIncomeTaxRatePercentageToBeClaimedForResearchAndDevelopmentExpense" xlink:to="label_yy_EffectiveIncomeTaxRatePercentageToBeClaimedForResearchAndDevelopmentExpense" xlink:title="Label : yy_EffectiveIncomeTaxRatePercentageToBeClaimedForResearchAndDevelopmentExpense to label_yy_EffectiveIncomeTaxRatePercentageToBeClaimedForResearchAndDevelopmentExpense" />
    <link:label xlink:type="resource" xlink:label="label_yy_EffectiveIncomeTaxRatePercentageToBeClaimedForResearchAndDevelopmentExpense_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_yy_EffectiveIncomeTaxRatePercentageToBeClaimedForResearchAndDevelopmentExpense_1" xml:lang="en-US" id="label_yy_EffectiveIncomeTaxRatePercentageToBeClaimedForResearchAndDevelopmentExpense_1">Effective Income Tax Rate Percentage to be Claimed for Research and Development Expense</link:label>
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    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_DeferredTaxLiabilitiesAccrualForChineseDividendWithholdingTaxes" xlink:label="yy_DeferredTaxLiabilitiesAccrualForChineseDividendWithholdingTaxes" xlink:title="yy_DeferredTaxLiabilitiesAccrualForChineseDividendWithholdingTaxes" />
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    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_OperatingLossCarryfowardsExpirationPeriodAxis" xlink:label="yy_OperatingLossCarryfowardsExpirationPeriodAxis" xlink:title="yy_OperatingLossCarryfowardsExpirationPeriodAxis" />
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    <link:label xlink:type="resource" xlink:label="label_yy_OperatingLossCarryforwardsExpirationYearOneMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_yy_OperatingLossCarryforwardsExpirationYearOneMember" xml:lang="en-US" id="label_yy_OperatingLossCarryforwardsExpirationYearOneMember">The next fiscal year following the latest fiscal year, during which the operating loss carryforwards will expire.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_OperatingLossCarryforwardsExpirationYearOneMember" xlink:to="label_yy_OperatingLossCarryforwardsExpirationYearOneMember" xlink:title="Label : yy_OperatingLossCarryforwardsExpirationYearOneMember to label_yy_OperatingLossCarryforwardsExpirationYearOneMember" />
    <link:label xlink:type="resource" xlink:label="label_yy_OperatingLossCarryforwardsExpirationYearOneMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_yy_OperatingLossCarryforwardsExpirationYearOneMember_1" xml:lang="en-US" id="label_yy_OperatingLossCarryforwardsExpirationYearOneMember_1">Operating Loss Carryforwards Expiration Year One [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_OperatingLossCarryforwardsExpirationYearOneMember" xlink:to="label_yy_OperatingLossCarryforwardsExpirationYearOneMember_1" xlink:title="Label : yy_OperatingLossCarryforwardsExpirationYearOneMember to label_yy_OperatingLossCarryforwardsExpirationYearOneMember_1" />
    <link:label xlink:type="resource" xlink:label="label_yy_OperatingLossCarryforwardsExpirationYearOneMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_yy_OperatingLossCarryforwardsExpirationYearOneMember_2" xml:lang="en-US" id="label_yy_OperatingLossCarryforwardsExpirationYearOneMember_2">2016 [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_OperatingLossCarryforwardsExpirationYearOneMember" xlink:to="label_yy_OperatingLossCarryforwardsExpirationYearOneMember_2" xlink:title="Label : yy_OperatingLossCarryforwardsExpirationYearOneMember to label_yy_OperatingLossCarryforwardsExpirationYearOneMember_2" />
    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_OperatingLossCarryforwardsExpirationYearTwoMember" xlink:label="yy_OperatingLossCarryforwardsExpirationYearTwoMember" xlink:title="yy_OperatingLossCarryforwardsExpirationYearTwoMember" />
    <link:label xlink:type="resource" xlink:label="label_yy_OperatingLossCarryforwardsExpirationYearTwoMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_yy_OperatingLossCarryforwardsExpirationYearTwoMember" xml:lang="en-US" id="label_yy_OperatingLossCarryforwardsExpirationYearTwoMember">The second fiscal year following the latest fiscal year, during which the operating loss carryforwards will expire.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_OperatingLossCarryforwardsExpirationYearTwoMember" xlink:to="label_yy_OperatingLossCarryforwardsExpirationYearTwoMember" xlink:title="Label : yy_OperatingLossCarryforwardsExpirationYearTwoMember to label_yy_OperatingLossCarryforwardsExpirationYearTwoMember" />
    <link:label xlink:type="resource" xlink:label="label_yy_OperatingLossCarryforwardsExpirationYearTwoMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_yy_OperatingLossCarryforwardsExpirationYearTwoMember_1" xml:lang="en-US" id="label_yy_OperatingLossCarryforwardsExpirationYearTwoMember_1">Operating Loss Carryforwards Expiration Year Two [Member]</link:label>
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_OperatingLossCarryforwardsExpirationYearTwoMember" xlink:to="label_yy_OperatingLossCarryforwardsExpirationYearTwoMember_2" xlink:title="Label : yy_OperatingLossCarryforwardsExpirationYearTwoMember to label_yy_OperatingLossCarryforwardsExpirationYearTwoMember_2" />
    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_OperatingLossCarryforwardsExpirationYearThreeMember" xlink:label="yy_OperatingLossCarryforwardsExpirationYearThreeMember" xlink:title="yy_OperatingLossCarryforwardsExpirationYearThreeMember" />
    <link:label xlink:type="resource" xlink:label="label_yy_OperatingLossCarryforwardsExpirationYearThreeMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_yy_OperatingLossCarryforwardsExpirationYearThreeMember" xml:lang="en-US" id="label_yy_OperatingLossCarryforwardsExpirationYearThreeMember">The third fiscal year following the latest fiscal year, during which the operating loss carryforwards will expire.</link:label>
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    <link:label xlink:type="resource" xlink:label="label_yy_OperatingLossCarryforwardsExpirationYearThreeMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_yy_OperatingLossCarryforwardsExpirationYearThreeMember_2" xml:lang="en-US" id="label_yy_OperatingLossCarryforwardsExpirationYearThreeMember_2">2018 [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_OperatingLossCarryforwardsExpirationYearThreeMember" xlink:to="label_yy_OperatingLossCarryforwardsExpirationYearThreeMember_2" xlink:title="Label : yy_OperatingLossCarryforwardsExpirationYearThreeMember to label_yy_OperatingLossCarryforwardsExpirationYearThreeMember_2" />
    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_OperatingLossCarryforwardsExpirationYearFourMember" xlink:label="yy_OperatingLossCarryforwardsExpirationYearFourMember" xlink:title="yy_OperatingLossCarryforwardsExpirationYearFourMember" />
    <link:label xlink:type="resource" xlink:label="label_yy_OperatingLossCarryforwardsExpirationYearFourMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_yy_OperatingLossCarryforwardsExpirationYearFourMember" xml:lang="en-US" id="label_yy_OperatingLossCarryforwardsExpirationYearFourMember">The fourth fiscal year following the latest fiscal year, during which the operating loss carryforwards will expire.</link:label>
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    <link:label xlink:type="resource" xlink:label="label_yy_OperatingLossCarryforwardsExpirationYearFourMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_yy_OperatingLossCarryforwardsExpirationYearFourMember_1" xml:lang="en-US" id="label_yy_OperatingLossCarryforwardsExpirationYearFourMember_1">Operating Loss Carryforwards Expiration Year Four [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_OperatingLossCarryforwardsExpirationYearFourMember" xlink:to="label_yy_OperatingLossCarryforwardsExpirationYearFourMember_1" xlink:title="Label : yy_OperatingLossCarryforwardsExpirationYearFourMember to label_yy_OperatingLossCarryforwardsExpirationYearFourMember_1" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_OperatingLossCarryforwardsExpirationYearFourMember" xlink:to="label_yy_OperatingLossCarryforwardsExpirationYearFourMember_2" xlink:title="Label : yy_OperatingLossCarryforwardsExpirationYearFourMember to label_yy_OperatingLossCarryforwardsExpirationYearFourMember_2" />
    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_OperatingLossCarryforwardsExpirationYearFiveMember" xlink:label="yy_OperatingLossCarryforwardsExpirationYearFiveMember" xlink:title="yy_OperatingLossCarryforwardsExpirationYearFiveMember" />
    <link:label xlink:type="resource" xlink:label="label_yy_OperatingLossCarryforwardsExpirationYearFiveMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_yy_OperatingLossCarryforwardsExpirationYearFiveMember" xml:lang="en-US" id="label_yy_OperatingLossCarryforwardsExpirationYearFiveMember">The fifth fiscal year following the latest fiscal year, during which the operating loss carryforwards will expire.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_OperatingLossCarryforwardsExpirationYearFiveMember" xlink:to="label_yy_OperatingLossCarryforwardsExpirationYearFiveMember" xlink:title="Label : yy_OperatingLossCarryforwardsExpirationYearFiveMember to label_yy_OperatingLossCarryforwardsExpirationYearFiveMember" />
    <link:label xlink:type="resource" xlink:label="label_yy_OperatingLossCarryforwardsExpirationYearFiveMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_yy_OperatingLossCarryforwardsExpirationYearFiveMember_1" xml:lang="en-US" id="label_yy_OperatingLossCarryforwardsExpirationYearFiveMember_1">Operating Loss Carryforwards Expiration Year Five [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_OperatingLossCarryforwardsExpirationYearFiveMember" xlink:to="label_yy_OperatingLossCarryforwardsExpirationYearFiveMember_1" xlink:title="Label : yy_OperatingLossCarryforwardsExpirationYearFiveMember to label_yy_OperatingLossCarryforwardsExpirationYearFiveMember_1" />
    <link:label xlink:type="resource" xlink:label="label_yy_OperatingLossCarryforwardsExpirationYearFiveMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_yy_OperatingLossCarryforwardsExpirationYearFiveMember_2" xml:lang="en-US" id="label_yy_OperatingLossCarryforwardsExpirationYearFiveMember_2">2020 [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_OperatingLossCarryforwardsExpirationYearFiveMember" xlink:to="label_yy_OperatingLossCarryforwardsExpirationYearFiveMember_2" xlink:title="Label : yy_OperatingLossCarryforwardsExpirationYearFiveMember to label_yy_OperatingLossCarryforwardsExpirationYearFiveMember_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityWellKnownSeasonedIssuer" xlink:label="dei_EntityWellKnownSeasonedIssuer" xlink:title="dei_EntityWellKnownSeasonedIssuer" />
    <link:label xlink:type="resource" xlink:label="label_dei_EntityWellKnownSeasonedIssuer" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_dei_EntityWellKnownSeasonedIssuer" xml:lang="en-US" id="label_dei_EntityWellKnownSeasonedIssuer">Entity Well-known Seasoned Issuer</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityWellKnownSeasonedIssuer" xlink:to="label_dei_EntityWellKnownSeasonedIssuer" xlink:title="Label : dei_EntityWellKnownSeasonedIssuer to label_dei_EntityWellKnownSeasonedIssuer" />
    <link:label xlink:type="resource" xlink:label="label_dei_EntityWellKnownSeasonedIssuer_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_dei_EntityWellKnownSeasonedIssuer_1" xml:lang="en-US" id="label_dei_EntityWellKnownSeasonedIssuer_1">Entity Well-known Seasoned Issuer</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityWellKnownSeasonedIssuer" xlink:to="label_dei_EntityWellKnownSeasonedIssuer_1" xlink:title="Label : dei_EntityWellKnownSeasonedIssuer to label_dei_EntityWellKnownSeasonedIssuer_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityVoluntaryFilers" xlink:label="dei_EntityVoluntaryFilers" xlink:title="dei_EntityVoluntaryFilers" />
    <link:label xlink:type="resource" xlink:label="label_dei_EntityVoluntaryFilers" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_dei_EntityVoluntaryFilers" xml:lang="en-US" id="label_dei_EntityVoluntaryFilers">Entity Voluntary Filers</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityVoluntaryFilers" xlink:to="label_dei_EntityVoluntaryFilers" xlink:title="Label : dei_EntityVoluntaryFilers to label_dei_EntityVoluntaryFilers" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityCurrentReportingStatus" xlink:label="dei_EntityCurrentReportingStatus" xlink:title="dei_EntityCurrentReportingStatus" />
    <link:label xlink:type="resource" xlink:label="label_dei_EntityCurrentReportingStatus" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_dei_EntityCurrentReportingStatus" xml:lang="en-US" id="label_dei_EntityCurrentReportingStatus">Entity Current Reporting Status</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCurrentReportingStatus" xlink:to="label_dei_EntityCurrentReportingStatus" xlink:title="Label : dei_EntityCurrentReportingStatus to label_dei_EntityCurrentReportingStatus" />
    <link:label xlink:type="resource" xlink:label="label_dei_EntityCurrentReportingStatus_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_dei_EntityCurrentReportingStatus_1" xml:lang="en-US" id="label_dei_EntityCurrentReportingStatus_1">Entity Current Reporting Status</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCurrentReportingStatus" xlink:to="label_dei_EntityCurrentReportingStatus_1" xlink:title="Label : dei_EntityCurrentReportingStatus to label_dei_EntityCurrentReportingStatus_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityFilerCategory" xlink:label="dei_EntityFilerCategory" xlink:title="dei_EntityFilerCategory" />
    <link:label xlink:type="resource" xlink:label="label_dei_EntityFilerCategory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_dei_EntityFilerCategory" xml:lang="en-US" id="label_dei_EntityFilerCategory">Entity Filer Category</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityFilerCategory" xlink:to="label_dei_EntityFilerCategory" xlink:title="Label : dei_EntityFilerCategory to label_dei_EntityFilerCategory" />
    <link:label xlink:type="resource" xlink:label="label_dei_EntityFilerCategory_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_dei_EntityFilerCategory_1" xml:lang="en-US" id="label_dei_EntityFilerCategory_1">Entity Filer Category</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityFilerCategory" xlink:to="label_dei_EntityFilerCategory_1" xlink:title="Label : dei_EntityFilerCategory to label_dei_EntityFilerCategory_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityPublicFloat" xlink:label="dei_EntityPublicFloat" xlink:title="dei_EntityPublicFloat" />
    <link:label xlink:type="resource" xlink:label="label_dei_EntityPublicFloat" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_dei_EntityPublicFloat" xml:lang="en-US" id="label_dei_EntityPublicFloat">Entity Public Float</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityPublicFloat" xlink:to="label_dei_EntityPublicFloat" xlink:title="Label : dei_EntityPublicFloat to label_dei_EntityPublicFloat" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityRegistrantName" xlink:label="dei_EntityRegistrantName" xlink:title="dei_EntityRegistrantName" />
    <link:label xlink:type="resource" xlink:label="label_dei_EntityRegistrantName" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_dei_EntityRegistrantName" xml:lang="en-US" id="label_dei_EntityRegistrantName">Entity Registrant Name</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityRegistrantName" xlink:to="label_dei_EntityRegistrantName" xlink:title="Label : dei_EntityRegistrantName to label_dei_EntityRegistrantName" />
    <link:label xlink:type="resource" xlink:label="label_dei_EntityRegistrantName_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_dei_EntityRegistrantName_1" xml:lang="en-US" id="label_dei_EntityRegistrantName_1">Entity Registrant Name</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityRegistrantName" xlink:to="label_dei_EntityRegistrantName_1" xlink:title="Label : dei_EntityRegistrantName to label_dei_EntityRegistrantName_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityCentralIndexKey" xlink:label="dei_EntityCentralIndexKey" xlink:title="dei_EntityCentralIndexKey" />
    <link:label xlink:type="resource" xlink:label="label_dei_EntityCentralIndexKey" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_dei_EntityCentralIndexKey" xml:lang="en-US" id="label_dei_EntityCentralIndexKey">Entity Central Index Key</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCentralIndexKey" xlink:to="label_dei_EntityCentralIndexKey" xlink:title="Label : dei_EntityCentralIndexKey to label_dei_EntityCentralIndexKey" />
    <link:label xlink:type="resource" xlink:label="label_dei_EntityCentralIndexKey_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_dei_EntityCentralIndexKey_1" xml:lang="en-US" id="label_dei_EntityCentralIndexKey_1">Entity Central Index Key</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCentralIndexKey" xlink:to="label_dei_EntityCentralIndexKey_1" xlink:title="Label : dei_EntityCentralIndexKey to label_dei_EntityCentralIndexKey_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/country/2013/country-2013-01-31.xsd#country_HK" xlink:label="country_HK" xlink:title="country_HK" />
    <link:label xlink:type="resource" xlink:label="label_country_HK" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_country_HK" xml:lang="en-US" id="label_country_HK">HONG KONG</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="country_HK" xlink:to="label_country_HK" xlink:title="Label : country_HK to label_country_HK" />
    <link:label xlink:type="resource" xlink:label="label_country_HK_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_country_HK_1" xml:lang="en-US" id="label_country_HK_1">Hong Kong [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="country_HK" xlink:to="label_country_HK_1" xlink:title="Label : country_HK to label_country_HK_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityCommonStockSharesOutstanding" xlink:label="dei_EntityCommonStockSharesOutstanding" xlink:title="dei_EntityCommonStockSharesOutstanding" />
    <link:label xlink:type="resource" xlink:label="label_dei_EntityCommonStockSharesOutstanding" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_dei_EntityCommonStockSharesOutstanding" xml:lang="en-US" id="label_dei_EntityCommonStockSharesOutstanding">Entity Common Stock, Shares Outstanding</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCommonStockSharesOutstanding" xlink:to="label_dei_EntityCommonStockSharesOutstanding" xlink:title="Label : dei_EntityCommonStockSharesOutstanding to label_dei_EntityCommonStockSharesOutstanding" />
    <link:label xlink:type="resource" xlink:label="label_dei_EntityCommonStockSharesOutstanding_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_dei_EntityCommonStockSharesOutstanding_1" xml:lang="en-US" id="label_dei_EntityCommonStockSharesOutstanding_1">Entity Common Stock, Shares Outstanding</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCommonStockSharesOutstanding" xlink:to="label_dei_EntityCommonStockSharesOutstanding_1" xlink:title="Label : dei_EntityCommonStockSharesOutstanding to label_dei_EntityCommonStockSharesOutstanding_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityListingDepositoryReceiptRatio" xlink:label="dei_EntityListingDepositoryReceiptRatio" xlink:title="dei_EntityListingDepositoryReceiptRatio" />
    <link:label xlink:type="resource" xlink:label="label_dei_EntityListingDepositoryReceiptRatio" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_dei_EntityListingDepositoryReceiptRatio" xml:lang="en-US" id="label_dei_EntityListingDepositoryReceiptRatio">Entity Listing, Depository Receipt Ratio</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityListingDepositoryReceiptRatio" xlink:to="label_dei_EntityListingDepositoryReceiptRatio" xlink:title="Label : dei_EntityListingDepositoryReceiptRatio to label_dei_EntityListingDepositoryReceiptRatio" />
    <link:label xlink:type="resource" xlink:label="label_dei_EntityListingDepositoryReceiptRatio_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_dei_EntityListingDepositoryReceiptRatio_1" xml:lang="en-US" id="label_dei_EntityListingDepositoryReceiptRatio_1">Number of common shares represented by each ADS</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityListingDepositoryReceiptRatio" xlink:to="label_dei_EntityListingDepositoryReceiptRatio_1" xlink:title="Label : dei_EntityListingDepositoryReceiptRatio to label_dei_EntityListingDepositoryReceiptRatio_1" />
    <link:label xlink:type="resource" xlink:label="label_dei_EntityListingDepositoryReceiptRatio_2" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_dei_EntityListingDepositoryReceiptRatio_2" xml:lang="en-US" id="label_dei_EntityListingDepositoryReceiptRatio_2">Number of common shares represented by each ADS</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityListingDepositoryReceiptRatio" xlink:to="label_dei_EntityListingDepositoryReceiptRatio_2" xlink:title="Label : dei_EntityListingDepositoryReceiptRatio to label_dei_EntityListingDepositoryReceiptRatio_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_DocumentFiscalYearFocus" xlink:label="dei_DocumentFiscalYearFocus" xlink:title="dei_DocumentFiscalYearFocus" />
    <link:label xlink:type="resource" xlink:label="label_dei_DocumentFiscalYearFocus" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_dei_DocumentFiscalYearFocus" xml:lang="en-US" id="label_dei_DocumentFiscalYearFocus">Document Fiscal Year Focus</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentFiscalYearFocus" xlink:to="label_dei_DocumentFiscalYearFocus" xlink:title="Label : dei_DocumentFiscalYearFocus to label_dei_DocumentFiscalYearFocus" />
    <link:label xlink:type="resource" xlink:label="label_dei_DocumentFiscalYearFocus_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_dei_DocumentFiscalYearFocus_1" xml:lang="en-US" id="label_dei_DocumentFiscalYearFocus_1">Document Fiscal Year Focus</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentFiscalYearFocus" xlink:to="label_dei_DocumentFiscalYearFocus_1" xlink:title="Label : dei_DocumentFiscalYearFocus to label_dei_DocumentFiscalYearFocus_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_DocumentFiscalPeriodFocus" xlink:label="dei_DocumentFiscalPeriodFocus" xlink:title="dei_DocumentFiscalPeriodFocus" />
    <link:label xlink:type="resource" xlink:label="label_dei_DocumentFiscalPeriodFocus" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_dei_DocumentFiscalPeriodFocus" xml:lang="en-US" id="label_dei_DocumentFiscalPeriodFocus">Document Fiscal Period Focus</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentFiscalPeriodFocus" xlink:to="label_dei_DocumentFiscalPeriodFocus" xlink:title="Label : dei_DocumentFiscalPeriodFocus to label_dei_DocumentFiscalPeriodFocus" />
    <link:label xlink:type="resource" xlink:label="label_dei_DocumentFiscalPeriodFocus_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_dei_DocumentFiscalPeriodFocus_1" xml:lang="en-US" id="label_dei_DocumentFiscalPeriodFocus_1">Document Fiscal Period Focus</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentFiscalPeriodFocus" xlink:to="label_dei_DocumentFiscalPeriodFocus_1" xlink:title="Label : dei_DocumentFiscalPeriodFocus to label_dei_DocumentFiscalPeriodFocus_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_LegalEntityAxis" xlink:label="dei_LegalEntityAxis" xlink:title="dei_LegalEntityAxis" />
    <link:label xlink:type="resource" xlink:label="label_dei_LegalEntityAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_dei_LegalEntityAxis" xml:lang="en-US" id="label_dei_LegalEntityAxis">Legal Entity [Axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_LegalEntityAxis" xlink:to="label_dei_LegalEntityAxis" xlink:title="Label : dei_LegalEntityAxis to label_dei_LegalEntityAxis" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_DocumentType" xlink:label="dei_DocumentType" xlink:title="dei_DocumentType" />
    <link:label xlink:type="resource" xlink:label="label_dei_DocumentType" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_dei_DocumentType" xml:lang="en-US" id="label_dei_DocumentType">Document Type</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentType" xlink:to="label_dei_DocumentType" xlink:title="Label : dei_DocumentType to label_dei_DocumentType" />
    <link:label xlink:type="resource" xlink:label="label_dei_DocumentType_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_dei_DocumentType_1" xml:lang="en-US" id="label_dei_DocumentType_1">Document Type</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentType" xlink:to="label_dei_DocumentType_1" xlink:title="Label : dei_DocumentType to label_dei_DocumentType_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/country/2013/country-2013-01-31.xsd#country_KY" xlink:label="country_KY" xlink:title="country_KY" />
    <link:label xlink:type="resource" xlink:label="label_country_KY" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_country_KY" xml:lang="en-US" id="label_country_KY">CAYMAN ISLANDS</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="country_KY" xlink:to="label_country_KY" xlink:title="Label : country_KY to label_country_KY" />
    <link:label xlink:type="resource" xlink:label="label_country_KY_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_country_KY_1" xml:lang="en-US" id="label_country_KY_1">Cayman [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="country_KY" xlink:to="label_country_KY_1" xlink:title="Label : country_KY to label_country_KY_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/currency/2014/currency-2014-01-31.xsd#currency_USD" xlink:label="currency_USD" xlink:title="currency_USD" />
    <link:label xlink:type="resource" xlink:label="label_currency_USD" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_currency_USD" xml:lang="en-US" id="label_currency_USD">United States of America, Dollars</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="currency_USD" xlink:to="label_currency_USD" xlink:title="Label : currency_USD to label_currency_USD" />
    <link:label xlink:type="resource" xlink:label="label_currency_USD_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_currency_USD_1" xml:lang="en-US" id="label_currency_USD_1">US$ [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="currency_USD" xlink:to="label_currency_USD_1" xlink:title="Label : currency_USD to label_currency_USD_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_AccountingPoliciesAbstract" xlink:label="us-gaap_AccountingPoliciesAbstract" xlink:title="us-gaap_AccountingPoliciesAbstract" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_AccountingPoliciesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_AccountingPoliciesAbstract" xml:lang="en-US" id="label_us-gaap_AccountingPoliciesAbstract">Principal accounting policies [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AccountingPoliciesAbstract" xlink:to="label_us-gaap_AccountingPoliciesAbstract" xlink:title="Label : us-gaap_AccountingPoliciesAbstract to label_us-gaap_AccountingPoliciesAbstract" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/currency/2014/currency-2014-01-31.xsd#currency_AllCurrenciesDomain" xlink:label="currency_AllCurrenciesDomain" xlink:title="currency_AllCurrenciesDomain" />
    <link:label xlink:type="resource" xlink:label="label_currency_AllCurrenciesDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_currency_AllCurrenciesDomain" xml:lang="en-US" id="label_currency_AllCurrenciesDomain">All Currencies [Domain]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="currency_AllCurrenciesDomain" xlink:to="label_currency_AllCurrenciesDomain" xlink:title="Label : currency_AllCurrenciesDomain to label_currency_AllCurrenciesDomain" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_AccountsReceivableMember" xlink:label="us-gaap_AccountsReceivableMember" xlink:title="us-gaap_AccountsReceivableMember" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_AccountsReceivableMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_AccountsReceivableMember" xml:lang="en-US" id="label_us-gaap_AccountsReceivableMember">Accounts Receivable [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AccountsReceivableMember" xlink:to="label_us-gaap_AccountsReceivableMember" xlink:title="Label : us-gaap_AccountsReceivableMember to label_us-gaap_AccountsReceivableMember" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_AccountsReceivableMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_us-gaap_AccountsReceivableMember_1" xml:lang="en-US" id="label_us-gaap_AccountsReceivableMember_1">Accounts receivable [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AccountsReceivableMember" xlink:to="label_us-gaap_AccountsReceivableMember_1" xlink:title="Label : us-gaap_AccountsReceivableMember to label_us-gaap_AccountsReceivableMember_1" />
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    <link:label xlink:type="resource" xlink:label="label_us-gaap_AccountsPayableCurrent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_AccountsPayableCurrent" xml:lang="en-US" id="label_us-gaap_AccountsPayableCurrent">Accounts Payable, Current</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AccountsPayableCurrent" xlink:to="label_us-gaap_AccountsPayableCurrent" xlink:title="Label : us-gaap_AccountsPayableCurrent to label_us-gaap_AccountsPayableCurrent" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_AccountsPayableCurrent_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_us-gaap_AccountsPayableCurrent_1" xml:lang="en-US" id="label_us-gaap_AccountsPayableCurrent_1">Accounts payable</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AccountsPayableCurrent" xlink:to="label_us-gaap_AccountsPayableCurrent_1" xlink:title="Label : us-gaap_AccountsPayableCurrent to label_us-gaap_AccountsPayableCurrent_1" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_AccountsPayableCurrent_2" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_us-gaap_AccountsPayableCurrent_2" xml:lang="en-US" id="label_us-gaap_AccountsPayableCurrent_2">Accounts payable (including accounts payable of the consolidated variable interest entity without recourse to the Company of RMB101,160 and RMB108,500 as of December 31, 2014 and 2015, respectively)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AccountsPayableCurrent" xlink:to="label_us-gaap_AccountsPayableCurrent_2" xlink:title="Label : us-gaap_AccountsPayableCurrent to label_us-gaap_AccountsPayableCurrent_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_AccountsReceivableNetCurrent" xlink:label="us-gaap_AccountsReceivableNetCurrent" xlink:title="us-gaap_AccountsReceivableNetCurrent" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_AccountsReceivableNetCurrent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_AccountsReceivableNetCurrent" xml:lang="en-US" id="label_us-gaap_AccountsReceivableNetCurrent">Accounts Receivable, Net, Current</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AccountsReceivableNetCurrent" xlink:to="label_us-gaap_AccountsReceivableNetCurrent" xlink:title="Label : us-gaap_AccountsReceivableNetCurrent to label_us-gaap_AccountsReceivableNetCurrent" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_AccountsReceivableNetCurrent_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_us-gaap_AccountsReceivableNetCurrent_1" xml:lang="en-US" id="label_us-gaap_AccountsReceivableNetCurrent_1">Accounts receivable, net</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AccountsReceivableNetCurrent" xlink:to="label_us-gaap_AccountsReceivableNetCurrent_1" xlink:title="Label : us-gaap_AccountsReceivableNetCurrent to label_us-gaap_AccountsReceivableNetCurrent_1" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_AccountsReceivableNetCurrent_2" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_us-gaap_AccountsReceivableNetCurrent_2" xml:lang="en-US" id="label_us-gaap_AccountsReceivableNetCurrent_2">Accounts receivable, net</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AccountsReceivableNetCurrent" xlink:to="label_us-gaap_AccountsReceivableNetCurrent_2" xlink:title="Label : us-gaap_AccountsReceivableNetCurrent to label_us-gaap_AccountsReceivableNetCurrent_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_AccountsReceivableGrossCurrent" xlink:label="us-gaap_AccountsReceivableGrossCurrent" xlink:title="us-gaap_AccountsReceivableGrossCurrent" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_AccountsReceivableGrossCurrent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_AccountsReceivableGrossCurrent" xml:lang="en-US" id="label_us-gaap_AccountsReceivableGrossCurrent">Accounts Receivable, Gross, Current</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AccountsReceivableGrossCurrent" xlink:to="label_us-gaap_AccountsReceivableGrossCurrent" xlink:title="Label : us-gaap_AccountsReceivableGrossCurrent to label_us-gaap_AccountsReceivableGrossCurrent" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_AccountsReceivableGrossCurrent_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_us-gaap_AccountsReceivableGrossCurrent_1" xml:lang="en-US" id="label_us-gaap_AccountsReceivableGrossCurrent_1">Accounts receivable, gross</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AccountsReceivableGrossCurrent" xlink:to="label_us-gaap_AccountsReceivableGrossCurrent_1" xlink:title="Label : us-gaap_AccountsReceivableGrossCurrent to label_us-gaap_AccountsReceivableGrossCurrent_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_AccountsPayableAndAccruedLiabilitiesNoncurrent" xlink:label="us-gaap_AccountsPayableAndAccruedLiabilitiesNoncurrent" xlink:title="us-gaap_AccountsPayableAndAccruedLiabilitiesNoncurrent" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_AccountsPayableAndAccruedLiabilitiesNoncurrent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_AccountsPayableAndAccruedLiabilitiesNoncurrent" xml:lang="en-US" id="label_us-gaap_AccountsPayableAndAccruedLiabilitiesNoncurrent">Accounts Payable and Accrued Liabilities, Noncurrent</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AccountsPayableAndAccruedLiabilitiesNoncurrent" xlink:to="label_us-gaap_AccountsPayableAndAccruedLiabilitiesNoncurrent" xlink:title="Label : us-gaap_AccountsPayableAndAccruedLiabilitiesNoncurrent to label_us-gaap_AccountsPayableAndAccruedLiabilitiesNoncurrent" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_AccountsPayableAndAccruedLiabilitiesNoncurrent_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_us-gaap_AccountsPayableAndAccruedLiabilitiesNoncurrent_1" xml:lang="en-US" id="label_us-gaap_AccountsPayableAndAccruedLiabilitiesNoncurrent_1">Long-term payable (including long-term payable of the consolidated variable interest entity without recourse to the Company of RMB183,000 and nil as of December 31, 2014 and 2015, respectively)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AccountsPayableAndAccruedLiabilitiesNoncurrent" xlink:to="label_us-gaap_AccountsPayableAndAccruedLiabilitiesNoncurrent_1" xlink:title="Label : us-gaap_AccountsPayableAndAccruedLiabilitiesNoncurrent to label_us-gaap_AccountsPayableAndAccruedLiabilitiesNoncurrent_1" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_AccountsPayableAndAccruedLiabilitiesNoncurrent_2" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_us-gaap_AccountsPayableAndAccruedLiabilitiesNoncurrent_2" xml:lang="en-US" id="label_us-gaap_AccountsPayableAndAccruedLiabilitiesNoncurrent_2">Long-term payable</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AccountsPayableAndAccruedLiabilitiesNoncurrent" xlink:to="label_us-gaap_AccountsPayableAndAccruedLiabilitiesNoncurrent_2" xlink:title="Label : us-gaap_AccountsPayableAndAccruedLiabilitiesNoncurrent to label_us-gaap_AccountsPayableAndAccruedLiabilitiesNoncurrent_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_AccountsPayableAccruedLiabilitiesAndOtherLiabilitiesDisclosureCurrentTextBlock" xlink:label="us-gaap_AccountsPayableAccruedLiabilitiesAndOtherLiabilitiesDisclosureCurrentTextBlock" xlink:title="us-gaap_AccountsPayableAccruedLiabilitiesAndOtherLiabilitiesDisclosureCurrentTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_AccountsPayableAccruedLiabilitiesAndOtherLiabilitiesDisclosureCurrentTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_AccountsPayableAccruedLiabilitiesAndOtherLiabilitiesDisclosureCurrentTextBlock" xml:lang="en-US" id="label_us-gaap_AccountsPayableAccruedLiabilitiesAndOtherLiabilitiesDisclosureCurrentTextBlock">Accounts Payable, Accrued Liabilities, and Other Liabilities Disclosure, Current [Text Block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AccountsPayableAccruedLiabilitiesAndOtherLiabilitiesDisclosureCurrentTextBlock" xlink:to="label_us-gaap_AccountsPayableAccruedLiabilitiesAndOtherLiabilitiesDisclosureCurrentTextBlock" xlink:title="Label : us-gaap_AccountsPayableAccruedLiabilitiesAndOtherLiabilitiesDisclosureCurrentTextBlock to label_us-gaap_AccountsPayableAccruedLiabilitiesAndOtherLiabilitiesDisclosureCurrentTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_AccountsPayableAccruedLiabilitiesAndOtherLiabilitiesDisclosureCurrentTextBlock_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_us-gaap_AccountsPayableAccruedLiabilitiesAndOtherLiabilitiesDisclosureCurrentTextBlock_1" xml:lang="en-US" id="label_us-gaap_AccountsPayableAccruedLiabilitiesAndOtherLiabilitiesDisclosureCurrentTextBlock_1">Accrued liabilities and other current liabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AccountsPayableAccruedLiabilitiesAndOtherLiabilitiesDisclosureCurrentTextBlock" xlink:to="label_us-gaap_AccountsPayableAccruedLiabilitiesAndOtherLiabilitiesDisclosureCurrentTextBlock_1" xlink:title="Label : us-gaap_AccountsPayableAccruedLiabilitiesAndOtherLiabilitiesDisclosureCurrentTextBlock to label_us-gaap_AccountsPayableAccruedLiabilitiesAndOtherLiabilitiesDisclosureCurrentTextBlock_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/country/2013/country-2013-01-31.xsd#country_VG" xlink:label="country_VG" xlink:title="country_VG" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="country_VG" xlink:to="label_country_VG" xlink:title="Label : country_VG to label_country_VG" />
    <link:label xlink:type="resource" xlink:label="label_country_VG_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_country_VG_1" xml:lang="en-US" id="label_country_VG_1">BVI [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="country_VG" xlink:to="label_country_VG_1" xlink:title="Label : country_VG to label_country_VG_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_AccrualForTaxesOtherThanIncomeTaxesCurrent" xlink:label="us-gaap_AccrualForTaxesOtherThanIncomeTaxesCurrent" xlink:title="us-gaap_AccrualForTaxesOtherThanIncomeTaxesCurrent" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_AccrualForTaxesOtherThanIncomeTaxesCurrent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_AccrualForTaxesOtherThanIncomeTaxesCurrent" xml:lang="en-US" id="label_us-gaap_AccrualForTaxesOtherThanIncomeTaxesCurrent">Accrual for Taxes Other than Income Taxes, Current</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AccrualForTaxesOtherThanIncomeTaxesCurrent" xlink:to="label_us-gaap_AccrualForTaxesOtherThanIncomeTaxesCurrent" xlink:title="Label : us-gaap_AccrualForTaxesOtherThanIncomeTaxesCurrent to label_us-gaap_AccrualForTaxesOtherThanIncomeTaxesCurrent" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_AccrualForTaxesOtherThanIncomeTaxesCurrent_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_us-gaap_AccrualForTaxesOtherThanIncomeTaxesCurrent_1" xml:lang="en-US" id="label_us-gaap_AccrualForTaxesOtherThanIncomeTaxesCurrent_1">Business and other taxes payable</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AccrualForTaxesOtherThanIncomeTaxesCurrent" xlink:to="label_us-gaap_AccrualForTaxesOtherThanIncomeTaxesCurrent_1" xlink:title="Label : us-gaap_AccrualForTaxesOtherThanIncomeTaxesCurrent to label_us-gaap_AccrualForTaxesOtherThanIncomeTaxesCurrent_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_AccruedLiabilitiesAndOtherLiabilities" xlink:label="us-gaap_AccruedLiabilitiesAndOtherLiabilities" xlink:title="us-gaap_AccruedLiabilitiesAndOtherLiabilities" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_AccruedLiabilitiesAndOtherLiabilities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_AccruedLiabilitiesAndOtherLiabilities" xml:lang="en-US" id="label_us-gaap_AccruedLiabilitiesAndOtherLiabilities">Accrued Liabilities and Other Liabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AccruedLiabilitiesAndOtherLiabilities" xlink:to="label_us-gaap_AccruedLiabilitiesAndOtherLiabilities" xlink:title="Label : us-gaap_AccruedLiabilitiesAndOtherLiabilities to label_us-gaap_AccruedLiabilitiesAndOtherLiabilities" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_AccruedLiabilitiesAndOtherLiabilities_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_us-gaap_AccruedLiabilitiesAndOtherLiabilities_1" xml:lang="en-US" id="label_us-gaap_AccruedLiabilitiesAndOtherLiabilities_1">Accrued liabilities and other current liabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AccruedLiabilitiesAndOtherLiabilities" xlink:to="label_us-gaap_AccruedLiabilitiesAndOtherLiabilities_1" xlink:title="Label : us-gaap_AccruedLiabilitiesAndOtherLiabilities to label_us-gaap_AccruedLiabilitiesAndOtherLiabilities_1" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_AccruedLiabilitiesAndOtherLiabilities_2" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_us-gaap_AccruedLiabilitiesAndOtherLiabilities_2" xml:lang="en-US" id="label_us-gaap_AccruedLiabilitiesAndOtherLiabilities_2">Total</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AccruedLiabilitiesAndOtherLiabilities" xlink:to="label_us-gaap_AccruedLiabilitiesAndOtherLiabilities_2" xlink:title="Label : us-gaap_AccruedLiabilitiesAndOtherLiabilities to label_us-gaap_AccruedLiabilitiesAndOtherLiabilities_2" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_AccruedLiabilitiesAndOtherLiabilities_3" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_us-gaap_AccruedLiabilitiesAndOtherLiabilities_3" xml:lang="en-US" id="label_us-gaap_AccruedLiabilitiesAndOtherLiabilities_3">Accrued liabilities and other current liabilities (including accrued liabilities and other current liabilities of the consolidated variable interest entity without recourse to the Company of RMB357,464 and RMB579,760 as of December 31, 2014 and 2015, respectively)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AccruedLiabilitiesAndOtherLiabilities" xlink:to="label_us-gaap_AccruedLiabilitiesAndOtherLiabilities_3" xlink:title="Label : us-gaap_AccruedLiabilitiesAndOtherLiabilities to label_us-gaap_AccruedLiabilitiesAndOtherLiabilities_3" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_AccruedUtilitiesCurrent" xlink:label="us-gaap_AccruedUtilitiesCurrent" xlink:title="us-gaap_AccruedUtilitiesCurrent" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_AccruedUtilitiesCurrent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_AccruedUtilitiesCurrent" xml:lang="en-US" id="label_us-gaap_AccruedUtilitiesCurrent">Accrued Utilities, Current</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AccruedUtilitiesCurrent" xlink:to="label_us-gaap_AccruedUtilitiesCurrent" xlink:title="Label : us-gaap_AccruedUtilitiesCurrent to label_us-gaap_AccruedUtilitiesCurrent" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_AccruedUtilitiesCurrent_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_us-gaap_AccruedUtilitiesCurrent_1" xml:lang="en-US" id="label_us-gaap_AccruedUtilitiesCurrent_1">Accrued bandwidth costs</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AccruedUtilitiesCurrent" xlink:to="label_us-gaap_AccruedUtilitiesCurrent_1" xlink:title="Label : us-gaap_AccruedUtilitiesCurrent to label_us-gaap_AccruedUtilitiesCurrent_1" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_FairValueOfUnderlyingSecuritiesPerShare" xlink:to="label_yy_FairValueOfUnderlyingSecuritiesPerShare_1" xlink:title="Label : yy_FairValueOfUnderlyingSecuritiesPerShare to label_yy_FairValueOfUnderlyingSecuritiesPerShare_1" />
    <link:label xlink:type="resource" xlink:label="label_yy_FairValueOfUnderlyingSecuritiesPerShare_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_yy_FairValueOfUnderlyingSecuritiesPerShare_2" xml:lang="en-US" id="label_yy_FairValueOfUnderlyingSecuritiesPerShare_2">Issuance price of each common share relating to fair value of warrant (in dollars per share)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_FairValueOfUnderlyingSecuritiesPerShare" xlink:to="label_yy_FairValueOfUnderlyingSecuritiesPerShare_2" xlink:title="Label : yy_FairValueOfUnderlyingSecuritiesPerShare to label_yy_FairValueOfUnderlyingSecuritiesPerShare_2" />
    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_StockIssuedDuringPeriodSharesWarrantsExercised" xlink:label="yy_StockIssuedDuringPeriodSharesWarrantsExercised" xlink:title="yy_StockIssuedDuringPeriodSharesWarrantsExercised" />
    <link:label xlink:type="resource" xlink:label="label_yy_StockIssuedDuringPeriodSharesWarrantsExercised" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_yy_StockIssuedDuringPeriodSharesWarrantsExercised" xml:lang="en-US" id="label_yy_StockIssuedDuringPeriodSharesWarrantsExercised">Total number of shares issued during the period as a result of warrants exercised.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_StockIssuedDuringPeriodSharesWarrantsExercised" xlink:to="label_yy_StockIssuedDuringPeriodSharesWarrantsExercised" xlink:title="Label : yy_StockIssuedDuringPeriodSharesWarrantsExercised to label_yy_StockIssuedDuringPeriodSharesWarrantsExercised" />
    <link:label xlink:type="resource" xlink:label="label_yy_StockIssuedDuringPeriodSharesWarrantsExercised_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_yy_StockIssuedDuringPeriodSharesWarrantsExercised_1" xml:lang="en-US" id="label_yy_StockIssuedDuringPeriodSharesWarrantsExercised_1">Stock Issued During Period Shares Warrants Exercised</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_StockIssuedDuringPeriodSharesWarrantsExercised" xlink:to="label_yy_StockIssuedDuringPeriodSharesWarrantsExercised_1" xlink:title="Label : yy_StockIssuedDuringPeriodSharesWarrantsExercised to label_yy_StockIssuedDuringPeriodSharesWarrantsExercised_1" />
    <link:label xlink:type="resource" xlink:label="label_yy_StockIssuedDuringPeriodSharesWarrantsExercised_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_yy_StockIssuedDuringPeriodSharesWarrantsExercised_2" xml:lang="en-US" id="label_yy_StockIssuedDuringPeriodSharesWarrantsExercised_2">Warrant to acquire common stock, exercised (in shares)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_StockIssuedDuringPeriodSharesWarrantsExercised" xlink:to="label_yy_StockIssuedDuringPeriodSharesWarrantsExercised_2" xlink:title="Label : yy_StockIssuedDuringPeriodSharesWarrantsExercised to label_yy_StockIssuedDuringPeriodSharesWarrantsExercised_2" />
    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_CommonStockVotingRightsPerShare" xlink:label="yy_CommonStockVotingRightsPerShare" xlink:title="yy_CommonStockVotingRightsPerShare" />
    <link:label xlink:type="resource" xlink:label="label_yy_CommonStockVotingRightsPerShare" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_yy_CommonStockVotingRightsPerShare" xml:lang="en-US" id="label_yy_CommonStockVotingRightsPerShare">Votes per common share owned.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_CommonStockVotingRightsPerShare" xlink:to="label_yy_CommonStockVotingRightsPerShare" xlink:title="Label : yy_CommonStockVotingRightsPerShare to label_yy_CommonStockVotingRightsPerShare" />
    <link:label xlink:type="resource" xlink:label="label_yy_CommonStockVotingRightsPerShare_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_yy_CommonStockVotingRightsPerShare_1" xml:lang="en-US" id="label_yy_CommonStockVotingRightsPerShare_1">Common Stock, Voting Rights Per Share</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_CommonStockVotingRightsPerShare" xlink:to="label_yy_CommonStockVotingRightsPerShare_1" xlink:title="Label : yy_CommonStockVotingRightsPerShare to label_yy_CommonStockVotingRightsPerShare_1" />
    <link:label xlink:type="resource" xlink:label="label_yy_CommonStockVotingRightsPerShare_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_yy_CommonStockVotingRightsPerShare_2" xml:lang="en-US" id="label_yy_CommonStockVotingRightsPerShare_2">Vote entitled per share</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_CommonStockVotingRightsPerShare" xlink:to="label_yy_CommonStockVotingRightsPerShare_2" xlink:title="Label : yy_CommonStockVotingRightsPerShare to label_yy_CommonStockVotingRightsPerShare_2" />
    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_CommonStockConversionRate" xlink:label="yy_CommonStockConversionRate" xlink:title="yy_CommonStockConversionRate" />
    <link:label xlink:type="resource" xlink:label="label_yy_CommonStockConversionRate" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_yy_CommonStockConversionRate" xml:lang="en-US" id="label_yy_CommonStockConversionRate">Ratio applied for shares of common stock into which another class of common stock was converted.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_CommonStockConversionRate" xlink:to="label_yy_CommonStockConversionRate" xlink:title="Label : yy_CommonStockConversionRate to label_yy_CommonStockConversionRate" />
    <link:label xlink:type="resource" xlink:label="label_yy_CommonStockConversionRate_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_yy_CommonStockConversionRate_1" xml:lang="en-US" id="label_yy_CommonStockConversionRate_1">Common Stock Conversion Rate</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_CommonStockConversionRate" xlink:to="label_yy_CommonStockConversionRate_1" xlink:title="Label : yy_CommonStockConversionRate to label_yy_CommonStockConversionRate_1" />
    <link:label xlink:type="resource" xlink:label="label_yy_CommonStockConversionRate_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_yy_CommonStockConversionRate_2" xml:lang="en-US" id="label_yy_CommonStockConversionRate_2">Number of Class A common shares convertible from Class B common shares</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_CommonStockConversionRate" xlink:to="label_yy_CommonStockConversionRate_2" xlink:title="Label : yy_CommonStockConversionRate to label_yy_CommonStockConversionRate_2" />
    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_CommonSharesWarrantMember" xlink:label="yy_CommonSharesWarrantMember" xlink:title="yy_CommonSharesWarrantMember" />
    <link:label xlink:type="resource" xlink:label="label_yy_CommonSharesWarrantMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_yy_CommonSharesWarrantMember" xml:lang="en-US" id="label_yy_CommonSharesWarrantMember">Warrants to purchase common shares of the entity.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_CommonSharesWarrantMember" xlink:to="label_yy_CommonSharesWarrantMember" xlink:title="Label : yy_CommonSharesWarrantMember to label_yy_CommonSharesWarrantMember" />
    <link:label xlink:type="resource" xlink:label="label_yy_CommonSharesWarrantMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_yy_CommonSharesWarrantMember_1" xml:lang="en-US" id="label_yy_CommonSharesWarrantMember_1">Common Shares Warrant [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_CommonSharesWarrantMember" xlink:to="label_yy_CommonSharesWarrantMember_1" xlink:title="Label : yy_CommonSharesWarrantMember to label_yy_CommonSharesWarrantMember_1" />
    <link:label xlink:type="resource" xlink:label="label_yy_CommonSharesWarrantMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_yy_CommonSharesWarrantMember_2" xml:lang="en-US" id="label_yy_CommonSharesWarrantMember_2">Warrants to purchase common shares [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_CommonSharesWarrantMember" xlink:to="label_yy_CommonSharesWarrantMember_2" xlink:title="Label : yy_CommonSharesWarrantMember to label_yy_CommonSharesWarrantMember_2" />
    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_MaximumPeriodOverWhichEachVirtualItemIsMadeAvailableToUsers" xlink:label="yy_MaximumPeriodOverWhichEachVirtualItemIsMadeAvailableToUsers" xlink:title="yy_MaximumPeriodOverWhichEachVirtualItemIsMadeAvailableToUsers" />
    <link:label xlink:type="resource" xlink:label="label_yy_MaximumPeriodOverWhichEachVirtualItemIsMadeAvailableToUsers" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_yy_MaximumPeriodOverWhichEachVirtualItemIsMadeAvailableToUsers" xml:lang="en-US" id="label_yy_MaximumPeriodOverWhichEachVirtualItemIsMadeAvailableToUsers">Represents the maximum period over which each virtual item is made available to the user.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_MaximumPeriodOverWhichEachVirtualItemIsMadeAvailableToUsers" xlink:to="label_yy_MaximumPeriodOverWhichEachVirtualItemIsMadeAvailableToUsers" xlink:title="Label : yy_MaximumPeriodOverWhichEachVirtualItemIsMadeAvailableToUsers to label_yy_MaximumPeriodOverWhichEachVirtualItemIsMadeAvailableToUsers" />
    <link:label xlink:type="resource" xlink:label="label_yy_MaximumPeriodOverWhichEachVirtualItemIsMadeAvailableToUsers_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_yy_MaximumPeriodOverWhichEachVirtualItemIsMadeAvailableToUsers_1" xml:lang="en-US" id="label_yy_MaximumPeriodOverWhichEachVirtualItemIsMadeAvailableToUsers_1">Maximum Period over which Each Virtual Item is Made Available to Users</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_MaximumPeriodOverWhichEachVirtualItemIsMadeAvailableToUsers" xlink:to="label_yy_MaximumPeriodOverWhichEachVirtualItemIsMadeAvailableToUsers_1" xlink:title="Label : yy_MaximumPeriodOverWhichEachVirtualItemIsMadeAvailableToUsers to label_yy_MaximumPeriodOverWhichEachVirtualItemIsMadeAvailableToUsers_1" />
    <link:label xlink:type="resource" xlink:label="label_yy_MaximumPeriodOverWhichEachVirtualItemIsMadeAvailableToUsers_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_yy_MaximumPeriodOverWhichEachVirtualItemIsMadeAvailableToUsers_2" xml:lang="en-US" id="label_yy_MaximumPeriodOverWhichEachVirtualItemIsMadeAvailableToUsers_2">Maximum period over which each virtual item is made available to the user</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_MaximumPeriodOverWhichEachVirtualItemIsMadeAvailableToUsers" xlink:to="label_yy_MaximumPeriodOverWhichEachVirtualItemIsMadeAvailableToUsers_2" xlink:title="Label : yy_MaximumPeriodOverWhichEachVirtualItemIsMadeAvailableToUsers to label_yy_MaximumPeriodOverWhichEachVirtualItemIsMadeAvailableToUsers_2" />
    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_NumberOfArrangementIntoWhichVirtualItemsSoldIndividuallyOrBundled" xlink:label="yy_NumberOfArrangementIntoWhichVirtualItemsSoldIndividuallyOrBundled" xlink:title="yy_NumberOfArrangementIntoWhichVirtualItemsSoldIndividuallyOrBundled" />
    <link:label xlink:type="resource" xlink:label="label_yy_NumberOfArrangementIntoWhichVirtualItemsSoldIndividuallyOrBundled" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_yy_NumberOfArrangementIntoWhichVirtualItemsSoldIndividuallyOrBundled" xml:lang="en-US" id="label_yy_NumberOfArrangementIntoWhichVirtualItemsSoldIndividuallyOrBundled">Represents the number of arrangements into which virtual items may be sold individually or bundled.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_NumberOfArrangementIntoWhichVirtualItemsSoldIndividuallyOrBundled" xlink:to="label_yy_NumberOfArrangementIntoWhichVirtualItemsSoldIndividuallyOrBundled" xlink:title="Label : yy_NumberOfArrangementIntoWhichVirtualItemsSoldIndividuallyOrBundled to label_yy_NumberOfArrangementIntoWhichVirtualItemsSoldIndividuallyOrBundled" />
    <link:label xlink:type="resource" xlink:label="label_yy_NumberOfArrangementIntoWhichVirtualItemsSoldIndividuallyOrBundled_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_yy_NumberOfArrangementIntoWhichVirtualItemsSoldIndividuallyOrBundled_1" xml:lang="en-US" id="label_yy_NumberOfArrangementIntoWhichVirtualItemsSoldIndividuallyOrBundled_1">Number of Arrangement into which Virtual Items Sold Individually or Bundled</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_NumberOfArrangementIntoWhichVirtualItemsSoldIndividuallyOrBundled" xlink:to="label_yy_NumberOfArrangementIntoWhichVirtualItemsSoldIndividuallyOrBundled_1" xlink:title="Label : yy_NumberOfArrangementIntoWhichVirtualItemsSoldIndividuallyOrBundled to label_yy_NumberOfArrangementIntoWhichVirtualItemsSoldIndividuallyOrBundled_1" />
    <link:label xlink:type="resource" xlink:label="label_yy_NumberOfArrangementIntoWhichVirtualItemsSoldIndividuallyOrBundled_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_yy_NumberOfArrangementIntoWhichVirtualItemsSoldIndividuallyOrBundled_2" xml:lang="en-US" id="label_yy_NumberOfArrangementIntoWhichVirtualItemsSoldIndividuallyOrBundled_2">Number of arrangements into which virtual items may be sold individually or bundled</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_NumberOfArrangementIntoWhichVirtualItemsSoldIndividuallyOrBundled" xlink:to="label_yy_NumberOfArrangementIntoWhichVirtualItemsSoldIndividuallyOrBundled_2" xlink:title="Label : yy_NumberOfArrangementIntoWhichVirtualItemsSoldIndividuallyOrBundled to label_yy_NumberOfArrangementIntoWhichVirtualItemsSoldIndividuallyOrBundled_2" />
    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_PeriodOfRevenueSharingContracts" xlink:label="yy_PeriodOfRevenueSharingContracts" xlink:title="yy_PeriodOfRevenueSharingContracts" />
    <link:label xlink:type="resource" xlink:label="label_yy_PeriodOfRevenueSharingContracts" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_yy_PeriodOfRevenueSharingContracts" xml:lang="en-US" id="label_yy_PeriodOfRevenueSharingContracts">Represents the period of revenue-sharing contracts.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_PeriodOfRevenueSharingContracts" xlink:to="label_yy_PeriodOfRevenueSharingContracts" xlink:title="Label : yy_PeriodOfRevenueSharingContracts to label_yy_PeriodOfRevenueSharingContracts" />
    <link:label xlink:type="resource" xlink:label="label_yy_PeriodOfRevenueSharingContracts_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_yy_PeriodOfRevenueSharingContracts_1" xml:lang="en-US" id="label_yy_PeriodOfRevenueSharingContracts_1">Period of Revenue Sharing Contracts</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_PeriodOfRevenueSharingContracts" xlink:to="label_yy_PeriodOfRevenueSharingContracts_1" xlink:title="Label : yy_PeriodOfRevenueSharingContracts to label_yy_PeriodOfRevenueSharingContracts_1" />
    <link:label xlink:type="resource" xlink:label="label_yy_PeriodOfRevenueSharingContracts_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_yy_PeriodOfRevenueSharingContracts_2" xml:lang="en-US" id="label_yy_PeriodOfRevenueSharingContracts_2">Period of revenue-sharing contracts</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_PeriodOfRevenueSharingContracts" xlink:to="label_yy_PeriodOfRevenueSharingContracts_2" xlink:title="Label : yy_PeriodOfRevenueSharingContracts to label_yy_PeriodOfRevenueSharingContracts_2" />
    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_EstimatedUserRelationshipPeriod" xlink:label="yy_EstimatedUserRelationshipPeriod" xlink:title="yy_EstimatedUserRelationshipPeriod" />
    <link:label xlink:type="resource" xlink:label="label_yy_EstimatedUserRelationshipPeriod" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_yy_EstimatedUserRelationshipPeriod" xml:lang="en-US" id="label_yy_EstimatedUserRelationshipPeriod">Represents the period of estimated user relationship to recognize revenues.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_EstimatedUserRelationshipPeriod" xlink:to="label_yy_EstimatedUserRelationshipPeriod" xlink:title="Label : yy_EstimatedUserRelationshipPeriod to label_yy_EstimatedUserRelationshipPeriod" />
    <link:label xlink:type="resource" xlink:label="label_yy_EstimatedUserRelationshipPeriod_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_yy_EstimatedUserRelationshipPeriod_1" xml:lang="en-US" id="label_yy_EstimatedUserRelationshipPeriod_1">Estimated User Relationship Period</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_EstimatedUserRelationshipPeriod" xlink:to="label_yy_EstimatedUserRelationshipPeriod_1" xlink:title="Label : yy_EstimatedUserRelationshipPeriod to label_yy_EstimatedUserRelationshipPeriod_1" />
    <link:label xlink:type="resource" xlink:label="label_yy_EstimatedUserRelationshipPeriod_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_yy_EstimatedUserRelationshipPeriod_2" xml:lang="en-US" id="label_yy_EstimatedUserRelationshipPeriod_2">Estimated user relationship period</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_EstimatedUserRelationshipPeriod" xlink:to="label_yy_EstimatedUserRelationshipPeriod_2" xlink:title="Label : yy_EstimatedUserRelationshipPeriod to label_yy_EstimatedUserRelationshipPeriod_2" />
    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_AdvertisingRevenuesContractTerm" xlink:label="yy_AdvertisingRevenuesContractTerm" xlink:title="yy_AdvertisingRevenuesContractTerm" />
    <link:label xlink:type="resource" xlink:label="label_yy_AdvertisingRevenuesContractTerm" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_yy_AdvertisingRevenuesContractTerm" xml:lang="en-US" id="label_yy_AdvertisingRevenuesContractTerm">Represents the advertising revenues contract term.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_AdvertisingRevenuesContractTerm" xlink:to="label_yy_AdvertisingRevenuesContractTerm" xlink:title="Label : yy_AdvertisingRevenuesContractTerm to label_yy_AdvertisingRevenuesContractTerm" />
    <link:label xlink:type="resource" xlink:label="label_yy_AdvertisingRevenuesContractTerm_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_yy_AdvertisingRevenuesContractTerm_1" xml:lang="en-US" id="label_yy_AdvertisingRevenuesContractTerm_1">Advertising Revenues Contract Term</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_AdvertisingRevenuesContractTerm" xlink:to="label_yy_AdvertisingRevenuesContractTerm_1" xlink:title="Label : yy_AdvertisingRevenuesContractTerm to label_yy_AdvertisingRevenuesContractTerm_1" />
    <link:label xlink:type="resource" xlink:label="label_yy_AdvertisingRevenuesContractTerm_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_yy_AdvertisingRevenuesContractTerm_2" xml:lang="en-US" id="label_yy_AdvertisingRevenuesContractTerm_2">Advertising revenues contract term</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_AdvertisingRevenuesContractTerm" xlink:to="label_yy_AdvertisingRevenuesContractTerm_2" xlink:title="Label : yy_AdvertisingRevenuesContractTerm to label_yy_AdvertisingRevenuesContractTerm_2" />
    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_PaymentsAccrualPeriod" xlink:label="yy_PaymentsAccrualPeriod" xlink:title="yy_PaymentsAccrualPeriod" />
    <link:label xlink:type="resource" xlink:label="label_yy_PaymentsAccrualPeriod" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_yy_PaymentsAccrualPeriod" xml:lang="en-US" id="label_yy_PaymentsAccrualPeriod">Represents the period over which amount billed to the third party advertising agencies and direct advertisers are due for payment.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_PaymentsAccrualPeriod" xlink:to="label_yy_PaymentsAccrualPeriod" xlink:title="Label : yy_PaymentsAccrualPeriod to label_yy_PaymentsAccrualPeriod" />
    <link:label xlink:type="resource" xlink:label="label_yy_PaymentsAccrualPeriod_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_yy_PaymentsAccrualPeriod_1" xml:lang="en-US" id="label_yy_PaymentsAccrualPeriod_1">Payments Accrual Period</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_PaymentsAccrualPeriod" xlink:to="label_yy_PaymentsAccrualPeriod_1" xlink:title="Label : yy_PaymentsAccrualPeriod to label_yy_PaymentsAccrualPeriod_1" />
    <link:label xlink:type="resource" xlink:label="label_yy_PaymentsAccrualPeriod_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_yy_PaymentsAccrualPeriod_2" xml:lang="en-US" id="label_yy_PaymentsAccrualPeriod_2">Period over which payments are due</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_PaymentsAccrualPeriod" xlink:to="label_yy_PaymentsAccrualPeriod_2" xlink:title="Label : yy_PaymentsAccrualPeriod to label_yy_PaymentsAccrualPeriod_2" />
    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_NumberOfOtherCitiesAndProvincesToWhichPilotProgramOfTaxWasExpanded" xlink:label="yy_NumberOfOtherCitiesAndProvincesToWhichPilotProgramOfTaxWasExpanded" xlink:title="yy_NumberOfOtherCitiesAndProvincesToWhichPilotProgramOfTaxWasExpanded" />
    <link:label xlink:type="resource" xlink:label="label_yy_NumberOfOtherCitiesAndProvincesToWhichPilotProgramOfTaxWasExpanded" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_yy_NumberOfOtherCitiesAndProvincesToWhichPilotProgramOfTaxWasExpanded" xml:lang="en-US" id="label_yy_NumberOfOtherCitiesAndProvincesToWhichPilotProgramOfTaxWasExpanded">Represents the number of other cities and provinces in PRC, to which the Pilot Program for imposition of value-added tax to replace business tax for revenues in certain industries was expanded.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_NumberOfOtherCitiesAndProvincesToWhichPilotProgramOfTaxWasExpanded" xlink:to="label_yy_NumberOfOtherCitiesAndProvincesToWhichPilotProgramOfTaxWasExpanded" xlink:title="Label : yy_NumberOfOtherCitiesAndProvincesToWhichPilotProgramOfTaxWasExpanded to label_yy_NumberOfOtherCitiesAndProvincesToWhichPilotProgramOfTaxWasExpanded" />
    <link:label xlink:type="resource" xlink:label="label_yy_NumberOfOtherCitiesAndProvincesToWhichPilotProgramOfTaxWasExpanded_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_yy_NumberOfOtherCitiesAndProvincesToWhichPilotProgramOfTaxWasExpanded_1" xml:lang="en-US" id="label_yy_NumberOfOtherCitiesAndProvincesToWhichPilotProgramOfTaxWasExpanded_1">Number of Other Cities and Provinces to which Pilot Program of Tax was Expanded</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_NumberOfOtherCitiesAndProvincesToWhichPilotProgramOfTaxWasExpanded" xlink:to="label_yy_NumberOfOtherCitiesAndProvincesToWhichPilotProgramOfTaxWasExpanded_1" xlink:title="Label : yy_NumberOfOtherCitiesAndProvincesToWhichPilotProgramOfTaxWasExpanded to label_yy_NumberOfOtherCitiesAndProvincesToWhichPilotProgramOfTaxWasExpanded_1" />
    <link:label xlink:type="resource" xlink:label="label_yy_NumberOfOtherCitiesAndProvincesToWhichPilotProgramOfTaxWasExpanded_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_yy_NumberOfOtherCitiesAndProvincesToWhichPilotProgramOfTaxWasExpanded_2" xml:lang="en-US" id="label_yy_NumberOfOtherCitiesAndProvincesToWhichPilotProgramOfTaxWasExpanded_2">Number of other cities and provinces in PRC to which the Pilot Program was expanded</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_NumberOfOtherCitiesAndProvincesToWhichPilotProgramOfTaxWasExpanded" xlink:to="label_yy_NumberOfOtherCitiesAndProvincesToWhichPilotProgramOfTaxWasExpanded_2" xlink:title="Label : yy_NumberOfOtherCitiesAndProvincesToWhichPilotProgramOfTaxWasExpanded to label_yy_NumberOfOtherCitiesAndProvincesToWhichPilotProgramOfTaxWasExpanded_2" />
    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_ValueAddedTaxRate" xlink:label="yy_ValueAddedTaxRate" xlink:title="yy_ValueAddedTaxRate" />
    <link:label xlink:type="resource" xlink:label="label_yy_ValueAddedTaxRate" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_yy_ValueAddedTaxRate" xml:lang="en-US" id="label_yy_ValueAddedTaxRate">Represents the rate at which value-added tax is levied on revenue of the entity.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_ValueAddedTaxRate" xlink:to="label_yy_ValueAddedTaxRate" xlink:title="Label : yy_ValueAddedTaxRate to label_yy_ValueAddedTaxRate" />
    <link:label xlink:type="resource" xlink:label="label_yy_ValueAddedTaxRate_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_yy_ValueAddedTaxRate_1" xml:lang="en-US" id="label_yy_ValueAddedTaxRate_1">Value Added Tax Rate</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_ValueAddedTaxRate" xlink:to="label_yy_ValueAddedTaxRate_1" xlink:title="Label : yy_ValueAddedTaxRate to label_yy_ValueAddedTaxRate_1" />
    <link:label xlink:type="resource" xlink:label="label_yy_ValueAddedTaxRate_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_yy_ValueAddedTaxRate_2" xml:lang="en-US" id="label_yy_ValueAddedTaxRate_2">VAT (as a percent)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_ValueAddedTaxRate" xlink:to="label_yy_ValueAddedTaxRate_2" xlink:title="Label : yy_ValueAddedTaxRate to label_yy_ValueAddedTaxRate_2" />
    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_TaxRateOnAdvertisingServiceIncome" xlink:label="yy_TaxRateOnAdvertisingServiceIncome" xlink:title="yy_TaxRateOnAdvertisingServiceIncome" />
    <link:label xlink:type="resource" xlink:label="label_yy_TaxRateOnAdvertisingServiceIncome" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_yy_TaxRateOnAdvertisingServiceIncome" xml:lang="en-US" id="label_yy_TaxRateOnAdvertisingServiceIncome">Represents the percentage of tax rate on advertising service income subjected to cultural development fee.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_TaxRateOnAdvertisingServiceIncome" xlink:to="label_yy_TaxRateOnAdvertisingServiceIncome" xlink:title="Label : yy_TaxRateOnAdvertisingServiceIncome to label_yy_TaxRateOnAdvertisingServiceIncome" />
    <link:label xlink:type="resource" xlink:label="label_yy_TaxRateOnAdvertisingServiceIncome_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_yy_TaxRateOnAdvertisingServiceIncome_1" xml:lang="en-US" id="label_yy_TaxRateOnAdvertisingServiceIncome_1">Tax Rate on Service Income</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_TaxRateOnAdvertisingServiceIncome" xlink:to="label_yy_TaxRateOnAdvertisingServiceIncome_1" xlink:title="Label : yy_TaxRateOnAdvertisingServiceIncome to label_yy_TaxRateOnAdvertisingServiceIncome_1" />
    <link:label xlink:type="resource" xlink:label="label_yy_TaxRateOnAdvertisingServiceIncome_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_yy_TaxRateOnAdvertisingServiceIncome_2" xml:lang="en-US" id="label_yy_TaxRateOnAdvertisingServiceIncome_2">Tax rate on service income from provision of advertising services in the PRC (as a percent)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_TaxRateOnAdvertisingServiceIncome" xlink:to="label_yy_TaxRateOnAdvertisingServiceIncome_2" xlink:title="Label : yy_TaxRateOnAdvertisingServiceIncome to label_yy_TaxRateOnAdvertisingServiceIncome_2" />
    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_OnlineMusicAndEntertainmentRevenueMember" xlink:label="yy_OnlineMusicAndEntertainmentRevenueMember" xlink:title="yy_OnlineMusicAndEntertainmentRevenueMember" />
    <link:label xlink:type="resource" xlink:label="label_yy_OnlineMusicAndEntertainmentRevenueMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_yy_OnlineMusicAndEntertainmentRevenueMember" xml:lang="en-US" id="label_yy_OnlineMusicAndEntertainmentRevenueMember">Represents information pertaining to online music and entertainment revenue,</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_OnlineMusicAndEntertainmentRevenueMember" xlink:to="label_yy_OnlineMusicAndEntertainmentRevenueMember" xlink:title="Label : yy_OnlineMusicAndEntertainmentRevenueMember to label_yy_OnlineMusicAndEntertainmentRevenueMember" />
    <link:label xlink:type="resource" xlink:label="label_yy_OnlineMusicAndEntertainmentRevenueMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_yy_OnlineMusicAndEntertainmentRevenueMember_1" xml:lang="en-US" id="label_yy_OnlineMusicAndEntertainmentRevenueMember_1">Online Music and Entertainment Revenue [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_OnlineMusicAndEntertainmentRevenueMember" xlink:to="label_yy_OnlineMusicAndEntertainmentRevenueMember_1" xlink:title="Label : yy_OnlineMusicAndEntertainmentRevenueMember to label_yy_OnlineMusicAndEntertainmentRevenueMember_1" />
    <link:label xlink:type="resource" xlink:label="label_yy_OnlineMusicAndEntertainmentRevenueMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_yy_OnlineMusicAndEntertainmentRevenueMember_2" xml:lang="en-US" id="label_yy_OnlineMusicAndEntertainmentRevenueMember_2">Online music and entertainment revenue [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_OnlineMusicAndEntertainmentRevenueMember" xlink:to="label_yy_OnlineMusicAndEntertainmentRevenueMember_2" xlink:title="Label : yy_OnlineMusicAndEntertainmentRevenueMember to label_yy_OnlineMusicAndEntertainmentRevenueMember_2" />
    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_ThirdPartyDevelopedOnlineGamesMember" xlink:label="yy_ThirdPartyDevelopedOnlineGamesMember" xlink:title="yy_ThirdPartyDevelopedOnlineGamesMember" />
    <link:label xlink:type="resource" xlink:label="label_yy_ThirdPartyDevelopedOnlineGamesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_yy_ThirdPartyDevelopedOnlineGamesMember" xml:lang="en-US" id="label_yy_ThirdPartyDevelopedOnlineGamesMember">Represents information pertaining to the third party developed online games.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_ThirdPartyDevelopedOnlineGamesMember" xlink:to="label_yy_ThirdPartyDevelopedOnlineGamesMember" xlink:title="Label : yy_ThirdPartyDevelopedOnlineGamesMember to label_yy_ThirdPartyDevelopedOnlineGamesMember" />
    <link:label xlink:type="resource" xlink:label="label_yy_ThirdPartyDevelopedOnlineGamesMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_yy_ThirdPartyDevelopedOnlineGamesMember_1" xml:lang="en-US" id="label_yy_ThirdPartyDevelopedOnlineGamesMember_1">Third Party Developed Online Games [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_ThirdPartyDevelopedOnlineGamesMember" xlink:to="label_yy_ThirdPartyDevelopedOnlineGamesMember_1" xlink:title="Label : yy_ThirdPartyDevelopedOnlineGamesMember to label_yy_ThirdPartyDevelopedOnlineGamesMember_1" />
    <link:label xlink:type="resource" xlink:label="label_yy_ThirdPartyDevelopedOnlineGamesMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_yy_ThirdPartyDevelopedOnlineGamesMember_2" xml:lang="en-US" id="label_yy_ThirdPartyDevelopedOnlineGamesMember_2">Third party developed online games [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_ThirdPartyDevelopedOnlineGamesMember" xlink:to="label_yy_ThirdPartyDevelopedOnlineGamesMember_2" xlink:title="Label : yy_ThirdPartyDevelopedOnlineGamesMember to label_yy_ThirdPartyDevelopedOnlineGamesMember_2" />
    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_AdvertisingRevenuesMember" xlink:label="yy_AdvertisingRevenuesMember" xlink:title="yy_AdvertisingRevenuesMember" />
    <link:label xlink:type="resource" xlink:label="label_yy_AdvertisingRevenuesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_yy_AdvertisingRevenuesMember" xml:lang="en-US" id="label_yy_AdvertisingRevenuesMember">Represents information pertaining to advertising revenues.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_AdvertisingRevenuesMember" xlink:to="label_yy_AdvertisingRevenuesMember" xlink:title="Label : yy_AdvertisingRevenuesMember to label_yy_AdvertisingRevenuesMember" />
    <link:label xlink:type="resource" xlink:label="label_yy_AdvertisingRevenuesMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_yy_AdvertisingRevenuesMember_1" xml:lang="en-US" id="label_yy_AdvertisingRevenuesMember_1">Advertising Revenues [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_AdvertisingRevenuesMember" xlink:to="label_yy_AdvertisingRevenuesMember_1" xlink:title="Label : yy_AdvertisingRevenuesMember to label_yy_AdvertisingRevenuesMember_1" />
    <link:label xlink:type="resource" xlink:label="label_yy_AdvertisingRevenuesMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_yy_AdvertisingRevenuesMember_2" xml:lang="en-US" id="label_yy_AdvertisingRevenuesMember_2">Advertising revenues [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_AdvertisingRevenuesMember" xlink:to="label_yy_AdvertisingRevenuesMember_2" xlink:title="Label : yy_AdvertisingRevenuesMember to label_yy_AdvertisingRevenuesMember_2" />
    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_OnlineGameRevenueMember" xlink:label="yy_OnlineGameRevenueMember" xlink:title="yy_OnlineGameRevenueMember" />
    <link:label xlink:type="resource" xlink:label="label_yy_OnlineGameRevenueMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_yy_OnlineGameRevenueMember" xml:lang="en-US" id="label_yy_OnlineGameRevenueMember">Represents information pertaining to online game revenue.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_OnlineGameRevenueMember" xlink:to="label_yy_OnlineGameRevenueMember" xlink:title="Label : yy_OnlineGameRevenueMember to label_yy_OnlineGameRevenueMember" />
    <link:label xlink:type="resource" xlink:label="label_yy_OnlineGameRevenueMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_yy_OnlineGameRevenueMember_1" xml:lang="en-US" id="label_yy_OnlineGameRevenueMember_1">Online Game Revenue [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_OnlineGameRevenueMember" xlink:to="label_yy_OnlineGameRevenueMember_1" xlink:title="Label : yy_OnlineGameRevenueMember to label_yy_OnlineGameRevenueMember_1" />
    <link:label xlink:type="resource" xlink:label="label_yy_OnlineGameRevenueMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_yy_OnlineGameRevenueMember_2" xml:lang="en-US" id="label_yy_OnlineGameRevenueMember_2">Online games revenue [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_OnlineGameRevenueMember" xlink:to="label_yy_OnlineGameRevenueMember_2" xlink:title="Label : yy_OnlineGameRevenueMember to label_yy_OnlineGameRevenueMember_2" />
    <link:label xlink:type="resource" xlink:label="label_yy_OnlineGameRevenueMember_3" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_yy_OnlineGameRevenueMember_3" xml:lang="en-US" id="label_yy_OnlineGameRevenueMember_3">Online games [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_OnlineGameRevenueMember" xlink:to="label_yy_OnlineGameRevenueMember_3" xlink:title="Label : yy_OnlineGameRevenueMember to label_yy_OnlineGameRevenueMember_3" />
    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_BusinessTaxRatePriorToPilotProgramBeingApplied" xlink:label="yy_BusinessTaxRatePriorToPilotProgramBeingApplied" xlink:title="yy_BusinessTaxRatePriorToPilotProgramBeingApplied" />
    <link:label xlink:type="resource" xlink:label="label_yy_BusinessTaxRatePriorToPilotProgramBeingApplied" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_yy_BusinessTaxRatePriorToPilotProgramBeingApplied" xml:lang="en-US" id="label_yy_BusinessTaxRatePriorToPilotProgramBeingApplied">Represents the rate of business tax imposed on revenues prior to the Pilot Program's being applied.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_BusinessTaxRatePriorToPilotProgramBeingApplied" xlink:to="label_yy_BusinessTaxRatePriorToPilotProgramBeingApplied" xlink:title="Label : yy_BusinessTaxRatePriorToPilotProgramBeingApplied to label_yy_BusinessTaxRatePriorToPilotProgramBeingApplied" />
    <link:label xlink:type="resource" xlink:label="label_yy_BusinessTaxRatePriorToPilotProgramBeingApplied_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_yy_BusinessTaxRatePriorToPilotProgramBeingApplied_1" xml:lang="en-US" id="label_yy_BusinessTaxRatePriorToPilotProgramBeingApplied_1">Business Tax Rate Prior to Pilot Program Being Applied</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_BusinessTaxRatePriorToPilotProgramBeingApplied" xlink:to="label_yy_BusinessTaxRatePriorToPilotProgramBeingApplied_1" xlink:title="Label : yy_BusinessTaxRatePriorToPilotProgramBeingApplied to label_yy_BusinessTaxRatePriorToPilotProgramBeingApplied_1" />
    <link:label xlink:type="resource" xlink:label="label_yy_BusinessTaxRatePriorToPilotProgramBeingApplied_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_yy_BusinessTaxRatePriorToPilotProgramBeingApplied_2" xml:lang="en-US" id="label_yy_BusinessTaxRatePriorToPilotProgramBeingApplied_2">Business taxes prior to the Pilot Program's being applied (as a percent)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_BusinessTaxRatePriorToPilotProgramBeingApplied" xlink:to="label_yy_BusinessTaxRatePriorToPilotProgramBeingApplied_2" xlink:title="Label : yy_BusinessTaxRatePriorToPilotProgramBeingApplied to label_yy_BusinessTaxRatePriorToPilotProgramBeingApplied_2" />
    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_SurchargesRateOnBusinessTaxAndValueAddedTax" xlink:label="yy_SurchargesRateOnBusinessTaxAndValueAddedTax" xlink:title="yy_SurchargesRateOnBusinessTaxAndValueAddedTax" />
    <link:label xlink:type="resource" xlink:label="label_yy_SurchargesRateOnBusinessTaxAndValueAddedTax" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_yy_SurchargesRateOnBusinessTaxAndValueAddedTax" xml:lang="en-US" id="label_yy_SurchargesRateOnBusinessTaxAndValueAddedTax">Represents the tax rate of surcharges on business taxes and VAT.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_SurchargesRateOnBusinessTaxAndValueAddedTax" xlink:to="label_yy_SurchargesRateOnBusinessTaxAndValueAddedTax" xlink:title="Label : yy_SurchargesRateOnBusinessTaxAndValueAddedTax to label_yy_SurchargesRateOnBusinessTaxAndValueAddedTax" />
    <link:label xlink:type="resource" xlink:label="label_yy_SurchargesRateOnBusinessTaxAndValueAddedTax_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_yy_SurchargesRateOnBusinessTaxAndValueAddedTax_1" xml:lang="en-US" id="label_yy_SurchargesRateOnBusinessTaxAndValueAddedTax_1">Surcharges Rate on Business Tax and Value Added Tax</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_SurchargesRateOnBusinessTaxAndValueAddedTax" xlink:to="label_yy_SurchargesRateOnBusinessTaxAndValueAddedTax_1" xlink:title="Label : yy_SurchargesRateOnBusinessTaxAndValueAddedTax to label_yy_SurchargesRateOnBusinessTaxAndValueAddedTax_1" />
    <link:label xlink:type="resource" xlink:label="label_yy_SurchargesRateOnBusinessTaxAndValueAddedTax_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_yy_SurchargesRateOnBusinessTaxAndValueAddedTax_2" xml:lang="en-US" id="label_yy_SurchargesRateOnBusinessTaxAndValueAddedTax_2">Surcharges on business taxes and VAT (as a percent)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_SurchargesRateOnBusinessTaxAndValueAddedTax" xlink:to="label_yy_SurchargesRateOnBusinessTaxAndValueAddedTax_2" xlink:title="Label : yy_SurchargesRateOnBusinessTaxAndValueAddedTax to label_yy_SurchargesRateOnBusinessTaxAndValueAddedTax_2" />
    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_BusinessTaxRate" xlink:label="yy_BusinessTaxRate" xlink:title="yy_BusinessTaxRate" />
    <link:label xlink:type="resource" xlink:label="label_yy_BusinessTaxRate" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_yy_BusinessTaxRate" xml:lang="en-US" id="label_yy_BusinessTaxRate">Represents the rate of business tax imposed on revenues.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_BusinessTaxRate" xlink:to="label_yy_BusinessTaxRate" xlink:title="Label : yy_BusinessTaxRate to label_yy_BusinessTaxRate" />
    <link:label xlink:type="resource" xlink:label="label_yy_BusinessTaxRate_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_yy_BusinessTaxRate_1" xml:lang="en-US" id="label_yy_BusinessTaxRate_1">Business Tax Rate</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_BusinessTaxRate" xlink:to="label_yy_BusinessTaxRate_1" xlink:title="Label : yy_BusinessTaxRate to label_yy_BusinessTaxRate_1" />
    <link:label xlink:type="resource" xlink:label="label_yy_BusinessTaxRate_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_yy_BusinessTaxRate_2" xml:lang="en-US" id="label_yy_BusinessTaxRate_2">PRC business taxes (as a percent)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_BusinessTaxRate" xlink:to="label_yy_BusinessTaxRate_2" xlink:title="Label : yy_BusinessTaxRate to label_yy_BusinessTaxRate_2" />
    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_MinimumPeriodForWhichHolderOfAwardsIsExposedToMarketValueFluctuationOfUnderlyingShares" xlink:label="yy_MinimumPeriodForWhichHolderOfAwardsIsExposedToMarketValueFluctuationOfUnderlyingShares" xlink:title="yy_MinimumPeriodForWhichHolderOfAwardsIsExposedToMarketValueFluctuationOfUnderlyingShares" />
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    <link:label xlink:type="resource" xlink:label="label_yy_MinimumPeriodForWhichHolderOfAwardsIsExposedToMarketValueFluctuationOfUnderlyingShares_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_yy_MinimumPeriodForWhichHolderOfAwardsIsExposedToMarketValueFluctuationOfUnderlyingShares_1" xml:lang="en-US" id="label_yy_MinimumPeriodForWhichHolderOfAwardsIsExposedToMarketValueFluctuationOfUnderlyingShares_1">Minimum Period for which Holder of Awards is Exposed to Market Value Fluctuation of Underlying Shares</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_MinimumPeriodForWhichHolderOfAwardsIsExposedToMarketValueFluctuationOfUnderlyingShares" xlink:to="label_yy_MinimumPeriodForWhichHolderOfAwardsIsExposedToMarketValueFluctuationOfUnderlyingShares_1" xlink:title="Label : yy_MinimumPeriodForWhichHolderOfAwardsIsExposedToMarketValueFluctuationOfUnderlyingShares to label_yy_MinimumPeriodForWhichHolderOfAwardsIsExposedToMarketValueFluctuationOfUnderlyingShares_1" />
    <link:label xlink:type="resource" xlink:label="label_yy_MinimumPeriodForWhichHolderOfAwardsIsExposedToMarketValueFluctuationOfUnderlyingShares_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_yy_MinimumPeriodForWhichHolderOfAwardsIsExposedToMarketValueFluctuationOfUnderlyingShares_2" xml:lang="en-US" id="label_yy_MinimumPeriodForWhichHolderOfAwardsIsExposedToMarketValueFluctuationOfUnderlyingShares_2">Minimum period for which the holder of the awards is exposed to the market value fluctuation of the underlying shares</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_MinimumPeriodForWhichHolderOfAwardsIsExposedToMarketValueFluctuationOfUnderlyingShares" xlink:to="label_yy_MinimumPeriodForWhichHolderOfAwardsIsExposedToMarketValueFluctuationOfUnderlyingShares_2" xlink:title="Label : yy_MinimumPeriodForWhichHolderOfAwardsIsExposedToMarketValueFluctuationOfUnderlyingShares to label_yy_MinimumPeriodForWhichHolderOfAwardsIsExposedToMarketValueFluctuationOfUnderlyingShares_2" />
    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_AppropriationOfAfterTaxProfitToGeneralReserveFundRequiredPercentageMinimum" xlink:label="yy_AppropriationOfAfterTaxProfitToGeneralReserveFundRequiredPercentageMinimum" xlink:title="yy_AppropriationOfAfterTaxProfitToGeneralReserveFundRequiredPercentageMinimum" />
    <link:label xlink:type="resource" xlink:label="label_yy_AppropriationOfAfterTaxProfitToGeneralReserveFundRequiredPercentageMinimum" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_yy_AppropriationOfAfterTaxProfitToGeneralReserveFundRequiredPercentageMinimum" xml:lang="en-US" id="label_yy_AppropriationOfAfterTaxProfitToGeneralReserveFundRequiredPercentageMinimum">Represents the minimum percentage of after-tax profit required to be appropriated towards the general reserve fund for the entity's subsidiaries registered as wholly-owned foreign enterprises until the reserve balance reaches 50 percent of registered capital.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_AppropriationOfAfterTaxProfitToGeneralReserveFundRequiredPercentageMinimum" xlink:to="label_yy_AppropriationOfAfterTaxProfitToGeneralReserveFundRequiredPercentageMinimum" xlink:title="Label : yy_AppropriationOfAfterTaxProfitToGeneralReserveFundRequiredPercentageMinimum to label_yy_AppropriationOfAfterTaxProfitToGeneralReserveFundRequiredPercentageMinimum" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_AppropriationOfAfterTaxProfitToGeneralReserveFundRequiredPercentageMinimum" xlink:to="label_yy_AppropriationOfAfterTaxProfitToGeneralReserveFundRequiredPercentageMinimum_1" xlink:title="Label : yy_AppropriationOfAfterTaxProfitToGeneralReserveFundRequiredPercentageMinimum to label_yy_AppropriationOfAfterTaxProfitToGeneralReserveFundRequiredPercentageMinimum_1" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_AppropriationOfAfterTaxProfitToGeneralReserveFundRequiredPercentageMinimum" xlink:to="label_yy_AppropriationOfAfterTaxProfitToGeneralReserveFundRequiredPercentageMinimum_2" xlink:title="Label : yy_AppropriationOfAfterTaxProfitToGeneralReserveFundRequiredPercentageMinimum to label_yy_AppropriationOfAfterTaxProfitToGeneralReserveFundRequiredPercentageMinimum_2" />
    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_ReserveLevelThresholdForMandatoryTransferPercentage" xlink:label="yy_ReserveLevelThresholdForMandatoryTransferPercentage" xlink:title="yy_ReserveLevelThresholdForMandatoryTransferPercentage" />
    <link:label xlink:type="resource" xlink:label="label_yy_ReserveLevelThresholdForMandatoryTransferPercentage" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_yy_ReserveLevelThresholdForMandatoryTransferPercentage" xml:lang="en-US" id="label_yy_ReserveLevelThresholdForMandatoryTransferPercentage">Represents the level of the general reserve fund balance as a percentage of registered capital for the entity''s subsidiaries and the VIEs and VIE''s subsidiary in the PRC, which must be attained before mandatory transfers to the reserve are no longer required.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_ReserveLevelThresholdForMandatoryTransferPercentage" xlink:to="label_yy_ReserveLevelThresholdForMandatoryTransferPercentage" xlink:title="Label : yy_ReserveLevelThresholdForMandatoryTransferPercentage to label_yy_ReserveLevelThresholdForMandatoryTransferPercentage" />
    <link:label xlink:type="resource" xlink:label="label_yy_ReserveLevelThresholdForMandatoryTransferPercentage_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_yy_ReserveLevelThresholdForMandatoryTransferPercentage_1" xml:lang="en-US" id="label_yy_ReserveLevelThresholdForMandatoryTransferPercentage_1">Reserve Level Threshold for Mandatory Transfer Percentage</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_ReserveLevelThresholdForMandatoryTransferPercentage" xlink:to="label_yy_ReserveLevelThresholdForMandatoryTransferPercentage_1" xlink:title="Label : yy_ReserveLevelThresholdForMandatoryTransferPercentage to label_yy_ReserveLevelThresholdForMandatoryTransferPercentage_1" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_ReserveLevelThresholdForMandatoryTransferPercentage" xlink:to="label_yy_ReserveLevelThresholdForMandatoryTransferPercentage_2" xlink:title="Label : yy_ReserveLevelThresholdForMandatoryTransferPercentage to label_yy_ReserveLevelThresholdForMandatoryTransferPercentage_2" />
    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_AppropriationOfAfterTaxProfitToStatutorySurplusFundRequiredPercentageMinimum" xlink:label="yy_AppropriationOfAfterTaxProfitToStatutorySurplusFundRequiredPercentageMinimum" xlink:title="yy_AppropriationOfAfterTaxProfitToStatutorySurplusFundRequiredPercentageMinimum" />
    <link:label xlink:type="resource" xlink:label="label_yy_AppropriationOfAfterTaxProfitToStatutorySurplusFundRequiredPercentageMinimum" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_yy_AppropriationOfAfterTaxProfitToStatutorySurplusFundRequiredPercentageMinimum" xml:lang="en-US" id="label_yy_AppropriationOfAfterTaxProfitToStatutorySurplusFundRequiredPercentageMinimum">Represents the minimum percentage of after-tax profit required to be appropriated towards the statutory surplus fund for the entities incorporated in the People's Republic Of China until the reserve balance reaches 50 percent of registered capital.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_AppropriationOfAfterTaxProfitToStatutorySurplusFundRequiredPercentageMinimum" xlink:to="label_yy_AppropriationOfAfterTaxProfitToStatutorySurplusFundRequiredPercentageMinimum" xlink:title="Label : yy_AppropriationOfAfterTaxProfitToStatutorySurplusFundRequiredPercentageMinimum to label_yy_AppropriationOfAfterTaxProfitToStatutorySurplusFundRequiredPercentageMinimum" />
    <link:label xlink:type="resource" xlink:label="label_yy_AppropriationOfAfterTaxProfitToStatutorySurplusFundRequiredPercentageMinimum_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_yy_AppropriationOfAfterTaxProfitToStatutorySurplusFundRequiredPercentageMinimum_1" xml:lang="en-US" id="label_yy_AppropriationOfAfterTaxProfitToStatutorySurplusFundRequiredPercentageMinimum_1">Appropriation of after Tax Profit to Statutory Surplus Fund Required Percentage Minimum</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_AppropriationOfAfterTaxProfitToStatutorySurplusFundRequiredPercentageMinimum" xlink:to="label_yy_AppropriationOfAfterTaxProfitToStatutorySurplusFundRequiredPercentageMinimum_1" xlink:title="Label : yy_AppropriationOfAfterTaxProfitToStatutorySurplusFundRequiredPercentageMinimum to label_yy_AppropriationOfAfterTaxProfitToStatutorySurplusFundRequiredPercentageMinimum_1" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_AppropriationOfAfterTaxProfitToStatutorySurplusFundRequiredPercentageMinimum" xlink:to="label_yy_AppropriationOfAfterTaxProfitToStatutorySurplusFundRequiredPercentageMinimum_2" xlink:title="Label : yy_AppropriationOfAfterTaxProfitToStatutorySurplusFundRequiredPercentageMinimum to label_yy_AppropriationOfAfterTaxProfitToStatutorySurplusFundRequiredPercentageMinimum_2" />
    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_SurplusFundThresholdForMandatoryTransferPercentage" xlink:label="yy_SurplusFundThresholdForMandatoryTransferPercentage" xlink:title="yy_SurplusFundThresholdForMandatoryTransferPercentage" />
    <link:label xlink:type="resource" xlink:label="label_yy_SurplusFundThresholdForMandatoryTransferPercentage" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_yy_SurplusFundThresholdForMandatoryTransferPercentage" xml:lang="en-US" id="label_yy_SurplusFundThresholdForMandatoryTransferPercentage">Represents the level of the statutory surplus fund balance as a percentage of registered capital for the entities incorporated in the People's Republic of China, which must be attained before mandatory transfers to the fund are no longer required.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_SurplusFundThresholdForMandatoryTransferPercentage" xlink:to="label_yy_SurplusFundThresholdForMandatoryTransferPercentage" xlink:title="Label : yy_SurplusFundThresholdForMandatoryTransferPercentage to label_yy_SurplusFundThresholdForMandatoryTransferPercentage" />
    <link:label xlink:type="resource" xlink:label="label_yy_SurplusFundThresholdForMandatoryTransferPercentage_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_yy_SurplusFundThresholdForMandatoryTransferPercentage_1" xml:lang="en-US" id="label_yy_SurplusFundThresholdForMandatoryTransferPercentage_1">Surplus Fund Threshold for Mandatory Transfer Percentage</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_SurplusFundThresholdForMandatoryTransferPercentage" xlink:to="label_yy_SurplusFundThresholdForMandatoryTransferPercentage_1" xlink:title="Label : yy_SurplusFundThresholdForMandatoryTransferPercentage to label_yy_SurplusFundThresholdForMandatoryTransferPercentage_1" />
    <link:label xlink:type="resource" xlink:label="label_yy_SurplusFundThresholdForMandatoryTransferPercentage_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_yy_SurplusFundThresholdForMandatoryTransferPercentage_2" xml:lang="en-US" id="label_yy_SurplusFundThresholdForMandatoryTransferPercentage_2">Surplus fund threshold for mandatory appropriation requirement (as a percent)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_SurplusFundThresholdForMandatoryTransferPercentage" xlink:to="label_yy_SurplusFundThresholdForMandatoryTransferPercentage_2" xlink:title="Label : yy_SurplusFundThresholdForMandatoryTransferPercentage to label_yy_SurplusFundThresholdForMandatoryTransferPercentage_2" />
    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_AmountTransferredTowardsStatutoryReserves" xlink:label="yy_AmountTransferredTowardsStatutoryReserves" xlink:title="yy_AmountTransferredTowardsStatutoryReserves" />
    <link:label xlink:type="resource" xlink:label="label_yy_AmountTransferredTowardsStatutoryReserves" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_yy_AmountTransferredTowardsStatutoryReserves" xml:lang="en-US" id="label_yy_AmountTransferredTowardsStatutoryReserves">Represents Statutory reserves appropriated during the period.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_AmountTransferredTowardsStatutoryReserves" xlink:to="label_yy_AmountTransferredTowardsStatutoryReserves" xlink:title="Label : yy_AmountTransferredTowardsStatutoryReserves to label_yy_AmountTransferredTowardsStatutoryReserves" />
    <link:label xlink:type="resource" xlink:label="label_yy_AmountTransferredTowardsStatutoryReserves_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_yy_AmountTransferredTowardsStatutoryReserves_1" xml:lang="en-US" id="label_yy_AmountTransferredTowardsStatutoryReserves_1">Amount Transferred Towards Statutory Reserves</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_AmountTransferredTowardsStatutoryReserves" xlink:to="label_yy_AmountTransferredTowardsStatutoryReserves_1" xlink:title="Label : yy_AmountTransferredTowardsStatutoryReserves to label_yy_AmountTransferredTowardsStatutoryReserves_1" />
    <link:label xlink:type="resource" xlink:label="label_yy_AmountTransferredTowardsStatutoryReserves_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_yy_AmountTransferredTowardsStatutoryReserves_2" xml:lang="en-US" id="label_yy_AmountTransferredTowardsStatutoryReserves_2">Appropriation to statutory reserves</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_AmountTransferredTowardsStatutoryReserves" xlink:to="label_yy_AmountTransferredTowardsStatutoryReserves_2" xlink:title="Label : yy_AmountTransferredTowardsStatutoryReserves to label_yy_AmountTransferredTowardsStatutoryReserves_2" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_AmountTransferredTowardsStatutoryReserves" xlink:to="label_yy_AmountTransferredTowardsStatutoryReserves_3" xlink:title="Label : yy_AmountTransferredTowardsStatutoryReserves to label_yy_AmountTransferredTowardsStatutoryReserves_3" />
    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_NumberOfGeographicalSegments" xlink:label="yy_NumberOfGeographicalSegments" xlink:title="yy_NumberOfGeographicalSegments" />
    <link:label xlink:type="resource" xlink:label="label_yy_NumberOfGeographicalSegments" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_yy_NumberOfGeographicalSegments" xml:lang="en-US" id="label_yy_NumberOfGeographicalSegments">Represents the number of geographical segments.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_NumberOfGeographicalSegments" xlink:to="label_yy_NumberOfGeographicalSegments" xlink:title="Label : yy_NumberOfGeographicalSegments to label_yy_NumberOfGeographicalSegments" />
    <link:label xlink:type="resource" xlink:label="label_yy_NumberOfGeographicalSegments_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_yy_NumberOfGeographicalSegments_1" xml:lang="en-US" id="label_yy_NumberOfGeographicalSegments_1">Number of Geographical Segments</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_NumberOfGeographicalSegments" xlink:to="label_yy_NumberOfGeographicalSegments_1" xlink:title="Label : yy_NumberOfGeographicalSegments to label_yy_NumberOfGeographicalSegments_1" />
    <link:label xlink:type="resource" xlink:label="label_yy_NumberOfGeographicalSegments_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_yy_NumberOfGeographicalSegments_2" xml:lang="en-US" id="label_yy_NumberOfGeographicalSegments_2">Number of geographical segments</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_NumberOfGeographicalSegments" xlink:to="label_yy_NumberOfGeographicalSegments_2" xlink:title="Label : yy_NumberOfGeographicalSegments to label_yy_NumberOfGeographicalSegments_2" />
    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_ConvenienceTranslationPolicyTextBlock" xlink:label="yy_ConvenienceTranslationPolicyTextBlock" xlink:title="yy_ConvenienceTranslationPolicyTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_yy_ConvenienceTranslationPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_yy_ConvenienceTranslationPolicyTextBlock" xml:lang="en-US" id="label_yy_ConvenienceTranslationPolicyTextBlock">Disclosure of accounting policy for convenience translation of financial statements from reporting currency into another currency.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_ConvenienceTranslationPolicyTextBlock" xlink:to="label_yy_ConvenienceTranslationPolicyTextBlock" xlink:title="Label : yy_ConvenienceTranslationPolicyTextBlock to label_yy_ConvenienceTranslationPolicyTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_yy_ConvenienceTranslationPolicyTextBlock_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_yy_ConvenienceTranslationPolicyTextBlock_1" xml:lang="en-US" id="label_yy_ConvenienceTranslationPolicyTextBlock_1">Convenience Translation Policy [Text Block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_ConvenienceTranslationPolicyTextBlock" xlink:to="label_yy_ConvenienceTranslationPolicyTextBlock_1" xlink:title="Label : yy_ConvenienceTranslationPolicyTextBlock to label_yy_ConvenienceTranslationPolicyTextBlock_1" />
    <link:label xlink:type="resource" xlink:label="label_yy_ConvenienceTranslationPolicyTextBlock_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_yy_ConvenienceTranslationPolicyTextBlock_2" xml:lang="en-US" id="label_yy_ConvenienceTranslationPolicyTextBlock_2">Convenience translation</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_ConvenienceTranslationPolicyTextBlock" xlink:to="label_yy_ConvenienceTranslationPolicyTextBlock_2" xlink:title="Label : yy_ConvenienceTranslationPolicyTextBlock to label_yy_ConvenienceTranslationPolicyTextBlock_2" />
    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_ShortTermDepositPolicyTextBlock" xlink:label="yy_ShortTermDepositPolicyTextBlock" xlink:title="yy_ShortTermDepositPolicyTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_yy_ShortTermDepositPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_yy_ShortTermDepositPolicyTextBlock" xml:lang="en-US" id="label_yy_ShortTermDepositPolicyTextBlock">Disclosure of accounting policy for short term deposits.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_ShortTermDepositPolicyTextBlock" xlink:to="label_yy_ShortTermDepositPolicyTextBlock" xlink:title="Label : yy_ShortTermDepositPolicyTextBlock to label_yy_ShortTermDepositPolicyTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_yy_ShortTermDepositPolicyTextBlock_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_yy_ShortTermDepositPolicyTextBlock_1" xml:lang="en-US" id="label_yy_ShortTermDepositPolicyTextBlock_1">Short Term Deposit Policy [Text Block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_ShortTermDepositPolicyTextBlock" xlink:to="label_yy_ShortTermDepositPolicyTextBlock_1" xlink:title="Label : yy_ShortTermDepositPolicyTextBlock to label_yy_ShortTermDepositPolicyTextBlock_1" />
    <link:label xlink:type="resource" xlink:label="label_yy_ShortTermDepositPolicyTextBlock_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_yy_ShortTermDepositPolicyTextBlock_2" xml:lang="en-US" id="label_yy_ShortTermDepositPolicyTextBlock_2">Short-term deposits</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_ShortTermDepositPolicyTextBlock" xlink:to="label_yy_ShortTermDepositPolicyTextBlock_2" xlink:title="Label : yy_ShortTermDepositPolicyTextBlock to label_yy_ShortTermDepositPolicyTextBlock_2" />
    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_AnnualGoodwillImpairmentTestPolicyTextBlock" xlink:label="yy_AnnualGoodwillImpairmentTestPolicyTextBlock" xlink:title="yy_AnnualGoodwillImpairmentTestPolicyTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_yy_AnnualGoodwillImpairmentTestPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_yy_AnnualGoodwillImpairmentTestPolicyTextBlock" xml:lang="en-US" id="label_yy_AnnualGoodwillImpairmentTestPolicyTextBlock">Disclosure of accounting policy for the annual goodwill impairment test.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_AnnualGoodwillImpairmentTestPolicyTextBlock" xlink:to="label_yy_AnnualGoodwillImpairmentTestPolicyTextBlock" xlink:title="Label : yy_AnnualGoodwillImpairmentTestPolicyTextBlock to label_yy_AnnualGoodwillImpairmentTestPolicyTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_yy_AnnualGoodwillImpairmentTestPolicyTextBlock_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_yy_AnnualGoodwillImpairmentTestPolicyTextBlock_1" xml:lang="en-US" id="label_yy_AnnualGoodwillImpairmentTestPolicyTextBlock_1">Annual Goodwill Impairment Test [Policy Text Block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_AnnualGoodwillImpairmentTestPolicyTextBlock" xlink:to="label_yy_AnnualGoodwillImpairmentTestPolicyTextBlock_1" xlink:title="Label : yy_AnnualGoodwillImpairmentTestPolicyTextBlock to label_yy_AnnualGoodwillImpairmentTestPolicyTextBlock_1" />
    <link:label xlink:type="resource" xlink:label="label_yy_AnnualGoodwillImpairmentTestPolicyTextBlock_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_yy_AnnualGoodwillImpairmentTestPolicyTextBlock_2" xml:lang="en-US" id="label_yy_AnnualGoodwillImpairmentTestPolicyTextBlock_2">Annual test for impairment of goodwill</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_AnnualGoodwillImpairmentTestPolicyTextBlock" xlink:to="label_yy_AnnualGoodwillImpairmentTestPolicyTextBlock_2" xlink:title="Label : yy_AnnualGoodwillImpairmentTestPolicyTextBlock to label_yy_AnnualGoodwillImpairmentTestPolicyTextBlock_2" />
    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_EmployeeSocialSecurityAndWelfareBenefitsPolicyTextBlock" xlink:label="yy_EmployeeSocialSecurityAndWelfareBenefitsPolicyTextBlock" xlink:title="yy_EmployeeSocialSecurityAndWelfareBenefitsPolicyTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_yy_EmployeeSocialSecurityAndWelfareBenefitsPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_yy_EmployeeSocialSecurityAndWelfareBenefitsPolicyTextBlock" xml:lang="en-US" id="label_yy_EmployeeSocialSecurityAndWelfareBenefitsPolicyTextBlock">Disclosure of accounting policy relating to employee social security and welfare benefits.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_EmployeeSocialSecurityAndWelfareBenefitsPolicyTextBlock" xlink:to="label_yy_EmployeeSocialSecurityAndWelfareBenefitsPolicyTextBlock" xlink:title="Label : yy_EmployeeSocialSecurityAndWelfareBenefitsPolicyTextBlock to label_yy_EmployeeSocialSecurityAndWelfareBenefitsPolicyTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_yy_EmployeeSocialSecurityAndWelfareBenefitsPolicyTextBlock_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_yy_EmployeeSocialSecurityAndWelfareBenefitsPolicyTextBlock_1" xml:lang="en-US" id="label_yy_EmployeeSocialSecurityAndWelfareBenefitsPolicyTextBlock_1">Employee Social Security and Welfare Benefits Policy [Text Block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_EmployeeSocialSecurityAndWelfareBenefitsPolicyTextBlock" xlink:to="label_yy_EmployeeSocialSecurityAndWelfareBenefitsPolicyTextBlock_1" xlink:title="Label : yy_EmployeeSocialSecurityAndWelfareBenefitsPolicyTextBlock to label_yy_EmployeeSocialSecurityAndWelfareBenefitsPolicyTextBlock_1" />
    <link:label xlink:type="resource" xlink:label="label_yy_EmployeeSocialSecurityAndWelfareBenefitsPolicyTextBlock_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_yy_EmployeeSocialSecurityAndWelfareBenefitsPolicyTextBlock_2" xml:lang="en-US" id="label_yy_EmployeeSocialSecurityAndWelfareBenefitsPolicyTextBlock_2">Employee social security and welfare benefits</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_EmployeeSocialSecurityAndWelfareBenefitsPolicyTextBlock" xlink:to="label_yy_EmployeeSocialSecurityAndWelfareBenefitsPolicyTextBlock_2" xlink:title="Label : yy_EmployeeSocialSecurityAndWelfareBenefitsPolicyTextBlock to label_yy_EmployeeSocialSecurityAndWelfareBenefitsPolicyTextBlock_2" />
    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_TemporaryEquityStockIssuedDuringPeriodSharesNewIssues" xlink:label="yy_TemporaryEquityStockIssuedDuringPeriodSharesNewIssues" xlink:title="yy_TemporaryEquityStockIssuedDuringPeriodSharesNewIssues" />
    <link:label xlink:type="resource" xlink:label="label_yy_TemporaryEquityStockIssuedDuringPeriodSharesNewIssues" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_yy_TemporaryEquityStockIssuedDuringPeriodSharesNewIssues" xml:lang="en-US" id="label_yy_TemporaryEquityStockIssuedDuringPeriodSharesNewIssues">Number of shares classified as temporary equity issued during the period.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_TemporaryEquityStockIssuedDuringPeriodSharesNewIssues" xlink:to="label_yy_TemporaryEquityStockIssuedDuringPeriodSharesNewIssues" xlink:title="Label : yy_TemporaryEquityStockIssuedDuringPeriodSharesNewIssues to label_yy_TemporaryEquityStockIssuedDuringPeriodSharesNewIssues" />
    <link:label xlink:type="resource" xlink:label="label_yy_TemporaryEquityStockIssuedDuringPeriodSharesNewIssues_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_yy_TemporaryEquityStockIssuedDuringPeriodSharesNewIssues_1" xml:lang="en-US" id="label_yy_TemporaryEquityStockIssuedDuringPeriodSharesNewIssues_1">Temporary Equity Stock Issued During Period Shares New Issues</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_TemporaryEquityStockIssuedDuringPeriodSharesNewIssues" xlink:to="label_yy_TemporaryEquityStockIssuedDuringPeriodSharesNewIssues_1" xlink:title="Label : yy_TemporaryEquityStockIssuedDuringPeriodSharesNewIssues to label_yy_TemporaryEquityStockIssuedDuringPeriodSharesNewIssues_1" />
    <link:label xlink:type="resource" xlink:label="label_yy_TemporaryEquityStockIssuedDuringPeriodSharesNewIssues_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_yy_TemporaryEquityStockIssuedDuringPeriodSharesNewIssues_2" xml:lang="en-US" id="label_yy_TemporaryEquityStockIssuedDuringPeriodSharesNewIssues_2">Shares issued</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_TemporaryEquityStockIssuedDuringPeriodSharesNewIssues" xlink:to="label_yy_TemporaryEquityStockIssuedDuringPeriodSharesNewIssues_2" xlink:title="Label : yy_TemporaryEquityStockIssuedDuringPeriodSharesNewIssues to label_yy_TemporaryEquityStockIssuedDuringPeriodSharesNewIssues_2" />
    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_SeriesCOnePreferredStockMember" xlink:label="yy_SeriesCOnePreferredStockMember" xlink:title="yy_SeriesCOnePreferredStockMember" />
    <link:label xlink:type="resource" xlink:label="label_yy_SeriesCOnePreferredStockMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_yy_SeriesCOnePreferredStockMember" xml:lang="en-US" id="label_yy_SeriesCOnePreferredStockMember">Outstanding nonredeemable series C-1 preferred stock or outstanding series C-1 preferred stock. Classified within stockholders' equity, if nonredeemable or redeemable solely at the option of the issuer. Classified within temporary equity, if redemption is outside the control of the issuer.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_SeriesCOnePreferredStockMember" xlink:to="label_yy_SeriesCOnePreferredStockMember" xlink:title="Label : yy_SeriesCOnePreferredStockMember to label_yy_SeriesCOnePreferredStockMember" />
    <link:label xlink:type="resource" xlink:label="label_yy_SeriesCOnePreferredStockMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_yy_SeriesCOnePreferredStockMember_1" xml:lang="en-US" id="label_yy_SeriesCOnePreferredStockMember_1">Series C One Preferred Stock [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_SeriesCOnePreferredStockMember" xlink:to="label_yy_SeriesCOnePreferredStockMember_1" xlink:title="Label : yy_SeriesCOnePreferredStockMember to label_yy_SeriesCOnePreferredStockMember_1" />
    <link:label xlink:type="resource" xlink:label="label_yy_SeriesCOnePreferredStockMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_yy_SeriesCOnePreferredStockMember_2" xml:lang="en-US" id="label_yy_SeriesCOnePreferredStockMember_2">Series C-1 convertible redeemable preferred shares [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_SeriesCOnePreferredStockMember" xlink:to="label_yy_SeriesCOnePreferredStockMember_2" xlink:title="Label : yy_SeriesCOnePreferredStockMember to label_yy_SeriesCOnePreferredStockMember_2" />
    <link:label xlink:type="resource" xlink:label="label_yy_SeriesCOnePreferredStockMember_3" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_yy_SeriesCOnePreferredStockMember_3" xml:lang="en-US" id="label_yy_SeriesCOnePreferredStockMember_3">Series C-1 Preferred Shares [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_SeriesCOnePreferredStockMember" xlink:to="label_yy_SeriesCOnePreferredStockMember_3" xlink:title="Label : yy_SeriesCOnePreferredStockMember to label_yy_SeriesCOnePreferredStockMember_3" />
    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_SeriesCTwoPreferredStockMember" xlink:label="yy_SeriesCTwoPreferredStockMember" xlink:title="yy_SeriesCTwoPreferredStockMember" />
    <link:label xlink:type="resource" xlink:label="label_yy_SeriesCTwoPreferredStockMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_yy_SeriesCTwoPreferredStockMember" xml:lang="en-US" id="label_yy_SeriesCTwoPreferredStockMember">Outstanding nonredeemable series C-2 preferred stock or outstanding series C-2 preferred stock. Classified within stockholders' equity, if nonredeemable or redeemable solely at the option of the issuer. Classified within temporary equity, if redemption is outside the control of the issuer.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_SeriesCTwoPreferredStockMember" xlink:to="label_yy_SeriesCTwoPreferredStockMember" xlink:title="Label : yy_SeriesCTwoPreferredStockMember to label_yy_SeriesCTwoPreferredStockMember" />
    <link:label xlink:type="resource" xlink:label="label_yy_SeriesCTwoPreferredStockMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_yy_SeriesCTwoPreferredStockMember_1" xml:lang="en-US" id="label_yy_SeriesCTwoPreferredStockMember_1">Series C Two Preferred Stock [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_SeriesCTwoPreferredStockMember" xlink:to="label_yy_SeriesCTwoPreferredStockMember_1" xlink:title="Label : yy_SeriesCTwoPreferredStockMember to label_yy_SeriesCTwoPreferredStockMember_1" />
    <link:label xlink:type="resource" xlink:label="label_yy_SeriesCTwoPreferredStockMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_yy_SeriesCTwoPreferredStockMember_2" xml:lang="en-US" id="label_yy_SeriesCTwoPreferredStockMember_2">Series C-2 convertible redeemable preferred shares [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_SeriesCTwoPreferredStockMember" xlink:to="label_yy_SeriesCTwoPreferredStockMember_2" xlink:title="Label : yy_SeriesCTwoPreferredStockMember to label_yy_SeriesCTwoPreferredStockMember_2" />
    <link:label xlink:type="resource" xlink:label="label_yy_SeriesCTwoPreferredStockMember_3" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_yy_SeriesCTwoPreferredStockMember_3" xml:lang="en-US" id="label_yy_SeriesCTwoPreferredStockMember_3">Series C-2 Preferred Shares [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_SeriesCTwoPreferredStockMember" xlink:to="label_yy_SeriesCTwoPreferredStockMember_3" xlink:title="Label : yy_SeriesCTwoPreferredStockMember to label_yy_SeriesCTwoPreferredStockMember_3" />
    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_GovernmentGrantsPolicyTextBlock" xlink:label="yy_GovernmentGrantsPolicyTextBlock" xlink:title="yy_GovernmentGrantsPolicyTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_yy_GovernmentGrantsPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_yy_GovernmentGrantsPolicyTextBlock" xml:lang="en-US" id="label_yy_GovernmentGrantsPolicyTextBlock">Disclosure of accounting policy for government grants.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_GovernmentGrantsPolicyTextBlock" xlink:to="label_yy_GovernmentGrantsPolicyTextBlock" xlink:title="Label : yy_GovernmentGrantsPolicyTextBlock to label_yy_GovernmentGrantsPolicyTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_yy_GovernmentGrantsPolicyTextBlock_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_yy_GovernmentGrantsPolicyTextBlock_1" xml:lang="en-US" id="label_yy_GovernmentGrantsPolicyTextBlock_1">Government Grants [Policy Text Block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_GovernmentGrantsPolicyTextBlock" xlink:to="label_yy_GovernmentGrantsPolicyTextBlock_1" xlink:title="Label : yy_GovernmentGrantsPolicyTextBlock to label_yy_GovernmentGrantsPolicyTextBlock_1" />
    <link:label xlink:type="resource" xlink:label="label_yy_GovernmentGrantsPolicyTextBlock_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_yy_GovernmentGrantsPolicyTextBlock_2" xml:lang="en-US" id="label_yy_GovernmentGrantsPolicyTextBlock_2">Other income</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_GovernmentGrantsPolicyTextBlock" xlink:to="label_yy_GovernmentGrantsPolicyTextBlock_2" xlink:title="Label : yy_GovernmentGrantsPolicyTextBlock to label_yy_GovernmentGrantsPolicyTextBlock_2" />
    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_StatutoryReservesPolicyTextBlock" xlink:label="yy_StatutoryReservesPolicyTextBlock" xlink:title="yy_StatutoryReservesPolicyTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_yy_StatutoryReservesPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_yy_StatutoryReservesPolicyTextBlock" xml:lang="en-US" id="label_yy_StatutoryReservesPolicyTextBlock">Disclosure of accounting policy for statutory reserves.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_StatutoryReservesPolicyTextBlock" xlink:to="label_yy_StatutoryReservesPolicyTextBlock" xlink:title="Label : yy_StatutoryReservesPolicyTextBlock to label_yy_StatutoryReservesPolicyTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_yy_StatutoryReservesPolicyTextBlock_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_yy_StatutoryReservesPolicyTextBlock_1" xml:lang="en-US" id="label_yy_StatutoryReservesPolicyTextBlock_1">Statutory Reserves Policy [Text Block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_StatutoryReservesPolicyTextBlock" xlink:to="label_yy_StatutoryReservesPolicyTextBlock_1" xlink:title="Label : yy_StatutoryReservesPolicyTextBlock to label_yy_StatutoryReservesPolicyTextBlock_1" />
    <link:label xlink:type="resource" xlink:label="label_yy_StatutoryReservesPolicyTextBlock_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_yy_StatutoryReservesPolicyTextBlock_2" xml:lang="en-US" id="label_yy_StatutoryReservesPolicyTextBlock_2">Statutory reserves</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_StatutoryReservesPolicyTextBlock" xlink:to="label_yy_StatutoryReservesPolicyTextBlock_2" xlink:title="Label : yy_StatutoryReservesPolicyTextBlock to label_yy_StatutoryReservesPolicyTextBlock_2" />
    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_RelatedPartiesPolicyTextBlock" xlink:label="yy_RelatedPartiesPolicyTextBlock" xlink:title="yy_RelatedPartiesPolicyTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_yy_RelatedPartiesPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_yy_RelatedPartiesPolicyTextBlock" xml:lang="en-US" id="label_yy_RelatedPartiesPolicyTextBlock">Disclosure of accounting policy for related parties.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_RelatedPartiesPolicyTextBlock" xlink:to="label_yy_RelatedPartiesPolicyTextBlock" xlink:title="Label : yy_RelatedPartiesPolicyTextBlock to label_yy_RelatedPartiesPolicyTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_yy_RelatedPartiesPolicyTextBlock_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_yy_RelatedPartiesPolicyTextBlock_1" xml:lang="en-US" id="label_yy_RelatedPartiesPolicyTextBlock_1">Related Parties Policy [Text Block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_RelatedPartiesPolicyTextBlock" xlink:to="label_yy_RelatedPartiesPolicyTextBlock_1" xlink:title="Label : yy_RelatedPartiesPolicyTextBlock to label_yy_RelatedPartiesPolicyTextBlock_1" />
    <link:label xlink:type="resource" xlink:label="label_yy_RelatedPartiesPolicyTextBlock_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_yy_RelatedPartiesPolicyTextBlock_2" xml:lang="en-US" id="label_yy_RelatedPartiesPolicyTextBlock_2">Related parties</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_RelatedPartiesPolicyTextBlock" xlink:to="label_yy_RelatedPartiesPolicyTextBlock_2" xlink:title="Label : yy_RelatedPartiesPolicyTextBlock to label_yy_RelatedPartiesPolicyTextBlock_2" />
    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_DividendsPolicyTextBlock" xlink:label="yy_DividendsPolicyTextBlock" xlink:title="yy_DividendsPolicyTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_yy_DividendsPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_yy_DividendsPolicyTextBlock" xml:lang="en-US" id="label_yy_DividendsPolicyTextBlock">Disclosure of accounting policy for dividends.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_DividendsPolicyTextBlock" xlink:to="label_yy_DividendsPolicyTextBlock" xlink:title="Label : yy_DividendsPolicyTextBlock to label_yy_DividendsPolicyTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_yy_DividendsPolicyTextBlock_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_yy_DividendsPolicyTextBlock_1" xml:lang="en-US" id="label_yy_DividendsPolicyTextBlock_1">Dividends Policy [Text Block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_DividendsPolicyTextBlock" xlink:to="label_yy_DividendsPolicyTextBlock_1" xlink:title="Label : yy_DividendsPolicyTextBlock to label_yy_DividendsPolicyTextBlock_1" />
    <link:label xlink:type="resource" xlink:label="label_yy_DividendsPolicyTextBlock_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_yy_DividendsPolicyTextBlock_2" xml:lang="en-US" id="label_yy_DividendsPolicyTextBlock_2">Dividends</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_DividendsPolicyTextBlock" xlink:to="label_yy_DividendsPolicyTextBlock_2" xlink:title="Label : yy_DividendsPolicyTextBlock to label_yy_DividendsPolicyTextBlock_2" />
    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_MinimumMarketCapitalizationForQualifiedIPO" xlink:label="yy_MinimumMarketCapitalizationForQualifiedIPO" xlink:title="yy_MinimumMarketCapitalizationForQualifiedIPO" />
    <link:label xlink:type="resource" xlink:label="label_yy_MinimumMarketCapitalizationForQualifiedIPO" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_yy_MinimumMarketCapitalizationForQualifiedIPO" xml:lang="en-US" id="label_yy_MinimumMarketCapitalizationForQualifiedIPO">The minimum market capitalization amount through initial public offering (IPO), deemed as one of the requirements for Qualified IPO.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_MinimumMarketCapitalizationForQualifiedIPO" xlink:to="label_yy_MinimumMarketCapitalizationForQualifiedIPO" xlink:title="Label : yy_MinimumMarketCapitalizationForQualifiedIPO to label_yy_MinimumMarketCapitalizationForQualifiedIPO" />
    <link:label xlink:type="resource" xlink:label="label_yy_MinimumMarketCapitalizationForQualifiedIPO_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_yy_MinimumMarketCapitalizationForQualifiedIPO_1" xml:lang="en-US" id="label_yy_MinimumMarketCapitalizationForQualifiedIPO_1">Minimum Market Capitalization for Qualified IPO</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_MinimumMarketCapitalizationForQualifiedIPO" xlink:to="label_yy_MinimumMarketCapitalizationForQualifiedIPO_1" xlink:title="Label : yy_MinimumMarketCapitalizationForQualifiedIPO to label_yy_MinimumMarketCapitalizationForQualifiedIPO_1" />
    <link:label xlink:type="resource" xlink:label="label_yy_MinimumMarketCapitalizationForQualifiedIPO_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_yy_MinimumMarketCapitalizationForQualifiedIPO_2" xml:lang="en-US" id="label_yy_MinimumMarketCapitalizationForQualifiedIPO_2">Minimum market capitalization for a Qualified IPO</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_MinimumMarketCapitalizationForQualifiedIPO" xlink:to="label_yy_MinimumMarketCapitalizationForQualifiedIPO_2" xlink:title="Label : yy_MinimumMarketCapitalizationForQualifiedIPO to label_yy_MinimumMarketCapitalizationForQualifiedIPO_2" />
    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_ConvertibleSecuritiesConversionRatio" xlink:label="yy_ConvertibleSecuritiesConversionRatio" xlink:title="yy_ConvertibleSecuritiesConversionRatio" />
    <link:label xlink:type="resource" xlink:label="label_yy_ConvertibleSecuritiesConversionRatio" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_yy_ConvertibleSecuritiesConversionRatio" xml:lang="en-US" id="label_yy_ConvertibleSecuritiesConversionRatio">Ratio applied to the conversion of convertible securities into common shares.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_ConvertibleSecuritiesConversionRatio" xlink:to="label_yy_ConvertibleSecuritiesConversionRatio" xlink:title="Label : yy_ConvertibleSecuritiesConversionRatio to label_yy_ConvertibleSecuritiesConversionRatio" />
    <link:label xlink:type="resource" xlink:label="label_yy_ConvertibleSecuritiesConversionRatio_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_yy_ConvertibleSecuritiesConversionRatio_1" xml:lang="en-US" id="label_yy_ConvertibleSecuritiesConversionRatio_1">Convertible Securities Conversion Ratio</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_ConvertibleSecuritiesConversionRatio" xlink:to="label_yy_ConvertibleSecuritiesConversionRatio_1" xlink:title="Label : yy_ConvertibleSecuritiesConversionRatio to label_yy_ConvertibleSecuritiesConversionRatio_1" />
    <link:label xlink:type="resource" xlink:label="label_yy_ConvertibleSecuritiesConversionRatio_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_yy_ConvertibleSecuritiesConversionRatio_2" xml:lang="en-US" id="label_yy_ConvertibleSecuritiesConversionRatio_2">Conversion ratio</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_ConvertibleSecuritiesConversionRatio" xlink:to="label_yy_ConvertibleSecuritiesConversionRatio_2" xlink:title="Label : yy_ConvertibleSecuritiesConversionRatio to label_yy_ConvertibleSecuritiesConversionRatio_2" />
    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_PeriodFollowingOriginalIssueDateOfSharesAfterWhichSharesCanBeRedeemedByEntity" xlink:label="yy_PeriodFollowingOriginalIssueDateOfSharesAfterWhichSharesCanBeRedeemedByEntity" xlink:title="yy_PeriodFollowingOriginalIssueDateOfSharesAfterWhichSharesCanBeRedeemedByEntity" />
    <link:label xlink:type="resource" xlink:label="label_yy_PeriodFollowingOriginalIssueDateOfSharesAfterWhichSharesCanBeRedeemedByEntity" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_yy_PeriodFollowingOriginalIssueDateOfSharesAfterWhichSharesCanBeRedeemedByEntity" xml:lang="en-US" id="label_yy_PeriodFollowingOriginalIssueDateOfSharesAfterWhichSharesCanBeRedeemedByEntity">Represents the period following the original issue date after which shares can be redeemed by the entity, at the election of the majority of shareholders.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_PeriodFollowingOriginalIssueDateOfSharesAfterWhichSharesCanBeRedeemedByEntity" xlink:to="label_yy_PeriodFollowingOriginalIssueDateOfSharesAfterWhichSharesCanBeRedeemedByEntity" xlink:title="Label : yy_PeriodFollowingOriginalIssueDateOfSharesAfterWhichSharesCanBeRedeemedByEntity to label_yy_PeriodFollowingOriginalIssueDateOfSharesAfterWhichSharesCanBeRedeemedByEntity" />
    <link:label xlink:type="resource" xlink:label="label_yy_PeriodFollowingOriginalIssueDateOfSharesAfterWhichSharesCanBeRedeemedByEntity_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_yy_PeriodFollowingOriginalIssueDateOfSharesAfterWhichSharesCanBeRedeemedByEntity_1" xml:lang="en-US" id="label_yy_PeriodFollowingOriginalIssueDateOfSharesAfterWhichSharesCanBeRedeemedByEntity_1">Period Following Original Issue Date of Shares after which Shares can be Redeemed by Entity</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_PeriodFollowingOriginalIssueDateOfSharesAfterWhichSharesCanBeRedeemedByEntity" xlink:to="label_yy_PeriodFollowingOriginalIssueDateOfSharesAfterWhichSharesCanBeRedeemedByEntity_1" xlink:title="Label : yy_PeriodFollowingOriginalIssueDateOfSharesAfterWhichSharesCanBeRedeemedByEntity to label_yy_PeriodFollowingOriginalIssueDateOfSharesAfterWhichSharesCanBeRedeemedByEntity_1" />
    <link:label xlink:type="resource" xlink:label="label_yy_PeriodFollowingOriginalIssueDateOfSharesAfterWhichSharesCanBeRedeemedByEntity_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_yy_PeriodFollowingOriginalIssueDateOfSharesAfterWhichSharesCanBeRedeemedByEntity_2" xml:lang="en-US" id="label_yy_PeriodFollowingOriginalIssueDateOfSharesAfterWhichSharesCanBeRedeemedByEntity_2">Period following the original issue date after which shares can be redeemed by the entity, at the election of the majority of shareholders</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_PeriodFollowingOriginalIssueDateOfSharesAfterWhichSharesCanBeRedeemedByEntity" xlink:to="label_yy_PeriodFollowingOriginalIssueDateOfSharesAfterWhichSharesCanBeRedeemedByEntity_2" xlink:title="Label : yy_PeriodFollowingOriginalIssueDateOfSharesAfterWhichSharesCanBeRedeemedByEntity to label_yy_PeriodFollowingOriginalIssueDateOfSharesAfterWhichSharesCanBeRedeemedByEntity_2" />
    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_CashOrCashEquivalentsMinimumLimitThreshold" xlink:label="yy_CashOrCashEquivalentsMinimumLimitThreshold" xlink:title="yy_CashOrCashEquivalentsMinimumLimitThreshold" />
    <link:label xlink:type="resource" xlink:label="label_yy_CashOrCashEquivalentsMinimumLimitThreshold" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_yy_CashOrCashEquivalentsMinimumLimitThreshold" xml:lang="en-US" id="label_yy_CashOrCashEquivalentsMinimumLimitThreshold">The minimum amount of cash or cash equivalents on balance sheet, deemed as option one for redemption of preferred shares.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_CashOrCashEquivalentsMinimumLimitThreshold" xlink:to="label_yy_CashOrCashEquivalentsMinimumLimitThreshold" xlink:title="Label : yy_CashOrCashEquivalentsMinimumLimitThreshold to label_yy_CashOrCashEquivalentsMinimumLimitThreshold" />
    <link:label xlink:type="resource" xlink:label="label_yy_CashOrCashEquivalentsMinimumLimitThreshold_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_yy_CashOrCashEquivalentsMinimumLimitThreshold_1" xml:lang="en-US" id="label_yy_CashOrCashEquivalentsMinimumLimitThreshold_1">Cash or Cash Equivalents Minimum Limit Threshold</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_CashOrCashEquivalentsMinimumLimitThreshold" xlink:to="label_yy_CashOrCashEquivalentsMinimumLimitThreshold_1" xlink:title="Label : yy_CashOrCashEquivalentsMinimumLimitThreshold to label_yy_CashOrCashEquivalentsMinimumLimitThreshold_1" />
    <link:label xlink:type="resource" xlink:label="label_yy_CashOrCashEquivalentsMinimumLimitThreshold_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_yy_CashOrCashEquivalentsMinimumLimitThreshold_2" xml:lang="en-US" id="label_yy_CashOrCashEquivalentsMinimumLimitThreshold_2">Cash or cash equivalents minimum thresholds limit</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_CashOrCashEquivalentsMinimumLimitThreshold" xlink:to="label_yy_CashOrCashEquivalentsMinimumLimitThreshold_2" xlink:title="Label : yy_CashOrCashEquivalentsMinimumLimitThreshold to label_yy_CashOrCashEquivalentsMinimumLimitThreshold_2" />
    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_ThresholdBudgetedFreeCashFlowInPrecedingTwelveMonthsForRedemptionOfPreferredShare" xlink:label="yy_ThresholdBudgetedFreeCashFlowInPrecedingTwelveMonthsForRedemptionOfPreferredShare" xlink:title="yy_ThresholdBudgetedFreeCashFlowInPrecedingTwelveMonthsForRedemptionOfPreferredShare" />
    <link:label xlink:type="resource" xlink:label="label_yy_ThresholdBudgetedFreeCashFlowInPrecedingTwelveMonthsForRedemptionOfPreferredShare" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_yy_ThresholdBudgetedFreeCashFlowInPrecedingTwelveMonthsForRedemptionOfPreferredShare" xml:lang="en-US" id="label_yy_ThresholdBudgetedFreeCashFlowInPrecedingTwelveMonthsForRedemptionOfPreferredShare">The minimum amount of free cash flows in the preceding twelve months, deemed as option two for redemption of preferred shares.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_ThresholdBudgetedFreeCashFlowInPrecedingTwelveMonthsForRedemptionOfPreferredShare" xlink:to="label_yy_ThresholdBudgetedFreeCashFlowInPrecedingTwelveMonthsForRedemptionOfPreferredShare" xlink:title="Label : yy_ThresholdBudgetedFreeCashFlowInPrecedingTwelveMonthsForRedemptionOfPreferredShare to label_yy_ThresholdBudgetedFreeCashFlowInPrecedingTwelveMonthsForRedemptionOfPreferredShare" />
    <link:label xlink:type="resource" xlink:label="label_yy_ThresholdBudgetedFreeCashFlowInPrecedingTwelveMonthsForRedemptionOfPreferredShare_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_yy_ThresholdBudgetedFreeCashFlowInPrecedingTwelveMonthsForRedemptionOfPreferredShare_1" xml:lang="en-US" id="label_yy_ThresholdBudgetedFreeCashFlowInPrecedingTwelveMonthsForRedemptionOfPreferredShare_1">Threshold Budgeted Free Cash Flow in Preceding Twelve Months for Redemption of Preferred Share</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_ThresholdBudgetedFreeCashFlowInPrecedingTwelveMonthsForRedemptionOfPreferredShare" xlink:to="label_yy_ThresholdBudgetedFreeCashFlowInPrecedingTwelveMonthsForRedemptionOfPreferredShare_1" xlink:title="Label : yy_ThresholdBudgetedFreeCashFlowInPrecedingTwelveMonthsForRedemptionOfPreferredShare to label_yy_ThresholdBudgetedFreeCashFlowInPrecedingTwelveMonthsForRedemptionOfPreferredShare_1" />
    <link:label xlink:type="resource" xlink:label="label_yy_ThresholdBudgetedFreeCashFlowInPrecedingTwelveMonthsForRedemptionOfPreferredShare_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_yy_ThresholdBudgetedFreeCashFlowInPrecedingTwelveMonthsForRedemptionOfPreferredShare_2" xml:lang="en-US" id="label_yy_ThresholdBudgetedFreeCashFlowInPrecedingTwelveMonthsForRedemptionOfPreferredShare_2">Free cash flow in preceding twelve months</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_ThresholdBudgetedFreeCashFlowInPrecedingTwelveMonthsForRedemptionOfPreferredShare" xlink:to="label_yy_ThresholdBudgetedFreeCashFlowInPrecedingTwelveMonthsForRedemptionOfPreferredShare_2" xlink:title="Label : yy_ThresholdBudgetedFreeCashFlowInPrecedingTwelveMonthsForRedemptionOfPreferredShare to label_yy_ThresholdBudgetedFreeCashFlowInPrecedingTwelveMonthsForRedemptionOfPreferredShare_2" />
    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_PeriodOfMinimumFreeCashFlowsForRedemptionOfPreferredShares" xlink:label="yy_PeriodOfMinimumFreeCashFlowsForRedemptionOfPreferredShares" xlink:title="yy_PeriodOfMinimumFreeCashFlowsForRedemptionOfPreferredShares" />
    <link:label xlink:type="resource" xlink:label="label_yy_PeriodOfMinimumFreeCashFlowsForRedemptionOfPreferredShares" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_yy_PeriodOfMinimumFreeCashFlowsForRedemptionOfPreferredShares" xml:lang="en-US" id="label_yy_PeriodOfMinimumFreeCashFlowsForRedemptionOfPreferredShares">Period of minimum free cash flows for effectiveness of redemption rights of the preferred shares.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_PeriodOfMinimumFreeCashFlowsForRedemptionOfPreferredShares" xlink:to="label_yy_PeriodOfMinimumFreeCashFlowsForRedemptionOfPreferredShares" xlink:title="Label : yy_PeriodOfMinimumFreeCashFlowsForRedemptionOfPreferredShares to label_yy_PeriodOfMinimumFreeCashFlowsForRedemptionOfPreferredShares" />
    <link:label xlink:type="resource" xlink:label="label_yy_PeriodOfMinimumFreeCashFlowsForRedemptionOfPreferredShares_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_yy_PeriodOfMinimumFreeCashFlowsForRedemptionOfPreferredShares_1" xml:lang="en-US" id="label_yy_PeriodOfMinimumFreeCashFlowsForRedemptionOfPreferredShares_1">Period of Minimum Free Cash Flows for Redemption of Preferred Shares</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_PeriodOfMinimumFreeCashFlowsForRedemptionOfPreferredShares" xlink:to="label_yy_PeriodOfMinimumFreeCashFlowsForRedemptionOfPreferredShares_1" xlink:title="Label : yy_PeriodOfMinimumFreeCashFlowsForRedemptionOfPreferredShares to label_yy_PeriodOfMinimumFreeCashFlowsForRedemptionOfPreferredShares_1" />
    <link:label xlink:type="resource" xlink:label="label_yy_PeriodOfMinimumFreeCashFlowsForRedemptionOfPreferredShares_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_yy_PeriodOfMinimumFreeCashFlowsForRedemptionOfPreferredShares_2" xml:lang="en-US" id="label_yy_PeriodOfMinimumFreeCashFlowsForRedemptionOfPreferredShares_2">Period of minimum free cash flows for redemption of preferred shares</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_PeriodOfMinimumFreeCashFlowsForRedemptionOfPreferredShares" xlink:to="label_yy_PeriodOfMinimumFreeCashFlowsForRedemptionOfPreferredShares_2" xlink:title="Label : yy_PeriodOfMinimumFreeCashFlowsForRedemptionOfPreferredShares to label_yy_PeriodOfMinimumFreeCashFlowsForRedemptionOfPreferredShares_2" />
    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_PreferredStockLiquidationPreferencePercentage" xlink:label="yy_PreferredStockLiquidationPreferencePercentage" xlink:title="yy_PreferredStockLiquidationPreferencePercentage" />
    <link:label xlink:type="resource" xlink:label="label_yy_PreferredStockLiquidationPreferencePercentage" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_yy_PreferredStockLiquidationPreferencePercentage" xml:lang="en-US" id="label_yy_PreferredStockLiquidationPreferencePercentage">The percentage of the original issuance price, used for calculating per share liquidation preference of the preferred shares.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_PreferredStockLiquidationPreferencePercentage" xlink:to="label_yy_PreferredStockLiquidationPreferencePercentage" xlink:title="Label : yy_PreferredStockLiquidationPreferencePercentage to label_yy_PreferredStockLiquidationPreferencePercentage" />
    <link:label xlink:type="resource" xlink:label="label_yy_PreferredStockLiquidationPreferencePercentage_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_yy_PreferredStockLiquidationPreferencePercentage_1" xml:lang="en-US" id="label_yy_PreferredStockLiquidationPreferencePercentage_1">Preferred Stock Liquidation Preference Percentage</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_PreferredStockLiquidationPreferencePercentage" xlink:to="label_yy_PreferredStockLiquidationPreferencePercentage_1" xlink:title="Label : yy_PreferredStockLiquidationPreferencePercentage to label_yy_PreferredStockLiquidationPreferencePercentage_1" />
    <link:label xlink:type="resource" xlink:label="label_yy_PreferredStockLiquidationPreferencePercentage_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_yy_PreferredStockLiquidationPreferencePercentage_2" xml:lang="en-US" id="label_yy_PreferredStockLiquidationPreferencePercentage_2">Percentage of the original issuance price for calculating liquidation preference</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_PreferredStockLiquidationPreferencePercentage" xlink:to="label_yy_PreferredStockLiquidationPreferencePercentage_2" xlink:title="Label : yy_PreferredStockLiquidationPreferencePercentage to label_yy_PreferredStockLiquidationPreferencePercentage_2" />
    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_PreferredStockVotingRightsPerShare" xlink:label="yy_PreferredStockVotingRightsPerShare" xlink:title="yy_PreferredStockVotingRightsPerShare" />
    <link:label xlink:type="resource" xlink:label="label_yy_PreferredStockVotingRightsPerShare" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_yy_PreferredStockVotingRightsPerShare" xml:lang="en-US" id="label_yy_PreferredStockVotingRightsPerShare">Votes per share owned for convertible preferred stock.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_PreferredStockVotingRightsPerShare" xlink:to="label_yy_PreferredStockVotingRightsPerShare" xlink:title="Label : yy_PreferredStockVotingRightsPerShare to label_yy_PreferredStockVotingRightsPerShare" />
    <link:label xlink:type="resource" xlink:label="label_yy_PreferredStockVotingRightsPerShare_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_yy_PreferredStockVotingRightsPerShare_1" xml:lang="en-US" id="label_yy_PreferredStockVotingRightsPerShare_1">Preferred Stock Voting Rights Per Share</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_PreferredStockVotingRightsPerShare" xlink:to="label_yy_PreferredStockVotingRightsPerShare_1" xlink:title="Label : yy_PreferredStockVotingRightsPerShare to label_yy_PreferredStockVotingRightsPerShare_1" />
    <link:label xlink:type="resource" xlink:label="label_yy_PreferredStockVotingRightsPerShare_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_yy_PreferredStockVotingRightsPerShare_2" xml:lang="en-US" id="label_yy_PreferredStockVotingRightsPerShare_2">Preferred Stock Voting Rights Per Share</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_PreferredStockVotingRightsPerShare" xlink:to="label_yy_PreferredStockVotingRightsPerShare_2" xlink:title="Label : yy_PreferredStockVotingRightsPerShare to label_yy_PreferredStockVotingRightsPerShare_2" />
    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_PreferredStockRedemptionPricePercentageOfIssuePrice" xlink:label="yy_PreferredStockRedemptionPricePercentageOfIssuePrice" xlink:title="yy_PreferredStockRedemptionPricePercentageOfIssuePrice" />
    <link:label xlink:type="resource" xlink:label="label_yy_PreferredStockRedemptionPricePercentageOfIssuePrice" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_yy_PreferredStockRedemptionPricePercentageOfIssuePrice" xml:lang="en-US" id="label_yy_PreferredStockRedemptionPricePercentageOfIssuePrice">Preferred Stock Redemption Price Percentage of Issue Price.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_PreferredStockRedemptionPricePercentageOfIssuePrice" xlink:to="label_yy_PreferredStockRedemptionPricePercentageOfIssuePrice" xlink:title="Label : yy_PreferredStockRedemptionPricePercentageOfIssuePrice to label_yy_PreferredStockRedemptionPricePercentageOfIssuePrice" />
    <link:label xlink:type="resource" xlink:label="label_yy_PreferredStockRedemptionPricePercentageOfIssuePrice_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_yy_PreferredStockRedemptionPricePercentageOfIssuePrice_1" xml:lang="en-US" id="label_yy_PreferredStockRedemptionPricePercentageOfIssuePrice_1">Preferred Stock Redemption Price Percentage of Issue Price</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_PreferredStockRedemptionPricePercentageOfIssuePrice" xlink:to="label_yy_PreferredStockRedemptionPricePercentageOfIssuePrice_1" xlink:title="Label : yy_PreferredStockRedemptionPricePercentageOfIssuePrice to label_yy_PreferredStockRedemptionPricePercentageOfIssuePrice_1" />
    <link:label xlink:type="resource" xlink:label="label_yy_PreferredStockRedemptionPricePercentageOfIssuePrice_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_yy_PreferredStockRedemptionPricePercentageOfIssuePrice_2" xml:lang="en-US" id="label_yy_PreferredStockRedemptionPricePercentageOfIssuePrice_2">Redemption price, percentage of original issue price</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_PreferredStockRedemptionPricePercentageOfIssuePrice" xlink:to="label_yy_PreferredStockRedemptionPricePercentageOfIssuePrice_2" xlink:title="Label : yy_PreferredStockRedemptionPricePercentageOfIssuePrice to label_yy_PreferredStockRedemptionPricePercentageOfIssuePrice_2" />
    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_PercentageOfInternalRateOfReturn" xlink:label="yy_PercentageOfInternalRateOfReturn" xlink:title="yy_PercentageOfInternalRateOfReturn" />
    <link:label xlink:type="resource" xlink:label="label_yy_PercentageOfInternalRateOfReturn" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_yy_PercentageOfInternalRateOfReturn" xml:lang="en-US" id="label_yy_PercentageOfInternalRateOfReturn">The minimum internal rate of return per annum, used for calculating the redemption price of the preferred shares.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_PercentageOfInternalRateOfReturn" xlink:to="label_yy_PercentageOfInternalRateOfReturn" xlink:title="Label : yy_PercentageOfInternalRateOfReturn to label_yy_PercentageOfInternalRateOfReturn" />
    <link:label xlink:type="resource" xlink:label="label_yy_PercentageOfInternalRateOfReturn_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_yy_PercentageOfInternalRateOfReturn_1" xml:lang="en-US" id="label_yy_PercentageOfInternalRateOfReturn_1">Percentage of Internal Rate of Return</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_PercentageOfInternalRateOfReturn" xlink:to="label_yy_PercentageOfInternalRateOfReturn_1" xlink:title="Label : yy_PercentageOfInternalRateOfReturn to label_yy_PercentageOfInternalRateOfReturn_1" />
    <link:label xlink:type="resource" xlink:label="label_yy_PercentageOfInternalRateOfReturn_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_yy_PercentageOfInternalRateOfReturn_2" xml:lang="en-US" id="label_yy_PercentageOfInternalRateOfReturn_2">Internal rate of return (as a percent)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_PercentageOfInternalRateOfReturn" xlink:to="label_yy_PercentageOfInternalRateOfReturn_2" xlink:title="Label : yy_PercentageOfInternalRateOfReturn to label_yy_PercentageOfInternalRateOfReturn_2" />
    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_StockIssuanceDateAxis" xlink:label="yy_StockIssuanceDateAxis" xlink:title="yy_StockIssuanceDateAxis" />
    <link:label xlink:type="resource" xlink:label="label_yy_StockIssuanceDateAxis" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_yy_StockIssuanceDateAxis" xml:lang="en-US" id="label_yy_StockIssuanceDateAxis">Information by date or year of stock issuance.</link:label>
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    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_December12006IssuanceDateMember" xlink:label="yy_December12006IssuanceDateMember" xlink:title="yy_December12006IssuanceDateMember" />
    <link:label xlink:type="resource" xlink:label="label_yy_December12006IssuanceDateMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_yy_December12006IssuanceDateMember" xml:lang="en-US" id="label_yy_December12006IssuanceDateMember">Stock issuance date of December 1, 2006.</link:label>
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    <link:label xlink:type="resource" xlink:label="label_yy_December12006IssuanceDateMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_yy_December12006IssuanceDateMember_1" xml:lang="en-US" id="label_yy_December12006IssuanceDateMember_1">December 12006 Issuance Date [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_December12006IssuanceDateMember" xlink:to="label_yy_December12006IssuanceDateMember_1" xlink:title="Label : yy_December12006IssuanceDateMember to label_yy_December12006IssuanceDateMember_1" />
    <link:label xlink:type="resource" xlink:label="label_yy_December12006IssuanceDateMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_yy_December12006IssuanceDateMember_2" xml:lang="en-US" id="label_yy_December12006IssuanceDateMember_2">December 1, 2006 [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_December12006IssuanceDateMember" xlink:to="label_yy_December12006IssuanceDateMember_2" xlink:title="Label : yy_December12006IssuanceDateMember to label_yy_December12006IssuanceDateMember_2" />
    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_June22008IssuanceDateMember" xlink:label="yy_June22008IssuanceDateMember" xlink:title="yy_June22008IssuanceDateMember" />
    <link:label xlink:type="resource" xlink:label="label_yy_June22008IssuanceDateMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_yy_June22008IssuanceDateMember" xml:lang="en-US" id="label_yy_June22008IssuanceDateMember">Stock issuance date of June 2, 2008.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_June22008IssuanceDateMember" xlink:to="label_yy_June22008IssuanceDateMember" xlink:title="Label : yy_June22008IssuanceDateMember to label_yy_June22008IssuanceDateMember" />
    <link:label xlink:type="resource" xlink:label="label_yy_June22008IssuanceDateMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_yy_June22008IssuanceDateMember_1" xml:lang="en-US" id="label_yy_June22008IssuanceDateMember_1">June 22008 Issuance Date [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_June22008IssuanceDateMember" xlink:to="label_yy_June22008IssuanceDateMember_1" xlink:title="Label : yy_June22008IssuanceDateMember to label_yy_June22008IssuanceDateMember_1" />
    <link:label xlink:type="resource" xlink:label="label_yy_June22008IssuanceDateMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_yy_June22008IssuanceDateMember_2" xml:lang="en-US" id="label_yy_June22008IssuanceDateMember_2">June 2, 2008 [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_June22008IssuanceDateMember" xlink:to="label_yy_June22008IssuanceDateMember_2" xlink:title="Label : yy_June22008IssuanceDateMember to label_yy_June22008IssuanceDateMember_2" />
    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_ForeignOwnershipPercentageInInternetBasedBusinessesMaximum" xlink:label="yy_ForeignOwnershipPercentageInInternetBasedBusinessesMaximum" xlink:title="yy_ForeignOwnershipPercentageInInternetBasedBusinessesMaximum" />
    <link:label xlink:type="resource" xlink:label="label_yy_ForeignOwnershipPercentageInInternetBasedBusinessesMaximum" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_yy_ForeignOwnershipPercentageInInternetBasedBusinessesMaximum" xml:lang="en-US" id="label_yy_ForeignOwnershipPercentageInInternetBasedBusinessesMaximum">The maximum foreign ownership in internet information provider or value-added telecommunication service provider's business allowed under PRC laws and regulations.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_ForeignOwnershipPercentageInInternetBasedBusinessesMaximum" xlink:to="label_yy_ForeignOwnershipPercentageInInternetBasedBusinessesMaximum" xlink:title="Label : yy_ForeignOwnershipPercentageInInternetBasedBusinessesMaximum to label_yy_ForeignOwnershipPercentageInInternetBasedBusinessesMaximum" />
    <link:label xlink:type="resource" xlink:label="label_yy_ForeignOwnershipPercentageInInternetBasedBusinessesMaximum_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_yy_ForeignOwnershipPercentageInInternetBasedBusinessesMaximum_1" xml:lang="en-US" id="label_yy_ForeignOwnershipPercentageInInternetBasedBusinessesMaximum_1">Foreign Ownership Percentage in Internet Based Businesses Maximum</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_ForeignOwnershipPercentageInInternetBasedBusinessesMaximum" xlink:to="label_yy_ForeignOwnershipPercentageInInternetBasedBusinessesMaximum_1" xlink:title="Label : yy_ForeignOwnershipPercentageInInternetBasedBusinessesMaximum to label_yy_ForeignOwnershipPercentageInInternetBasedBusinessesMaximum_1" />
    <link:label xlink:type="resource" xlink:label="label_yy_ForeignOwnershipPercentageInInternetBasedBusinessesMaximum_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_yy_ForeignOwnershipPercentageInInternetBasedBusinessesMaximum_2" xml:lang="en-US" id="label_yy_ForeignOwnershipPercentageInInternetBasedBusinessesMaximum_2">Maximum foreign ownership in internet information provider or other value-added telecommunication service provider's business allowed under PRC laws and regulations</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_ForeignOwnershipPercentageInInternetBasedBusinessesMaximum" xlink:to="label_yy_ForeignOwnershipPercentageInInternetBasedBusinessesMaximum_2" xlink:title="Label : yy_ForeignOwnershipPercentageInInternetBasedBusinessesMaximum to label_yy_ForeignOwnershipPercentageInInternetBasedBusinessesMaximum_2" />
    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_NumberOfVariableInterestEntitiesThroughWhichGroupOperatesOnlineBusiness" xlink:label="yy_NumberOfVariableInterestEntitiesThroughWhichGroupOperatesOnlineBusiness" xlink:title="yy_NumberOfVariableInterestEntitiesThroughWhichGroupOperatesOnlineBusiness" />
    <link:label xlink:type="resource" xlink:label="label_yy_NumberOfVariableInterestEntitiesThroughWhichGroupOperatesOnlineBusiness" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_yy_NumberOfVariableInterestEntitiesThroughWhichGroupOperatesOnlineBusiness" xml:lang="en-US" id="label_yy_NumberOfVariableInterestEntitiesThroughWhichGroupOperatesOnlineBusiness">The number of variable interest entities through which the group operates online business.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_NumberOfVariableInterestEntitiesThroughWhichGroupOperatesOnlineBusiness" xlink:to="label_yy_NumberOfVariableInterestEntitiesThroughWhichGroupOperatesOnlineBusiness" xlink:title="Label : yy_NumberOfVariableInterestEntitiesThroughWhichGroupOperatesOnlineBusiness to label_yy_NumberOfVariableInterestEntitiesThroughWhichGroupOperatesOnlineBusiness" />
    <link:label xlink:type="resource" xlink:label="label_yy_NumberOfVariableInterestEntitiesThroughWhichGroupOperatesOnlineBusiness_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_yy_NumberOfVariableInterestEntitiesThroughWhichGroupOperatesOnlineBusiness_1" xml:lang="en-US" id="label_yy_NumberOfVariableInterestEntitiesThroughWhichGroupOperatesOnlineBusiness_1">Number of Variable Interest Entities Through which Group Operates Online Business</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_NumberOfVariableInterestEntitiesThroughWhichGroupOperatesOnlineBusiness" xlink:to="label_yy_NumberOfVariableInterestEntitiesThroughWhichGroupOperatesOnlineBusiness_1" xlink:title="Label : yy_NumberOfVariableInterestEntitiesThroughWhichGroupOperatesOnlineBusiness to label_yy_NumberOfVariableInterestEntitiesThroughWhichGroupOperatesOnlineBusiness_1" />
    <link:label xlink:type="resource" xlink:label="label_yy_NumberOfVariableInterestEntitiesThroughWhichGroupOperatesOnlineBusiness_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_yy_NumberOfVariableInterestEntitiesThroughWhichGroupOperatesOnlineBusiness_2" xml:lang="en-US" id="label_yy_NumberOfVariableInterestEntitiesThroughWhichGroupOperatesOnlineBusiness_2">Number of VIEs through which the group operates online business</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_NumberOfVariableInterestEntitiesThroughWhichGroupOperatesOnlineBusiness" xlink:to="label_yy_NumberOfVariableInterestEntitiesThroughWhichGroupOperatesOnlineBusiness_2" xlink:title="Label : yy_NumberOfVariableInterestEntitiesThroughWhichGroupOperatesOnlineBusiness to label_yy_NumberOfVariableInterestEntitiesThroughWhichGroupOperatesOnlineBusiness_2" />
    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_TemporaryEquityConvertedToCommonShares" xlink:label="yy_TemporaryEquityConvertedToCommonShares" xlink:title="yy_TemporaryEquityConvertedToCommonShares" />
    <link:label xlink:type="resource" xlink:label="label_yy_TemporaryEquityConvertedToCommonShares" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_yy_TemporaryEquityConvertedToCommonShares" xml:lang="en-US" id="label_yy_TemporaryEquityConvertedToCommonShares">Decrease in temporary equity due to conversion to common shares.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_TemporaryEquityConvertedToCommonShares" xlink:to="label_yy_TemporaryEquityConvertedToCommonShares" xlink:title="Label : yy_TemporaryEquityConvertedToCommonShares to label_yy_TemporaryEquityConvertedToCommonShares" />
    <link:label xlink:type="resource" xlink:label="label_yy_TemporaryEquityConvertedToCommonShares_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_yy_TemporaryEquityConvertedToCommonShares_1" xml:lang="en-US" id="label_yy_TemporaryEquityConvertedToCommonShares_1">Temporary Equity Converted to Common Shares</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_TemporaryEquityConvertedToCommonShares" xlink:to="label_yy_TemporaryEquityConvertedToCommonShares_1" xlink:title="Label : yy_TemporaryEquityConvertedToCommonShares to label_yy_TemporaryEquityConvertedToCommonShares_1" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_TemporaryEquityConvertedToCommonShares" xlink:to="label_yy_TemporaryEquityConvertedToCommonShares_2" xlink:title="Label : yy_TemporaryEquityConvertedToCommonShares to label_yy_TemporaryEquityConvertedToCommonShares_2" />
    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_ScheduleOfConvertibleRedeemablePreferredSharesOutstandingRollForwardTableTextBlock" xlink:label="yy_ScheduleOfConvertibleRedeemablePreferredSharesOutstandingRollForwardTableTextBlock" xlink:title="yy_ScheduleOfConvertibleRedeemablePreferredSharesOutstandingRollForwardTableTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_yy_ScheduleOfConvertibleRedeemablePreferredSharesOutstandingRollForwardTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_yy_ScheduleOfConvertibleRedeemablePreferredSharesOutstandingRollForwardTableTextBlock" xml:lang="en-US" id="label_yy_ScheduleOfConvertibleRedeemablePreferredSharesOutstandingRollForwardTableTextBlock">Tabular disclosure of the change in convertible redeemable preferred shares outstanding.</link:label>
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    <link:label xlink:type="resource" xlink:label="label_yy_ScheduleOfConvertibleRedeemablePreferredSharesOutstandingRollForwardTableTextBlock_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_yy_ScheduleOfConvertibleRedeemablePreferredSharesOutstandingRollForwardTableTextBlock_1" xml:lang="en-US" id="label_yy_ScheduleOfConvertibleRedeemablePreferredSharesOutstandingRollForwardTableTextBlock_1">Schedule of Convertible Redeemable Preferred Shares Outstanding Roll Forward [Table Text Block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_ScheduleOfConvertibleRedeemablePreferredSharesOutstandingRollForwardTableTextBlock" xlink:to="label_yy_ScheduleOfConvertibleRedeemablePreferredSharesOutstandingRollForwardTableTextBlock_1" xlink:title="Label : yy_ScheduleOfConvertibleRedeemablePreferredSharesOutstandingRollForwardTableTextBlock to label_yy_ScheduleOfConvertibleRedeemablePreferredSharesOutstandingRollForwardTableTextBlock_1" />
    <link:label xlink:type="resource" xlink:label="label_yy_ScheduleOfConvertibleRedeemablePreferredSharesOutstandingRollForwardTableTextBlock_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_yy_ScheduleOfConvertibleRedeemablePreferredSharesOutstandingRollForwardTableTextBlock_2" xml:lang="en-US" id="label_yy_ScheduleOfConvertibleRedeemablePreferredSharesOutstandingRollForwardTableTextBlock_2">Schedule of changes of each of the convertible redeemable preferred shares</link:label>
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    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_ScheduleOfAssumptionsUsedInMeasuringFairValueOfConvertibleRedeemablePreferredSharesTableTextBlock" xlink:label="yy_ScheduleOfAssumptionsUsedInMeasuringFairValueOfConvertibleRedeemablePreferredSharesTableTextBlock" xlink:title="yy_ScheduleOfAssumptionsUsedInMeasuringFairValueOfConvertibleRedeemablePreferredSharesTableTextBlock" />
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    <link:label xlink:type="resource" xlink:label="label_yy_ScheduleOfAssumptionsUsedInMeasuringFairValueOfConvertibleRedeemablePreferredSharesTableTextBlock_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_yy_ScheduleOfAssumptionsUsedInMeasuringFairValueOfConvertibleRedeemablePreferredSharesTableTextBlock_2" xml:lang="en-US" id="label_yy_ScheduleOfAssumptionsUsedInMeasuringFairValueOfConvertibleRedeemablePreferredSharesTableTextBlock_2">Schedule of assumptions in the Discounted Cash Flow Method</link:label>
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    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_TermOfContractualAgreements" xlink:label="yy_TermOfContractualAgreements" xlink:title="yy_TermOfContractualAgreements" />
    <link:label xlink:type="resource" xlink:label="label_yy_TermOfContractualAgreements" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_yy_TermOfContractualAgreements" xml:lang="en-US" id="label_yy_TermOfContractualAgreements">Represents the term of contractual agreements.</link:label>
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    <link:label xlink:type="resource" xlink:label="label_yy_TermOfContractualAgreements_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_yy_TermOfContractualAgreements_1" xml:lang="en-US" id="label_yy_TermOfContractualAgreements_1">Term of Contractual Agreements</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_TermOfContractualAgreements" xlink:to="label_yy_TermOfContractualAgreements_1" xlink:title="Label : yy_TermOfContractualAgreements to label_yy_TermOfContractualAgreements_1" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_TermOfContractualAgreements" xlink:to="label_yy_TermOfContractualAgreements_2" xlink:title="Label : yy_TermOfContractualAgreements to label_yy_TermOfContractualAgreements_2" />
    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_MaximumPercentageOfIncomeOfVariableInterestEntitiesWhichMayBeChargedAsServiceFees" xlink:label="yy_MaximumPercentageOfIncomeOfVariableInterestEntitiesWhichMayBeChargedAsServiceFees" xlink:title="yy_MaximumPercentageOfIncomeOfVariableInterestEntitiesWhichMayBeChargedAsServiceFees" />
    <link:label xlink:type="resource" xlink:label="label_yy_MaximumPercentageOfIncomeOfVariableInterestEntitiesWhichMayBeChargedAsServiceFees" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_yy_MaximumPercentageOfIncomeOfVariableInterestEntitiesWhichMayBeChargedAsServiceFees" xml:lang="en-US" id="label_yy_MaximumPercentageOfIncomeOfVariableInterestEntitiesWhichMayBeChargedAsServiceFees">The maximum percentage of the income of variable interest entities which may be charged as service fees.</link:label>
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    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_MaximumPercentageOfProfitsPayableByVariableInterestEntities" xlink:label="yy_MaximumPercentageOfProfitsPayableByVariableInterestEntities" xlink:title="yy_MaximumPercentageOfProfitsPayableByVariableInterestEntities" />
    <link:label xlink:type="resource" xlink:label="label_yy_MaximumPercentageOfProfitsPayableByVariableInterestEntities" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_yy_MaximumPercentageOfProfitsPayableByVariableInterestEntities" xml:lang="en-US" id="label_yy_MaximumPercentageOfProfitsPayableByVariableInterestEntities">The maximum percentage of the profits payable by variable interest entities of the entity.</link:label>
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    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_ConcentrationRiskNumberOfTopAccountsReceivable" xlink:label="yy_ConcentrationRiskNumberOfTopAccountsReceivable" xlink:title="yy_ConcentrationRiskNumberOfTopAccountsReceivable" />
    <link:label xlink:type="resource" xlink:label="label_yy_ConcentrationRiskNumberOfTopAccountsReceivable" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_yy_ConcentrationRiskNumberOfTopAccountsReceivable" xml:lang="en-US" id="label_yy_ConcentrationRiskNumberOfTopAccountsReceivable">The number of top accounts receivables who typically contribute accounts receivable in excess of a specified percentage of the total accounts receivable.</link:label>
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    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_DirectorChairmanOfTechnologyCommitteeMember" xlink:label="yy_DirectorChairmanOfTechnologyCommitteeMember" xlink:title="yy_DirectorChairmanOfTechnologyCommitteeMember" />
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    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_BeijingTudaScienceAndTechnologyCompanyLimitedAndGuangzhouHuaduoNetworkTechnologyCompanyLimitedMember" xlink:label="yy_BeijingTudaScienceAndTechnologyCompanyLimitedAndGuangzhouHuaduoNetworkTechnologyCompanyLimitedMember" xlink:title="yy_BeijingTudaScienceAndTechnologyCompanyLimitedAndGuangzhouHuaduoNetworkTechnologyCompanyLimitedMember" />
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    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_TopTenCollectionAgenciesAndCustomersMember" xlink:label="yy_TopTenCollectionAgenciesAndCustomersMember" xlink:title="yy_TopTenCollectionAgenciesAndCustomersMember" />
    <link:label xlink:type="resource" xlink:label="label_yy_TopTenCollectionAgenciesAndCustomersMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_yy_TopTenCollectionAgenciesAndCustomersMember" xml:lang="en-US" id="label_yy_TopTenCollectionAgenciesAndCustomersMember">Represents information pertaining to the top ten collection agencies and customers.</link:label>
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_TopTenCollectionAgenciesAndCustomersMember" xlink:to="label_yy_TopTenCollectionAgenciesAndCustomersMember_2" xlink:title="Label : yy_TopTenCollectionAgenciesAndCustomersMember to label_yy_TopTenCollectionAgenciesAndCustomersMember_2" />
    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_NumberOfVariableInterestEntitiesOrTheirShareholdersEntitledToTerminateContractsPriorToExpirationDate" xlink:label="yy_NumberOfVariableInterestEntitiesOrTheirShareholdersEntitledToTerminateContractsPriorToExpirationDate" xlink:title="yy_NumberOfVariableInterestEntitiesOrTheirShareholdersEntitledToTerminateContractsPriorToExpirationDate" />
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    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_AppropriationOfAfterTaxIncomeToStatutoryGeneralReservePerAnnum" xlink:label="yy_AppropriationOfAfterTaxIncomeToStatutoryGeneralReservePerAnnum" xlink:title="yy_AppropriationOfAfterTaxIncomeToStatutoryGeneralReservePerAnnum" />
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    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_ScheduleOfRelatedPartiesAndTheirRelationshipsWithGroupTableTextBlock" xlink:label="yy_ScheduleOfRelatedPartiesAndTheirRelationshipsWithGroupTableTextBlock" xlink:title="yy_ScheduleOfRelatedPartiesAndTheirRelationshipsWithGroupTableTextBlock" />
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    <link:label xlink:type="resource" xlink:label="label_yy_IncrementalCommonSharesAttributableToDilutiveEffectOfRestrictedShareUnits" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_yy_IncrementalCommonSharesAttributableToDilutiveEffectOfRestrictedShareUnits" xml:lang="en-US" id="label_yy_IncrementalCommonSharesAttributableToDilutiveEffectOfRestrictedShareUnits">Additional shares included in the calculation of diluted EPS as a result of the potentially dilutive effect of restricted share units using the if-converted method.</link:label>
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    <link:label xlink:type="resource" xlink:label="label_yy_IncrementalCommonSharesAttributableToDilutiveEffectOfRestrictedShareUnits_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_yy_IncrementalCommonSharesAttributableToDilutiveEffectOfRestrictedShareUnits_1" xml:lang="en-US" id="label_yy_IncrementalCommonSharesAttributableToDilutiveEffectOfRestrictedShareUnits_1">Incremental Common Shares Attributable to Dilutive Effect of Restricted Share Units</link:label>
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    <link:label xlink:type="resource" xlink:label="label_yy_IncrementalCommonSharesAttributableToDilutiveEffectOfRestrictedShareUnits_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_yy_IncrementalCommonSharesAttributableToDilutiveEffectOfRestrictedShareUnits_2" xml:lang="en-US" id="label_yy_IncrementalCommonSharesAttributableToDilutiveEffectOfRestrictedShareUnits_2">Dilutive effect of restricted share units</link:label>
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    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_IncrementalCommonSharesAttributableToDilutiveEffectOfShareBasedAwardsGrantedToChiefExecutiveOfficerAndChairman" xlink:label="yy_IncrementalCommonSharesAttributableToDilutiveEffectOfShareBasedAwardsGrantedToChiefExecutiveOfficerAndChairman" xlink:title="yy_IncrementalCommonSharesAttributableToDilutiveEffectOfShareBasedAwardsGrantedToChiefExecutiveOfficerAndChairman" />
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    <link:label xlink:type="resource" xlink:label="label_yy_IncrementalCommonSharesAttributableToDilutiveEffectOfShareBasedAwardsGrantedToChiefExecutiveOfficerAndChairman_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_yy_IncrementalCommonSharesAttributableToDilutiveEffectOfShareBasedAwardsGrantedToChiefExecutiveOfficerAndChairman_2" xml:lang="en-US" id="label_yy_IncrementalCommonSharesAttributableToDilutiveEffectOfShareBasedAwardsGrantedToChiefExecutiveOfficerAndChairman_2">Dilutive effect of share-based awards granted to CEO and Chairman (in shares)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_IncrementalCommonSharesAttributableToDilutiveEffectOfShareBasedAwardsGrantedToChiefExecutiveOfficerAndChairman" xlink:to="label_yy_IncrementalCommonSharesAttributableToDilutiveEffectOfShareBasedAwardsGrantedToChiefExecutiveOfficerAndChairman_2" xlink:title="Label : yy_IncrementalCommonSharesAttributableToDilutiveEffectOfShareBasedAwardsGrantedToChiefExecutiveOfficerAndChairman to label_yy_IncrementalCommonSharesAttributableToDilutiveEffectOfShareBasedAwardsGrantedToChiefExecutiveOfficerAndChairman_2" />
    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_CollectionAgenciesAndCustomersB1Member" xlink:label="yy_CollectionAgenciesAndCustomersB1Member" xlink:title="yy_CollectionAgenciesAndCustomersB1Member" />
    <link:label xlink:type="resource" xlink:label="label_yy_CollectionAgenciesAndCustomersB1Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_yy_CollectionAgenciesAndCustomersB1Member" xml:lang="en-US" id="label_yy_CollectionAgenciesAndCustomersB1Member">Represents information pertaining to the collection agencies and customers, B1.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_CollectionAgenciesAndCustomersB1Member" xlink:to="label_yy_CollectionAgenciesAndCustomersB1Member" xlink:title="Label : yy_CollectionAgenciesAndCustomersB1Member to label_yy_CollectionAgenciesAndCustomersB1Member" />
    <link:label xlink:type="resource" xlink:label="label_yy_CollectionAgenciesAndCustomersB1Member_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_yy_CollectionAgenciesAndCustomersB1Member_1" xml:lang="en-US" id="label_yy_CollectionAgenciesAndCustomersB1Member_1">Collection Agencies and Customers B1 [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_CollectionAgenciesAndCustomersB1Member" xlink:to="label_yy_CollectionAgenciesAndCustomersB1Member_1" xlink:title="Label : yy_CollectionAgenciesAndCustomersB1Member to label_yy_CollectionAgenciesAndCustomersB1Member_1" />
    <link:label xlink:type="resource" xlink:label="label_yy_CollectionAgenciesAndCustomersB1Member_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_yy_CollectionAgenciesAndCustomersB1Member_2" xml:lang="en-US" id="label_yy_CollectionAgenciesAndCustomersB1Member_2">Collection agencies and advertising customers, B1 [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_CollectionAgenciesAndCustomersB1Member" xlink:to="label_yy_CollectionAgenciesAndCustomersB1Member_2" xlink:title="Label : yy_CollectionAgenciesAndCustomersB1Member to label_yy_CollectionAgenciesAndCustomersB1Member_2" />
    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_CollectionAgenciesAndCustomersB2Member" xlink:label="yy_CollectionAgenciesAndCustomersB2Member" xlink:title="yy_CollectionAgenciesAndCustomersB2Member" />
    <link:label xlink:type="resource" xlink:label="label_yy_CollectionAgenciesAndCustomersB2Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_yy_CollectionAgenciesAndCustomersB2Member" xml:lang="en-US" id="label_yy_CollectionAgenciesAndCustomersB2Member">Represents information pertaining to the collection agencies and customers, B2.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_CollectionAgenciesAndCustomersB2Member" xlink:to="label_yy_CollectionAgenciesAndCustomersB2Member" xlink:title="Label : yy_CollectionAgenciesAndCustomersB2Member to label_yy_CollectionAgenciesAndCustomersB2Member" />
    <link:label xlink:type="resource" xlink:label="label_yy_CollectionAgenciesAndCustomersB2Member_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_yy_CollectionAgenciesAndCustomersB2Member_1" xml:lang="en-US" id="label_yy_CollectionAgenciesAndCustomersB2Member_1">Collection Agencies and Customers B2 [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_CollectionAgenciesAndCustomersB2Member" xlink:to="label_yy_CollectionAgenciesAndCustomersB2Member_1" xlink:title="Label : yy_CollectionAgenciesAndCustomersB2Member to label_yy_CollectionAgenciesAndCustomersB2Member_1" />
    <link:label xlink:type="resource" xlink:label="label_yy_CollectionAgenciesAndCustomersB2Member_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_yy_CollectionAgenciesAndCustomersB2Member_2" xml:lang="en-US" id="label_yy_CollectionAgenciesAndCustomersB2Member_2">Collection agencies and advertising customers, B2 [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_CollectionAgenciesAndCustomersB2Member" xlink:to="label_yy_CollectionAgenciesAndCustomersB2Member_2" xlink:title="Label : yy_CollectionAgenciesAndCustomersB2Member to label_yy_CollectionAgenciesAndCustomersB2Member_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_BasisOfAccountingPolicyPolicyTextBlock" xlink:label="us-gaap_BasisOfAccountingPolicyPolicyTextBlock" xlink:title="us-gaap_BasisOfAccountingPolicyPolicyTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_BasisOfAccountingPolicyPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_BasisOfAccountingPolicyPolicyTextBlock" xml:lang="en-US" id="label_us-gaap_BasisOfAccountingPolicyPolicyTextBlock">Basis of Accounting, Policy [Policy Text Block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_BasisOfAccountingPolicyPolicyTextBlock" xlink:to="label_us-gaap_BasisOfAccountingPolicyPolicyTextBlock" xlink:title="Label : us-gaap_BasisOfAccountingPolicyPolicyTextBlock to label_us-gaap_BasisOfAccountingPolicyPolicyTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_BasisOfAccountingPolicyPolicyTextBlock_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_us-gaap_BasisOfAccountingPolicyPolicyTextBlock_1" xml:lang="en-US" id="label_us-gaap_BasisOfAccountingPolicyPolicyTextBlock_1">Basis of presentation</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_BasisOfAccountingPolicyPolicyTextBlock" xlink:to="label_us-gaap_BasisOfAccountingPolicyPolicyTextBlock_1" xlink:title="Label : us-gaap_BasisOfAccountingPolicyPolicyTextBlock to label_us-gaap_BasisOfAccountingPolicyPolicyTextBlock_1" />
    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_CollectionAgenciesAndCustomersB3Member" xlink:label="yy_CollectionAgenciesAndCustomersB3Member" xlink:title="yy_CollectionAgenciesAndCustomersB3Member" />
    <link:label xlink:type="resource" xlink:label="label_yy_CollectionAgenciesAndCustomersB3Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_yy_CollectionAgenciesAndCustomersB3Member" xml:lang="en-US" id="label_yy_CollectionAgenciesAndCustomersB3Member">Represents information pertaining to the collection agencies and customers, B3.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_CollectionAgenciesAndCustomersB3Member" xlink:to="label_yy_CollectionAgenciesAndCustomersB3Member" xlink:title="Label : yy_CollectionAgenciesAndCustomersB3Member to label_yy_CollectionAgenciesAndCustomersB3Member" />
    <link:label xlink:type="resource" xlink:label="label_yy_CollectionAgenciesAndCustomersB3Member_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_yy_CollectionAgenciesAndCustomersB3Member_1" xml:lang="en-US" id="label_yy_CollectionAgenciesAndCustomersB3Member_1">Collection Agencies and Customers B3 [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_CollectionAgenciesAndCustomersB3Member" xlink:to="label_yy_CollectionAgenciesAndCustomersB3Member_1" xlink:title="Label : yy_CollectionAgenciesAndCustomersB3Member to label_yy_CollectionAgenciesAndCustomersB3Member_1" />
    <link:label xlink:type="resource" xlink:label="label_yy_CollectionAgenciesAndCustomersB3Member_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_yy_CollectionAgenciesAndCustomersB3Member_2" xml:lang="en-US" id="label_yy_CollectionAgenciesAndCustomersB3Member_2">Collection agencies and advertising customers, B3 [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_CollectionAgenciesAndCustomersB3Member" xlink:to="label_yy_CollectionAgenciesAndCustomersB3Member_2" xlink:title="Label : yy_CollectionAgenciesAndCustomersB3Member to label_yy_CollectionAgenciesAndCustomersB3Member_2" />
    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_CollectionAgenciesAndCustomersB4Member" xlink:label="yy_CollectionAgenciesAndCustomersB4Member" xlink:title="yy_CollectionAgenciesAndCustomersB4Member" />
    <link:label xlink:type="resource" xlink:label="label_yy_CollectionAgenciesAndCustomersB4Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_yy_CollectionAgenciesAndCustomersB4Member" xml:lang="en-US" id="label_yy_CollectionAgenciesAndCustomersB4Member">Represents information pertaining to the collection agencies and customers, B4.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_CollectionAgenciesAndCustomersB4Member" xlink:to="label_yy_CollectionAgenciesAndCustomersB4Member" xlink:title="Label : yy_CollectionAgenciesAndCustomersB4Member to label_yy_CollectionAgenciesAndCustomersB4Member" />
    <link:label xlink:type="resource" xlink:label="label_yy_CollectionAgenciesAndCustomersB4Member_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_yy_CollectionAgenciesAndCustomersB4Member_1" xml:lang="en-US" id="label_yy_CollectionAgenciesAndCustomersB4Member_1">Collection Agencies and Customers B4 [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_CollectionAgenciesAndCustomersB4Member" xlink:to="label_yy_CollectionAgenciesAndCustomersB4Member_1" xlink:title="Label : yy_CollectionAgenciesAndCustomersB4Member to label_yy_CollectionAgenciesAndCustomersB4Member_1" />
    <link:label xlink:type="resource" xlink:label="label_yy_CollectionAgenciesAndCustomersB4Member_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_yy_CollectionAgenciesAndCustomersB4Member_2" xml:lang="en-US" id="label_yy_CollectionAgenciesAndCustomersB4Member_2">Collection agencies and advertising customers, B4 [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_CollectionAgenciesAndCustomersB4Member" xlink:to="label_yy_CollectionAgenciesAndCustomersB4Member_2" xlink:title="Label : yy_CollectionAgenciesAndCustomersB4Member to label_yy_CollectionAgenciesAndCustomersB4Member_2" />
    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_CustomerB4Member" xlink:label="yy_CustomerB4Member" xlink:title="yy_CustomerB4Member" />
    <link:label xlink:type="resource" xlink:label="label_yy_CustomerB4Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_yy_CustomerB4Member" xml:lang="en-US" id="label_yy_CustomerB4Member">Represents information pertaining to the customer, B4.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_CustomerB4Member" xlink:to="label_yy_CustomerB4Member" xlink:title="Label : yy_CustomerB4Member to label_yy_CustomerB4Member" />
    <link:label xlink:type="resource" xlink:label="label_yy_CustomerB4Member_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_yy_CustomerB4Member_1" xml:lang="en-US" id="label_yy_CustomerB4Member_1">Customer B4 [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_CustomerB4Member" xlink:to="label_yy_CustomerB4Member_1" xlink:title="Label : yy_CustomerB4Member to label_yy_CustomerB4Member_1" />
    <link:label xlink:type="resource" xlink:label="label_yy_CustomerB4Member_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_yy_CustomerB4Member_2" xml:lang="en-US" id="label_yy_CustomerB4Member_2">Customer, B4 [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_CustomerB4Member" xlink:to="label_yy_CustomerB4Member_2" xlink:title="Label : yy_CustomerB4Member to label_yy_CustomerB4Member_2" />
    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_CollectionAgenciesAndCustomersB5Member" xlink:label="yy_CollectionAgenciesAndCustomersB5Member" xlink:title="yy_CollectionAgenciesAndCustomersB5Member" />
    <link:label xlink:type="resource" xlink:label="label_yy_CollectionAgenciesAndCustomersB5Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_yy_CollectionAgenciesAndCustomersB5Member" xml:lang="en-US" id="label_yy_CollectionAgenciesAndCustomersB5Member">Represents information pertaining to the collection agencies and customers, B5.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_CollectionAgenciesAndCustomersB5Member" xlink:to="label_yy_CollectionAgenciesAndCustomersB5Member" xlink:title="Label : yy_CollectionAgenciesAndCustomersB5Member to label_yy_CollectionAgenciesAndCustomersB5Member" />
    <link:label xlink:type="resource" xlink:label="label_yy_CollectionAgenciesAndCustomersB5Member_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_yy_CollectionAgenciesAndCustomersB5Member_1" xml:lang="en-US" id="label_yy_CollectionAgenciesAndCustomersB5Member_1">Collection Agencies and Customers B5 [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_CollectionAgenciesAndCustomersB5Member" xlink:to="label_yy_CollectionAgenciesAndCustomersB5Member_1" xlink:title="Label : yy_CollectionAgenciesAndCustomersB5Member to label_yy_CollectionAgenciesAndCustomersB5Member_1" />
    <link:label xlink:type="resource" xlink:label="label_yy_CollectionAgenciesAndCustomersB5Member_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_yy_CollectionAgenciesAndCustomersB5Member_2" xml:lang="en-US" id="label_yy_CollectionAgenciesAndCustomersB5Member_2">Collection agencies and customers, B5 [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_CollectionAgenciesAndCustomersB5Member" xlink:to="label_yy_CollectionAgenciesAndCustomersB5Member_2" xlink:title="Label : yy_CollectionAgenciesAndCustomersB5Member to label_yy_CollectionAgenciesAndCustomersB5Member_2" />
    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_EmployeeAndNonEmployeeStockOptionsMember" xlink:label="yy_EmployeeAndNonEmployeeStockOptionsMember" xlink:title="yy_EmployeeAndNonEmployeeStockOptionsMember" />
    <link:label xlink:type="resource" xlink:label="label_yy_EmployeeAndNonEmployeeStockOptionsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_yy_EmployeeAndNonEmployeeStockOptionsMember" xml:lang="en-US" id="label_yy_EmployeeAndNonEmployeeStockOptionsMember">An arrangement whereby an employee and non-employee is entitled to receive in the future, subject to vesting and other restrictions, a number of shares in the entity at a specified price, as defined in the agreement.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_EmployeeAndNonEmployeeStockOptionsMember" xlink:to="label_yy_EmployeeAndNonEmployeeStockOptionsMember" xlink:title="Label : yy_EmployeeAndNonEmployeeStockOptionsMember to label_yy_EmployeeAndNonEmployeeStockOptionsMember" />
    <link:label xlink:type="resource" xlink:label="label_yy_EmployeeAndNonEmployeeStockOptionsMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_yy_EmployeeAndNonEmployeeStockOptionsMember_1" xml:lang="en-US" id="label_yy_EmployeeAndNonEmployeeStockOptionsMember_1">Employee and Non Employee Stock Options [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_EmployeeAndNonEmployeeStockOptionsMember" xlink:to="label_yy_EmployeeAndNonEmployeeStockOptionsMember_1" xlink:title="Label : yy_EmployeeAndNonEmployeeStockOptionsMember to label_yy_EmployeeAndNonEmployeeStockOptionsMember_1" />
    <link:label xlink:type="resource" xlink:label="label_yy_EmployeeAndNonEmployeeStockOptionsMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_yy_EmployeeAndNonEmployeeStockOptionsMember_2" xml:lang="en-US" id="label_yy_EmployeeAndNonEmployeeStockOptionsMember_2">Share options [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_EmployeeAndNonEmployeeStockOptionsMember" xlink:to="label_yy_EmployeeAndNonEmployeeStockOptionsMember_2" xlink:title="Label : yy_EmployeeAndNonEmployeeStockOptionsMember to label_yy_EmployeeAndNonEmployeeStockOptionsMember_2" />
    <link:label xlink:type="resource" xlink:label="label_yy_EmployeeAndNonEmployeeStockOptionsMember_3" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_yy_EmployeeAndNonEmployeeStockOptionsMember_3" xml:lang="en-US" id="label_yy_EmployeeAndNonEmployeeStockOptionsMember_3">Options</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_EmployeeAndNonEmployeeStockOptionsMember" xlink:to="label_yy_EmployeeAndNonEmployeeStockOptionsMember_3" xlink:title="Label : yy_EmployeeAndNonEmployeeStockOptionsMember to label_yy_EmployeeAndNonEmployeeStockOptionsMember_3" />
    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_ChiefExecutiveOfficerAndChairmanMember" xlink:label="yy_ChiefExecutiveOfficerAndChairmanMember" xlink:title="yy_ChiefExecutiveOfficerAndChairmanMember" />
    <link:label xlink:type="resource" xlink:label="label_yy_ChiefExecutiveOfficerAndChairmanMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_yy_ChiefExecutiveOfficerAndChairmanMember" xml:lang="en-US" id="label_yy_ChiefExecutiveOfficerAndChairmanMember">Represents information pertaining to the chief executive officer (CEO) and the Chairman of the entity.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_ChiefExecutiveOfficerAndChairmanMember" xlink:to="label_yy_ChiefExecutiveOfficerAndChairmanMember" xlink:title="Label : yy_ChiefExecutiveOfficerAndChairmanMember to label_yy_ChiefExecutiveOfficerAndChairmanMember" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_ChiefExecutiveOfficerAndChairmanMember" xlink:to="label_yy_ChiefExecutiveOfficerAndChairmanMember_1" xlink:title="Label : yy_ChiefExecutiveOfficerAndChairmanMember to label_yy_ChiefExecutiveOfficerAndChairmanMember_1" />
    <link:label xlink:type="resource" xlink:label="label_yy_ChiefExecutiveOfficerAndChairmanMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_yy_ChiefExecutiveOfficerAndChairmanMember_2" xml:lang="en-US" id="label_yy_ChiefExecutiveOfficerAndChairmanMember_2">CEO and Chairman [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_ChiefExecutiveOfficerAndChairmanMember" xlink:to="label_yy_ChiefExecutiveOfficerAndChairmanMember_2" xlink:title="Label : yy_ChiefExecutiveOfficerAndChairmanMember to label_yy_ChiefExecutiveOfficerAndChairmanMember_2" />
    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_InternetServiceCompanyMember" xlink:label="yy_InternetServiceCompanyMember" xlink:title="yy_InternetServiceCompanyMember" />
    <link:label xlink:type="resource" xlink:label="label_yy_InternetServiceCompanyMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_yy_InternetServiceCompanyMember" xml:lang="en-US" id="label_yy_InternetServiceCompanyMember">Represents information pertaining to the internet service company.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_InternetServiceCompanyMember" xlink:to="label_yy_InternetServiceCompanyMember" xlink:title="Label : yy_InternetServiceCompanyMember to label_yy_InternetServiceCompanyMember" />
    <link:label xlink:type="resource" xlink:label="label_yy_InternetServiceCompanyMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_yy_InternetServiceCompanyMember_1" xml:lang="en-US" id="label_yy_InternetServiceCompanyMember_1">Internet Service Company [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_InternetServiceCompanyMember" xlink:to="label_yy_InternetServiceCompanyMember_1" xlink:title="Label : yy_InternetServiceCompanyMember to label_yy_InternetServiceCompanyMember_1" />
    <link:label xlink:type="resource" xlink:label="label_yy_InternetServiceCompanyMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_yy_InternetServiceCompanyMember_2" xml:lang="en-US" id="label_yy_InternetServiceCompanyMember_2">Internet service company [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_InternetServiceCompanyMember" xlink:to="label_yy_InternetServiceCompanyMember_2" xlink:title="Label : yy_InternetServiceCompanyMember to label_yy_InternetServiceCompanyMember_2" />
    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_ShortTermDepositsTextBlock" xlink:label="yy_ShortTermDepositsTextBlock" xlink:title="yy_ShortTermDepositsTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_yy_ShortTermDepositsTextBlock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_yy_ShortTermDepositsTextBlock" xml:lang="en-US" id="label_yy_ShortTermDepositsTextBlock">The entire disclosure for short-term deposits.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_ShortTermDepositsTextBlock" xlink:to="label_yy_ShortTermDepositsTextBlock" xlink:title="Label : yy_ShortTermDepositsTextBlock to label_yy_ShortTermDepositsTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_yy_ShortTermDepositsTextBlock_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_yy_ShortTermDepositsTextBlock_1" xml:lang="en-US" id="label_yy_ShortTermDepositsTextBlock_1">Short Term Deposits [Text Block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_ShortTermDepositsTextBlock" xlink:to="label_yy_ShortTermDepositsTextBlock_1" xlink:title="Label : yy_ShortTermDepositsTextBlock to label_yy_ShortTermDepositsTextBlock_1" />
    <link:label xlink:type="resource" xlink:label="label_yy_ShortTermDepositsTextBlock_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_yy_ShortTermDepositsTextBlock_2" xml:lang="en-US" id="label_yy_ShortTermDepositsTextBlock_2">Short-term deposits</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_ShortTermDepositsTextBlock" xlink:to="label_yy_ShortTermDepositsTextBlock_2" xlink:title="Label : yy_ShortTermDepositsTextBlock to label_yy_ShortTermDepositsTextBlock_2" />
    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_CostAndEquityMethodInvestmentsTableTextBlock" xlink:label="yy_CostAndEquityMethodInvestmentsTableTextBlock" xlink:title="yy_CostAndEquityMethodInvestmentsTableTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_yy_CostAndEquityMethodInvestmentsTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_yy_CostAndEquityMethodInvestmentsTableTextBlock" xml:lang="en-US" id="label_yy_CostAndEquityMethodInvestmentsTableTextBlock">Tabular disclosure for cost method and equity method investments included basis, impairment losses, recognized or unrecognized gains (losses).</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_CostAndEquityMethodInvestmentsTableTextBlock" xlink:to="label_yy_CostAndEquityMethodInvestmentsTableTextBlock" xlink:title="Label : yy_CostAndEquityMethodInvestmentsTableTextBlock to label_yy_CostAndEquityMethodInvestmentsTableTextBlock" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_CostAndEquityMethodInvestmentsTableTextBlock" xlink:to="label_yy_CostAndEquityMethodInvestmentsTableTextBlock_1" xlink:title="Label : yy_CostAndEquityMethodInvestmentsTableTextBlock to label_yy_CostAndEquityMethodInvestmentsTableTextBlock_1" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_CostAndEquityMethodInvestmentsTableTextBlock" xlink:to="label_yy_CostAndEquityMethodInvestmentsTableTextBlock_2" xlink:title="Label : yy_CostAndEquityMethodInvestmentsTableTextBlock to label_yy_CostAndEquityMethodInvestmentsTableTextBlock_2" />
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    <link:label xlink:type="resource" xlink:label="label_yy_InvestmentInEquityInterestOfCompanyMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_yy_InvestmentInEquityInterestOfCompanyMember" xml:lang="en-US" id="label_yy_InvestmentInEquityInterestOfCompanyMember">Represents information pertaining to investment in an equity interest of company.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_InvestmentInEquityInterestOfCompanyMember" xlink:to="label_yy_InvestmentInEquityInterestOfCompanyMember" xlink:title="Label : yy_InvestmentInEquityInterestOfCompanyMember to label_yy_InvestmentInEquityInterestOfCompanyMember" />
    <link:label xlink:type="resource" xlink:label="label_yy_InvestmentInEquityInterestOfCompanyMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_yy_InvestmentInEquityInterestOfCompanyMember_1" xml:lang="en-US" id="label_yy_InvestmentInEquityInterestOfCompanyMember_1">Investment in Equity Interest of Company [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_InvestmentInEquityInterestOfCompanyMember" xlink:to="label_yy_InvestmentInEquityInterestOfCompanyMember_1" xlink:title="Label : yy_InvestmentInEquityInterestOfCompanyMember to label_yy_InvestmentInEquityInterestOfCompanyMember_1" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_InvestmentInEquityInterestOfCompanyMember" xlink:to="label_yy_InvestmentInEquityInterestOfCompanyMember_2" xlink:title="Label : yy_InvestmentInEquityInterestOfCompanyMember to label_yy_InvestmentInEquityInterestOfCompanyMember_2" />
    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_NumberOfEntitiesWhoseMinorityStakeOfPreferredStockAcquired" xlink:label="yy_NumberOfEntitiesWhoseMinorityStakeOfPreferredStockAcquired" xlink:title="yy_NumberOfEntitiesWhoseMinorityStakeOfPreferredStockAcquired" />
    <link:label xlink:type="resource" xlink:label="label_yy_NumberOfEntitiesWhoseMinorityStakeOfPreferredStockAcquired" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_yy_NumberOfEntitiesWhoseMinorityStakeOfPreferredStockAcquired" xml:lang="en-US" id="label_yy_NumberOfEntitiesWhoseMinorityStakeOfPreferredStockAcquired">Represents the number of entities whose preferred stock is acquired by the entity under the agreement.</link:label>
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    <link:label xlink:type="resource" xlink:label="label_yy_NumberOfEntitiesWhoseMinorityStakeOfPreferredStockAcquired_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_yy_NumberOfEntitiesWhoseMinorityStakeOfPreferredStockAcquired_1" xml:lang="en-US" id="label_yy_NumberOfEntitiesWhoseMinorityStakeOfPreferredStockAcquired_1">Number of Entities Whose Minority Stake of Preferred Stock Acquired</link:label>
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    <link:label xlink:type="resource" xlink:label="label_yy_NumberOfEntitiesWhoseMinorityStakeOfPreferredStockAcquired_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_yy_NumberOfEntitiesWhoseMinorityStakeOfPreferredStockAcquired_2" xml:lang="en-US" id="label_yy_NumberOfEntitiesWhoseMinorityStakeOfPreferredStockAcquired_2">Number of companies whose preferred stock is acquired by the entity under the agreement</link:label>
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    <link:label xlink:type="resource" xlink:label="label_yy_NumberOfEntitiesWhoseMinorityStakeOfPreferredStockAcquired_3" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_yy_NumberOfEntitiesWhoseMinorityStakeOfPreferredStockAcquired_3" xml:lang="en-US" id="label_yy_NumberOfEntitiesWhoseMinorityStakeOfPreferredStockAcquired_3">Number of companies whose stock is acquired by the entity under the agreement</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_NumberOfEntitiesWhoseMinorityStakeOfPreferredStockAcquired" xlink:to="label_yy_NumberOfEntitiesWhoseMinorityStakeOfPreferredStockAcquired_3" xlink:title="Label : yy_NumberOfEntitiesWhoseMinorityStakeOfPreferredStockAcquired to label_yy_NumberOfEntitiesWhoseMinorityStakeOfPreferredStockAcquired_3" />
    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_InvestmentInPreferredSharesOfTwoCompanyMember" xlink:label="yy_InvestmentInPreferredSharesOfTwoCompanyMember" xlink:title="yy_InvestmentInPreferredSharesOfTwoCompanyMember" />
    <link:label xlink:type="resource" xlink:label="label_yy_InvestmentInPreferredSharesOfTwoCompanyMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_yy_InvestmentInPreferredSharesOfTwoCompanyMember" xml:lang="en-US" id="label_yy_InvestmentInPreferredSharesOfTwoCompanyMember">Represents information pertaining to investment in preferred shares of two companies.</link:label>
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_InvestmentInPreferredSharesOfTwoCompanyMember" xlink:to="label_yy_InvestmentInPreferredSharesOfTwoCompanyMember_1" xlink:title="Label : yy_InvestmentInPreferredSharesOfTwoCompanyMember to label_yy_InvestmentInPreferredSharesOfTwoCompanyMember_1" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_InvestmentInPreferredSharesOfTwoCompanyMember" xlink:to="label_yy_InvestmentInPreferredSharesOfTwoCompanyMember_2" xlink:title="Label : yy_InvestmentInPreferredSharesOfTwoCompanyMember to label_yy_InvestmentInPreferredSharesOfTwoCompanyMember_2" />
    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_InvestmentInPreferredSharesOfCompanyOneMember" xlink:label="yy_InvestmentInPreferredSharesOfCompanyOneMember" xlink:title="yy_InvestmentInPreferredSharesOfCompanyOneMember" />
    <link:label xlink:type="resource" xlink:label="label_yy_InvestmentInPreferredSharesOfCompanyOneMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_yy_InvestmentInPreferredSharesOfCompanyOneMember" xml:lang="en-US" id="label_yy_InvestmentInPreferredSharesOfCompanyOneMember">Represents information pertaining to investment in preferred shares of company one.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_InvestmentInPreferredSharesOfCompanyOneMember" xlink:to="label_yy_InvestmentInPreferredSharesOfCompanyOneMember" xlink:title="Label : yy_InvestmentInPreferredSharesOfCompanyOneMember to label_yy_InvestmentInPreferredSharesOfCompanyOneMember" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_InvestmentInPreferredSharesOfCompanyOneMember" xlink:to="label_yy_InvestmentInPreferredSharesOfCompanyOneMember_1" xlink:title="Label : yy_InvestmentInPreferredSharesOfCompanyOneMember to label_yy_InvestmentInPreferredSharesOfCompanyOneMember_1" />
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    <link:label xlink:type="resource" xlink:label="label_yy_OrganizationAndPrincipalActivitiesLineItems_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_yy_OrganizationAndPrincipalActivitiesLineItems_1" xml:lang="en-US" id="label_yy_OrganizationAndPrincipalActivitiesLineItems_1">Organization and principal activities [Line Items]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_OrganizationAndPrincipalActivitiesLineItems" xlink:to="label_yy_OrganizationAndPrincipalActivitiesLineItems_1" xlink:title="Label : yy_OrganizationAndPrincipalActivitiesLineItems to label_yy_OrganizationAndPrincipalActivitiesLineItems_1" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_OrganizationAndPrincipalActivitiesLineItems" xlink:to="label_yy_OrganizationAndPrincipalActivitiesLineItems_2" xlink:title="Label : yy_OrganizationAndPrincipalActivitiesLineItems to label_yy_OrganizationAndPrincipalActivitiesLineItems_2" />
    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationRestrictedStockRequisiteServicePeriodRecognition" xlink:label="yy_AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationRestrictedStockRequisiteServicePeriodRecognition" xlink:title="yy_AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationRestrictedStockRequisiteServicePeriodRecognition" />
    <link:label xlink:type="resource" xlink:label="label_yy_AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationRestrictedStockRequisiteServicePeriodRecognition" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_yy_AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationRestrictedStockRequisiteServicePeriodRecognition" xml:lang="en-US" id="label_yy_AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationRestrictedStockRequisiteServicePeriodRecognition">Amount of equity-based compensation, related to restricted stock awards, recognized as expense or an asset, if compensation is capitalized.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationRestrictedStockRequisiteServicePeriodRecognition" xlink:to="label_yy_AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationRestrictedStockRequisiteServicePeriodRecognition" xlink:title="Label : yy_AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationRestrictedStockRequisiteServicePeriodRecognition to label_yy_AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationRestrictedStockRequisiteServicePeriodRecognition" />
    <link:label xlink:type="resource" xlink:label="label_yy_AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationRestrictedStockRequisiteServicePeriodRecognition_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_yy_AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationRestrictedStockRequisiteServicePeriodRecognition_1" xml:lang="en-US" id="label_yy_AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationRestrictedStockRequisiteServicePeriodRecognition_1">Adjustments to Additional Paid in Capital Share Based Compensation Restricted Stock Requisite Service Period Recognition</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationRestrictedStockRequisiteServicePeriodRecognition" xlink:to="label_yy_AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationRestrictedStockRequisiteServicePeriodRecognition_1" xlink:title="Label : yy_AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationRestrictedStockRequisiteServicePeriodRecognition to label_yy_AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationRestrictedStockRequisiteServicePeriodRecognition_1" />
    <link:label xlink:type="resource" xlink:label="label_yy_AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationRestrictedStockRequisiteServicePeriodRecognition_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_yy_AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationRestrictedStockRequisiteServicePeriodRecognition_2" xml:lang="en-US" id="label_yy_AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationRestrictedStockRequisiteServicePeriodRecognition_2">Share based compensation-restricted shares</link:label>
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    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_OnlineGameRevenueNetMember" xlink:label="yy_OnlineGameRevenueNetMember" xlink:title="yy_OnlineGameRevenueNetMember" />
    <link:label xlink:type="resource" xlink:label="label_yy_OnlineGameRevenueNetMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_yy_OnlineGameRevenueNetMember" xml:lang="en-US" id="label_yy_OnlineGameRevenueNetMember">Aggregate revenue during the period from online game revenues rendered in the normal course of business, after deducting returns, allowances and discounts, when it serves as a benchmark in a concentration of risk calculation.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_OnlineGameRevenueNetMember" xlink:to="label_yy_OnlineGameRevenueNetMember" xlink:title="Label : yy_OnlineGameRevenueNetMember to label_yy_OnlineGameRevenueNetMember" />
    <link:label xlink:type="resource" xlink:label="label_yy_OnlineGameRevenueNetMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_yy_OnlineGameRevenueNetMember_1" xml:lang="en-US" id="label_yy_OnlineGameRevenueNetMember_1">Online Game Revenue Net [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_OnlineGameRevenueNetMember" xlink:to="label_yy_OnlineGameRevenueNetMember_1" xlink:title="Label : yy_OnlineGameRevenueNetMember to label_yy_OnlineGameRevenueNetMember_1" />
    <link:label xlink:type="resource" xlink:label="label_yy_OnlineGameRevenueNetMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_yy_OnlineGameRevenueNetMember_2" xml:lang="en-US" id="label_yy_OnlineGameRevenueNetMember_2">Online game revenue [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_OnlineGameRevenueNetMember" xlink:to="label_yy_OnlineGameRevenueNetMember_2" xlink:title="Label : yy_OnlineGameRevenueNetMember to label_yy_OnlineGameRevenueNetMember_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_BoardOfDirectorsChairmanMember" xlink:label="us-gaap_BoardOfDirectorsChairmanMember" xlink:title="us-gaap_BoardOfDirectorsChairmanMember" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_BoardOfDirectorsChairmanMember" xlink:to="label_us-gaap_BoardOfDirectorsChairmanMember" xlink:title="Label : us-gaap_BoardOfDirectorsChairmanMember to label_us-gaap_BoardOfDirectorsChairmanMember" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_BoardOfDirectorsChairmanMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_us-gaap_BoardOfDirectorsChairmanMember_1" xml:lang="en-US" id="label_us-gaap_BoardOfDirectorsChairmanMember_1">Mr. Jun Lei, Chairman of the Company [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_BoardOfDirectorsChairmanMember" xlink:to="label_us-gaap_BoardOfDirectorsChairmanMember_1" xlink:title="Label : us-gaap_BoardOfDirectorsChairmanMember to label_us-gaap_BoardOfDirectorsChairmanMember_1" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_BoardOfDirectorsChairmanMember_2" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_us-gaap_BoardOfDirectorsChairmanMember_2" xml:lang="en-US" id="label_us-gaap_BoardOfDirectorsChairmanMember_2">Chairman and Co-founder [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_BoardOfDirectorsChairmanMember" xlink:to="label_us-gaap_BoardOfDirectorsChairmanMember_2" xlink:title="Label : us-gaap_BoardOfDirectorsChairmanMember to label_us-gaap_BoardOfDirectorsChairmanMember_2" />
    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_FiniteLivedIntangibleAssetUsefulLifeAbstract" xlink:label="yy_FiniteLivedIntangibleAssetUsefulLifeAbstract" xlink:title="yy_FiniteLivedIntangibleAssetUsefulLifeAbstract" />
    <link:label xlink:type="resource" xlink:label="label_yy_FiniteLivedIntangibleAssetUsefulLifeAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_yy_FiniteLivedIntangibleAssetUsefulLifeAbstract" xml:lang="en-US" id="label_yy_FiniteLivedIntangibleAssetUsefulLifeAbstract">Finite Lived Intangible Asset Useful Life [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_FiniteLivedIntangibleAssetUsefulLifeAbstract" xlink:to="label_yy_FiniteLivedIntangibleAssetUsefulLifeAbstract" xlink:title="Label : yy_FiniteLivedIntangibleAssetUsefulLifeAbstract to label_yy_FiniteLivedIntangibleAssetUsefulLifeAbstract" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_FiniteLivedIntangibleAssetUsefulLifeAbstract" xlink:to="label_yy_FiniteLivedIntangibleAssetUsefulLifeAbstract_1" xlink:title="Label : yy_FiniteLivedIntangibleAssetUsefulLifeAbstract to label_yy_FiniteLivedIntangibleAssetUsefulLifeAbstract_1" />
    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_AccruedListingExpensesCurrent" xlink:label="yy_AccruedListingExpensesCurrent" xlink:title="yy_AccruedListingExpensesCurrent" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_AccruedListingExpensesCurrent" xlink:to="label_yy_AccruedListingExpensesCurrent" xlink:title="Label : yy_AccruedListingExpensesCurrent to label_yy_AccruedListingExpensesCurrent" />
    <link:label xlink:type="resource" xlink:label="label_yy_AccruedListingExpensesCurrent_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_yy_AccruedListingExpensesCurrent_1" xml:lang="en-US" id="label_yy_AccruedListingExpensesCurrent_1">Accrued Listing Expenses Current</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_AccruedListingExpensesCurrent" xlink:to="label_yy_AccruedListingExpensesCurrent_1" xlink:title="Label : yy_AccruedListingExpensesCurrent to label_yy_AccruedListingExpensesCurrent_1" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_AccruedListingExpensesCurrent" xlink:to="label_yy_AccruedListingExpensesCurrent_2" xlink:title="Label : yy_AccruedListingExpensesCurrent to label_yy_AccruedListingExpensesCurrent_2" />
    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_NumberOfSelfDevelopedGames" xlink:label="yy_NumberOfSelfDevelopedGames" xlink:title="yy_NumberOfSelfDevelopedGames" />
    <link:label xlink:type="resource" xlink:label="label_yy_NumberOfSelfDevelopedGames" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_yy_NumberOfSelfDevelopedGames" xml:lang="en-US" id="label_yy_NumberOfSelfDevelopedGames">Represents the number of self developed games.</link:label>
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    <link:label xlink:type="resource" xlink:label="label_yy_NumberOfSelfDevelopedGames_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_yy_NumberOfSelfDevelopedGames_1" xml:lang="en-US" id="label_yy_NumberOfSelfDevelopedGames_1">Number of Self Developed Games</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_NumberOfSelfDevelopedGames" xlink:to="label_yy_NumberOfSelfDevelopedGames_1" xlink:title="Label : yy_NumberOfSelfDevelopedGames to label_yy_NumberOfSelfDevelopedGames_1" />
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    <link:label xlink:type="resource" xlink:label="label_yy_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageRemainingContractualTerm_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_yy_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageRemainingContractualTerm_1" xml:lang="en-US" id="label_yy_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageRemainingContractualTerm_1">Share Based Compensation Arrangement by Share Based Payment Award Options Exercises in Period Weighted Average Remaining Contractual Term</link:label>
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_BuildingMember" xlink:to="label_us-gaap_BuildingMember_1" xlink:title="Label : us-gaap_BuildingMember to label_us-gaap_BuildingMember_1" />
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    <link:label xlink:type="resource" xlink:label="label_us-gaap_BuildingImprovementsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_BuildingImprovementsMember" xml:lang="en-US" id="label_us-gaap_BuildingImprovementsMember">Building Improvements [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_BuildingImprovementsMember" xlink:to="label_us-gaap_BuildingImprovementsMember" xlink:title="Label : us-gaap_BuildingImprovementsMember to label_us-gaap_BuildingImprovementsMember" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_BuildingImprovementsMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_us-gaap_BuildingImprovementsMember_1" xml:lang="en-US" id="label_us-gaap_BuildingImprovementsMember_1">Decoration of buildings [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_BuildingImprovementsMember" xlink:to="label_us-gaap_BuildingImprovementsMember_1" xlink:title="Label : us-gaap_BuildingImprovementsMember to label_us-gaap_BuildingImprovementsMember_1" />
    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_LiabilityClassifiedAwardsMember" xlink:label="yy_LiabilityClassifiedAwardsMember" xlink:title="yy_LiabilityClassifiedAwardsMember" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_LiabilityClassifiedAwardsMember" xlink:to="label_yy_LiabilityClassifiedAwardsMember" xlink:title="Label : yy_LiabilityClassifiedAwardsMember to label_yy_LiabilityClassifiedAwardsMember" />
    <link:label xlink:type="resource" xlink:label="label_yy_LiabilityClassifiedAwardsMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_yy_LiabilityClassifiedAwardsMember_1" xml:lang="en-US" id="label_yy_LiabilityClassifiedAwardsMember_1">Liability Classified Awards [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_LiabilityClassifiedAwardsMember" xlink:to="label_yy_LiabilityClassifiedAwardsMember_1" xlink:title="Label : yy_LiabilityClassifiedAwardsMember to label_yy_LiabilityClassifiedAwardsMember_1" />
    <link:label xlink:type="resource" xlink:label="label_yy_LiabilityClassifiedAwardsMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_yy_LiabilityClassifiedAwardsMember_2" xml:lang="en-US" id="label_yy_LiabilityClassifiedAwardsMember_2">Liability-classified Awards [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_LiabilityClassifiedAwardsMember" xlink:to="label_yy_LiabilityClassifiedAwardsMember_2" xlink:title="Label : yy_LiabilityClassifiedAwardsMember to label_yy_LiabilityClassifiedAwardsMember_2" />
    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_PaymentsForLoansToThirdParties" xlink:label="yy_PaymentsForLoansToThirdParties" xlink:title="yy_PaymentsForLoansToThirdParties" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_PaymentsForLoansToThirdParties" xlink:to="label_yy_PaymentsForLoansToThirdParties_1" xlink:title="Label : yy_PaymentsForLoansToThirdParties to label_yy_PaymentsForLoansToThirdParties_1" />
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    <link:label xlink:type="resource" xlink:label="label_yy_NetCashProvidedByUsedInFinancingActivitiesVariableInterestEntities" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_yy_NetCashProvidedByUsedInFinancingActivitiesVariableInterestEntities" xml:lang="en-US" id="label_yy_NetCashProvidedByUsedInFinancingActivitiesVariableInterestEntities">Net Cash Provided By Used In Financing Activities Variable Interest Entities</link:label>
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_NetCashProvidedByUsedInInvestingActivitiesVariableInterestEntities" xlink:to="label_yy_NetCashProvidedByUsedInInvestingActivitiesVariableInterestEntities_2" xlink:title="Label : yy_NetCashProvidedByUsedInInvestingActivitiesVariableInterestEntities to label_yy_NetCashProvidedByUsedInInvestingActivitiesVariableInterestEntities_2" />
    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_NetCashProvidedByUsedInOperatingActivitiesVariableInterestEntities" xlink:label="yy_NetCashProvidedByUsedInOperatingActivitiesVariableInterestEntities" xlink:title="yy_NetCashProvidedByUsedInOperatingActivitiesVariableInterestEntities" />
    <link:label xlink:type="resource" xlink:label="label_yy_NetCashProvidedByUsedInOperatingActivitiesVariableInterestEntities" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_yy_NetCashProvidedByUsedInOperatingActivitiesVariableInterestEntities" xml:lang="en-US" id="label_yy_NetCashProvidedByUsedInOperatingActivitiesVariableInterestEntities">Net Cash Provided By Used In Operating Activities Variable Interest Entities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_NetCashProvidedByUsedInOperatingActivitiesVariableInterestEntities" xlink:to="label_yy_NetCashProvidedByUsedInOperatingActivitiesVariableInterestEntities" xlink:title="Label : yy_NetCashProvidedByUsedInOperatingActivitiesVariableInterestEntities to label_yy_NetCashProvidedByUsedInOperatingActivitiesVariableInterestEntities" />
    <link:label xlink:type="resource" xlink:label="label_yy_NetCashProvidedByUsedInOperatingActivitiesVariableInterestEntities_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_yy_NetCashProvidedByUsedInOperatingActivitiesVariableInterestEntities_1" xml:lang="en-US" id="label_yy_NetCashProvidedByUsedInOperatingActivitiesVariableInterestEntities_1">Net Cash Provided by Used in Operating Activities Variable Interest Entities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_NetCashProvidedByUsedInOperatingActivitiesVariableInterestEntities" xlink:to="label_yy_NetCashProvidedByUsedInOperatingActivitiesVariableInterestEntities_1" xlink:title="Label : yy_NetCashProvidedByUsedInOperatingActivitiesVariableInterestEntities to label_yy_NetCashProvidedByUsedInOperatingActivitiesVariableInterestEntities_1" />
    <link:label xlink:type="resource" xlink:label="label_yy_NetCashProvidedByUsedInOperatingActivitiesVariableInterestEntities_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_yy_NetCashProvidedByUsedInOperatingActivitiesVariableInterestEntities_2" xml:lang="en-US" id="label_yy_NetCashProvidedByUsedInOperatingActivitiesVariableInterestEntities_2">Net cash provided by operating activities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_NetCashProvidedByUsedInOperatingActivitiesVariableInterestEntities" xlink:to="label_yy_NetCashProvidedByUsedInOperatingActivitiesVariableInterestEntities_2" xlink:title="Label : yy_NetCashProvidedByUsedInOperatingActivitiesVariableInterestEntities to label_yy_NetCashProvidedByUsedInOperatingActivitiesVariableInterestEntities_2" />
    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_PaymentsForRepurchaseOfStockOptions" xlink:label="yy_PaymentsForRepurchaseOfStockOptions" xlink:title="yy_PaymentsForRepurchaseOfStockOptions" />
    <link:label xlink:type="resource" xlink:label="label_yy_PaymentsForRepurchaseOfStockOptions" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_yy_PaymentsForRepurchaseOfStockOptions" xml:lang="en-US" id="label_yy_PaymentsForRepurchaseOfStockOptions">The cash outflow to repurchase of vested option/share.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_PaymentsForRepurchaseOfStockOptions" xlink:to="label_yy_PaymentsForRepurchaseOfStockOptions" xlink:title="Label : yy_PaymentsForRepurchaseOfStockOptions to label_yy_PaymentsForRepurchaseOfStockOptions" />
    <link:label xlink:type="resource" xlink:label="label_yy_PaymentsForRepurchaseOfStockOptions_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_yy_PaymentsForRepurchaseOfStockOptions_1" xml:lang="en-US" id="label_yy_PaymentsForRepurchaseOfStockOptions_1">Payments for Repurchase of Stock Options</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_PaymentsForRepurchaseOfStockOptions" xlink:to="label_yy_PaymentsForRepurchaseOfStockOptions_1" xlink:title="Label : yy_PaymentsForRepurchaseOfStockOptions to label_yy_PaymentsForRepurchaseOfStockOptions_1" />
    <link:label xlink:type="resource" xlink:label="label_yy_PaymentsForRepurchaseOfStockOptions_2" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_yy_PaymentsForRepurchaseOfStockOptions_2" xml:lang="en-US" id="label_yy_PaymentsForRepurchaseOfStockOptions_2">Cash consideration paid to repurchase options</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_PaymentsForRepurchaseOfStockOptions" xlink:to="label_yy_PaymentsForRepurchaseOfStockOptions_2" xlink:title="Label : yy_PaymentsForRepurchaseOfStockOptions to label_yy_PaymentsForRepurchaseOfStockOptions_2" />
    <link:label xlink:type="resource" xlink:label="label_yy_PaymentsForRepurchaseOfStockOptions_3" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_yy_PaymentsForRepurchaseOfStockOptions_3" xml:lang="en-US" id="label_yy_PaymentsForRepurchaseOfStockOptions_3">Repurchase of share options</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_PaymentsForRepurchaseOfStockOptions" xlink:to="label_yy_PaymentsForRepurchaseOfStockOptions_3" xlink:title="Label : yy_PaymentsForRepurchaseOfStockOptions to label_yy_PaymentsForRepurchaseOfStockOptions_3" />
    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_OperatingLeasesFutureMinimumPaymentsDueInFourYearsAndThereafter" xlink:label="yy_OperatingLeasesFutureMinimumPaymentsDueInFourYearsAndThereafter" xlink:title="yy_OperatingLeasesFutureMinimumPaymentsDueInFourYearsAndThereafter" />
    <link:label xlink:type="resource" xlink:label="label_yy_OperatingLeasesFutureMinimumPaymentsDueInFourYearsAndThereafter" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_yy_OperatingLeasesFutureMinimumPaymentsDueInFourYearsAndThereafter" xml:lang="en-US" id="label_yy_OperatingLeasesFutureMinimumPaymentsDueInFourYearsAndThereafter">Represents the amount of required minimum rental payments maturing in the fourth fiscal year and thereafter following the latest fiscal year for operating leases having an initial or remaining non-cancellable letter-term in excess of one year.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_OperatingLeasesFutureMinimumPaymentsDueInFourYearsAndThereafter" xlink:to="label_yy_OperatingLeasesFutureMinimumPaymentsDueInFourYearsAndThereafter" xlink:title="Label : yy_OperatingLeasesFutureMinimumPaymentsDueInFourYearsAndThereafter to label_yy_OperatingLeasesFutureMinimumPaymentsDueInFourYearsAndThereafter" />
    <link:label xlink:type="resource" xlink:label="label_yy_OperatingLeasesFutureMinimumPaymentsDueInFourYearsAndThereafter_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_yy_OperatingLeasesFutureMinimumPaymentsDueInFourYearsAndThereafter_1" xml:lang="en-US" id="label_yy_OperatingLeasesFutureMinimumPaymentsDueInFourYearsAndThereafter_1">Operating Leases Future Minimum Payments Due In Four Years and Thereafter</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_OperatingLeasesFutureMinimumPaymentsDueInFourYearsAndThereafter" xlink:to="label_yy_OperatingLeasesFutureMinimumPaymentsDueInFourYearsAndThereafter_1" xlink:title="Label : yy_OperatingLeasesFutureMinimumPaymentsDueInFourYearsAndThereafter to label_yy_OperatingLeasesFutureMinimumPaymentsDueInFourYearsAndThereafter_1" />
    <link:label xlink:type="resource" xlink:label="label_yy_OperatingLeasesFutureMinimumPaymentsDueInFourYearsAndThereafter_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_yy_OperatingLeasesFutureMinimumPaymentsDueInFourYearsAndThereafter_2" xml:lang="en-US" id="label_yy_OperatingLeasesFutureMinimumPaymentsDueInFourYearsAndThereafter_2">2019 and after</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_OperatingLeasesFutureMinimumPaymentsDueInFourYearsAndThereafter" xlink:to="label_yy_OperatingLeasesFutureMinimumPaymentsDueInFourYearsAndThereafter_2" xlink:title="Label : yy_OperatingLeasesFutureMinimumPaymentsDueInFourYearsAndThereafter to label_yy_OperatingLeasesFutureMinimumPaymentsDueInFourYearsAndThereafter_2" />
    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_OtherRevenueMember" xlink:label="yy_OtherRevenueMember" xlink:title="yy_OtherRevenueMember" />
    <link:label xlink:type="resource" xlink:label="label_yy_OtherRevenueMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_yy_OtherRevenueMember" xml:lang="en-US" id="label_yy_OtherRevenueMember">Represents information pertaining to revenues from the sale of other goods or rendering of other services.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_OtherRevenueMember" xlink:to="label_yy_OtherRevenueMember" xlink:title="Label : yy_OtherRevenueMember to label_yy_OtherRevenueMember" />
    <link:label xlink:type="resource" xlink:label="label_yy_OtherRevenueMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_yy_OtherRevenueMember_1" xml:lang="en-US" id="label_yy_OtherRevenueMember_1">Other Revenue [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_OtherRevenueMember" xlink:to="label_yy_OtherRevenueMember_1" xlink:title="Label : yy_OtherRevenueMember to label_yy_OtherRevenueMember_1" />
    <link:label xlink:type="resource" xlink:label="label_yy_OtherRevenueMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_yy_OtherRevenueMember_2" xml:lang="en-US" id="label_yy_OtherRevenueMember_2">Other IVAS [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_OtherRevenueMember" xlink:to="label_yy_OtherRevenueMember_2" xlink:title="Label : yy_OtherRevenueMember to label_yy_OtherRevenueMember_2" />
    <link:label xlink:type="resource" xlink:label="label_yy_OtherRevenueMember_3" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_yy_OtherRevenueMember_3" xml:lang="en-US" id="label_yy_OtherRevenueMember_3">Other revenue [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_OtherRevenueMember" xlink:to="label_yy_OtherRevenueMember_3" xlink:title="Label : yy_OtherRevenueMember to label_yy_OtherRevenueMember_3" />
    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_OwnershipInterest" xlink:label="yy_OwnershipInterest" xlink:title="yy_OwnershipInterest" />
    <link:label xlink:type="resource" xlink:label="label_yy_OwnershipInterest" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_yy_OwnershipInterest" xml:lang="en-US" id="label_yy_OwnershipInterest">Ownership Interest</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_OwnershipInterest" xlink:to="label_yy_OwnershipInterest" xlink:title="Label : yy_OwnershipInterest to label_yy_OwnershipInterest" />
    <link:label xlink:type="resource" xlink:label="label_yy_OwnershipInterest_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_yy_OwnershipInterest_1" xml:lang="en-US" id="label_yy_OwnershipInterest_1">Ownership Interest</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_OwnershipInterest" xlink:to="label_yy_OwnershipInterest_1" xlink:title="Label : yy_OwnershipInterest to label_yy_OwnershipInterest_1" />
    <link:label xlink:type="resource" xlink:label="label_yy_OwnershipInterest_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_yy_OwnershipInterest_2" xml:lang="en-US" id="label_yy_OwnershipInterest_2">Foreign ownership interest percentage</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_OwnershipInterest" xlink:to="label_yy_OwnershipInterest_2" xlink:title="Label : yy_OwnershipInterest to label_yy_OwnershipInterest_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_BusinessAcquisitionPercentageOfVotingInterestsAcquired" xlink:label="us-gaap_BusinessAcquisitionPercentageOfVotingInterestsAcquired" xlink:title="us-gaap_BusinessAcquisitionPercentageOfVotingInterestsAcquired" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_BusinessAcquisitionPercentageOfVotingInterestsAcquired" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_BusinessAcquisitionPercentageOfVotingInterestsAcquired" xml:lang="en-US" id="label_us-gaap_BusinessAcquisitionPercentageOfVotingInterestsAcquired">Business Acquisition, Percentage of Voting Interests Acquired</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_BusinessAcquisitionPercentageOfVotingInterestsAcquired" xlink:to="label_us-gaap_BusinessAcquisitionPercentageOfVotingInterestsAcquired" xlink:title="Label : us-gaap_BusinessAcquisitionPercentageOfVotingInterestsAcquired to label_us-gaap_BusinessAcquisitionPercentageOfVotingInterestsAcquired" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_BusinessAcquisitionPercentageOfVotingInterestsAcquired_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_us-gaap_BusinessAcquisitionPercentageOfVotingInterestsAcquired_1" xml:lang="en-US" id="label_us-gaap_BusinessAcquisitionPercentageOfVotingInterestsAcquired_1">Equity interest acquired (as a percent)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_BusinessAcquisitionPercentageOfVotingInterestsAcquired" xlink:to="label_us-gaap_BusinessAcquisitionPercentageOfVotingInterestsAcquired_1" xlink:title="Label : us-gaap_BusinessAcquisitionPercentageOfVotingInterestsAcquired to label_us-gaap_BusinessAcquisitionPercentageOfVotingInterestsAcquired_1" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_BusinessAcquisitionPercentageOfVotingInterestsAcquired_2" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_us-gaap_BusinessAcquisitionPercentageOfVotingInterestsAcquired_2" xml:lang="en-US" id="label_us-gaap_BusinessAcquisitionPercentageOfVotingInterestsAcquired_2">Percentage of equity interests acquired</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_BusinessAcquisitionPercentageOfVotingInterestsAcquired" xlink:to="label_us-gaap_BusinessAcquisitionPercentageOfVotingInterestsAcquired_2" xlink:title="Label : us-gaap_BusinessAcquisitionPercentageOfVotingInterestsAcquired to label_us-gaap_BusinessAcquisitionPercentageOfVotingInterestsAcquired_2" />
    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_PaymentsToAcquireCostMethodInvestment" xlink:label="yy_PaymentsToAcquireCostMethodInvestment" xlink:title="yy_PaymentsToAcquireCostMethodInvestment" />
    <link:label xlink:type="resource" xlink:label="label_yy_PaymentsToAcquireCostMethodInvestment" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_yy_PaymentsToAcquireCostMethodInvestment" xml:lang="en-US" id="label_yy_PaymentsToAcquireCostMethodInvestment">The cash outflow associated with the purchase of or advances to cost method investments.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_PaymentsToAcquireCostMethodInvestment" xlink:to="label_yy_PaymentsToAcquireCostMethodInvestment" xlink:title="Label : yy_PaymentsToAcquireCostMethodInvestment to label_yy_PaymentsToAcquireCostMethodInvestment" />
    <link:label xlink:type="resource" xlink:label="label_yy_PaymentsToAcquireCostMethodInvestment_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_yy_PaymentsToAcquireCostMethodInvestment_1" xml:lang="en-US" id="label_yy_PaymentsToAcquireCostMethodInvestment_1">Payments to Acquire Cost Method Investment</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_PaymentsToAcquireCostMethodInvestment" xlink:to="label_yy_PaymentsToAcquireCostMethodInvestment_1" xlink:title="Label : yy_PaymentsToAcquireCostMethodInvestment to label_yy_PaymentsToAcquireCostMethodInvestment_1" />
    <link:label xlink:type="resource" xlink:label="label_yy_PaymentsToAcquireCostMethodInvestment_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_yy_PaymentsToAcquireCostMethodInvestment_2" xml:lang="en-US" id="label_yy_PaymentsToAcquireCostMethodInvestment_2">Consideration to acquire minority stake</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_PaymentsToAcquireCostMethodInvestment" xlink:to="label_yy_PaymentsToAcquireCostMethodInvestment_2" xlink:title="Label : yy_PaymentsToAcquireCostMethodInvestment to label_yy_PaymentsToAcquireCostMethodInvestment_2" />
    <link:label xlink:type="resource" xlink:label="label_yy_PaymentsToAcquireCostMethodInvestment_3" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_yy_PaymentsToAcquireCostMethodInvestment_3" xml:lang="en-US" id="label_yy_PaymentsToAcquireCostMethodInvestment_3">Cash paid for cost investments</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_PaymentsToAcquireCostMethodInvestment" xlink:to="label_yy_PaymentsToAcquireCostMethodInvestment_3" xlink:title="Label : yy_PaymentsToAcquireCostMethodInvestment to label_yy_PaymentsToAcquireCostMethodInvestment_3" />
    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_PercentageOfEquityInterestOwnedByThirdParty" xlink:label="yy_PercentageOfEquityInterestOwnedByThirdParty" xlink:title="yy_PercentageOfEquityInterestOwnedByThirdParty" />
    <link:label xlink:type="resource" xlink:label="label_yy_PercentageOfEquityInterestOwnedByThirdParty" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_yy_PercentageOfEquityInterestOwnedByThirdParty" xml:lang="en-US" id="label_yy_PercentageOfEquityInterestOwnedByThirdParty">Percentage Of Equity Interest Owned By Third Party</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_PercentageOfEquityInterestOwnedByThirdParty" xlink:to="label_yy_PercentageOfEquityInterestOwnedByThirdParty" xlink:title="Label : yy_PercentageOfEquityInterestOwnedByThirdParty to label_yy_PercentageOfEquityInterestOwnedByThirdParty" />
    <link:label xlink:type="resource" xlink:label="label_yy_PercentageOfEquityInterestOwnedByThirdParty_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_yy_PercentageOfEquityInterestOwnedByThirdParty_1" xml:lang="en-US" id="label_yy_PercentageOfEquityInterestOwnedByThirdParty_1">Percentage of Equity Interest Owned By Third Party</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_PercentageOfEquityInterestOwnedByThirdParty" xlink:to="label_yy_PercentageOfEquityInterestOwnedByThirdParty_1" xlink:title="Label : yy_PercentageOfEquityInterestOwnedByThirdParty to label_yy_PercentageOfEquityInterestOwnedByThirdParty_1" />
    <link:label xlink:type="resource" xlink:label="label_yy_PercentageOfEquityInterestOwnedByThirdParty_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_yy_PercentageOfEquityInterestOwnedByThirdParty_2" xml:lang="en-US" id="label_yy_PercentageOfEquityInterestOwnedByThirdParty_2">Equity interest held by Manager</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_PercentageOfEquityInterestOwnedByThirdParty" xlink:to="label_yy_PercentageOfEquityInterestOwnedByThirdParty_2" xlink:title="Label : yy_PercentageOfEquityInterestOwnedByThirdParty to label_yy_PercentageOfEquityInterestOwnedByThirdParty_2" />
    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_ProceedsFromRepaymentOfLoansFromEmployees" xlink:label="yy_ProceedsFromRepaymentOfLoansFromEmployees" xlink:title="yy_ProceedsFromRepaymentOfLoansFromEmployees" />
    <link:label xlink:type="resource" xlink:label="label_yy_ProceedsFromRepaymentOfLoansFromEmployees" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_yy_ProceedsFromRepaymentOfLoansFromEmployees" xml:lang="en-US" id="label_yy_ProceedsFromRepaymentOfLoansFromEmployees">The cash inflow from repayment of loans from employees.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_ProceedsFromRepaymentOfLoansFromEmployees" xlink:to="label_yy_ProceedsFromRepaymentOfLoansFromEmployees" xlink:title="Label : yy_ProceedsFromRepaymentOfLoansFromEmployees to label_yy_ProceedsFromRepaymentOfLoansFromEmployees" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_ProceedsFromRepaymentOfLoansFromEmployees" xlink:to="label_yy_ProceedsFromRepaymentOfLoansFromEmployees_1" xlink:title="Label : yy_ProceedsFromRepaymentOfLoansFromEmployees to label_yy_ProceedsFromRepaymentOfLoansFromEmployees_1" />
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    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_RevenueSharingFees" xlink:label="yy_RevenueSharingFees" xlink:title="yy_RevenueSharingFees" />
    <link:label xlink:type="resource" xlink:label="label_yy_RevenueSharingFees" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_yy_RevenueSharingFees" xml:lang="en-US" id="label_yy_RevenueSharingFees">Revenue sharing fees incurred and directly related to services rendered by an entity during the reporting period.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_RevenueSharingFees" xlink:to="label_yy_RevenueSharingFees" xlink:title="Label : yy_RevenueSharingFees to label_yy_RevenueSharingFees" />
    <link:label xlink:type="resource" xlink:label="label_yy_RevenueSharingFees_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_yy_RevenueSharingFees_1" xml:lang="en-US" id="label_yy_RevenueSharingFees_1">Revenue Sharing Fees</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_RevenueSharingFees" xlink:to="label_yy_RevenueSharingFees_1" xlink:title="Label : yy_RevenueSharingFees to label_yy_RevenueSharingFees_1" />
    <link:label xlink:type="resource" xlink:label="label_yy_RevenueSharingFees_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_yy_RevenueSharingFees_2" xml:lang="en-US" id="label_yy_RevenueSharingFees_2">Revenue sharing fees</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_RevenueSharingFees" xlink:to="label_yy_RevenueSharingFees_2" xlink:title="Label : yy_RevenueSharingFees to label_yy_RevenueSharingFees_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_BusinessCombinationConsiderationTransferred1" xlink:label="us-gaap_BusinessCombinationConsiderationTransferred1" xlink:title="us-gaap_BusinessCombinationConsiderationTransferred1" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_BusinessCombinationConsiderationTransferred1" xlink:to="label_us-gaap_BusinessCombinationConsiderationTransferred1" xlink:title="Label : us-gaap_BusinessCombinationConsiderationTransferred1 to label_us-gaap_BusinessCombinationConsiderationTransferred1" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_BusinessCombinationConsiderationTransferred1" xlink:to="label_us-gaap_BusinessCombinationConsiderationTransferred1_1" xlink:title="Label : us-gaap_BusinessCombinationConsiderationTransferred1 to label_us-gaap_BusinessCombinationConsiderationTransferred1_1" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_BusinessCombinationConsiderationTransferred1" xlink:to="label_us-gaap_BusinessCombinationConsiderationTransferred1_2" xlink:title="Label : us-gaap_BusinessCombinationConsiderationTransferred1 to label_us-gaap_BusinessCombinationConsiderationTransferred1_2" />
    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_ScheduleOfIncomeTaxLineItems" xlink:label="yy_ScheduleOfIncomeTaxLineItems" xlink:title="yy_ScheduleOfIncomeTaxLineItems" />
    <link:label xlink:type="resource" xlink:label="label_yy_ScheduleOfIncomeTaxLineItems" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_yy_ScheduleOfIncomeTaxLineItems" xml:lang="en-US" id="label_yy_ScheduleOfIncomeTaxLineItems">Schedule Of Income Tax.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_ScheduleOfIncomeTaxLineItems" xlink:to="label_yy_ScheduleOfIncomeTaxLineItems" xlink:title="Label : yy_ScheduleOfIncomeTaxLineItems to label_yy_ScheduleOfIncomeTaxLineItems" />
    <link:label xlink:type="resource" xlink:label="label_yy_ScheduleOfIncomeTaxLineItems_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_yy_ScheduleOfIncomeTaxLineItems_1" xml:lang="en-US" id="label_yy_ScheduleOfIncomeTaxLineItems_1">Schedule of Income Tax [Line Items]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_ScheduleOfIncomeTaxLineItems" xlink:to="label_yy_ScheduleOfIncomeTaxLineItems_1" xlink:title="Label : yy_ScheduleOfIncomeTaxLineItems to label_yy_ScheduleOfIncomeTaxLineItems_1" />
    <link:label xlink:type="resource" xlink:label="label_yy_ScheduleOfIncomeTaxLineItems_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_yy_ScheduleOfIncomeTaxLineItems_2" xml:lang="en-US" id="label_yy_ScheduleOfIncomeTaxLineItems_2">Income tax [Line Items]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_ScheduleOfIncomeTaxLineItems" xlink:to="label_yy_ScheduleOfIncomeTaxLineItems_2" xlink:title="Label : yy_ScheduleOfIncomeTaxLineItems to label_yy_ScheduleOfIncomeTaxLineItems_2" />
    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_ScheduleOfIncomeTaxTable" xlink:label="yy_ScheduleOfIncomeTaxTable" xlink:title="yy_ScheduleOfIncomeTaxTable" />
    <link:label xlink:type="resource" xlink:label="label_yy_ScheduleOfIncomeTaxTable" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_yy_ScheduleOfIncomeTaxTable" xml:lang="en-US" id="label_yy_ScheduleOfIncomeTaxTable">Schedule Of Income Tax [Table].</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_ScheduleOfIncomeTaxTable" xlink:to="label_yy_ScheduleOfIncomeTaxTable" xlink:title="Label : yy_ScheduleOfIncomeTaxTable to label_yy_ScheduleOfIncomeTaxTable" />
    <link:label xlink:type="resource" xlink:label="label_yy_ScheduleOfIncomeTaxTable_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_yy_ScheduleOfIncomeTaxTable_1" xml:lang="en-US" id="label_yy_ScheduleOfIncomeTaxTable_1">Schedule of Income Tax [Table]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_ScheduleOfIncomeTaxTable" xlink:to="label_yy_ScheduleOfIncomeTaxTable_1" xlink:title="Label : yy_ScheduleOfIncomeTaxTable to label_yy_ScheduleOfIncomeTaxTable_1" />
    <link:label xlink:type="resource" xlink:label="label_yy_ScheduleOfIncomeTaxTable_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_yy_ScheduleOfIncomeTaxTable_2" xml:lang="en-US" id="label_yy_ScheduleOfIncomeTaxTable_2">Schedule Of Income Tax [Table]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_ScheduleOfIncomeTaxTable" xlink:to="label_yy_ScheduleOfIncomeTaxTable_2" xlink:title="Label : yy_ScheduleOfIncomeTaxTable to label_yy_ScheduleOfIncomeTaxTable_2" />
    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_SelfDevelopedGamesMember" xlink:label="yy_SelfDevelopedGamesMember" xlink:title="yy_SelfDevelopedGamesMember" />
    <link:label xlink:type="resource" xlink:label="label_yy_SelfDevelopedGamesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_yy_SelfDevelopedGamesMember" xml:lang="en-US" id="label_yy_SelfDevelopedGamesMember">Represents information pertaining to self-developed games.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_SelfDevelopedGamesMember" xlink:to="label_yy_SelfDevelopedGamesMember" xlink:title="Label : yy_SelfDevelopedGamesMember to label_yy_SelfDevelopedGamesMember" />
    <link:label xlink:type="resource" xlink:label="label_yy_SelfDevelopedGamesMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_yy_SelfDevelopedGamesMember_1" xml:lang="en-US" id="label_yy_SelfDevelopedGamesMember_1">Self Developed Games [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_SelfDevelopedGamesMember" xlink:to="label_yy_SelfDevelopedGamesMember_1" xlink:title="Label : yy_SelfDevelopedGamesMember to label_yy_SelfDevelopedGamesMember_1" />
    <link:label xlink:type="resource" xlink:label="label_yy_SelfDevelopedGamesMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_yy_SelfDevelopedGamesMember_2" xml:lang="en-US" id="label_yy_SelfDevelopedGamesMember_2">Self-developed games [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_SelfDevelopedGamesMember" xlink:to="label_yy_SelfDevelopedGamesMember_2" xlink:title="Label : yy_SelfDevelopedGamesMember to label_yy_SelfDevelopedGamesMember_2" />
    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_ServiceFeePercentage" xlink:label="yy_ServiceFeePercentage" xlink:title="yy_ServiceFeePercentage" />
    <link:label xlink:type="resource" xlink:label="label_yy_ServiceFeePercentage" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_yy_ServiceFeePercentage" xml:lang="en-US" id="label_yy_ServiceFeePercentage">Service Fee Percentage</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_ServiceFeePercentage" xlink:to="label_yy_ServiceFeePercentage" xlink:title="Label : yy_ServiceFeePercentage to label_yy_ServiceFeePercentage" />
    <link:label xlink:type="resource" xlink:label="label_yy_ServiceFeePercentage_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_yy_ServiceFeePercentage_1" xml:lang="en-US" id="label_yy_ServiceFeePercentage_1">Service Fee Percentage</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_ServiceFeePercentage" xlink:to="label_yy_ServiceFeePercentage_1" xlink:title="Label : yy_ServiceFeePercentage to label_yy_ServiceFeePercentage_1" />
    <link:label xlink:type="resource" xlink:label="label_yy_ServiceFeePercentage_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_yy_ServiceFeePercentage_2" xml:lang="en-US" id="label_yy_ServiceFeePercentage_2">Percentage of service charge, maximum</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_ServiceFeePercentage" xlink:to="label_yy_ServiceFeePercentage_2" xlink:title="Label : yy_ServiceFeePercentage to label_yy_ServiceFeePercentage_2" />
    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsExpectedToVestWeightedAverageGrantDateFairValue" xlink:label="yy_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsExpectedToVestWeightedAverageGrantDateFairValue" xlink:title="yy_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsExpectedToVestWeightedAverageGrantDateFairValue" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsExpectedToVestWeightedAverageGrantDateFairValue" xlink:to="label_yy_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsExpectedToVestWeightedAverageGrantDateFairValue" xlink:title="Label : yy_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsExpectedToVestWeightedAverageGrantDateFairValue to label_yy_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsExpectedToVestWeightedAverageGrantDateFairValue" />
    <link:label xlink:type="resource" xlink:label="label_yy_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsExpectedToVestWeightedAverageGrantDateFairValue_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_yy_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsExpectedToVestWeightedAverageGrantDateFairValue_1" xml:lang="en-US" id="label_yy_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsExpectedToVestWeightedAverageGrantDateFairValue_1">Share Based Compensation Arrangement by Share Based Payment Award Equity Instruments Other than Options Expected to Vest Weighted Average Grant Date Fair Value</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsExpectedToVestWeightedAverageGrantDateFairValue" xlink:to="label_yy_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsExpectedToVestWeightedAverageGrantDateFairValue_1" xlink:title="Label : yy_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsExpectedToVestWeightedAverageGrantDateFairValue to label_yy_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsExpectedToVestWeightedAverageGrantDateFairValue_1" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsExpectedToVestWeightedAverageGrantDateFairValue" xlink:to="label_yy_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsExpectedToVestWeightedAverageGrantDateFairValue_2" xlink:title="Label : yy_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsExpectedToVestWeightedAverageGrantDateFairValue to label_yy_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsExpectedToVestWeightedAverageGrantDateFairValue_2" />
    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_PaidInCapitalTransferredFromMaturedLiabilityAward" xlink:label="yy_PaidInCapitalTransferredFromMaturedLiabilityAward" xlink:title="yy_PaidInCapitalTransferredFromMaturedLiabilityAward" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_PaidInCapitalTransferredFromMaturedLiabilityAward" xlink:to="label_yy_PaidInCapitalTransferredFromMaturedLiabilityAward" xlink:title="Label : yy_PaidInCapitalTransferredFromMaturedLiabilityAward to label_yy_PaidInCapitalTransferredFromMaturedLiabilityAward" />
    <link:label xlink:type="resource" xlink:label="label_yy_PaidInCapitalTransferredFromMaturedLiabilityAward_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_yy_PaidInCapitalTransferredFromMaturedLiabilityAward_1" xml:lang="en-US" id="label_yy_PaidInCapitalTransferredFromMaturedLiabilityAward_1">Paid in Capital Transferred from Matured Liability Award</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_PaidInCapitalTransferredFromMaturedLiabilityAward" xlink:to="label_yy_PaidInCapitalTransferredFromMaturedLiabilityAward_1" xlink:title="Label : yy_PaidInCapitalTransferredFromMaturedLiabilityAward to label_yy_PaidInCapitalTransferredFromMaturedLiabilityAward_1" />
    <link:label xlink:type="resource" xlink:label="label_yy_PaidInCapitalTransferredFromMaturedLiabilityAward_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_yy_PaidInCapitalTransferredFromMaturedLiabilityAward_2" xml:lang="en-US" id="label_yy_PaidInCapitalTransferredFromMaturedLiabilityAward_2">Transferred from matured liability award for NeoTasks founders</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_PaidInCapitalTransferredFromMaturedLiabilityAward" xlink:to="label_yy_PaidInCapitalTransferredFromMaturedLiabilityAward_2" xlink:title="Label : yy_PaidInCapitalTransferredFromMaturedLiabilityAward to label_yy_PaidInCapitalTransferredFromMaturedLiabilityAward_2" />
    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_TerminationPeriodOfRightsPlan" xlink:label="yy_TerminationPeriodOfRightsPlan" xlink:title="yy_TerminationPeriodOfRightsPlan" />
    <link:label xlink:type="resource" xlink:label="label_yy_TerminationPeriodOfRightsPlan" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_yy_TerminationPeriodOfRightsPlan" xml:lang="en-US" id="label_yy_TerminationPeriodOfRightsPlan">Termination Period Of Rights Plan</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_TerminationPeriodOfRightsPlan" xlink:to="label_yy_TerminationPeriodOfRightsPlan" xlink:title="Label : yy_TerminationPeriodOfRightsPlan to label_yy_TerminationPeriodOfRightsPlan" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_TerminationPeriodOfRightsPlan" xlink:to="label_yy_TerminationPeriodOfRightsPlan_1" xlink:title="Label : yy_TerminationPeriodOfRightsPlan to label_yy_TerminationPeriodOfRightsPlan_1" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_TerminationPeriodOfRightsPlan" xlink:to="label_yy_TerminationPeriodOfRightsPlan_2" xlink:title="Label : yy_TerminationPeriodOfRightsPlan to label_yy_TerminationPeriodOfRightsPlan_2" />
    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_UnderwritersCommissions" xlink:label="yy_UnderwritersCommissions" xlink:title="yy_UnderwritersCommissions" />
    <link:label xlink:type="resource" xlink:label="label_yy_UnderwritersCommissions" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_yy_UnderwritersCommissions" xml:lang="en-US" id="label_yy_UnderwritersCommissions">The expense charged against earnings for the period pertaining to underwriter's commission.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_UnderwritersCommissions" xlink:to="label_yy_UnderwritersCommissions" xlink:title="Label : yy_UnderwritersCommissions to label_yy_UnderwritersCommissions" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_UnderwritersCommissions" xlink:to="label_yy_UnderwritersCommissions_1" xlink:title="Label : yy_UnderwritersCommissions to label_yy_UnderwritersCommissions_1" />
    <link:label xlink:type="resource" xlink:label="label_yy_UnderwritersCommissions_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_yy_UnderwritersCommissions_2" xml:lang="en-US" id="label_yy_UnderwritersCommissions_2">Underwriters' commission</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_UnderwritersCommissions" xlink:to="label_yy_UnderwritersCommissions_2" xlink:title="Label : yy_UnderwritersCommissions to label_yy_UnderwritersCommissions_2" />
    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_OperatingLossCarryfowardsExpirationPeriodDomain" xlink:label="yy_OperatingLossCarryfowardsExpirationPeriodDomain" xlink:title="yy_OperatingLossCarryfowardsExpirationPeriodDomain" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_OperatingLossCarryfowardsExpirationPeriodDomain" xlink:to="label_yy_OperatingLossCarryfowardsExpirationPeriodDomain" xlink:title="Label : yy_OperatingLossCarryfowardsExpirationPeriodDomain to label_yy_OperatingLossCarryfowardsExpirationPeriodDomain" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_OperatingLossCarryfowardsExpirationPeriodDomain" xlink:to="label_yy_OperatingLossCarryfowardsExpirationPeriodDomain_1" xlink:title="Label : yy_OperatingLossCarryfowardsExpirationPeriodDomain to label_yy_OperatingLossCarryfowardsExpirationPeriodDomain_1" />
    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_EffectiveIncomeTaxRateReconciliationStateIncomeTaxes" xlink:label="yy_EffectiveIncomeTaxRateReconciliationStateIncomeTaxes" xlink:title="yy_EffectiveIncomeTaxRateReconciliationStateIncomeTaxes" />
    <link:label xlink:type="resource" xlink:label="label_yy_EffectiveIncomeTaxRateReconciliationStateIncomeTaxes" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_yy_EffectiveIncomeTaxRateReconciliationStateIncomeTaxes" xml:lang="en-US" id="label_yy_EffectiveIncomeTaxRateReconciliationStateIncomeTaxes">Percentage of the difference between reported income tax expense (benefit) and expected income tax expense (benefit) computed by applying the domestic federal statutory income tax rates to pretax income (loss) from continuing operations applicable to state income tax expense (benefit), net of federal tax expense (benefit).</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_EffectiveIncomeTaxRateReconciliationStateIncomeTaxes" xlink:to="label_yy_EffectiveIncomeTaxRateReconciliationStateIncomeTaxes" xlink:title="Label : yy_EffectiveIncomeTaxRateReconciliationStateIncomeTaxes to label_yy_EffectiveIncomeTaxRateReconciliationStateIncomeTaxes" />
    <link:label xlink:type="resource" xlink:label="label_yy_EffectiveIncomeTaxRateReconciliationStateIncomeTaxes_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_yy_EffectiveIncomeTaxRateReconciliationStateIncomeTaxes_1" xml:lang="en-US" id="label_yy_EffectiveIncomeTaxRateReconciliationStateIncomeTaxes_1">Effective Income Tax Rate Reconciliation State Income Taxes</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_EffectiveIncomeTaxRateReconciliationStateIncomeTaxes" xlink:to="label_yy_EffectiveIncomeTaxRateReconciliationStateIncomeTaxes_1" xlink:title="Label : yy_EffectiveIncomeTaxRateReconciliationStateIncomeTaxes to label_yy_EffectiveIncomeTaxRateReconciliationStateIncomeTaxes_1" />
    <link:label xlink:type="resource" xlink:label="label_yy_EffectiveIncomeTaxRateReconciliationStateIncomeTaxes_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_yy_EffectiveIncomeTaxRateReconciliationStateIncomeTaxes_2" xml:lang="en-US" id="label_yy_EffectiveIncomeTaxRateReconciliationStateIncomeTaxes_2">Corporate income tax, statutory rate, state (as a percent)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_EffectiveIncomeTaxRateReconciliationStateIncomeTaxes" xlink:to="label_yy_EffectiveIncomeTaxRateReconciliationStateIncomeTaxes_2" xlink:title="Label : yy_EffectiveIncomeTaxRateReconciliationStateIncomeTaxes to label_yy_EffectiveIncomeTaxRateReconciliationStateIncomeTaxes_2" />
    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_EffectiveIncomeTaxRateReconciliationLocalIncomeTaxes" xlink:label="yy_EffectiveIncomeTaxRateReconciliationLocalIncomeTaxes" xlink:title="yy_EffectiveIncomeTaxRateReconciliationLocalIncomeTaxes" />
    <link:label xlink:type="resource" xlink:label="label_yy_EffectiveIncomeTaxRateReconciliationLocalIncomeTaxes" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_yy_EffectiveIncomeTaxRateReconciliationLocalIncomeTaxes" xml:lang="en-US" id="label_yy_EffectiveIncomeTaxRateReconciliationLocalIncomeTaxes">Percentage of the difference between reported income tax expense (benefit) and expected income tax expense (benefit) computed by applying the domestic federal statutory income tax rates to pretax income (loss) from continuing operations applicable to local income tax expense (benefit), net of federal tax expense (benefit).</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_EffectiveIncomeTaxRateReconciliationLocalIncomeTaxes" xlink:to="label_yy_EffectiveIncomeTaxRateReconciliationLocalIncomeTaxes" xlink:title="Label : yy_EffectiveIncomeTaxRateReconciliationLocalIncomeTaxes to label_yy_EffectiveIncomeTaxRateReconciliationLocalIncomeTaxes" />
    <link:label xlink:type="resource" xlink:label="label_yy_EffectiveIncomeTaxRateReconciliationLocalIncomeTaxes_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_yy_EffectiveIncomeTaxRateReconciliationLocalIncomeTaxes_1" xml:lang="en-US" id="label_yy_EffectiveIncomeTaxRateReconciliationLocalIncomeTaxes_1">Effective Income Tax Rate Reconciliation Local Income Taxes</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_EffectiveIncomeTaxRateReconciliationLocalIncomeTaxes" xlink:to="label_yy_EffectiveIncomeTaxRateReconciliationLocalIncomeTaxes_1" xlink:title="Label : yy_EffectiveIncomeTaxRateReconciliationLocalIncomeTaxes to label_yy_EffectiveIncomeTaxRateReconciliationLocalIncomeTaxes_1" />
    <link:label xlink:type="resource" xlink:label="label_yy_EffectiveIncomeTaxRateReconciliationLocalIncomeTaxes_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_yy_EffectiveIncomeTaxRateReconciliationLocalIncomeTaxes_2" xml:lang="en-US" id="label_yy_EffectiveIncomeTaxRateReconciliationLocalIncomeTaxes_2">Corporate income tax, statutory rate, local (as a percent)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_EffectiveIncomeTaxRateReconciliationLocalIncomeTaxes" xlink:to="label_yy_EffectiveIncomeTaxRateReconciliationLocalIncomeTaxes_2" xlink:title="Label : yy_EffectiveIncomeTaxRateReconciliationLocalIncomeTaxes to label_yy_EffectiveIncomeTaxRateReconciliationLocalIncomeTaxes_2" />
    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_NeoTasksFoundersMember" xlink:label="yy_NeoTasksFoundersMember" xlink:title="yy_NeoTasksFoundersMember" />
    <link:label xlink:type="resource" xlink:label="label_yy_NeoTasksFoundersMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_yy_NeoTasksFoundersMember" xml:lang="en-US" id="label_yy_NeoTasksFoundersMember">Information related to the NeoTasks founders.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_NeoTasksFoundersMember" xlink:to="label_yy_NeoTasksFoundersMember" xlink:title="Label : yy_NeoTasksFoundersMember to label_yy_NeoTasksFoundersMember" />
    <link:label xlink:type="resource" xlink:label="label_yy_NeoTasksFoundersMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_yy_NeoTasksFoundersMember_1" xml:lang="en-US" id="label_yy_NeoTasksFoundersMember_1">Neo Tasks Founders [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_NeoTasksFoundersMember" xlink:to="label_yy_NeoTasksFoundersMember_1" xlink:title="Label : yy_NeoTasksFoundersMember to label_yy_NeoTasksFoundersMember_1" />
    <link:label xlink:type="resource" xlink:label="label_yy_NeoTasksFoundersMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_yy_NeoTasksFoundersMember_2" xml:lang="en-US" id="label_yy_NeoTasksFoundersMember_2">NeoTasks Founders [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_NeoTasksFoundersMember" xlink:to="label_yy_NeoTasksFoundersMember_2" xlink:title="Label : yy_NeoTasksFoundersMember to label_yy_NeoTasksFoundersMember_2" />
    <link:label xlink:type="resource" xlink:label="label_yy_NeoTasksFoundersMember_3" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_yy_NeoTasksFoundersMember_3" xml:lang="en-US" id="label_yy_NeoTasksFoundersMember_3">Founders of NeoTasks [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_NeoTasksFoundersMember" xlink:to="label_yy_NeoTasksFoundersMember_3" xlink:title="Label : yy_NeoTasksFoundersMember to label_yy_NeoTasksFoundersMember_3" />
    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_RedeemableConvertibleSeriesAPreferredStockMember" xlink:label="yy_RedeemableConvertibleSeriesAPreferredStockMember" xlink:title="yy_RedeemableConvertibleSeriesAPreferredStockMember" />
    <link:label xlink:type="resource" xlink:label="label_yy_RedeemableConvertibleSeriesAPreferredStockMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_yy_RedeemableConvertibleSeriesAPreferredStockMember" xml:lang="en-US" id="label_yy_RedeemableConvertibleSeriesAPreferredStockMember">Series A convertible redeemable preferred shares [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_RedeemableConvertibleSeriesAPreferredStockMember" xlink:to="label_yy_RedeemableConvertibleSeriesAPreferredStockMember" xlink:title="Label : yy_RedeemableConvertibleSeriesAPreferredStockMember to label_yy_RedeemableConvertibleSeriesAPreferredStockMember" />
    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_RedeemableConvertibleSeriesBPreferredStockMember" xlink:label="yy_RedeemableConvertibleSeriesBPreferredStockMember" xlink:title="yy_RedeemableConvertibleSeriesBPreferredStockMember" />
    <link:label xlink:type="resource" xlink:label="label_yy_RedeemableConvertibleSeriesBPreferredStockMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_yy_RedeemableConvertibleSeriesBPreferredStockMember" xml:lang="en-US" id="label_yy_RedeemableConvertibleSeriesBPreferredStockMember">Description of Series B redeemable convertible preferred stock. Convertible redeemable preferred stock possess conversion and redemption features. The stock has redemption features that are outside the control of the issuer.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_RedeemableConvertibleSeriesBPreferredStockMember" xlink:to="label_yy_RedeemableConvertibleSeriesBPreferredStockMember" xlink:title="Label : yy_RedeemableConvertibleSeriesBPreferredStockMember to label_yy_RedeemableConvertibleSeriesBPreferredStockMember" />
    <link:label xlink:type="resource" xlink:label="label_yy_RedeemableConvertibleSeriesBPreferredStockMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_yy_RedeemableConvertibleSeriesBPreferredStockMember_1" xml:lang="en-US" id="label_yy_RedeemableConvertibleSeriesBPreferredStockMember_1">Redeemable Convertible Series B Preferred Stock [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_RedeemableConvertibleSeriesBPreferredStockMember" xlink:to="label_yy_RedeemableConvertibleSeriesBPreferredStockMember_1" xlink:title="Label : yy_RedeemableConvertibleSeriesBPreferredStockMember to label_yy_RedeemableConvertibleSeriesBPreferredStockMember_1" />
    <link:label xlink:type="resource" xlink:label="label_yy_RedeemableConvertibleSeriesBPreferredStockMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_yy_RedeemableConvertibleSeriesBPreferredStockMember_2" xml:lang="en-US" id="label_yy_RedeemableConvertibleSeriesBPreferredStockMember_2">Series B convertible redeemable preferred shares [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_RedeemableConvertibleSeriesBPreferredStockMember" xlink:to="label_yy_RedeemableConvertibleSeriesBPreferredStockMember_2" xlink:title="Label : yy_RedeemableConvertibleSeriesBPreferredStockMember to label_yy_RedeemableConvertibleSeriesBPreferredStockMember_2" />
    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_RedeemableConvertibleSeriesCPreferredStockMember" xlink:label="yy_RedeemableConvertibleSeriesCPreferredStockMember" xlink:title="yy_RedeemableConvertibleSeriesCPreferredStockMember" />
    <link:label xlink:type="resource" xlink:label="label_yy_RedeemableConvertibleSeriesCPreferredStockMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_yy_RedeemableConvertibleSeriesCPreferredStockMember" xml:lang="en-US" id="label_yy_RedeemableConvertibleSeriesCPreferredStockMember">Description of Series C redeemable convertible preferred stock. Convertible redeemable preferred stock possess conversion and redemption features. The stock has redemption features that are outside the control of the issuer.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_RedeemableConvertibleSeriesCPreferredStockMember" xlink:to="label_yy_RedeemableConvertibleSeriesCPreferredStockMember" xlink:title="Label : yy_RedeemableConvertibleSeriesCPreferredStockMember to label_yy_RedeemableConvertibleSeriesCPreferredStockMember" />
    <link:label xlink:type="resource" xlink:label="label_yy_RedeemableConvertibleSeriesCPreferredStockMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_yy_RedeemableConvertibleSeriesCPreferredStockMember_1" xml:lang="en-US" id="label_yy_RedeemableConvertibleSeriesCPreferredStockMember_1">Redeemable Convertible Series C Preferred Stock [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_RedeemableConvertibleSeriesCPreferredStockMember" xlink:to="label_yy_RedeemableConvertibleSeriesCPreferredStockMember_1" xlink:title="Label : yy_RedeemableConvertibleSeriesCPreferredStockMember to label_yy_RedeemableConvertibleSeriesCPreferredStockMember_1" />
    <link:label xlink:type="resource" xlink:label="label_yy_RedeemableConvertibleSeriesCPreferredStockMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_yy_RedeemableConvertibleSeriesCPreferredStockMember_2" xml:lang="en-US" id="label_yy_RedeemableConvertibleSeriesCPreferredStockMember_2">Series C convertible redeemable preferred shares [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_RedeemableConvertibleSeriesCPreferredStockMember" xlink:to="label_yy_RedeemableConvertibleSeriesCPreferredStockMember_2" xlink:title="Label : yy_RedeemableConvertibleSeriesCPreferredStockMember to label_yy_RedeemableConvertibleSeriesCPreferredStockMember_2" />
    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_IncentiveScheme2011Member" xlink:label="yy_IncentiveScheme2011Member" xlink:title="yy_IncentiveScheme2011Member" />
    <link:label xlink:type="resource" xlink:label="label_yy_IncentiveScheme2011Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_yy_IncentiveScheme2011Member" xml:lang="en-US" id="label_yy_IncentiveScheme2011Member">Represents information pertaining to the 2011 Incentive Scheme.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_IncentiveScheme2011Member" xlink:to="label_yy_IncentiveScheme2011Member" xlink:title="Label : yy_IncentiveScheme2011Member to label_yy_IncentiveScheme2011Member" />
    <link:label xlink:type="resource" xlink:label="label_yy_IncentiveScheme2011Member_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_yy_IncentiveScheme2011Member_1" xml:lang="en-US" id="label_yy_IncentiveScheme2011Member_1">Incentive Scheme 2011 [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_IncentiveScheme2011Member" xlink:to="label_yy_IncentiveScheme2011Member_1" xlink:title="Label : yy_IncentiveScheme2011Member to label_yy_IncentiveScheme2011Member_1" />
    <link:label xlink:type="resource" xlink:label="label_yy_IncentiveScheme2011Member_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_yy_IncentiveScheme2011Member_2" xml:lang="en-US" id="label_yy_IncentiveScheme2011Member_2">2011 Incentive Scheme [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_IncentiveScheme2011Member" xlink:to="label_yy_IncentiveScheme2011Member_2" xlink:title="Label : yy_IncentiveScheme2011Member to label_yy_IncentiveScheme2011Member_2" />
    <link:label xlink:type="resource" xlink:label="label_yy_IncentiveScheme2011Member_3" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_yy_IncentiveScheme2011Member_3" xml:lang="en-US" id="label_yy_IncentiveScheme2011Member_3">2011 Share Incentive Plan [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_IncentiveScheme2011Member" xlink:to="label_yy_IncentiveScheme2011Member_3" xlink:title="Label : yy_IncentiveScheme2011Member to label_yy_IncentiveScheme2011Member_3" />
    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_RestrictedNetAssetsAsMaximumPercentageOfConsolidatedNetAssetsTest" xlink:label="yy_RestrictedNetAssetsAsMaximumPercentageOfConsolidatedNetAssetsTest" xlink:title="yy_RestrictedNetAssetsAsMaximumPercentageOfConsolidatedNetAssetsTest" />
    <link:label xlink:type="resource" xlink:label="label_yy_RestrictedNetAssetsAsMaximumPercentageOfConsolidatedNetAssetsTest" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_yy_RestrictedNetAssetsAsMaximumPercentageOfConsolidatedNetAssetsTest" xml:lang="en-US" id="label_yy_RestrictedNetAssetsAsMaximumPercentageOfConsolidatedNetAssetsTest">Represents the percentage, calculated by dividing restricted net assets by consolidated net assets, that was not exceeded by the entity.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_RestrictedNetAssetsAsMaximumPercentageOfConsolidatedNetAssetsTest" xlink:to="label_yy_RestrictedNetAssetsAsMaximumPercentageOfConsolidatedNetAssetsTest" xlink:title="Label : yy_RestrictedNetAssetsAsMaximumPercentageOfConsolidatedNetAssetsTest to label_yy_RestrictedNetAssetsAsMaximumPercentageOfConsolidatedNetAssetsTest" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_RestrictedNetAssetsAsMaximumPercentageOfConsolidatedNetAssetsTest" xlink:to="label_yy_RestrictedNetAssetsAsMaximumPercentageOfConsolidatedNetAssetsTest_1" xlink:title="Label : yy_RestrictedNetAssetsAsMaximumPercentageOfConsolidatedNetAssetsTest to label_yy_RestrictedNetAssetsAsMaximumPercentageOfConsolidatedNetAssetsTest_1" />
    <link:label xlink:type="resource" xlink:label="label_yy_RestrictedNetAssetsAsMaximumPercentageOfConsolidatedNetAssetsTest_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_yy_RestrictedNetAssetsAsMaximumPercentageOfConsolidatedNetAssetsTest_2" xml:lang="en-US" id="label_yy_RestrictedNetAssetsAsMaximumPercentageOfConsolidatedNetAssetsTest_2">Percentage of consolidated net assets that restricted net assets did not exceed</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_RestrictedNetAssetsAsMaximumPercentageOfConsolidatedNetAssetsTest" xlink:to="label_yy_RestrictedNetAssetsAsMaximumPercentageOfConsolidatedNetAssetsTest_2" xlink:title="Label : yy_RestrictedNetAssetsAsMaximumPercentageOfConsolidatedNetAssetsTest to label_yy_RestrictedNetAssetsAsMaximumPercentageOfConsolidatedNetAssetsTest_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_BusinessCombinationContingentConsiderationLiability" xlink:label="us-gaap_BusinessCombinationContingentConsiderationLiability" xlink:title="us-gaap_BusinessCombinationContingentConsiderationLiability" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_BusinessCombinationContingentConsiderationLiability" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_BusinessCombinationContingentConsiderationLiability" xml:lang="en-US" id="label_us-gaap_BusinessCombinationContingentConsiderationLiability">Business Combination, Contingent Consideration, Liability</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_BusinessCombinationContingentConsiderationLiability" xlink:to="label_us-gaap_BusinessCombinationContingentConsiderationLiability" xlink:title="Label : us-gaap_BusinessCombinationContingentConsiderationLiability to label_us-gaap_BusinessCombinationContingentConsiderationLiability" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_BusinessCombinationContingentConsiderationLiability_1" xlink:role="http://www.xbrl.org/2003/role/positiveLabel" xlink:title="label_us-gaap_BusinessCombinationContingentConsiderationLiability_1" xml:lang="en-US" id="label_us-gaap_BusinessCombinationContingentConsiderationLiability_1">Contingent payment</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_BusinessCombinationContingentConsiderationLiability" xlink:to="label_us-gaap_BusinessCombinationContingentConsiderationLiability_1" xlink:title="Label : us-gaap_BusinessCombinationContingentConsiderationLiability to label_us-gaap_BusinessCombinationContingentConsiderationLiability_1" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_BusinessCombinationContingentConsiderationLiability_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_us-gaap_BusinessCombinationContingentConsiderationLiability_2" xml:lang="en-US" id="label_us-gaap_BusinessCombinationContingentConsiderationLiability_2">Contingent consideration</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_BusinessCombinationContingentConsiderationLiability" xlink:to="label_us-gaap_BusinessCombinationContingentConsiderationLiability_2" xlink:title="Label : us-gaap_BusinessCombinationContingentConsiderationLiability to label_us-gaap_BusinessCombinationContingentConsiderationLiability_2" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_BusinessCombinationContingentConsiderationLiability_3" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_us-gaap_BusinessCombinationContingentConsiderationLiability_3" xml:lang="en-US" id="label_us-gaap_BusinessCombinationContingentConsiderationLiability_3">Contingent consideration in relation to a business acquisition</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_BusinessCombinationContingentConsiderationLiability" xlink:to="label_us-gaap_BusinessCombinationContingentConsiderationLiability_3" xlink:title="Label : us-gaap_BusinessCombinationContingentConsiderationLiability to label_us-gaap_BusinessCombinationContingentConsiderationLiability_3" />
    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_TopFiveGamesMember" xlink:label="yy_TopFiveGamesMember" xlink:title="yy_TopFiveGamesMember" />
    <link:label xlink:type="resource" xlink:label="label_yy_TopFiveGamesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_yy_TopFiveGamesMember" xml:lang="en-US" id="label_yy_TopFiveGamesMember">Represents information pertaining to the top five games.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_TopFiveGamesMember" xlink:to="label_yy_TopFiveGamesMember" xlink:title="Label : yy_TopFiveGamesMember to label_yy_TopFiveGamesMember" />
    <link:label xlink:type="resource" xlink:label="label_yy_TopFiveGamesMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_yy_TopFiveGamesMember_1" xml:lang="en-US" id="label_yy_TopFiveGamesMember_1">Top Five Games [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_TopFiveGamesMember" xlink:to="label_yy_TopFiveGamesMember_1" xlink:title="Label : yy_TopFiveGamesMember to label_yy_TopFiveGamesMember_1" />
    <link:label xlink:type="resource" xlink:label="label_yy_TopFiveGamesMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_yy_TopFiveGamesMember_2" xml:lang="en-US" id="label_yy_TopFiveGamesMember_2">Top 5 games [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_TopFiveGamesMember" xlink:to="label_yy_TopFiveGamesMember_2" xlink:title="Label : yy_TopFiveGamesMember to label_yy_TopFiveGamesMember_2" />
    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_OnlineGameA1Member" xlink:label="yy_OnlineGameA1Member" xlink:title="yy_OnlineGameA1Member" />
    <link:label xlink:type="resource" xlink:label="label_yy_OnlineGameA1Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_yy_OnlineGameA1Member" xml:lang="en-US" id="label_yy_OnlineGameA1Member">Represents information pertaining to the online game, A1.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_OnlineGameA1Member" xlink:to="label_yy_OnlineGameA1Member" xlink:title="Label : yy_OnlineGameA1Member to label_yy_OnlineGameA1Member" />
    <link:label xlink:type="resource" xlink:label="label_yy_OnlineGameA1Member_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_yy_OnlineGameA1Member_1" xml:lang="en-US" id="label_yy_OnlineGameA1Member_1">Online Game A1 [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_OnlineGameA1Member" xlink:to="label_yy_OnlineGameA1Member_1" xlink:title="Label : yy_OnlineGameA1Member to label_yy_OnlineGameA1Member_1" />
    <link:label xlink:type="resource" xlink:label="label_yy_OnlineGameA1Member_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_yy_OnlineGameA1Member_2" xml:lang="en-US" id="label_yy_OnlineGameA1Member_2">Online game, A1 [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_OnlineGameA1Member" xlink:to="label_yy_OnlineGameA1Member_2" xlink:title="Label : yy_OnlineGameA1Member to label_yy_OnlineGameA1Member_2" />
    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_OnlineGameA2Member" xlink:label="yy_OnlineGameA2Member" xlink:title="yy_OnlineGameA2Member" />
    <link:label xlink:type="resource" xlink:label="label_yy_OnlineGameA2Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_yy_OnlineGameA2Member" xml:lang="en-US" id="label_yy_OnlineGameA2Member">Represents information pertaining to the online game, A2.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_OnlineGameA2Member" xlink:to="label_yy_OnlineGameA2Member" xlink:title="Label : yy_OnlineGameA2Member to label_yy_OnlineGameA2Member" />
    <link:label xlink:type="resource" xlink:label="label_yy_OnlineGameA2Member_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_yy_OnlineGameA2Member_1" xml:lang="en-US" id="label_yy_OnlineGameA2Member_1">Online Game A2 [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_OnlineGameA2Member" xlink:to="label_yy_OnlineGameA2Member_1" xlink:title="Label : yy_OnlineGameA2Member to label_yy_OnlineGameA2Member_1" />
    <link:label xlink:type="resource" xlink:label="label_yy_OnlineGameA2Member_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_yy_OnlineGameA2Member_2" xml:lang="en-US" id="label_yy_OnlineGameA2Member_2">Online game, A2 [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_OnlineGameA2Member" xlink:to="label_yy_OnlineGameA2Member_2" xlink:title="Label : yy_OnlineGameA2Member to label_yy_OnlineGameA2Member_2" />
    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_OnlineGameA3Member" xlink:label="yy_OnlineGameA3Member" xlink:title="yy_OnlineGameA3Member" />
    <link:label xlink:type="resource" xlink:label="label_yy_OnlineGameA3Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_yy_OnlineGameA3Member" xml:lang="en-US" id="label_yy_OnlineGameA3Member">Represents information pertaining to the online game, A3.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_OnlineGameA3Member" xlink:to="label_yy_OnlineGameA3Member" xlink:title="Label : yy_OnlineGameA3Member to label_yy_OnlineGameA3Member" />
    <link:label xlink:type="resource" xlink:label="label_yy_OnlineGameA3Member_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_yy_OnlineGameA3Member_1" xml:lang="en-US" id="label_yy_OnlineGameA3Member_1">Online Game A3 [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_OnlineGameA3Member" xlink:to="label_yy_OnlineGameA3Member_1" xlink:title="Label : yy_OnlineGameA3Member to label_yy_OnlineGameA3Member_1" />
    <link:label xlink:type="resource" xlink:label="label_yy_OnlineGameA3Member_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_yy_OnlineGameA3Member_2" xml:lang="en-US" id="label_yy_OnlineGameA3Member_2">Online game, A3 [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_OnlineGameA3Member" xlink:to="label_yy_OnlineGameA3Member_2" xlink:title="Label : yy_OnlineGameA3Member to label_yy_OnlineGameA3Member_2" />
    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_OnlineGameA4Member" xlink:label="yy_OnlineGameA4Member" xlink:title="yy_OnlineGameA4Member" />
    <link:label xlink:type="resource" xlink:label="label_yy_OnlineGameA4Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_yy_OnlineGameA4Member" xml:lang="en-US" id="label_yy_OnlineGameA4Member">Represents information pertaining to the online game, A4.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_OnlineGameA4Member" xlink:to="label_yy_OnlineGameA4Member" xlink:title="Label : yy_OnlineGameA4Member to label_yy_OnlineGameA4Member" />
    <link:label xlink:type="resource" xlink:label="label_yy_OnlineGameA4Member_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_yy_OnlineGameA4Member_1" xml:lang="en-US" id="label_yy_OnlineGameA4Member_1">Online Game A4 [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_OnlineGameA4Member" xlink:to="label_yy_OnlineGameA4Member_1" xlink:title="Label : yy_OnlineGameA4Member to label_yy_OnlineGameA4Member_1" />
    <link:label xlink:type="resource" xlink:label="label_yy_OnlineGameA4Member_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_yy_OnlineGameA4Member_2" xml:lang="en-US" id="label_yy_OnlineGameA4Member_2">Online game, A4 [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_OnlineGameA4Member" xlink:to="label_yy_OnlineGameA4Member_2" xlink:title="Label : yy_OnlineGameA4Member to label_yy_OnlineGameA4Member_2" />
    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_TopTenCustomersMember" xlink:label="yy_TopTenCustomersMember" xlink:title="yy_TopTenCustomersMember" />
    <link:label xlink:type="resource" xlink:label="label_yy_TopTenCustomersMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_yy_TopTenCustomersMember" xml:lang="en-US" id="label_yy_TopTenCustomersMember">Top Ten Customers [Member].</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_TopTenCustomersMember" xlink:to="label_yy_TopTenCustomersMember" xlink:title="Label : yy_TopTenCustomersMember to label_yy_TopTenCustomersMember" />
    <link:label xlink:type="resource" xlink:label="label_yy_TopTenCustomersMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_yy_TopTenCustomersMember_1" xml:lang="en-US" id="label_yy_TopTenCustomersMember_1">Top Ten Customers [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_TopTenCustomersMember" xlink:to="label_yy_TopTenCustomersMember_1" xlink:title="Label : yy_TopTenCustomersMember to label_yy_TopTenCustomersMember_1" />
    <link:label xlink:type="resource" xlink:label="label_yy_TopTenCustomersMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_yy_TopTenCustomersMember_2" xml:lang="en-US" id="label_yy_TopTenCustomersMember_2">Top 10 customers [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_TopTenCustomersMember" xlink:to="label_yy_TopTenCustomersMember_2" xlink:title="Label : yy_TopTenCustomersMember to label_yy_TopTenCustomersMember_2" />
    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_CustomerB1Member" xlink:label="yy_CustomerB1Member" xlink:title="yy_CustomerB1Member" />
    <link:label xlink:type="resource" xlink:label="label_yy_CustomerB1Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_yy_CustomerB1Member" xml:lang="en-US" id="label_yy_CustomerB1Member">Represents information pertaining to the customer, B1.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_CustomerB1Member" xlink:to="label_yy_CustomerB1Member" xlink:title="Label : yy_CustomerB1Member to label_yy_CustomerB1Member" />
    <link:label xlink:type="resource" xlink:label="label_yy_CustomerB1Member_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_yy_CustomerB1Member_1" xml:lang="en-US" id="label_yy_CustomerB1Member_1">Customer B1 [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_CustomerB1Member" xlink:to="label_yy_CustomerB1Member_1" xlink:title="Label : yy_CustomerB1Member to label_yy_CustomerB1Member_1" />
    <link:label xlink:type="resource" xlink:label="label_yy_CustomerB1Member_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_yy_CustomerB1Member_2" xml:lang="en-US" id="label_yy_CustomerB1Member_2">Customer, B1 [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_CustomerB1Member" xlink:to="label_yy_CustomerB1Member_2" xlink:title="Label : yy_CustomerB1Member to label_yy_CustomerB1Member_2" />
    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_CustomerB2Member" xlink:label="yy_CustomerB2Member" xlink:title="yy_CustomerB2Member" />
    <link:label xlink:type="resource" xlink:label="label_yy_CustomerB2Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_yy_CustomerB2Member" xml:lang="en-US" id="label_yy_CustomerB2Member">Customer B2 [Member].</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_CustomerB2Member" xlink:to="label_yy_CustomerB2Member" xlink:title="Label : yy_CustomerB2Member to label_yy_CustomerB2Member" />
    <link:label xlink:type="resource" xlink:label="label_yy_CustomerB2Member_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_yy_CustomerB2Member_1" xml:lang="en-US" id="label_yy_CustomerB2Member_1">Customer B2 [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_CustomerB2Member" xlink:to="label_yy_CustomerB2Member_1" xlink:title="Label : yy_CustomerB2Member to label_yy_CustomerB2Member_1" />
    <link:label xlink:type="resource" xlink:label="label_yy_CustomerB2Member_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_yy_CustomerB2Member_2" xml:lang="en-US" id="label_yy_CustomerB2Member_2">Customer, B2 [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_CustomerB2Member" xlink:to="label_yy_CustomerB2Member_2" xlink:title="Label : yy_CustomerB2Member to label_yy_CustomerB2Member_2" />
    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_CustomerB3Member" xlink:label="yy_CustomerB3Member" xlink:title="yy_CustomerB3Member" />
    <link:label xlink:type="resource" xlink:label="label_yy_CustomerB3Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_yy_CustomerB3Member" xml:lang="en-US" id="label_yy_CustomerB3Member">Represents information pertaining to the customer, B3.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_CustomerB3Member" xlink:to="label_yy_CustomerB3Member" xlink:title="Label : yy_CustomerB3Member to label_yy_CustomerB3Member" />
    <link:label xlink:type="resource" xlink:label="label_yy_CustomerB3Member_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_yy_CustomerB3Member_1" xml:lang="en-US" id="label_yy_CustomerB3Member_1">Customer B3 [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_CustomerB3Member" xlink:to="label_yy_CustomerB3Member_1" xlink:title="Label : yy_CustomerB3Member to label_yy_CustomerB3Member_1" />
    <link:label xlink:type="resource" xlink:label="label_yy_CustomerB3Member_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_yy_CustomerB3Member_2" xml:lang="en-US" id="label_yy_CustomerB3Member_2">Customer, B3 [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_CustomerB3Member" xlink:to="label_yy_CustomerB3Member_2" xlink:title="Label : yy_CustomerB3Member to label_yy_CustomerB3Member_2" />
    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_CustomerB5Member" xlink:label="yy_CustomerB5Member" xlink:title="yy_CustomerB5Member" />
    <link:label xlink:type="resource" xlink:label="label_yy_CustomerB5Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_yy_CustomerB5Member" xml:lang="en-US" id="label_yy_CustomerB5Member">Represents information pertaining to the customer, B5.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_CustomerB5Member" xlink:to="label_yy_CustomerB5Member" xlink:title="Label : yy_CustomerB5Member to label_yy_CustomerB5Member" />
    <link:label xlink:type="resource" xlink:label="label_yy_CustomerB5Member_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_yy_CustomerB5Member_1" xml:lang="en-US" id="label_yy_CustomerB5Member_1">Customer B5 [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_CustomerB5Member" xlink:to="label_yy_CustomerB5Member_1" xlink:title="Label : yy_CustomerB5Member to label_yy_CustomerB5Member_1" />
    <link:label xlink:type="resource" xlink:label="label_yy_CustomerB5Member_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_yy_CustomerB5Member_2" xml:lang="en-US" id="label_yy_CustomerB5Member_2">Customer, B5 [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_CustomerB5Member" xlink:to="label_yy_CustomerB5Member_2" xlink:title="Label : yy_CustomerB5Member to label_yy_CustomerB5Member_2" />
    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_ConcentrationRiskNumberOfTopGames" xlink:label="yy_ConcentrationRiskNumberOfTopGames" xlink:title="yy_ConcentrationRiskNumberOfTopGames" />
    <link:label xlink:type="resource" xlink:label="label_yy_ConcentrationRiskNumberOfTopGames" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_yy_ConcentrationRiskNumberOfTopGames" xml:lang="en-US" id="label_yy_ConcentrationRiskNumberOfTopGames">The number of top games who typically generate revenue in excess of a specified percentage of total online game revenues for the entity.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_ConcentrationRiskNumberOfTopGames" xlink:to="label_yy_ConcentrationRiskNumberOfTopGames" xlink:title="Label : yy_ConcentrationRiskNumberOfTopGames to label_yy_ConcentrationRiskNumberOfTopGames" />
    <link:label xlink:type="resource" xlink:label="label_yy_ConcentrationRiskNumberOfTopGames_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_yy_ConcentrationRiskNumberOfTopGames_1" xml:lang="en-US" id="label_yy_ConcentrationRiskNumberOfTopGames_1">Concentration Risk Number of Top Games</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_ConcentrationRiskNumberOfTopGames" xlink:to="label_yy_ConcentrationRiskNumberOfTopGames_1" xlink:title="Label : yy_ConcentrationRiskNumberOfTopGames to label_yy_ConcentrationRiskNumberOfTopGames_1" />
    <link:label xlink:type="resource" xlink:label="label_yy_ConcentrationRiskNumberOfTopGames_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_yy_ConcentrationRiskNumberOfTopGames_2" xml:lang="en-US" id="label_yy_ConcentrationRiskNumberOfTopGames_2">Number of top games</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_ConcentrationRiskNumberOfTopGames" xlink:to="label_yy_ConcentrationRiskNumberOfTopGames_2" xlink:title="Label : yy_ConcentrationRiskNumberOfTopGames to label_yy_ConcentrationRiskNumberOfTopGames_2" />
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    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_BusinessAcquisitionAcquireeDomain" xlink:label="us-gaap_BusinessAcquisitionAcquireeDomain" xlink:title="us-gaap_BusinessAcquisitionAcquireeDomain" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_NonEmployeeMember" xlink:to="label_yy_NonEmployeeMember_1" xlink:title="Label : yy_NonEmployeeMember to label_yy_NonEmployeeMember_1" />
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    <link:label xlink:type="resource" xlink:label="label_yy_AwardClassificationDomain" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_yy_AwardClassificationDomain" xml:lang="en-US" id="label_yy_AwardClassificationDomain">Award classification pertaining to equity-based compensation.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_AwardClassificationDomain" xlink:to="label_yy_AwardClassificationDomain" xlink:title="Label : yy_AwardClassificationDomain to label_yy_AwardClassificationDomain" />
    <link:label xlink:type="resource" xlink:label="label_yy_AwardClassificationDomain_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_yy_AwardClassificationDomain_1" xml:lang="en-US" id="label_yy_AwardClassificationDomain_1">Award Classification [Domain]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_AwardClassificationDomain" xlink:to="label_yy_AwardClassificationDomain_1" xlink:title="Label : yy_AwardClassificationDomain to label_yy_AwardClassificationDomain_1" />
    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_InvestmentInPrivateCompanyMember" xlink:label="yy_InvestmentInPrivateCompanyMember" xlink:title="yy_InvestmentInPrivateCompanyMember" />
    <link:label xlink:type="resource" xlink:label="label_yy_InvestmentInPrivateCompanyMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_yy_InvestmentInPrivateCompanyMember" xml:lang="en-US" id="label_yy_InvestmentInPrivateCompanyMember">Represents information pertaining to investment in private entity accounted under the cost method.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_InvestmentInPrivateCompanyMember" xlink:to="label_yy_InvestmentInPrivateCompanyMember" xlink:title="Label : yy_InvestmentInPrivateCompanyMember to label_yy_InvestmentInPrivateCompanyMember" />
    <link:label xlink:type="resource" xlink:label="label_yy_InvestmentInPrivateCompanyMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_yy_InvestmentInPrivateCompanyMember_1" xml:lang="en-US" id="label_yy_InvestmentInPrivateCompanyMember_1">Investment in Private Company [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_InvestmentInPrivateCompanyMember" xlink:to="label_yy_InvestmentInPrivateCompanyMember_1" xlink:title="Label : yy_InvestmentInPrivateCompanyMember to label_yy_InvestmentInPrivateCompanyMember_1" />
    <link:label xlink:type="resource" xlink:label="label_yy_InvestmentInPrivateCompanyMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_yy_InvestmentInPrivateCompanyMember_2" xml:lang="en-US" id="label_yy_InvestmentInPrivateCompanyMember_2">Investment in private company [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_InvestmentInPrivateCompanyMember" xlink:to="label_yy_InvestmentInPrivateCompanyMember_2" xlink:title="Label : yy_InvestmentInPrivateCompanyMember to label_yy_InvestmentInPrivateCompanyMember_2" />
    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_ShenzhenYingpengMember" xlink:label="yy_ShenzhenYingpengMember" xlink:title="yy_ShenzhenYingpengMember" />
    <link:label xlink:type="resource" xlink:label="label_yy_ShenzhenYingpengMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_yy_ShenzhenYingpengMember" xml:lang="en-US" id="label_yy_ShenzhenYingpengMember">Represents information pertaining to Shenzhen Yingpeng , an equity method investee of the entity.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_ShenzhenYingpengMember" xlink:to="label_yy_ShenzhenYingpengMember" xlink:title="Label : yy_ShenzhenYingpengMember to label_yy_ShenzhenYingpengMember" />
    <link:label xlink:type="resource" xlink:label="label_yy_ShenzhenYingpengMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_yy_ShenzhenYingpengMember_1" xml:lang="en-US" id="label_yy_ShenzhenYingpengMember_1">Shenzhen Yingpeng [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_ShenzhenYingpengMember" xlink:to="label_yy_ShenzhenYingpengMember_1" xlink:title="Label : yy_ShenzhenYingpengMember to label_yy_ShenzhenYingpengMember_1" />
    <link:label xlink:type="resource" xlink:label="label_yy_ShenzhenYingpengMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_yy_ShenzhenYingpengMember_2" xml:lang="en-US" id="label_yy_ShenzhenYingpengMember_2">Shenzhen Yingpeng [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_ShenzhenYingpengMember" xlink:to="label_yy_ShenzhenYingpengMember_2" xlink:title="Label : yy_ShenzhenYingpengMember to label_yy_ShenzhenYingpengMember_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_BusinessCombinationConsiderationTransferredLiabilitiesIncurred" xlink:label="us-gaap_BusinessCombinationConsiderationTransferredLiabilitiesIncurred" xlink:title="us-gaap_BusinessCombinationConsiderationTransferredLiabilitiesIncurred" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_BusinessCombinationConsiderationTransferredLiabilitiesIncurred" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_BusinessCombinationConsiderationTransferredLiabilitiesIncurred" xml:lang="en-US" id="label_us-gaap_BusinessCombinationConsiderationTransferredLiabilitiesIncurred">Business Combination, Consideration Transferred, Liabilities Incurred</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_BusinessCombinationConsiderationTransferredLiabilitiesIncurred" xlink:to="label_us-gaap_BusinessCombinationConsiderationTransferredLiabilitiesIncurred" xlink:title="Label : us-gaap_BusinessCombinationConsiderationTransferredLiabilitiesIncurred to label_us-gaap_BusinessCombinationConsiderationTransferredLiabilitiesIncurred" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_BusinessCombinationConsiderationTransferredLiabilitiesIncurred_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_us-gaap_BusinessCombinationConsiderationTransferredLiabilitiesIncurred_1" xml:lang="en-US" id="label_us-gaap_BusinessCombinationConsiderationTransferredLiabilitiesIncurred_1">Contingent consideration</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_BusinessCombinationConsiderationTransferredLiabilitiesIncurred" xlink:to="label_us-gaap_BusinessCombinationConsiderationTransferredLiabilitiesIncurred_1" xlink:title="Label : us-gaap_BusinessCombinationConsiderationTransferredLiabilitiesIncurred to label_us-gaap_BusinessCombinationConsiderationTransferredLiabilitiesIncurred_1" />
    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_CostMethodInvestmentsAmountReceivableByGroupInEventOfLiquidationInPreferenceToOtherCommonShareholdersAsPercentageOfOriginalInvestment" xlink:label="yy_CostMethodInvestmentsAmountReceivableByGroupInEventOfLiquidationInPreferenceToOtherCommonShareholdersAsPercentageOfOriginalInvestment" xlink:title="yy_CostMethodInvestmentsAmountReceivableByGroupInEventOfLiquidationInPreferenceToOtherCommonShareholdersAsPercentageOfOriginalInvestment" />
    <link:label xlink:type="resource" xlink:label="label_yy_CostMethodInvestmentsAmountReceivableByGroupInEventOfLiquidationInPreferenceToOtherCommonShareholdersAsPercentageOfOriginalInvestment" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_yy_CostMethodInvestmentsAmountReceivableByGroupInEventOfLiquidationInPreferenceToOtherCommonShareholdersAsPercentageOfOriginalInvestment" xml:lang="en-US" id="label_yy_CostMethodInvestmentsAmountReceivableByGroupInEventOfLiquidationInPreferenceToOtherCommonShareholdersAsPercentageOfOriginalInvestment">Represents the amount receivable by group in event of liquidation in preference to other common shareholders as a percentage of original investment.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_CostMethodInvestmentsAmountReceivableByGroupInEventOfLiquidationInPreferenceToOtherCommonShareholdersAsPercentageOfOriginalInvestment" xlink:to="label_yy_CostMethodInvestmentsAmountReceivableByGroupInEventOfLiquidationInPreferenceToOtherCommonShareholdersAsPercentageOfOriginalInvestment" xlink:title="Label : yy_CostMethodInvestmentsAmountReceivableByGroupInEventOfLiquidationInPreferenceToOtherCommonShareholdersAsPercentageOfOriginalInvestment to label_yy_CostMethodInvestmentsAmountReceivableByGroupInEventOfLiquidationInPreferenceToOtherCommonShareholdersAsPercentageOfOriginalInvestment" />
    <link:label xlink:type="resource" xlink:label="label_yy_CostMethodInvestmentsAmountReceivableByGroupInEventOfLiquidationInPreferenceToOtherCommonShareholdersAsPercentageOfOriginalInvestment_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_yy_CostMethodInvestmentsAmountReceivableByGroupInEventOfLiquidationInPreferenceToOtherCommonShareholdersAsPercentageOfOriginalInvestment_1" xml:lang="en-US" id="label_yy_CostMethodInvestmentsAmountReceivableByGroupInEventOfLiquidationInPreferenceToOtherCommonShareholdersAsPercentageOfOriginalInvestment_1">Cost Method Investments Amount Receivable by Group in Event of Liquidation in Preference to Other Common Shareholders as Percentage of Original Investment</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_CostMethodInvestmentsAmountReceivableByGroupInEventOfLiquidationInPreferenceToOtherCommonShareholdersAsPercentageOfOriginalInvestment" xlink:to="label_yy_CostMethodInvestmentsAmountReceivableByGroupInEventOfLiquidationInPreferenceToOtherCommonShareholdersAsPercentageOfOriginalInvestment_1" xlink:title="Label : yy_CostMethodInvestmentsAmountReceivableByGroupInEventOfLiquidationInPreferenceToOtherCommonShareholdersAsPercentageOfOriginalInvestment to label_yy_CostMethodInvestmentsAmountReceivableByGroupInEventOfLiquidationInPreferenceToOtherCommonShareholdersAsPercentageOfOriginalInvestment_1" />
    <link:label xlink:type="resource" xlink:label="label_yy_CostMethodInvestmentsAmountReceivableByGroupInEventOfLiquidationInPreferenceToOtherCommonShareholdersAsPercentageOfOriginalInvestment_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_yy_CostMethodInvestmentsAmountReceivableByGroupInEventOfLiquidationInPreferenceToOtherCommonShareholdersAsPercentageOfOriginalInvestment_2" xml:lang="en-US" id="label_yy_CostMethodInvestmentsAmountReceivableByGroupInEventOfLiquidationInPreferenceToOtherCommonShareholdersAsPercentageOfOriginalInvestment_2">Amount receivable by group in event of liquidation in preference to other common shareholders as percentage of original investment</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_CostMethodInvestmentsAmountReceivableByGroupInEventOfLiquidationInPreferenceToOtherCommonShareholdersAsPercentageOfOriginalInvestment" xlink:to="label_yy_CostMethodInvestmentsAmountReceivableByGroupInEventOfLiquidationInPreferenceToOtherCommonShareholdersAsPercentageOfOriginalInvestment_2" xlink:title="Label : yy_CostMethodInvestmentsAmountReceivableByGroupInEventOfLiquidationInPreferenceToOtherCommonShareholdersAsPercentageOfOriginalInvestment to label_yy_CostMethodInvestmentsAmountReceivableByGroupInEventOfLiquidationInPreferenceToOtherCommonShareholdersAsPercentageOfOriginalInvestment_2" />
    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_StockOptions1Member" xlink:label="yy_StockOptions1Member" xlink:title="yy_StockOptions1Member" />
    <link:label xlink:type="resource" xlink:label="label_yy_StockOptions1Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_yy_StockOptions1Member" xml:lang="en-US" id="label_yy_StockOptions1Member">An arrangement whereby the holder is entitled to receive in the future, subject to vesting and other restrictions, a number of shares in the entity at a specified price, as defined in the agreement.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_StockOptions1Member" xlink:to="label_yy_StockOptions1Member" xlink:title="Label : yy_StockOptions1Member to label_yy_StockOptions1Member" />
    <link:label xlink:type="resource" xlink:label="label_yy_StockOptions1Member_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_yy_StockOptions1Member_1" xml:lang="en-US" id="label_yy_StockOptions1Member_1">Stock Options 1 [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_StockOptions1Member" xlink:to="label_yy_StockOptions1Member_1" xlink:title="Label : yy_StockOptions1Member to label_yy_StockOptions1Member_1" />
    <link:label xlink:type="resource" xlink:label="label_yy_StockOptions1Member_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_yy_StockOptions1Member_2" xml:lang="en-US" id="label_yy_StockOptions1Member_2">Share options [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_StockOptions1Member" xlink:to="label_yy_StockOptions1Member_2" xlink:title="Label : yy_StockOptions1Member to label_yy_StockOptions1Member_2" />
    <link:label xlink:type="resource" xlink:label="label_yy_StockOptions1Member_3" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_yy_StockOptions1Member_3" xml:lang="en-US" id="label_yy_StockOptions1Member_3">Options [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_StockOptions1Member" xlink:to="label_yy_StockOptions1Member_3" xlink:title="Label : yy_StockOptions1Member to label_yy_StockOptions1Member_3" />
    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_VariableInterestEntitiesLegalAgreementDomain" xlink:label="yy_VariableInterestEntitiesLegalAgreementDomain" xlink:title="yy_VariableInterestEntitiesLegalAgreementDomain" />
    <link:label xlink:type="resource" xlink:label="label_yy_VariableInterestEntitiesLegalAgreementDomain" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_yy_VariableInterestEntitiesLegalAgreementDomain" xml:lang="en-US" id="label_yy_VariableInterestEntitiesLegalAgreementDomain">This item is to be populated with the specific type of legal agreement entered into with Variable Interest Entity (VIE).</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_VariableInterestEntitiesLegalAgreementDomain" xlink:to="label_yy_VariableInterestEntitiesLegalAgreementDomain" xlink:title="Label : yy_VariableInterestEntitiesLegalAgreementDomain to label_yy_VariableInterestEntitiesLegalAgreementDomain" />
    <link:label xlink:type="resource" xlink:label="label_yy_VariableInterestEntitiesLegalAgreementDomain_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_yy_VariableInterestEntitiesLegalAgreementDomain_1" xml:lang="en-US" id="label_yy_VariableInterestEntitiesLegalAgreementDomain_1">Variable Interest Entities Legal Agreement [Domain]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_VariableInterestEntitiesLegalAgreementDomain" xlink:to="label_yy_VariableInterestEntitiesLegalAgreementDomain_1" xlink:title="Label : yy_VariableInterestEntitiesLegalAgreementDomain to label_yy_VariableInterestEntitiesLegalAgreementDomain_1" />
    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_CostMethodInvestmentSoldCarryingAmount" xlink:label="yy_CostMethodInvestmentSoldCarryingAmount" xlink:title="yy_CostMethodInvestmentSoldCarryingAmount" />
    <link:label xlink:type="resource" xlink:label="label_yy_CostMethodInvestmentSoldCarryingAmount" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_yy_CostMethodInvestmentSoldCarryingAmount" xml:lang="en-US" id="label_yy_CostMethodInvestmentSoldCarryingAmount">Amount of the entity's cost method investment which has been sold.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_CostMethodInvestmentSoldCarryingAmount" xlink:to="label_yy_CostMethodInvestmentSoldCarryingAmount" xlink:title="Label : yy_CostMethodInvestmentSoldCarryingAmount to label_yy_CostMethodInvestmentSoldCarryingAmount" />
    <link:label xlink:type="resource" xlink:label="label_yy_CostMethodInvestmentSoldCarryingAmount_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_yy_CostMethodInvestmentSoldCarryingAmount_1" xml:lang="en-US" id="label_yy_CostMethodInvestmentSoldCarryingAmount_1">Cost Method Investment Sold Carrying Amount</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_CostMethodInvestmentSoldCarryingAmount" xlink:to="label_yy_CostMethodInvestmentSoldCarryingAmount_1" xlink:title="Label : yy_CostMethodInvestmentSoldCarryingAmount to label_yy_CostMethodInvestmentSoldCarryingAmount_1" />
    <link:label xlink:type="resource" xlink:label="label_yy_CostMethodInvestmentSoldCarryingAmount_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_yy_CostMethodInvestmentSoldCarryingAmount_2" xml:lang="en-US" id="label_yy_CostMethodInvestmentSoldCarryingAmount_2">Net book value of investment upon disposal</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_CostMethodInvestmentSoldCarryingAmount" xlink:to="label_yy_CostMethodInvestmentSoldCarryingAmount_2" xlink:title="Label : yy_CostMethodInvestmentSoldCarryingAmount to label_yy_CostMethodInvestmentSoldCarryingAmount_2" />
    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationWarrantsRequisiteServicePeriodRecognition" xlink:label="yy_AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationWarrantsRequisiteServicePeriodRecognition" xlink:title="yy_AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationWarrantsRequisiteServicePeriodRecognition" />
    <link:label xlink:type="resource" xlink:label="label_yy_AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationWarrantsRequisiteServicePeriodRecognition" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_yy_AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationWarrantsRequisiteServicePeriodRecognition" xml:lang="en-US" id="label_yy_AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationWarrantsRequisiteServicePeriodRecognition">This element represents the amount of recognized equity-based compensation related to warrants during the period, that is, the amount recognized as expense in the income statement (or as asset if compensation is capitalized).</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationWarrantsRequisiteServicePeriodRecognition" xlink:to="label_yy_AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationWarrantsRequisiteServicePeriodRecognition" xlink:title="Label : yy_AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationWarrantsRequisiteServicePeriodRecognition to label_yy_AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationWarrantsRequisiteServicePeriodRecognition" />
    <link:label xlink:type="resource" xlink:label="label_yy_AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationWarrantsRequisiteServicePeriodRecognition_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_yy_AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationWarrantsRequisiteServicePeriodRecognition_1" xml:lang="en-US" id="label_yy_AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationWarrantsRequisiteServicePeriodRecognition_1">Adjustments to Additional Paid in Capital Share Based Compensation Warrants Requisite Service Period Recognition</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationWarrantsRequisiteServicePeriodRecognition" xlink:to="label_yy_AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationWarrantsRequisiteServicePeriodRecognition_1" xlink:title="Label : yy_AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationWarrantsRequisiteServicePeriodRecognition to label_yy_AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationWarrantsRequisiteServicePeriodRecognition_1" />
    <link:label xlink:type="resource" xlink:label="label_yy_AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationWarrantsRequisiteServicePeriodRecognition_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_yy_AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationWarrantsRequisiteServicePeriodRecognition_2" xml:lang="en-US" id="label_yy_AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationWarrantsRequisiteServicePeriodRecognition_2">Share-based compensation-warrants to NeoTasks founders</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationWarrantsRequisiteServicePeriodRecognition" xlink:to="label_yy_AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationWarrantsRequisiteServicePeriodRecognition_2" xlink:title="Label : yy_AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationWarrantsRequisiteServicePeriodRecognition to label_yy_AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationWarrantsRequisiteServicePeriodRecognition_2" />
    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_StockIssuedDuringPeriodSharesExerciseOfWarrant" xlink:label="yy_StockIssuedDuringPeriodSharesExerciseOfWarrant" xlink:title="yy_StockIssuedDuringPeriodSharesExerciseOfWarrant" />
    <link:label xlink:type="resource" xlink:label="label_yy_StockIssuedDuringPeriodSharesExerciseOfWarrant" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_yy_StockIssuedDuringPeriodSharesExerciseOfWarrant" xml:lang="en-US" id="label_yy_StockIssuedDuringPeriodSharesExerciseOfWarrant">Number of shares of stock issued during the period that is attributable to transactions involving issuance of stock in the exercise of warrant.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_StockIssuedDuringPeriodSharesExerciseOfWarrant" xlink:to="label_yy_StockIssuedDuringPeriodSharesExerciseOfWarrant" xlink:title="Label : yy_StockIssuedDuringPeriodSharesExerciseOfWarrant to label_yy_StockIssuedDuringPeriodSharesExerciseOfWarrant" />
    <link:label xlink:type="resource" xlink:label="label_yy_StockIssuedDuringPeriodSharesExerciseOfWarrant_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_yy_StockIssuedDuringPeriodSharesExerciseOfWarrant_1" xml:lang="en-US" id="label_yy_StockIssuedDuringPeriodSharesExerciseOfWarrant_1">Stock Issued During Period Shares Exercise of Warrant</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_StockIssuedDuringPeriodSharesExerciseOfWarrant" xlink:to="label_yy_StockIssuedDuringPeriodSharesExerciseOfWarrant_1" xlink:title="Label : yy_StockIssuedDuringPeriodSharesExerciseOfWarrant to label_yy_StockIssuedDuringPeriodSharesExerciseOfWarrant_1" />
    <link:label xlink:type="resource" xlink:label="label_yy_StockIssuedDuringPeriodSharesExerciseOfWarrant_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_yy_StockIssuedDuringPeriodSharesExerciseOfWarrant_2" xml:lang="en-US" id="label_yy_StockIssuedDuringPeriodSharesExerciseOfWarrant_2">Exercise of warrant by an independent institutional investor (in shares)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_StockIssuedDuringPeriodSharesExerciseOfWarrant" xlink:to="label_yy_StockIssuedDuringPeriodSharesExerciseOfWarrant_2" xlink:title="Label : yy_StockIssuedDuringPeriodSharesExerciseOfWarrant to label_yy_StockIssuedDuringPeriodSharesExerciseOfWarrant_2" />
    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_StockIssuedDuringPeriodValueExerciseOfWarrant" xlink:label="yy_StockIssuedDuringPeriodValueExerciseOfWarrant" xlink:title="yy_StockIssuedDuringPeriodValueExerciseOfWarrant" />
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    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_PeriodForWhichEntityWillBeEntitledToEnjoyPreferentialEnterpriseIncomeTaxRate" xlink:label="yy_PeriodForWhichEntityWillBeEntitledToEnjoyPreferentialEnterpriseIncomeTaxRate" xlink:title="yy_PeriodForWhichEntityWillBeEntitledToEnjoyPreferentialEnterpriseIncomeTaxRate" />
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    <link:label xlink:type="resource" xlink:label="label_yy_PaymentsForExerciseOrRepurchaseOfStockOptions" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_yy_PaymentsForExerciseOrRepurchaseOfStockOptions" xml:lang="en-US" id="label_yy_PaymentsForExerciseOrRepurchaseOfStockOptions">The cash outflow to repurchase of vested option/share.</link:label>
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    <link:label xlink:type="resource" xlink:label="label_yy_ClassificationOfSubsidiariesOfVariableInterestEntityDomain" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_yy_ClassificationOfSubsidiariesOfVariableInterestEntityDomain" xml:lang="en-US" id="label_yy_ClassificationOfSubsidiariesOfVariableInterestEntityDomain">Represents information pertaining to subsidiaries of Variable Interest Entity (VIE).</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_ClassificationOfSubsidiariesOfVariableInterestEntityDomain" xlink:to="label_yy_ClassificationOfSubsidiariesOfVariableInterestEntityDomain" xlink:title="Label : yy_ClassificationOfSubsidiariesOfVariableInterestEntityDomain to label_yy_ClassificationOfSubsidiariesOfVariableInterestEntityDomain" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_ClassificationOfSubsidiariesOfVariableInterestEntityDomain" xlink:to="label_yy_ClassificationOfSubsidiariesOfVariableInterestEntityDomain_1" xlink:title="Label : yy_ClassificationOfSubsidiariesOfVariableInterestEntityDomain to label_yy_ClassificationOfSubsidiariesOfVariableInterestEntityDomain_1" />
    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_NumberOfTypesOfThirdPartyDevelopedOnlineGames" xlink:label="yy_NumberOfTypesOfThirdPartyDevelopedOnlineGames" xlink:title="yy_NumberOfTypesOfThirdPartyDevelopedOnlineGames" />
    <link:label xlink:type="resource" xlink:label="label_yy_NumberOfTypesOfThirdPartyDevelopedOnlineGames" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_yy_NumberOfTypesOfThirdPartyDevelopedOnlineGames" xml:lang="en-US" id="label_yy_NumberOfTypesOfThirdPartyDevelopedOnlineGames">Represents the number of types of third party developed online games.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_NumberOfTypesOfThirdPartyDevelopedOnlineGames" xlink:to="label_yy_NumberOfTypesOfThirdPartyDevelopedOnlineGames" xlink:title="Label : yy_NumberOfTypesOfThirdPartyDevelopedOnlineGames to label_yy_NumberOfTypesOfThirdPartyDevelopedOnlineGames" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_NumberOfTypesOfThirdPartyDevelopedOnlineGames" xlink:to="label_yy_NumberOfTypesOfThirdPartyDevelopedOnlineGames_1" xlink:title="Label : yy_NumberOfTypesOfThirdPartyDevelopedOnlineGames to label_yy_NumberOfTypesOfThirdPartyDevelopedOnlineGames_1" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_NumberOfTypesOfThirdPartyDevelopedOnlineGames" xlink:to="label_yy_NumberOfTypesOfThirdPartyDevelopedOnlineGames_2" xlink:title="Label : yy_NumberOfTypesOfThirdPartyDevelopedOnlineGames to label_yy_NumberOfTypesOfThirdPartyDevelopedOnlineGames_2" />
    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_InvestmentInCompanyAMember" xlink:label="yy_InvestmentInCompanyAMember" xlink:title="yy_InvestmentInCompanyAMember" />
    <link:label xlink:type="resource" xlink:label="label_yy_InvestmentInCompanyAMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_yy_InvestmentInCompanyAMember" xml:lang="en-US" id="label_yy_InvestmentInCompanyAMember">Represents information pertaining to investment in Company A accounted under the cost method.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_InvestmentInCompanyAMember" xlink:to="label_yy_InvestmentInCompanyAMember" xlink:title="Label : yy_InvestmentInCompanyAMember to label_yy_InvestmentInCompanyAMember" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_InvestmentInCompanyAMember" xlink:to="label_yy_InvestmentInCompanyAMember_2" xlink:title="Label : yy_InvestmentInCompanyAMember to label_yy_InvestmentInCompanyAMember_2" />
    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_InvestmentInCompanyBAndCompanyCMember" xlink:label="yy_InvestmentInCompanyBAndCompanyCMember" xlink:title="yy_InvestmentInCompanyBAndCompanyCMember" />
    <link:label xlink:type="resource" xlink:label="label_yy_InvestmentInCompanyBAndCompanyCMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_yy_InvestmentInCompanyBAndCompanyCMember" xml:lang="en-US" id="label_yy_InvestmentInCompanyBAndCompanyCMember">Represents information pertaining to investment in Company B's Series B preferred shares and Company C's Series A preferred shares accounted under the cost method.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_InvestmentInCompanyBAndCompanyCMember" xlink:to="label_yy_InvestmentInCompanyBAndCompanyCMember" xlink:title="Label : yy_InvestmentInCompanyBAndCompanyCMember to label_yy_InvestmentInCompanyBAndCompanyCMember" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_InvestmentInCompanyBAndCompanyCMember" xlink:to="label_yy_InvestmentInCompanyBAndCompanyCMember_1" xlink:title="Label : yy_InvestmentInCompanyBAndCompanyCMember to label_yy_InvestmentInCompanyBAndCompanyCMember_1" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_InvestmentInCompanyBAndCompanyCMember" xlink:to="label_yy_InvestmentInCompanyBAndCompanyCMember_2" xlink:title="Label : yy_InvestmentInCompanyBAndCompanyCMember to label_yy_InvestmentInCompanyBAndCompanyCMember_2" />
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    <link:label xlink:type="resource" xlink:label="label_yy_InvestmentInCompanyBMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_yy_InvestmentInCompanyBMember" xml:lang="en-US" id="label_yy_InvestmentInCompanyBMember">Represents information pertaining to investment in Company B's Series B preferred shares accounted under the cost method.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_InvestmentInCompanyBMember" xlink:to="label_yy_InvestmentInCompanyBMember" xlink:title="Label : yy_InvestmentInCompanyBMember to label_yy_InvestmentInCompanyBMember" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_InvestmentInCompanyBMember" xlink:to="label_yy_InvestmentInCompanyBMember_2" xlink:title="Label : yy_InvestmentInCompanyBMember to label_yy_InvestmentInCompanyBMember_2" />
    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_InvestmentInCompanyCMember" xlink:label="yy_InvestmentInCompanyCMember" xlink:title="yy_InvestmentInCompanyCMember" />
    <link:label xlink:type="resource" xlink:label="label_yy_InvestmentInCompanyCMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_yy_InvestmentInCompanyCMember" xml:lang="en-US" id="label_yy_InvestmentInCompanyCMember">Represents information pertaining to investment in Company C's Series A preferred shares accounted under the cost method.</link:label>
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    <link:label xlink:type="resource" xlink:label="label_yy_NumbersOfInvestmentsInPreferredStocks" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_yy_NumbersOfInvestmentsInPreferredStocks" xml:lang="en-US" id="label_yy_NumbersOfInvestmentsInPreferredStocks">Represent numbers of investments in preferred stocks, which are redeemable upon the approval by the supermajority preferred shareholders.</link:label>
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    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_EmployeesAndNonEmployeesMember" xlink:label="yy_EmployeesAndNonEmployeesMember" xlink:title="yy_EmployeesAndNonEmployeesMember" />
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    <link:label xlink:type="resource" xlink:label="label_yy_EmployeesAndNonEmployeesMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_yy_EmployeesAndNonEmployeesMember_1" xml:lang="en-US" id="label_yy_EmployeesAndNonEmployeesMember_1">Employees and Non Employees [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_EmployeesAndNonEmployeesMember" xlink:to="label_yy_EmployeesAndNonEmployeesMember_1" xlink:title="Label : yy_EmployeesAndNonEmployeesMember to label_yy_EmployeesAndNonEmployeesMember_1" />
    <link:label xlink:type="resource" xlink:label="label_yy_EmployeesAndNonEmployeesMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_yy_EmployeesAndNonEmployeesMember_2" xml:lang="en-US" id="label_yy_EmployeesAndNonEmployeesMember_2">Employees and Non Employees [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_EmployeesAndNonEmployeesMember" xlink:to="label_yy_EmployeesAndNonEmployeesMember_2" xlink:title="Label : yy_EmployeesAndNonEmployeesMember to label_yy_EmployeesAndNonEmployeesMember_2" />
    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_GuangzhouZhuqueInformationTechnologyCompanyLimitedFoundersMember" xlink:label="yy_GuangzhouZhuqueInformationTechnologyCompanyLimitedFoundersMember" xlink:title="yy_GuangzhouZhuqueInformationTechnologyCompanyLimitedFoundersMember" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_GuangzhouZhuqueInformationTechnologyCompanyLimitedFoundersMember" xlink:to="label_yy_GuangzhouZhuqueInformationTechnologyCompanyLimitedFoundersMember" xlink:title="Label : yy_GuangzhouZhuqueInformationTechnologyCompanyLimitedFoundersMember to label_yy_GuangzhouZhuqueInformationTechnologyCompanyLimitedFoundersMember" />
    <link:label xlink:type="resource" xlink:label="label_yy_GuangzhouZhuqueInformationTechnologyCompanyLimitedFoundersMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_yy_GuangzhouZhuqueInformationTechnologyCompanyLimitedFoundersMember_1" xml:lang="en-US" id="label_yy_GuangzhouZhuqueInformationTechnologyCompanyLimitedFoundersMember_1">Guangzhou Zhuque Information Technology Company Limited Founders [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_GuangzhouZhuqueInformationTechnologyCompanyLimitedFoundersMember" xlink:to="label_yy_GuangzhouZhuqueInformationTechnologyCompanyLimitedFoundersMember_1" xlink:title="Label : yy_GuangzhouZhuqueInformationTechnologyCompanyLimitedFoundersMember to label_yy_GuangzhouZhuqueInformationTechnologyCompanyLimitedFoundersMember_1" />
    <link:label xlink:type="resource" xlink:label="label_yy_GuangzhouZhuqueInformationTechnologyCompanyLimitedFoundersMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_yy_GuangzhouZhuqueInformationTechnologyCompanyLimitedFoundersMember_2" xml:lang="en-US" id="label_yy_GuangzhouZhuqueInformationTechnologyCompanyLimitedFoundersMember_2">Zhuque Founders [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_GuangzhouZhuqueInformationTechnologyCompanyLimitedFoundersMember" xlink:to="label_yy_GuangzhouZhuqueInformationTechnologyCompanyLimitedFoundersMember_2" xlink:title="Label : yy_GuangzhouZhuqueInformationTechnologyCompanyLimitedFoundersMember to label_yy_GuangzhouZhuqueInformationTechnologyCompanyLimitedFoundersMember_2" />
    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_PaymentsToAcquireOtherNoncurrentAssets" xlink:label="yy_PaymentsToAcquireOtherNoncurrentAssets" xlink:title="yy_PaymentsToAcquireOtherNoncurrentAssets" />
    <link:label xlink:type="resource" xlink:label="label_yy_PaymentsToAcquireOtherNoncurrentAssets" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_yy_PaymentsToAcquireOtherNoncurrentAssets" xml:lang="en-US" id="label_yy_PaymentsToAcquireOtherNoncurrentAssets">The cash outflow for acquisition of non-current assets not otherwise defined in the taxonomy, that are expected to be realized in cash, sold or consumed after one year or beyond the normal operating cycle, if longer.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_PaymentsToAcquireOtherNoncurrentAssets" xlink:to="label_yy_PaymentsToAcquireOtherNoncurrentAssets" xlink:title="Label : yy_PaymentsToAcquireOtherNoncurrentAssets to label_yy_PaymentsToAcquireOtherNoncurrentAssets" />
    <link:label xlink:type="resource" xlink:label="label_yy_PaymentsToAcquireOtherNoncurrentAssets_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_yy_PaymentsToAcquireOtherNoncurrentAssets_1" xml:lang="en-US" id="label_yy_PaymentsToAcquireOtherNoncurrentAssets_1">Payments to Acquire other Noncurrent Assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_PaymentsToAcquireOtherNoncurrentAssets" xlink:to="label_yy_PaymentsToAcquireOtherNoncurrentAssets_1" xlink:title="Label : yy_PaymentsToAcquireOtherNoncurrentAssets to label_yy_PaymentsToAcquireOtherNoncurrentAssets_1" />
    <link:label xlink:type="resource" xlink:label="label_yy_PaymentsToAcquireOtherNoncurrentAssets_2" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_yy_PaymentsToAcquireOtherNoncurrentAssets_2" xml:lang="en-US" id="label_yy_PaymentsToAcquireOtherNoncurrentAssets_2">Purchase of other non-current assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_PaymentsToAcquireOtherNoncurrentAssets" xlink:to="label_yy_PaymentsToAcquireOtherNoncurrentAssets_2" xlink:title="Label : yy_PaymentsToAcquireOtherNoncurrentAssets to label_yy_PaymentsToAcquireOtherNoncurrentAssets_2" />
    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_PaymentsExpensePaidOnBehalfOfRelatedParty" xlink:label="yy_PaymentsExpensePaidOnBehalfOfRelatedParty" xlink:title="yy_PaymentsExpensePaidOnBehalfOfRelatedParty" />
    <link:label xlink:type="resource" xlink:label="label_yy_PaymentsExpensePaidOnBehalfOfRelatedParty" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_yy_PaymentsExpensePaidOnBehalfOfRelatedParty" xml:lang="en-US" id="label_yy_PaymentsExpensePaidOnBehalfOfRelatedParty">The cash outflow associated with Expense paid on behalf of a related party.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_PaymentsExpensePaidOnBehalfOfRelatedParty" xlink:to="label_yy_PaymentsExpensePaidOnBehalfOfRelatedParty" xlink:title="Label : yy_PaymentsExpensePaidOnBehalfOfRelatedParty to label_yy_PaymentsExpensePaidOnBehalfOfRelatedParty" />
    <link:label xlink:type="resource" xlink:label="label_yy_PaymentsExpensePaidOnBehalfOfRelatedParty_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_yy_PaymentsExpensePaidOnBehalfOfRelatedParty_1" xml:lang="en-US" id="label_yy_PaymentsExpensePaidOnBehalfOfRelatedParty_1">Payments Expense Paid on Behalf of Related Party</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_PaymentsExpensePaidOnBehalfOfRelatedParty" xlink:to="label_yy_PaymentsExpensePaidOnBehalfOfRelatedParty_1" xlink:title="Label : yy_PaymentsExpensePaidOnBehalfOfRelatedParty to label_yy_PaymentsExpensePaidOnBehalfOfRelatedParty_1" />
    <link:label xlink:type="resource" xlink:label="label_yy_PaymentsExpensePaidOnBehalfOfRelatedParty_2" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_yy_PaymentsExpensePaidOnBehalfOfRelatedParty_2" xml:lang="en-US" id="label_yy_PaymentsExpensePaidOnBehalfOfRelatedParty_2">Expense paid on behalf of a related party</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_PaymentsExpensePaidOnBehalfOfRelatedParty" xlink:to="label_yy_PaymentsExpensePaidOnBehalfOfRelatedParty_2" xlink:title="Label : yy_PaymentsExpensePaidOnBehalfOfRelatedParty to label_yy_PaymentsExpensePaidOnBehalfOfRelatedParty_2" />
    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_ProceedsFromCollectionOfLoansToThirdParties" xlink:label="yy_ProceedsFromCollectionOfLoansToThirdParties" xlink:title="yy_ProceedsFromCollectionOfLoansToThirdParties" />
    <link:label xlink:type="resource" xlink:label="label_yy_ProceedsFromCollectionOfLoansToThirdParties" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_yy_ProceedsFromCollectionOfLoansToThirdParties" xml:lang="en-US" id="label_yy_ProceedsFromCollectionOfLoansToThirdParties">The cash inflow associated with collection of loans to a third party.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_ProceedsFromCollectionOfLoansToThirdParties" xlink:to="label_yy_ProceedsFromCollectionOfLoansToThirdParties" xlink:title="Label : yy_ProceedsFromCollectionOfLoansToThirdParties to label_yy_ProceedsFromCollectionOfLoansToThirdParties" />
    <link:label xlink:type="resource" xlink:label="label_yy_ProceedsFromCollectionOfLoansToThirdParties_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_yy_ProceedsFromCollectionOfLoansToThirdParties_1" xml:lang="en-US" id="label_yy_ProceedsFromCollectionOfLoansToThirdParties_1">Proceeds from Collection of Loans to Third Parties</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_ProceedsFromCollectionOfLoansToThirdParties" xlink:to="label_yy_ProceedsFromCollectionOfLoansToThirdParties_1" xlink:title="Label : yy_ProceedsFromCollectionOfLoansToThirdParties to label_yy_ProceedsFromCollectionOfLoansToThirdParties_1" />
    <link:label xlink:type="resource" xlink:label="label_yy_ProceedsFromCollectionOfLoansToThirdParties_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_yy_ProceedsFromCollectionOfLoansToThirdParties_2" xml:lang="en-US" id="label_yy_ProceedsFromCollectionOfLoansToThirdParties_2">Repayment of loans from third parties</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_ProceedsFromCollectionOfLoansToThirdParties" xlink:to="label_yy_ProceedsFromCollectionOfLoansToThirdParties_2" xlink:title="Label : yy_ProceedsFromCollectionOfLoansToThirdParties to label_yy_ProceedsFromCollectionOfLoansToThirdParties_2" />
    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_Edu24oLComMember" xlink:label="yy_Edu24oLComMember" xlink:title="yy_Edu24oLComMember" />
    <link:label xlink:type="resource" xlink:label="label_yy_Edu24oLComMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_yy_Edu24oLComMember" xml:lang="en-US" id="label_yy_Edu24oLComMember">Represents information pertaining to mobile game company.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_Edu24oLComMember" xlink:to="label_yy_Edu24oLComMember" xlink:title="Label : yy_Edu24oLComMember to label_yy_Edu24oLComMember" />
    <link:label xlink:type="resource" xlink:label="label_yy_Edu24oLComMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_yy_Edu24oLComMember_1" xml:lang="en-US" id="label_yy_Edu24oLComMember_1">Edu24oL.com [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_Edu24oLComMember" xlink:to="label_yy_Edu24oLComMember_1" xlink:title="Label : yy_Edu24oLComMember to label_yy_Edu24oLComMember_1" />
    <link:label xlink:type="resource" xlink:label="label_yy_Edu24oLComMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_yy_Edu24oLComMember_2" xml:lang="en-US" id="label_yy_Edu24oLComMember_2">Edu24oL.com [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_Edu24oLComMember" xlink:to="label_yy_Edu24oLComMember_2" xlink:title="Label : yy_Edu24oLComMember to label_yy_Edu24oLComMember_2" />
    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_MobileGameCompanyMember" xlink:label="yy_MobileGameCompanyMember" xlink:title="yy_MobileGameCompanyMember" />
    <link:label xlink:type="resource" xlink:label="label_yy_MobileGameCompanyMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_yy_MobileGameCompanyMember" xml:lang="en-US" id="label_yy_MobileGameCompanyMember">Represents information pertaining to mobile game company.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_MobileGameCompanyMember" xlink:to="label_yy_MobileGameCompanyMember" xlink:title="Label : yy_MobileGameCompanyMember to label_yy_MobileGameCompanyMember" />
    <link:label xlink:type="resource" xlink:label="label_yy_MobileGameCompanyMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_yy_MobileGameCompanyMember_1" xml:lang="en-US" id="label_yy_MobileGameCompanyMember_1">Mobile game company [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_MobileGameCompanyMember" xlink:to="label_yy_MobileGameCompanyMember_1" xlink:title="Label : yy_MobileGameCompanyMember to label_yy_MobileGameCompanyMember_1" />
    <link:label xlink:type="resource" xlink:label="label_yy_MobileGameCompanyMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_yy_MobileGameCompanyMember_2" xml:lang="en-US" id="label_yy_MobileGameCompanyMember_2">Mobile game company [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_MobileGameCompanyMember" xlink:to="label_yy_MobileGameCompanyMember_2" xlink:title="Label : yy_MobileGameCompanyMember to label_yy_MobileGameCompanyMember_2" />
    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_BusinessCombinationContingentConsiderationContingentUponAchievementOfSpecifiedPerformanceMilestones" xlink:label="yy_BusinessCombinationContingentConsiderationContingentUponAchievementOfSpecifiedPerformanceMilestones" xlink:title="yy_BusinessCombinationContingentConsiderationContingentUponAchievementOfSpecifiedPerformanceMilestones" />
    <link:label xlink:type="resource" xlink:label="label_yy_BusinessCombinationContingentConsiderationContingentUponAchievementOfSpecifiedPerformanceMilestones" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_yy_BusinessCombinationContingentConsiderationContingentUponAchievementOfSpecifiedPerformanceMilestones" xml:lang="en-US" id="label_yy_BusinessCombinationContingentConsiderationContingentUponAchievementOfSpecifiedPerformanceMilestones">Represents the amount of contingent consideration that is contingent upon the achievement of specified performance milestones through specified period.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_BusinessCombinationContingentConsiderationContingentUponAchievementOfSpecifiedPerformanceMilestones" xlink:to="label_yy_BusinessCombinationContingentConsiderationContingentUponAchievementOfSpecifiedPerformanceMilestones" xlink:title="Label : yy_BusinessCombinationContingentConsiderationContingentUponAchievementOfSpecifiedPerformanceMilestones to label_yy_BusinessCombinationContingentConsiderationContingentUponAchievementOfSpecifiedPerformanceMilestones" />
    <link:label xlink:type="resource" xlink:label="label_yy_BusinessCombinationContingentConsiderationContingentUponAchievementOfSpecifiedPerformanceMilestones_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_yy_BusinessCombinationContingentConsiderationContingentUponAchievementOfSpecifiedPerformanceMilestones_1" xml:lang="en-US" id="label_yy_BusinessCombinationContingentConsiderationContingentUponAchievementOfSpecifiedPerformanceMilestones_1">Business Combination Contingent Consideration Contingent Upon Achievement of Specified Performance Milestones</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_BusinessCombinationContingentConsiderationContingentUponAchievementOfSpecifiedPerformanceMilestones" xlink:to="label_yy_BusinessCombinationContingentConsiderationContingentUponAchievementOfSpecifiedPerformanceMilestones_1" xlink:title="Label : yy_BusinessCombinationContingentConsiderationContingentUponAchievementOfSpecifiedPerformanceMilestones to label_yy_BusinessCombinationContingentConsiderationContingentUponAchievementOfSpecifiedPerformanceMilestones_1" />
    <link:label xlink:type="resource" xlink:label="label_yy_BusinessCombinationContingentConsiderationContingentUponAchievementOfSpecifiedPerformanceMilestones_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_yy_BusinessCombinationContingentConsiderationContingentUponAchievementOfSpecifiedPerformanceMilestones_2" xml:lang="en-US" id="label_yy_BusinessCombinationContingentConsiderationContingentUponAchievementOfSpecifiedPerformanceMilestones_2">Maximum additional variable cash consideration that is contingent upon the achievement of specified performance milestones</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_BusinessCombinationContingentConsiderationContingentUponAchievementOfSpecifiedPerformanceMilestones" xlink:to="label_yy_BusinessCombinationContingentConsiderationContingentUponAchievementOfSpecifiedPerformanceMilestones_2" xlink:title="Label : yy_BusinessCombinationContingentConsiderationContingentUponAchievementOfSpecifiedPerformanceMilestones to label_yy_BusinessCombinationContingentConsiderationContingentUponAchievementOfSpecifiedPerformanceMilestones_2" />
    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_RestrictedShortTermDepositsTextBlock" xlink:label="yy_RestrictedShortTermDepositsTextBlock" xlink:title="yy_RestrictedShortTermDepositsTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_yy_RestrictedShortTermDepositsTextBlock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_yy_RestrictedShortTermDepositsTextBlock" xml:lang="en-US" id="label_yy_RestrictedShortTermDepositsTextBlock">Represents entire disclosure of restricted short-term deposits.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_RestrictedShortTermDepositsTextBlock" xlink:to="label_yy_RestrictedShortTermDepositsTextBlock" xlink:title="Label : yy_RestrictedShortTermDepositsTextBlock to label_yy_RestrictedShortTermDepositsTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_yy_RestrictedShortTermDepositsTextBlock_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_yy_RestrictedShortTermDepositsTextBlock_1" xml:lang="en-US" id="label_yy_RestrictedShortTermDepositsTextBlock_1">Restricted Short Term Deposits [Text Block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_RestrictedShortTermDepositsTextBlock" xlink:to="label_yy_RestrictedShortTermDepositsTextBlock_1" xlink:title="Label : yy_RestrictedShortTermDepositsTextBlock to label_yy_RestrictedShortTermDepositsTextBlock_1" />
    <link:label xlink:type="resource" xlink:label="label_yy_RestrictedShortTermDepositsTextBlock_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_yy_RestrictedShortTermDepositsTextBlock_2" xml:lang="en-US" id="label_yy_RestrictedShortTermDepositsTextBlock_2">Restricted short-term deposits</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_RestrictedShortTermDepositsTextBlock" xlink:to="label_yy_RestrictedShortTermDepositsTextBlock_2" xlink:title="Label : yy_RestrictedShortTermDepositsTextBlock to label_yy_RestrictedShortTermDepositsTextBlock_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_BusinessAcquisitionAxis" xlink:label="us-gaap_BusinessAcquisitionAxis" xlink:title="us-gaap_BusinessAcquisitionAxis" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_BusinessAcquisitionAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_BusinessAcquisitionAxis" xml:lang="en-US" id="label_us-gaap_BusinessAcquisitionAxis">Business Acquisition [Axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_BusinessAcquisitionAxis" xlink:to="label_us-gaap_BusinessAcquisitionAxis" xlink:title="Label : us-gaap_BusinessAcquisitionAxis to label_us-gaap_BusinessAcquisitionAxis" />
    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedReceivablesAndOtherTangibleAssets" xlink:label="yy_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedReceivablesAndOtherTangibleAssets" xlink:title="yy_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedReceivablesAndOtherTangibleAssets" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_BeijingHuanqiuXingxueTechnologyDevelopmentCoLtdAndBeijingHuanqiuChuangzhiSoftwareCoLtdMember" xlink:to="label_yy_BeijingHuanqiuXingxueTechnologyDevelopmentCoLtdAndBeijingHuanqiuChuangzhiSoftwareCoLtdMember" xlink:title="Label : yy_BeijingHuanqiuXingxueTechnologyDevelopmentCoLtdAndBeijingHuanqiuChuangzhiSoftwareCoLtdMember to label_yy_BeijingHuanqiuXingxueTechnologyDevelopmentCoLtdAndBeijingHuanqiuChuangzhiSoftwareCoLtdMember" />
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    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_PaymentsForLoansToEmployeeAndThirdParties" xlink:label="yy_PaymentsForLoansToEmployeeAndThirdParties" xlink:title="yy_PaymentsForLoansToEmployeeAndThirdParties" />
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    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_SurchargesRateOnBusinessTax" xlink:label="yy_SurchargesRateOnBusinessTax" xlink:title="yy_SurchargesRateOnBusinessTax" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_SurchargesRateOnBusinessTax" xlink:to="label_yy_SurchargesRateOnBusinessTax_1" xlink:title="Label : yy_SurchargesRateOnBusinessTax to label_yy_SurchargesRateOnBusinessTax_1" />
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    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_HuanjuShidaiTechnologyBeijingCompanyLimitedAndGuangzhouHuanjuShidaiInformationTechnologyCompanyLimitedMember" xlink:label="yy_HuanjuShidaiTechnologyBeijingCompanyLimitedAndGuangzhouHuanjuShidaiInformationTechnologyCompanyLimitedMember" xlink:title="yy_HuanjuShidaiTechnologyBeijingCompanyLimitedAndGuangzhouHuanjuShidaiInformationTechnologyCompanyLimitedMember" />
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    <link:label xlink:type="resource" xlink:label="label_yy_HuanjuShidaiTechnologyBeijingCompanyLimitedAndGuangzhouHuanjuShidaiInformationTechnologyCompanyLimitedMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_yy_HuanjuShidaiTechnologyBeijingCompanyLimitedAndGuangzhouHuanjuShidaiInformationTechnologyCompanyLimitedMember_1" xml:lang="en-US" id="label_yy_HuanjuShidaiTechnologyBeijingCompanyLimitedAndGuangzhouHuanjuShidaiInformationTechnologyCompanyLimitedMember_1">Huanju Shidai Technology Beijing Company Limited and Guangzhou Huanju Shidai Information Technology Company Limited [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_HuanjuShidaiTechnologyBeijingCompanyLimitedAndGuangzhouHuanjuShidaiInformationTechnologyCompanyLimitedMember" xlink:to="label_yy_HuanjuShidaiTechnologyBeijingCompanyLimitedAndGuangzhouHuanjuShidaiInformationTechnologyCompanyLimitedMember_1" xlink:title="Label : yy_HuanjuShidaiTechnologyBeijingCompanyLimitedAndGuangzhouHuanjuShidaiInformationTechnologyCompanyLimitedMember to label_yy_HuanjuShidaiTechnologyBeijingCompanyLimitedAndGuangzhouHuanjuShidaiInformationTechnologyCompanyLimitedMember_1" />
    <link:label xlink:type="resource" xlink:label="label_yy_HuanjuShidaiTechnologyBeijingCompanyLimitedAndGuangzhouHuanjuShidaiInformationTechnologyCompanyLimitedMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_yy_HuanjuShidaiTechnologyBeijingCompanyLimitedAndGuangzhouHuanjuShidaiInformationTechnologyCompanyLimitedMember_2" xml:lang="en-US" id="label_yy_HuanjuShidaiTechnologyBeijingCompanyLimitedAndGuangzhouHuanjuShidaiInformationTechnologyCompanyLimitedMember_2">Guangzhou Huanju Shidai and Beijing Huanju Shidai [Member]</link:label>
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    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_BusinessCombinationsAbstract" xlink:label="us-gaap_BusinessCombinationsAbstract" xlink:title="us-gaap_BusinessCombinationsAbstract" />
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    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_InvestmentInPreferredSharesOfThreeCompanyMember" xlink:label="yy_InvestmentInPreferredSharesOfThreeCompanyMember" xlink:title="yy_InvestmentInPreferredSharesOfThreeCompanyMember" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_InvestmentInPreferredSharesOfThreeCompanyMember" xlink:to="label_yy_InvestmentInPreferredSharesOfThreeCompanyMember" xlink:title="Label : yy_InvestmentInPreferredSharesOfThreeCompanyMember to label_yy_InvestmentInPreferredSharesOfThreeCompanyMember" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_InvestmentInPreferredSharesOfThreeCompanyMember" xlink:to="label_yy_InvestmentInPreferredSharesOfThreeCompanyMember_1" xlink:title="Label : yy_InvestmentInPreferredSharesOfThreeCompanyMember to label_yy_InvestmentInPreferredSharesOfThreeCompanyMember_1" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_InvestmentInPreferredSharesOfThreeCompanyMember" xlink:to="label_yy_InvestmentInPreferredSharesOfThreeCompanyMember_2" xlink:title="Label : yy_InvestmentInPreferredSharesOfThreeCompanyMember to label_yy_InvestmentInPreferredSharesOfThreeCompanyMember_2" />
    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_CopyrightInfringementClaimMember" xlink:label="yy_CopyrightInfringementClaimMember" xlink:title="yy_CopyrightInfringementClaimMember" />
    <link:label xlink:type="resource" xlink:label="label_yy_CopyrightInfringementClaimMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_yy_CopyrightInfringementClaimMember" xml:lang="en-US" id="label_yy_CopyrightInfringementClaimMember">Represents information pertaining to Copyright infringement claim.</link:label>
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    <link:label xlink:type="resource" xlink:label="label_yy_CopyrightInfringementClaimMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_yy_CopyrightInfringementClaimMember_1" xml:lang="en-US" id="label_yy_CopyrightInfringementClaimMember_1">Copyright Infringement Claim [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_CopyrightInfringementClaimMember" xlink:to="label_yy_CopyrightInfringementClaimMember_1" xlink:title="Label : yy_CopyrightInfringementClaimMember to label_yy_CopyrightInfringementClaimMember_1" />
    <link:label xlink:type="resource" xlink:label="label_yy_CopyrightInfringementClaimMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_yy_CopyrightInfringementClaimMember_2" xml:lang="en-US" id="label_yy_CopyrightInfringementClaimMember_2">Copyright infringement claim [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_CopyrightInfringementClaimMember" xlink:to="label_yy_CopyrightInfringementClaimMember_2" xlink:title="Label : yy_CopyrightInfringementClaimMember to label_yy_CopyrightInfringementClaimMember_2" />
    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_NetEaseComIncMember" xlink:label="yy_NetEaseComIncMember" xlink:title="yy_NetEaseComIncMember" />
    <link:label xlink:type="resource" xlink:label="label_yy_NetEaseComIncMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_yy_NetEaseComIncMember" xml:lang="en-US" id="label_yy_NetEaseComIncMember">Represents information pertaining to NetEase.com, Inc.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_NetEaseComIncMember" xlink:to="label_yy_NetEaseComIncMember" xlink:title="Label : yy_NetEaseComIncMember to label_yy_NetEaseComIncMember" />
    <link:label xlink:type="resource" xlink:label="label_yy_NetEaseComIncMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_yy_NetEaseComIncMember_1" xml:lang="en-US" id="label_yy_NetEaseComIncMember_1">NetEase [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_NetEaseComIncMember" xlink:to="label_yy_NetEaseComIncMember_1" xlink:title="Label : yy_NetEaseComIncMember to label_yy_NetEaseComIncMember_1" />
    <link:label xlink:type="resource" xlink:label="label_yy_NetEaseComIncMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_yy_NetEaseComIncMember_2" xml:lang="en-US" id="label_yy_NetEaseComIncMember_2">NetEase [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_NetEaseComIncMember" xlink:to="label_yy_NetEaseComIncMember_2" xlink:title="Label : yy_NetEaseComIncMember to label_yy_NetEaseComIncMember_2" />
    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_DebtInstrumentRedemptionOptionOneMember" xlink:label="yy_DebtInstrumentRedemptionOptionOneMember" xlink:title="yy_DebtInstrumentRedemptionOptionOneMember" />
    <link:label xlink:type="resource" xlink:label="label_yy_DebtInstrumentRedemptionOptionOneMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_yy_DebtInstrumentRedemptionOptionOneMember" xml:lang="en-US" id="label_yy_DebtInstrumentRedemptionOptionOneMember">Option one representing debt redemption features under terms of the debt agreement.</link:label>
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    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_ScheduleOfPrincipalAccountingPoliciesTable" xlink:label="yy_ScheduleOfPrincipalAccountingPoliciesTable" xlink:title="yy_ScheduleOfPrincipalAccountingPoliciesTable" />
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    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_ZhengrenqiangAndHisPartnersEducationTechnologyBeijingCompanyLimitedMember" xlink:label="yy_ZhengrenqiangAndHisPartnersEducationTechnologyBeijingCompanyLimitedMember" xlink:title="yy_ZhengrenqiangAndHisPartnersEducationTechnologyBeijingCompanyLimitedMember" />
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    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_NumberOfThirdPartiesEngagedInEvaluationOfFairValueOfMobileApplication" xlink:label="yy_NumberOfThirdPartiesEngagedInEvaluationOfFairValueOfMobileApplication" xlink:title="yy_NumberOfThirdPartiesEngagedInEvaluationOfFairValueOfMobileApplication" />
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    <link:label xlink:type="resource" xlink:label="label_yy_NumberOfThirdPartiesEngagedInEvaluationOfFairValueOfMobileApplication_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_yy_NumberOfThirdPartiesEngagedInEvaluationOfFairValueOfMobileApplication_2" xml:lang="en-US" id="label_yy_NumberOfThirdPartiesEngagedInEvaluationOfFairValueOfMobileApplication_2">Number of third parties engaged by board of directors in evaluation of Weihui</link:label>
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    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_OtherIvasRevenueMember" xlink:label="yy_OtherIvasRevenueMember" xlink:title="yy_OtherIvasRevenueMember" />
    <link:label xlink:type="resource" xlink:label="label_yy_OtherIvasRevenueMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_yy_OtherIvasRevenueMember" xml:lang="en-US" id="label_yy_OtherIvasRevenueMember">Other IVAS Revenue [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_OtherIvasRevenueMember" xlink:to="label_yy_OtherIvasRevenueMember" xlink:title="Label : yy_OtherIvasRevenueMember to label_yy_OtherIvasRevenueMember" />
    <link:label xlink:type="resource" xlink:label="label_yy_OtherIvasRevenueMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_yy_OtherIvasRevenueMember_1" xml:lang="en-US" id="label_yy_OtherIvasRevenueMember_1">Other IVAS Revenue [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_OtherIvasRevenueMember" xlink:to="label_yy_OtherIvasRevenueMember_1" xlink:title="Label : yy_OtherIvasRevenueMember to label_yy_OtherIvasRevenueMember_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_BusinessAcquisitionLineItems" xlink:label="us-gaap_BusinessAcquisitionLineItems" xlink:title="us-gaap_BusinessAcquisitionLineItems" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_BusinessAcquisitionLineItems" xlink:to="label_us-gaap_BusinessAcquisitionLineItems_1" xlink:title="Label : us-gaap_BusinessAcquisitionLineItems to label_us-gaap_BusinessAcquisitionLineItems_1" />
    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_TemporaryEquityIssuanceDates" xlink:label="yy_TemporaryEquityIssuanceDates" xlink:title="yy_TemporaryEquityIssuanceDates" />
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    <link:label xlink:type="resource" xlink:label="label_yy_TemporaryEquityIssuanceDates_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_yy_TemporaryEquityIssuanceDates_1" xml:lang="en-US" id="label_yy_TemporaryEquityIssuanceDates_1">Temporary Equity Issuance Dates</link:label>
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    <link:label xlink:type="resource" xlink:label="label_yy_TemporaryEquityIssuanceDates_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_yy_TemporaryEquityIssuanceDates_2" xml:lang="en-US" id="label_yy_TemporaryEquityIssuanceDates_2">Issuance Date</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_TemporaryEquityIssuanceDates" xlink:to="label_yy_TemporaryEquityIssuanceDates_2" xlink:title="Label : yy_TemporaryEquityIssuanceDates to label_yy_TemporaryEquityIssuanceDates_2" />
    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_PercentOfPutOptionRedemptionProbability" xlink:label="yy_PercentOfPutOptionRedemptionProbability" xlink:title="yy_PercentOfPutOptionRedemptionProbability" />
    <link:label xlink:type="resource" xlink:label="label_yy_PercentOfPutOptionRedemptionProbability" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_yy_PercentOfPutOptionRedemptionProbability" xml:lang="en-US" id="label_yy_PercentOfPutOptionRedemptionProbability">Represents the percent of put option redemption probability.</link:label>
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    <link:label xlink:type="resource" xlink:label="label_yy_PercentOfPutOptionRedemptionProbability_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_yy_PercentOfPutOptionRedemptionProbability_1" xml:lang="en-US" id="label_yy_PercentOfPutOptionRedemptionProbability_1">Percent of Put Option Redemption Probability</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_PercentOfPutOptionRedemptionProbability" xlink:to="label_yy_PercentOfPutOptionRedemptionProbability_1" xlink:title="Label : yy_PercentOfPutOptionRedemptionProbability to label_yy_PercentOfPutOptionRedemptionProbability_1" />
    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_EngageCapitalPartnersILPMember" xlink:label="yy_EngageCapitalPartnersILPMember" xlink:title="yy_EngageCapitalPartnersILPMember" />
    <link:label xlink:type="resource" xlink:label="label_yy_EngageCapitalPartnersILPMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_yy_EngageCapitalPartnersILPMember" xml:lang="en-US" id="label_yy_EngageCapitalPartnersILPMember">Represents information pertaining to Engage Capital Partners I, L.P.("Engage L.P.").</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_EngageCapitalPartnersILPMember" xlink:to="label_yy_EngageCapitalPartnersILPMember" xlink:title="Label : yy_EngageCapitalPartnersILPMember to label_yy_EngageCapitalPartnersILPMember" />
    <link:label xlink:type="resource" xlink:label="label_yy_EngageCapitalPartnersILPMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_yy_EngageCapitalPartnersILPMember_1" xml:lang="en-US" id="label_yy_EngageCapitalPartnersILPMember_1">Engage Capital Partners I LP [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_EngageCapitalPartnersILPMember" xlink:to="label_yy_EngageCapitalPartnersILPMember_1" xlink:title="Label : yy_EngageCapitalPartnersILPMember to label_yy_EngageCapitalPartnersILPMember_1" />
    <link:label xlink:type="resource" xlink:label="label_yy_EngageCapitalPartnersILPMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_yy_EngageCapitalPartnersILPMember_2" xml:lang="en-US" id="label_yy_EngageCapitalPartnersILPMember_2">Engage L.P. [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_EngageCapitalPartnersILPMember" xlink:to="label_yy_EngageCapitalPartnersILPMember_2" xlink:title="Label : yy_EngageCapitalPartnersILPMember to label_yy_EngageCapitalPartnersILPMember_2" />
    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_BilinInformationTechnologyCoLtdMember" xlink:label="yy_BilinInformationTechnologyCoLtdMember" xlink:title="yy_BilinInformationTechnologyCoLtdMember" />
    <link:label xlink:type="resource" xlink:label="label_yy_BilinInformationTechnologyCoLtdMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_yy_BilinInformationTechnologyCoLtdMember" xml:lang="en-US" id="label_yy_BilinInformationTechnologyCoLtdMember">Represents information pertaining to BiLin Information Technology Co., Ltd. ("BiLin Cayman").</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_BilinInformationTechnologyCoLtdMember" xlink:to="label_yy_BilinInformationTechnologyCoLtdMember" xlink:title="Label : yy_BilinInformationTechnologyCoLtdMember to label_yy_BilinInformationTechnologyCoLtdMember" />
    <link:label xlink:type="resource" xlink:label="label_yy_BilinInformationTechnologyCoLtdMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_yy_BilinInformationTechnologyCoLtdMember_1" xml:lang="en-US" id="label_yy_BilinInformationTechnologyCoLtdMember_1">Bilin Information Technology Co Ltd [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_BilinInformationTechnologyCoLtdMember" xlink:to="label_yy_BilinInformationTechnologyCoLtdMember_1" xlink:title="Label : yy_BilinInformationTechnologyCoLtdMember to label_yy_BilinInformationTechnologyCoLtdMember_1" />
    <link:label xlink:type="resource" xlink:label="label_yy_BilinInformationTechnologyCoLtdMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_yy_BilinInformationTechnologyCoLtdMember_2" xml:lang="en-US" id="label_yy_BilinInformationTechnologyCoLtdMember_2">BiLin Cayman [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_BilinInformationTechnologyCoLtdMember" xlink:to="label_yy_BilinInformationTechnologyCoLtdMember_2" xlink:title="Label : yy_BilinInformationTechnologyCoLtdMember to label_yy_BilinInformationTechnologyCoLtdMember_2" />
    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_BilinInformationTechnologyCoLimitedMember" xlink:label="yy_BilinInformationTechnologyCoLimitedMember" xlink:title="yy_BilinInformationTechnologyCoLimitedMember" />
    <link:label xlink:type="resource" xlink:label="label_yy_BilinInformationTechnologyCoLimitedMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_yy_BilinInformationTechnologyCoLimitedMember" xml:lang="en-US" id="label_yy_BilinInformationTechnologyCoLimitedMember">Represents information pertaining to BiLin Information Technology Co., Limited ("BiLin HK").</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_BilinInformationTechnologyCoLimitedMember" xlink:to="label_yy_BilinInformationTechnologyCoLimitedMember" xlink:title="Label : yy_BilinInformationTechnologyCoLimitedMember to label_yy_BilinInformationTechnologyCoLimitedMember" />
    <link:label xlink:type="resource" xlink:label="label_yy_BilinInformationTechnologyCoLimitedMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_yy_BilinInformationTechnologyCoLimitedMember_1" xml:lang="en-US" id="label_yy_BilinInformationTechnologyCoLimitedMember_1">Bilin Information Technology Co Limited [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_BilinInformationTechnologyCoLimitedMember" xlink:to="label_yy_BilinInformationTechnologyCoLimitedMember_1" xlink:title="Label : yy_BilinInformationTechnologyCoLimitedMember to label_yy_BilinInformationTechnologyCoLimitedMember_1" />
    <link:label xlink:type="resource" xlink:label="label_yy_BilinInformationTechnologyCoLimitedMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_yy_BilinInformationTechnologyCoLimitedMember_2" xml:lang="en-US" id="label_yy_BilinInformationTechnologyCoLimitedMember_2">BiLin HK [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_BilinInformationTechnologyCoLimitedMember" xlink:to="label_yy_BilinInformationTechnologyCoLimitedMember_2" xlink:title="Label : yy_BilinInformationTechnologyCoLimitedMember to label_yy_BilinInformationTechnologyCoLimitedMember_2" />
    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_BeijingBilinChangxiangInformationTechnologyCoLtdMember" xlink:label="yy_BeijingBilinChangxiangInformationTechnologyCoLtdMember" xlink:title="yy_BeijingBilinChangxiangInformationTechnologyCoLtdMember" />
    <link:label xlink:type="resource" xlink:label="label_yy_BeijingBilinChangxiangInformationTechnologyCoLtdMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_yy_BeijingBilinChangxiangInformationTechnologyCoLtdMember" xml:lang="en-US" id="label_yy_BeijingBilinChangxiangInformationTechnologyCoLtdMember">Represents information pertaining to Beijing Bilin Changxiang Information Technology Co., Ltd.("Bilin Changxiang").</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_BeijingBilinChangxiangInformationTechnologyCoLtdMember" xlink:to="label_yy_BeijingBilinChangxiangInformationTechnologyCoLtdMember" xlink:title="Label : yy_BeijingBilinChangxiangInformationTechnologyCoLtdMember to label_yy_BeijingBilinChangxiangInformationTechnologyCoLtdMember" />
    <link:label xlink:type="resource" xlink:label="label_yy_BeijingBilinChangxiangInformationTechnologyCoLtdMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_yy_BeijingBilinChangxiangInformationTechnologyCoLtdMember_1" xml:lang="en-US" id="label_yy_BeijingBilinChangxiangInformationTechnologyCoLtdMember_1">Beijing Bilin Changxiang Information Technology Co Ltd [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_BeijingBilinChangxiangInformationTechnologyCoLtdMember" xlink:to="label_yy_BeijingBilinChangxiangInformationTechnologyCoLtdMember_1" xlink:title="Label : yy_BeijingBilinChangxiangInformationTechnologyCoLtdMember to label_yy_BeijingBilinChangxiangInformationTechnologyCoLtdMember_1" />
    <link:label xlink:type="resource" xlink:label="label_yy_BeijingBilinChangxiangInformationTechnologyCoLtdMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_yy_BeijingBilinChangxiangInformationTechnologyCoLtdMember_2" xml:lang="en-US" id="label_yy_BeijingBilinChangxiangInformationTechnologyCoLtdMember_2">Bilin Changxiang [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_BeijingBilinChangxiangInformationTechnologyCoLtdMember" xlink:to="label_yy_BeijingBilinChangxiangInformationTechnologyCoLtdMember_2" xlink:title="Label : yy_BeijingBilinChangxiangInformationTechnologyCoLtdMember to label_yy_BeijingBilinChangxiangInformationTechnologyCoLtdMember_2" />
    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_BeijingBilinOnlineInformationTechnologyCoLtdMember" xlink:label="yy_BeijingBilinOnlineInformationTechnologyCoLtdMember" xlink:title="yy_BeijingBilinOnlineInformationTechnologyCoLtdMember" />
    <link:label xlink:type="resource" xlink:label="label_yy_BeijingBilinOnlineInformationTechnologyCoLtdMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_yy_BeijingBilinOnlineInformationTechnologyCoLtdMember" xml:lang="en-US" id="label_yy_BeijingBilinOnlineInformationTechnologyCoLtdMember">Represents information pertaining to Beijing Bilin Online Information Technology Co., Ltd. ("Bilin Online").</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_BeijingBilinOnlineInformationTechnologyCoLtdMember" xlink:to="label_yy_BeijingBilinOnlineInformationTechnologyCoLtdMember" xlink:title="Label : yy_BeijingBilinOnlineInformationTechnologyCoLtdMember to label_yy_BeijingBilinOnlineInformationTechnologyCoLtdMember" />
    <link:label xlink:type="resource" xlink:label="label_yy_BeijingBilinOnlineInformationTechnologyCoLtdMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_yy_BeijingBilinOnlineInformationTechnologyCoLtdMember_1" xml:lang="en-US" id="label_yy_BeijingBilinOnlineInformationTechnologyCoLtdMember_1">Beijing Bilin Online Information Technology Co Ltd [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_BeijingBilinOnlineInformationTechnologyCoLtdMember" xlink:to="label_yy_BeijingBilinOnlineInformationTechnologyCoLtdMember_1" xlink:title="Label : yy_BeijingBilinOnlineInformationTechnologyCoLtdMember to label_yy_BeijingBilinOnlineInformationTechnologyCoLtdMember_1" />
    <link:label xlink:type="resource" xlink:label="label_yy_BeijingBilinOnlineInformationTechnologyCoLtdMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_yy_BeijingBilinOnlineInformationTechnologyCoLtdMember_2" xml:lang="en-US" id="label_yy_BeijingBilinOnlineInformationTechnologyCoLtdMember_2">Bilin Online [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_BeijingBilinOnlineInformationTechnologyCoLtdMember" xlink:to="label_yy_BeijingBilinOnlineInformationTechnologyCoLtdMember_2" xlink:title="Label : yy_BeijingBilinOnlineInformationTechnologyCoLtdMember to label_yy_BeijingBilinOnlineInformationTechnologyCoLtdMember_2" />
    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_ZhuhaiHuanjuInteractiveEntertainmentTechnologyMember" xlink:label="yy_ZhuhaiHuanjuInteractiveEntertainmentTechnologyMember" xlink:title="yy_ZhuhaiHuanjuInteractiveEntertainmentTechnologyMember" />
    <link:label xlink:type="resource" xlink:label="label_yy_ZhuhaiHuanjuInteractiveEntertainmentTechnologyMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_yy_ZhuhaiHuanjuInteractiveEntertainmentTechnologyMember" xml:lang="en-US" id="label_yy_ZhuhaiHuanjuInteractiveEntertainmentTechnologyMember">Represents information pertaining to Zhuhai Huanju Interactive Entertainment Technology.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_ZhuhaiHuanjuInteractiveEntertainmentTechnologyMember" xlink:to="label_yy_ZhuhaiHuanjuInteractiveEntertainmentTechnologyMember" xlink:title="Label : yy_ZhuhaiHuanjuInteractiveEntertainmentTechnologyMember to label_yy_ZhuhaiHuanjuInteractiveEntertainmentTechnologyMember" />
    <link:label xlink:type="resource" xlink:label="label_yy_ZhuhaiHuanjuInteractiveEntertainmentTechnologyMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_yy_ZhuhaiHuanjuInteractiveEntertainmentTechnologyMember_1" xml:lang="en-US" id="label_yy_ZhuhaiHuanjuInteractiveEntertainmentTechnologyMember_1">Zhuhai Huanju Interactive Entertainment Technology [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_ZhuhaiHuanjuInteractiveEntertainmentTechnologyMember" xlink:to="label_yy_ZhuhaiHuanjuInteractiveEntertainmentTechnologyMember_1" xlink:title="Label : yy_ZhuhaiHuanjuInteractiveEntertainmentTechnologyMember to label_yy_ZhuhaiHuanjuInteractiveEntertainmentTechnologyMember_1" />
    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_ShanghaiYilianEquityInvestmentPartnershipLPMember" xlink:label="yy_ShanghaiYilianEquityInvestmentPartnershipLPMember" xlink:title="yy_ShanghaiYilianEquityInvestmentPartnershipLPMember" />
    <link:label xlink:type="resource" xlink:label="label_yy_ShanghaiYilianEquityInvestmentPartnershipLPMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_yy_ShanghaiYilianEquityInvestmentPartnershipLPMember" xml:lang="en-US" id="label_yy_ShanghaiYilianEquityInvestmentPartnershipLPMember">Represents information pertaining to Shanghai Yilian Equity Investment Partnership(LP) ("ShanghaiYilian").</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_ShanghaiYilianEquityInvestmentPartnershipLPMember" xlink:to="label_yy_ShanghaiYilianEquityInvestmentPartnershipLPMember" xlink:title="Label : yy_ShanghaiYilianEquityInvestmentPartnershipLPMember to label_yy_ShanghaiYilianEquityInvestmentPartnershipLPMember" />
    <link:label xlink:type="resource" xlink:label="label_yy_ShanghaiYilianEquityInvestmentPartnershipLPMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_yy_ShanghaiYilianEquityInvestmentPartnershipLPMember_1" xml:lang="en-US" id="label_yy_ShanghaiYilianEquityInvestmentPartnershipLPMember_1">Shanghai Yilian Equity Investment Partnership LP [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_ShanghaiYilianEquityInvestmentPartnershipLPMember" xlink:to="label_yy_ShanghaiYilianEquityInvestmentPartnershipLPMember_1" xlink:title="Label : yy_ShanghaiYilianEquityInvestmentPartnershipLPMember to label_yy_ShanghaiYilianEquityInvestmentPartnershipLPMember_1" />
    <link:label xlink:type="resource" xlink:label="label_yy_ShanghaiYilianEquityInvestmentPartnershipLPMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_yy_ShanghaiYilianEquityInvestmentPartnershipLPMember_2" xml:lang="en-US" id="label_yy_ShanghaiYilianEquityInvestmentPartnershipLPMember_2">ShanghaiYilian [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_ShanghaiYilianEquityInvestmentPartnershipLPMember" xlink:to="label_yy_ShanghaiYilianEquityInvestmentPartnershipLPMember_2" xlink:title="Label : yy_ShanghaiYilianEquityInvestmentPartnershipLPMember to label_yy_ShanghaiYilianEquityInvestmentPartnershipLPMember_2" />
    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_BeijingYunkeOnlineTechnologyDevelopmentCoLtdMember" xlink:label="yy_BeijingYunkeOnlineTechnologyDevelopmentCoLtdMember" xlink:title="yy_BeijingYunkeOnlineTechnologyDevelopmentCoLtdMember" />
    <link:label xlink:type="resource" xlink:label="label_yy_BeijingYunkeOnlineTechnologyDevelopmentCoLtdMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_yy_BeijingYunkeOnlineTechnologyDevelopmentCoLtdMember" xml:lang="en-US" id="label_yy_BeijingYunkeOnlineTechnologyDevelopmentCoLtdMember">Represents information pertaining to Beijing Yunke Online Technology Development Co., Ltd..</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_BeijingYunkeOnlineTechnologyDevelopmentCoLtdMember" xlink:to="label_yy_BeijingYunkeOnlineTechnologyDevelopmentCoLtdMember" xlink:title="Label : yy_BeijingYunkeOnlineTechnologyDevelopmentCoLtdMember to label_yy_BeijingYunkeOnlineTechnologyDevelopmentCoLtdMember" />
    <link:label xlink:type="resource" xlink:label="label_yy_BeijingYunkeOnlineTechnologyDevelopmentCoLtdMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_yy_BeijingYunkeOnlineTechnologyDevelopmentCoLtdMember_1" xml:lang="en-US" id="label_yy_BeijingYunkeOnlineTechnologyDevelopmentCoLtdMember_1">Beijing Yunke Online Technology Development Co Ltd [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_BeijingYunkeOnlineTechnologyDevelopmentCoLtdMember" xlink:to="label_yy_BeijingYunkeOnlineTechnologyDevelopmentCoLtdMember_1" xlink:title="Label : yy_BeijingYunkeOnlineTechnologyDevelopmentCoLtdMember to label_yy_BeijingYunkeOnlineTechnologyDevelopmentCoLtdMember_1" />
    <link:label xlink:type="resource" xlink:label="label_yy_BeijingYunkeOnlineTechnologyDevelopmentCoLtdMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_yy_BeijingYunkeOnlineTechnologyDevelopmentCoLtdMember_2" xml:lang="en-US" id="label_yy_BeijingYunkeOnlineTechnologyDevelopmentCoLtdMember_2">Beijing Yunke Online Technology Development Co., Ltd. [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_BeijingYunkeOnlineTechnologyDevelopmentCoLtdMember" xlink:to="label_yy_BeijingYunkeOnlineTechnologyDevelopmentCoLtdMember_2" xlink:title="Label : yy_BeijingYunkeOnlineTechnologyDevelopmentCoLtdMember to label_yy_BeijingYunkeOnlineTechnologyDevelopmentCoLtdMember_2" />
    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_GuangzhouHuanjuElectronicCommerceCoLtdMember" xlink:label="yy_GuangzhouHuanjuElectronicCommerceCoLtdMember" xlink:title="yy_GuangzhouHuanjuElectronicCommerceCoLtdMember" />
    <link:label xlink:type="resource" xlink:label="label_yy_GuangzhouHuanjuElectronicCommerceCoLtdMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_yy_GuangzhouHuanjuElectronicCommerceCoLtdMember" xml:lang="en-US" id="label_yy_GuangzhouHuanjuElectronicCommerceCoLtdMember">Represents information pertaining to Guangzhou Huanju Electronic Commerce Co., Ltd..</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_GuangzhouHuanjuElectronicCommerceCoLtdMember" xlink:to="label_yy_GuangzhouHuanjuElectronicCommerceCoLtdMember" xlink:title="Label : yy_GuangzhouHuanjuElectronicCommerceCoLtdMember to label_yy_GuangzhouHuanjuElectronicCommerceCoLtdMember" />
    <link:label xlink:type="resource" xlink:label="label_yy_GuangzhouHuanjuElectronicCommerceCoLtdMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_yy_GuangzhouHuanjuElectronicCommerceCoLtdMember_1" xml:lang="en-US" id="label_yy_GuangzhouHuanjuElectronicCommerceCoLtdMember_1">Guangzhou Huanju Electronic Commerce Co Ltd [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_GuangzhouHuanjuElectronicCommerceCoLtdMember" xlink:to="label_yy_GuangzhouHuanjuElectronicCommerceCoLtdMember_1" xlink:title="Label : yy_GuangzhouHuanjuElectronicCommerceCoLtdMember to label_yy_GuangzhouHuanjuElectronicCommerceCoLtdMember_1" />
    <link:label xlink:type="resource" xlink:label="label_yy_GuangzhouHuanjuElectronicCommerceCoLtdMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_yy_GuangzhouHuanjuElectronicCommerceCoLtdMember_2" xml:lang="en-US" id="label_yy_GuangzhouHuanjuElectronicCommerceCoLtdMember_2">Guangzhou Huanju Electronic Commerce Co., Ltd. [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_GuangzhouHuanjuElectronicCommerceCoLtdMember" xlink:to="label_yy_GuangzhouHuanjuElectronicCommerceCoLtdMember_2" xlink:title="Label : yy_GuangzhouHuanjuElectronicCommerceCoLtdMember to label_yy_GuangzhouHuanjuElectronicCommerceCoLtdMember_2" />
    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_ShanghaiLanyuTradingCoLtdMember" xlink:label="yy_ShanghaiLanyuTradingCoLtdMember" xlink:title="yy_ShanghaiLanyuTradingCoLtdMember" />
    <link:label xlink:type="resource" xlink:label="label_yy_ShanghaiLanyuTradingCoLtdMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_yy_ShanghaiLanyuTradingCoLtdMember" xml:lang="en-US" id="label_yy_ShanghaiLanyuTradingCoLtdMember">Represents information pertaining to Shanghai Lanyu Trading Co., Ltd.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_ShanghaiLanyuTradingCoLtdMember" xlink:to="label_yy_ShanghaiLanyuTradingCoLtdMember" xlink:title="Label : yy_ShanghaiLanyuTradingCoLtdMember to label_yy_ShanghaiLanyuTradingCoLtdMember" />
    <link:label xlink:type="resource" xlink:label="label_yy_ShanghaiLanyuTradingCoLtdMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_yy_ShanghaiLanyuTradingCoLtdMember_1" xml:lang="en-US" id="label_yy_ShanghaiLanyuTradingCoLtdMember_1">Shanghai Lanyu Trading Co Ltd [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_ShanghaiLanyuTradingCoLtdMember" xlink:to="label_yy_ShanghaiLanyuTradingCoLtdMember_1" xlink:title="Label : yy_ShanghaiLanyuTradingCoLtdMember to label_yy_ShanghaiLanyuTradingCoLtdMember_1" />
    <link:label xlink:type="resource" xlink:label="label_yy_ShanghaiLanyuTradingCoLtdMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_yy_ShanghaiLanyuTradingCoLtdMember_2" xml:lang="en-US" id="label_yy_ShanghaiLanyuTradingCoLtdMember_2">Shanghai Lanyu Trading Co., Ltd. [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_ShanghaiLanyuTradingCoLtdMember" xlink:to="label_yy_ShanghaiLanyuTradingCoLtdMember_2" xlink:title="Label : yy_ShanghaiLanyuTradingCoLtdMember to label_yy_ShanghaiLanyuTradingCoLtdMember_2" />
    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_ShanghaiFulanElectronicTechnologyCoLtdMember" xlink:label="yy_ShanghaiFulanElectronicTechnologyCoLtdMember" xlink:title="yy_ShanghaiFulanElectronicTechnologyCoLtdMember" />
    <link:label xlink:type="resource" xlink:label="label_yy_ShanghaiFulanElectronicTechnologyCoLtdMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_yy_ShanghaiFulanElectronicTechnologyCoLtdMember" xml:lang="en-US" id="label_yy_ShanghaiFulanElectronicTechnologyCoLtdMember">Represents information pertaining to Shanghai Fulan Electronic Technology Co., Ltd.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_ShanghaiFulanElectronicTechnologyCoLtdMember" xlink:to="label_yy_ShanghaiFulanElectronicTechnologyCoLtdMember" xlink:title="Label : yy_ShanghaiFulanElectronicTechnologyCoLtdMember to label_yy_ShanghaiFulanElectronicTechnologyCoLtdMember" />
    <link:label xlink:type="resource" xlink:label="label_yy_ShanghaiFulanElectronicTechnologyCoLtdMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_yy_ShanghaiFulanElectronicTechnologyCoLtdMember_1" xml:lang="en-US" id="label_yy_ShanghaiFulanElectronicTechnologyCoLtdMember_1">Shanghai Fulan Electronic Technology Co Ltd [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_ShanghaiFulanElectronicTechnologyCoLtdMember" xlink:to="label_yy_ShanghaiFulanElectronicTechnologyCoLtdMember_1" xlink:title="Label : yy_ShanghaiFulanElectronicTechnologyCoLtdMember to label_yy_ShanghaiFulanElectronicTechnologyCoLtdMember_1" />
    <link:label xlink:type="resource" xlink:label="label_yy_ShanghaiFulanElectronicTechnologyCoLtdMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_yy_ShanghaiFulanElectronicTechnologyCoLtdMember_2" xml:lang="en-US" id="label_yy_ShanghaiFulanElectronicTechnologyCoLtdMember_2">Shanghai Fulan Electronic Technology Co., Ltd. [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_ShanghaiFulanElectronicTechnologyCoLtdMember" xlink:to="label_yy_ShanghaiFulanElectronicTechnologyCoLtdMember_2" xlink:title="Label : yy_ShanghaiFulanElectronicTechnologyCoLtdMember to label_yy_ShanghaiFulanElectronicTechnologyCoLtdMember_2" />
    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_ConsolidationAbstract" xlink:label="yy_ConsolidationAbstract" xlink:title="yy_ConsolidationAbstract" />
    <link:label xlink:type="resource" xlink:label="label_yy_ConsolidationAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_yy_ConsolidationAbstract" xml:lang="en-US" id="label_yy_ConsolidationAbstract">Consolidation [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_ConsolidationAbstract" xlink:to="label_yy_ConsolidationAbstract" xlink:title="Label : yy_ConsolidationAbstract to label_yy_ConsolidationAbstract" />
    <link:label xlink:type="resource" xlink:label="label_yy_ConsolidationAbstract_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_yy_ConsolidationAbstract_1" xml:lang="en-US" id="label_yy_ConsolidationAbstract_1">Consolidation</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_ConsolidationAbstract" xlink:to="label_yy_ConsolidationAbstract_1" xlink:title="Label : yy_ConsolidationAbstract to label_yy_ConsolidationAbstract_1" />
    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_NumberOfAvailableForSaleInvestment" xlink:label="yy_NumberOfAvailableForSaleInvestment" xlink:title="yy_NumberOfAvailableForSaleInvestment" />
    <link:label xlink:type="resource" xlink:label="label_yy_NumberOfAvailableForSaleInvestment" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_yy_NumberOfAvailableForSaleInvestment" xml:lang="en-US" id="label_yy_NumberOfAvailableForSaleInvestment">Represents the number of available-for-sale investment.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_NumberOfAvailableForSaleInvestment" xlink:to="label_yy_NumberOfAvailableForSaleInvestment" xlink:title="Label : yy_NumberOfAvailableForSaleInvestment to label_yy_NumberOfAvailableForSaleInvestment" />
    <link:label xlink:type="resource" xlink:label="label_yy_NumberOfAvailableForSaleInvestment_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_yy_NumberOfAvailableForSaleInvestment_1" xml:lang="en-US" id="label_yy_NumberOfAvailableForSaleInvestment_1">Number of Available For Sale Investment</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_NumberOfAvailableForSaleInvestment" xlink:to="label_yy_NumberOfAvailableForSaleInvestment_1" xlink:title="Label : yy_NumberOfAvailableForSaleInvestment to label_yy_NumberOfAvailableForSaleInvestment_1" />
    <link:label xlink:type="resource" xlink:label="label_yy_NumberOfAvailableForSaleInvestment_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_yy_NumberOfAvailableForSaleInvestment_2" xml:lang="en-US" id="label_yy_NumberOfAvailableForSaleInvestment_2">Number of available-for-sale investment</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_NumberOfAvailableForSaleInvestment" xlink:to="label_yy_NumberOfAvailableForSaleInvestment_2" xlink:title="Label : yy_NumberOfAvailableForSaleInvestment to label_yy_NumberOfAvailableForSaleInvestment_2" />
    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_OnlineEducationRevenuesMember" xlink:label="yy_OnlineEducationRevenuesMember" xlink:title="yy_OnlineEducationRevenuesMember" />
    <link:label xlink:type="resource" xlink:label="label_yy_OnlineEducationRevenuesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_yy_OnlineEducationRevenuesMember" xml:lang="en-US" id="label_yy_OnlineEducationRevenuesMember">Represents information pertaining to online education revenues.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_OnlineEducationRevenuesMember" xlink:to="label_yy_OnlineEducationRevenuesMember" xlink:title="Label : yy_OnlineEducationRevenuesMember to label_yy_OnlineEducationRevenuesMember" />
    <link:label xlink:type="resource" xlink:label="label_yy_OnlineEducationRevenuesMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_yy_OnlineEducationRevenuesMember_1" xml:lang="en-US" id="label_yy_OnlineEducationRevenuesMember_1">Online Education Revenues [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_OnlineEducationRevenuesMember" xlink:to="label_yy_OnlineEducationRevenuesMember_1" xlink:title="Label : yy_OnlineEducationRevenuesMember to label_yy_OnlineEducationRevenuesMember_1" />
    <link:label xlink:type="resource" xlink:label="label_yy_OnlineEducationRevenuesMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_yy_OnlineEducationRevenuesMember_2" xml:lang="en-US" id="label_yy_OnlineEducationRevenuesMember_2">Online education revenues [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_OnlineEducationRevenuesMember" xlink:to="label_yy_OnlineEducationRevenuesMember_2" xlink:title="Label : yy_OnlineEducationRevenuesMember to label_yy_OnlineEducationRevenuesMember_2" />
    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_NumberOfTrialClassOfPurchasedCourse" xlink:label="yy_NumberOfTrialClassOfPurchasedCourse" xlink:title="yy_NumberOfTrialClassOfPurchasedCourse" />
    <link:label xlink:type="resource" xlink:label="label_yy_NumberOfTrialClassOfPurchasedCourse" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_yy_NumberOfTrialClassOfPurchasedCourse" xml:lang="en-US" id="label_yy_NumberOfTrialClassOfPurchasedCourse">Represents the number of trial class of the purchased course.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_NumberOfTrialClassOfPurchasedCourse" xlink:to="label_yy_NumberOfTrialClassOfPurchasedCourse" xlink:title="Label : yy_NumberOfTrialClassOfPurchasedCourse to label_yy_NumberOfTrialClassOfPurchasedCourse" />
    <link:label xlink:type="resource" xlink:label="label_yy_NumberOfTrialClassOfPurchasedCourse_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_yy_NumberOfTrialClassOfPurchasedCourse_1" xml:lang="en-US" id="label_yy_NumberOfTrialClassOfPurchasedCourse_1">Number of Trial Class of Purchased Course</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_NumberOfTrialClassOfPurchasedCourse" xlink:to="label_yy_NumberOfTrialClassOfPurchasedCourse_1" xlink:title="Label : yy_NumberOfTrialClassOfPurchasedCourse to label_yy_NumberOfTrialClassOfPurchasedCourse_1" />
    <link:label xlink:type="resource" xlink:label="label_yy_NumberOfTrialClassOfPurchasedCourse_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_yy_NumberOfTrialClassOfPurchasedCourse_2" xml:lang="en-US" id="label_yy_NumberOfTrialClassOfPurchasedCourse_2">Number of trial class of the purchased course</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_NumberOfTrialClassOfPurchasedCourse" xlink:to="label_yy_NumberOfTrialClassOfPurchasedCourse_2" xlink:title="Label : yy_NumberOfTrialClassOfPurchasedCourse to label_yy_NumberOfTrialClassOfPurchasedCourse_2" />
    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_AmountOfRefundToBeProvidedToStudentWhoWithdrawsFundAfterTrialPeriod" xlink:label="yy_AmountOfRefundToBeProvidedToStudentWhoWithdrawsFundAfterTrialPeriod" xlink:title="yy_AmountOfRefundToBeProvidedToStudentWhoWithdrawsFundAfterTrialPeriod" />
    <link:label xlink:type="resource" xlink:label="label_yy_AmountOfRefundToBeProvidedToStudentWhoWithdrawsFundAfterTrialPeriod" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_yy_AmountOfRefundToBeProvidedToStudentWhoWithdrawsFundAfterTrialPeriod" xml:lang="en-US" id="label_yy_AmountOfRefundToBeProvidedToStudentWhoWithdrawsFundAfterTrialPeriod">Represents the amount of refund to be provided to student who withdraws fund after the trial period.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_AmountOfRefundToBeProvidedToStudentWhoWithdrawsFundAfterTrialPeriod" xlink:to="label_yy_AmountOfRefundToBeProvidedToStudentWhoWithdrawsFundAfterTrialPeriod" xlink:title="Label : yy_AmountOfRefundToBeProvidedToStudentWhoWithdrawsFundAfterTrialPeriod to label_yy_AmountOfRefundToBeProvidedToStudentWhoWithdrawsFundAfterTrialPeriod" />
    <link:label xlink:type="resource" xlink:label="label_yy_AmountOfRefundToBeProvidedToStudentWhoWithdrawsFundAfterTrialPeriod_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_yy_AmountOfRefundToBeProvidedToStudentWhoWithdrawsFundAfterTrialPeriod_1" xml:lang="en-US" id="label_yy_AmountOfRefundToBeProvidedToStudentWhoWithdrawsFundAfterTrialPeriod_1">Amount of Refund to be Provided to Student Who Withdraws Fund After Trial Period</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_AmountOfRefundToBeProvidedToStudentWhoWithdrawsFundAfterTrialPeriod" xlink:to="label_yy_AmountOfRefundToBeProvidedToStudentWhoWithdrawsFundAfterTrialPeriod_1" xlink:title="Label : yy_AmountOfRefundToBeProvidedToStudentWhoWithdrawsFundAfterTrialPeriod to label_yy_AmountOfRefundToBeProvidedToStudentWhoWithdrawsFundAfterTrialPeriod_1" />
    <link:label xlink:type="resource" xlink:label="label_yy_AmountOfRefundToBeProvidedToStudentWhoWithdrawsFundAfterTrialPeriod_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_yy_AmountOfRefundToBeProvidedToStudentWhoWithdrawsFundAfterTrialPeriod_2" xml:lang="en-US" id="label_yy_AmountOfRefundToBeProvidedToStudentWhoWithdrawsFundAfterTrialPeriod_2">Amount of refund to be provided to student who withdraws fund after the trial period</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_AmountOfRefundToBeProvidedToStudentWhoWithdrawsFundAfterTrialPeriod" xlink:to="label_yy_AmountOfRefundToBeProvidedToStudentWhoWithdrawsFundAfterTrialPeriod_2" xlink:title="Label : yy_AmountOfRefundToBeProvidedToStudentWhoWithdrawsFundAfterTrialPeriod to label_yy_AmountOfRefundToBeProvidedToStudentWhoWithdrawsFundAfterTrialPeriod_2" />
    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_InitialCourseTerm" xlink:label="yy_InitialCourseTerm" xlink:title="yy_InitialCourseTerm" />
    <link:label xlink:type="resource" xlink:label="label_yy_InitialCourseTerm" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_yy_InitialCourseTerm" xml:lang="en-US" id="label_yy_InitialCourseTerm">Represents the period of initial course term.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_InitialCourseTerm" xlink:to="label_yy_InitialCourseTerm" xlink:title="Label : yy_InitialCourseTerm to label_yy_InitialCourseTerm" />
    <link:label xlink:type="resource" xlink:label="label_yy_InitialCourseTerm_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_yy_InitialCourseTerm_1" xml:lang="en-US" id="label_yy_InitialCourseTerm_1">Initial Course Term</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_InitialCourseTerm" xlink:to="label_yy_InitialCourseTerm_1" xlink:title="Label : yy_InitialCourseTerm to label_yy_InitialCourseTerm_1" />
    <link:label xlink:type="resource" xlink:label="label_yy_InitialCourseTerm_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_yy_InitialCourseTerm_2" xml:lang="en-US" id="label_yy_InitialCourseTerm_2">Initial course term</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_InitialCourseTerm" xlink:to="label_yy_InitialCourseTerm_2" xlink:title="Label : yy_InitialCourseTerm to label_yy_InitialCourseTerm_2" />
    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_LandUseRightAcquired" xlink:label="yy_LandUseRightAcquired" xlink:title="yy_LandUseRightAcquired" />
    <link:label xlink:type="resource" xlink:label="label_yy_LandUseRightAcquired" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_yy_LandUseRightAcquired" xml:lang="en-US" id="label_yy_LandUseRightAcquired">Represents the amount of prepayment for acquiring land use right.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_LandUseRightAcquired" xlink:to="label_yy_LandUseRightAcquired" xlink:title="Label : yy_LandUseRightAcquired to label_yy_LandUseRightAcquired" />
    <link:label xlink:type="resource" xlink:label="label_yy_LandUseRightAcquired_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_yy_LandUseRightAcquired_1" xml:lang="en-US" id="label_yy_LandUseRightAcquired_1">Land Use Right Acquired</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_LandUseRightAcquired" xlink:to="label_yy_LandUseRightAcquired_1" xlink:title="Label : yy_LandUseRightAcquired to label_yy_LandUseRightAcquired_1" />
    <link:label xlink:type="resource" xlink:label="label_yy_LandUseRightAcquired_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_yy_LandUseRightAcquired_2" xml:lang="en-US" id="label_yy_LandUseRightAcquired_2">Prepayment for acquiring a land use right</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_LandUseRightAcquired" xlink:to="label_yy_LandUseRightAcquired_2" xlink:title="Label : yy_LandUseRightAcquired to label_yy_LandUseRightAcquired_2" />
    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_NumberOfEducationSegments" xlink:label="yy_NumberOfEducationSegments" xlink:title="yy_NumberOfEducationSegments" />
    <link:label xlink:type="resource" xlink:label="label_yy_NumberOfEducationSegments" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_yy_NumberOfEducationSegments" xml:lang="en-US" id="label_yy_NumberOfEducationSegments">Represents the number of educational segments.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_NumberOfEducationSegments" xlink:to="label_yy_NumberOfEducationSegments" xlink:title="Label : yy_NumberOfEducationSegments to label_yy_NumberOfEducationSegments" />
    <link:label xlink:type="resource" xlink:label="label_yy_NumberOfEducationSegments_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_yy_NumberOfEducationSegments_1" xml:lang="en-US" id="label_yy_NumberOfEducationSegments_1">Number of Education Segments</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_NumberOfEducationSegments" xlink:to="label_yy_NumberOfEducationSegments_1" xlink:title="Label : yy_NumberOfEducationSegments to label_yy_NumberOfEducationSegments_1" />
    <link:label xlink:type="resource" xlink:label="label_yy_NumberOfEducationSegments_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_yy_NumberOfEducationSegments_2" xml:lang="en-US" id="label_yy_NumberOfEducationSegments_2">Number of educational segments</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_NumberOfEducationSegments" xlink:to="label_yy_NumberOfEducationSegments_2" xlink:title="Label : yy_NumberOfEducationSegments to label_yy_NumberOfEducationSegments_2" />
    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_EducationRevenuesMember" xlink:label="yy_EducationRevenuesMember" xlink:title="yy_EducationRevenuesMember" />
    <link:label xlink:type="resource" xlink:label="label_yy_EducationRevenuesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_yy_EducationRevenuesMember" xml:lang="en-US" id="label_yy_EducationRevenuesMember">Represents information pertaining to education revenues.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_EducationRevenuesMember" xlink:to="label_yy_EducationRevenuesMember" xlink:title="Label : yy_EducationRevenuesMember to label_yy_EducationRevenuesMember" />
    <link:label xlink:type="resource" xlink:label="label_yy_EducationRevenuesMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_yy_EducationRevenuesMember_1" xml:lang="en-US" id="label_yy_EducationRevenuesMember_1">Education Revenues [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_EducationRevenuesMember" xlink:to="label_yy_EducationRevenuesMember_1" xlink:title="Label : yy_EducationRevenuesMember to label_yy_EducationRevenuesMember_1" />
    <link:label xlink:type="resource" xlink:label="label_yy_EducationRevenuesMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_yy_EducationRevenuesMember_2" xml:lang="en-US" id="label_yy_EducationRevenuesMember_2">Education revenues [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_EducationRevenuesMember" xlink:to="label_yy_EducationRevenuesMember_2" xlink:title="Label : yy_EducationRevenuesMember to label_yy_EducationRevenuesMember_2" />
    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_OtherPayableToContentProviders" xlink:label="yy_OtherPayableToContentProviders" xlink:title="yy_OtherPayableToContentProviders" />
    <link:label xlink:type="resource" xlink:label="label_yy_OtherPayableToContentProviders" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_yy_OtherPayableToContentProviders" xml:lang="en-US" id="label_yy_OtherPayableToContentProviders">Represents the carrying value as of the balance sheet date of obligations incurred for other payable to content providers.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_OtherPayableToContentProviders" xlink:to="label_yy_OtherPayableToContentProviders" xlink:title="Label : yy_OtherPayableToContentProviders to label_yy_OtherPayableToContentProviders" />
    <link:label xlink:type="resource" xlink:label="label_yy_OtherPayableToContentProviders_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_yy_OtherPayableToContentProviders_1" xml:lang="en-US" id="label_yy_OtherPayableToContentProviders_1">Other Payable to Content Providers</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_OtherPayableToContentProviders" xlink:to="label_yy_OtherPayableToContentProviders_1" xlink:title="Label : yy_OtherPayableToContentProviders to label_yy_OtherPayableToContentProviders_1" />
    <link:label xlink:type="resource" xlink:label="label_yy_OtherPayableToContentProviders_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_yy_OtherPayableToContentProviders_2" xml:lang="en-US" id="label_yy_OtherPayableToContentProviders_2">Other payable to content providers</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_OtherPayableToContentProviders" xlink:to="label_yy_OtherPayableToContentProviders_2" xlink:title="Label : yy_OtherPayableToContentProviders to label_yy_OtherPayableToContentProviders_2" />
    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_OnlineDatingRevenueMember" xlink:label="yy_OnlineDatingRevenueMember" xlink:title="yy_OnlineDatingRevenueMember" />
    <link:label xlink:type="resource" xlink:label="label_yy_OnlineDatingRevenueMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_yy_OnlineDatingRevenueMember" xml:lang="en-US" id="label_yy_OnlineDatingRevenueMember">Represents information pertaining to online dating revenue.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_OnlineDatingRevenueMember" xlink:to="label_yy_OnlineDatingRevenueMember" xlink:title="Label : yy_OnlineDatingRevenueMember to label_yy_OnlineDatingRevenueMember" />
    <link:label xlink:type="resource" xlink:label="label_yy_OnlineDatingRevenueMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_yy_OnlineDatingRevenueMember_1" xml:lang="en-US" id="label_yy_OnlineDatingRevenueMember_1">Online Dating Revenue [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_OnlineDatingRevenueMember" xlink:to="label_yy_OnlineDatingRevenueMember_1" xlink:title="Label : yy_OnlineDatingRevenueMember to label_yy_OnlineDatingRevenueMember_1" />
    <link:label xlink:type="resource" xlink:label="label_yy_OnlineDatingRevenueMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_yy_OnlineDatingRevenueMember_2" xml:lang="en-US" id="label_yy_OnlineDatingRevenueMember_2">Online dating [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_OnlineDatingRevenueMember" xlink:to="label_yy_OnlineDatingRevenueMember_2" xlink:title="Label : yy_OnlineDatingRevenueMember to label_yy_OnlineDatingRevenueMember_2" />
    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_InternetValueAddedServicesAndOthersMember" xlink:label="yy_InternetValueAddedServicesAndOthersMember" xlink:title="yy_InternetValueAddedServicesAndOthersMember" />
    <link:label xlink:type="resource" xlink:label="label_yy_InternetValueAddedServicesAndOthersMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_yy_InternetValueAddedServicesAndOthersMember" xml:lang="en-US" id="label_yy_InternetValueAddedServicesAndOthersMember">Represents information pertaining to YY IVAS and others.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_InternetValueAddedServicesAndOthersMember" xlink:to="label_yy_InternetValueAddedServicesAndOthersMember" xlink:title="Label : yy_InternetValueAddedServicesAndOthersMember to label_yy_InternetValueAddedServicesAndOthersMember" />
    <link:label xlink:type="resource" xlink:label="label_yy_InternetValueAddedServicesAndOthersMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_yy_InternetValueAddedServicesAndOthersMember_1" xml:lang="en-US" id="label_yy_InternetValueAddedServicesAndOthersMember_1">Internet Value Added Services and Others [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_InternetValueAddedServicesAndOthersMember" xlink:to="label_yy_InternetValueAddedServicesAndOthersMember_1" xlink:title="Label : yy_InternetValueAddedServicesAndOthersMember to label_yy_InternetValueAddedServicesAndOthersMember_1" />
    <link:label xlink:type="resource" xlink:label="label_yy_InternetValueAddedServicesAndOthersMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_yy_InternetValueAddedServicesAndOthersMember_2" xml:lang="en-US" id="label_yy_InternetValueAddedServicesAndOthersMember_2">YY IVAS and others [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_InternetValueAddedServicesAndOthersMember" xlink:to="label_yy_InternetValueAddedServicesAndOthersMember_2" xlink:title="Label : yy_InternetValueAddedServicesAndOthersMember to label_yy_InternetValueAddedServicesAndOthersMember_2" />
    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_HuyaBroadcastingMember" xlink:label="yy_HuyaBroadcastingMember" xlink:title="yy_HuyaBroadcastingMember" />
    <link:label xlink:type="resource" xlink:label="label_yy_HuyaBroadcastingMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_yy_HuyaBroadcastingMember" xml:lang="en-US" id="label_yy_HuyaBroadcastingMember">Represents information pertaining to Huya Broadcasting.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_HuyaBroadcastingMember" xlink:to="label_yy_HuyaBroadcastingMember" xlink:title="Label : yy_HuyaBroadcastingMember to label_yy_HuyaBroadcastingMember" />
    <link:label xlink:type="resource" xlink:label="label_yy_HuyaBroadcastingMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_yy_HuyaBroadcastingMember_1" xml:lang="en-US" id="label_yy_HuyaBroadcastingMember_1">Huya Broad casting [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_HuyaBroadcastingMember" xlink:to="label_yy_HuyaBroadcastingMember_1" xlink:title="Label : yy_HuyaBroadcastingMember to label_yy_HuyaBroadcastingMember_1" />
    <link:label xlink:type="resource" xlink:label="label_yy_HuyaBroadcastingMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_yy_HuyaBroadcastingMember_2" xml:lang="en-US" id="label_yy_HuyaBroadcastingMember_2">Huya Broadcasting [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_HuyaBroadcastingMember" xlink:to="label_yy_HuyaBroadcastingMember_2" xlink:title="Label : yy_HuyaBroadcastingMember to label_yy_HuyaBroadcastingMember_2" />
    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_OneHundredEducationMember" xlink:label="yy_OneHundredEducationMember" xlink:title="yy_OneHundredEducationMember" />
    <link:label xlink:type="resource" xlink:label="label_yy_OneHundredEducationMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_yy_OneHundredEducationMember" xml:lang="en-US" id="label_yy_OneHundredEducationMember">Represents information pertaining to 100 Education.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_OneHundredEducationMember" xlink:to="label_yy_OneHundredEducationMember" xlink:title="Label : yy_OneHundredEducationMember to label_yy_OneHundredEducationMember" />
    <link:label xlink:type="resource" xlink:label="label_yy_OneHundredEducationMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_yy_OneHundredEducationMember_1" xml:lang="en-US" id="label_yy_OneHundredEducationMember_1">One Hundred Education [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_OneHundredEducationMember" xlink:to="label_yy_OneHundredEducationMember_1" xlink:title="Label : yy_OneHundredEducationMember to label_yy_OneHundredEducationMember_1" />
    <link:label xlink:type="resource" xlink:label="label_yy_OneHundredEducationMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_yy_OneHundredEducationMember_2" xml:lang="en-US" id="label_yy_OneHundredEducationMember_2">100 Education [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_OneHundredEducationMember" xlink:to="label_yy_OneHundredEducationMember_2" xlink:title="Label : yy_OneHundredEducationMember to label_yy_OneHundredEducationMember_2" />
    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_YYIVASMember" xlink:label="yy_YYIVASMember" xlink:title="yy_YYIVASMember" />
    <link:label xlink:type="resource" xlink:label="label_yy_YYIVASMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_yy_YYIVASMember" xml:lang="en-US" id="label_yy_YYIVASMember">Represents information pertaining to YY IVAS.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_YYIVASMember" xlink:to="label_yy_YYIVASMember" xlink:title="Label : yy_YYIVASMember to label_yy_YYIVASMember" />
    <link:label xlink:type="resource" xlink:label="label_yy_YYIVASMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_yy_YYIVASMember_1" xml:lang="en-US" id="label_yy_YYIVASMember_1">YY IVAS [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_YYIVASMember" xlink:to="label_yy_YYIVASMember_1" xlink:title="Label : yy_YYIVASMember to label_yy_YYIVASMember_1" />
    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_YYIVASAndOthersMember" xlink:label="yy_YYIVASAndOthersMember" xlink:title="yy_YYIVASAndOthersMember" />
    <link:label xlink:type="resource" xlink:label="label_yy_YYIVASAndOthersMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_yy_YYIVASAndOthersMember" xml:lang="en-US" id="label_yy_YYIVASAndOthersMember">Represents information pertaining to YY IVAS and others.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_YYIVASAndOthersMember" xlink:to="label_yy_YYIVASAndOthersMember" xlink:title="Label : yy_YYIVASAndOthersMember to label_yy_YYIVASAndOthersMember" />
    <link:label xlink:type="resource" xlink:label="label_yy_YYIVASAndOthersMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_yy_YYIVASAndOthersMember_1" xml:lang="en-US" id="label_yy_YYIVASAndOthersMember_1">YY IVAS and Others [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_YYIVASAndOthersMember" xlink:to="label_yy_YYIVASAndOthersMember_1" xlink:title="Label : yy_YYIVASAndOthersMember to label_yy_YYIVASAndOthersMember_1" />
    <link:label xlink:type="resource" xlink:label="label_yy_YYIVASAndOthersMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_yy_YYIVASAndOthersMember_2" xml:lang="en-US" id="label_yy_YYIVASAndOthersMember_2">YY IVAS and others [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_YYIVASAndOthersMember" xlink:to="label_yy_YYIVASAndOthersMember_2" xlink:title="Label : yy_YYIVASAndOthersMember to label_yy_YYIVASAndOthersMember_2" />
    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_HundredEducationMember" xlink:label="yy_HundredEducationMember" xlink:title="yy_HundredEducationMember" />
    <link:label xlink:type="resource" xlink:label="label_yy_HundredEducationMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_yy_HundredEducationMember" xml:lang="en-US" id="label_yy_HundredEducationMember">Represents information pertaining to 100 Education.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_HundredEducationMember" xlink:to="label_yy_HundredEducationMember" xlink:title="Label : yy_HundredEducationMember to label_yy_HundredEducationMember" />
    <link:label xlink:type="resource" xlink:label="label_yy_HundredEducationMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_yy_HundredEducationMember_1" xml:lang="en-US" id="label_yy_HundredEducationMember_1">Hundred Education [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_HundredEducationMember" xlink:to="label_yy_HundredEducationMember_1" xlink:title="Label : yy_HundredEducationMember to label_yy_HundredEducationMember_1" />
    <link:label xlink:type="resource" xlink:label="label_yy_HundredEducationMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_yy_HundredEducationMember_2" xml:lang="en-US" id="label_yy_HundredEducationMember_2">100 Education [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_HundredEducationMember" xlink:to="label_yy_HundredEducationMember_2" xlink:title="Label : yy_HundredEducationMember to label_yy_HundredEducationMember_2" />
    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_OnlineGameHostsMember" xlink:label="yy_OnlineGameHostsMember" xlink:title="yy_OnlineGameHostsMember" />
    <link:label xlink:type="resource" xlink:label="label_yy_OnlineGameHostsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_yy_OnlineGameHostsMember" xml:lang="en-US" id="label_yy_OnlineGameHostsMember">Represents information pertaining to online game hots.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_OnlineGameHostsMember" xlink:to="label_yy_OnlineGameHostsMember" xlink:title="Label : yy_OnlineGameHostsMember to label_yy_OnlineGameHostsMember" />
    <link:label xlink:type="resource" xlink:label="label_yy_OnlineGameHostsMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_yy_OnlineGameHostsMember_1" xml:lang="en-US" id="label_yy_OnlineGameHostsMember_1">Online Game Hosts [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_OnlineGameHostsMember" xlink:to="label_yy_OnlineGameHostsMember_1" xlink:title="Label : yy_OnlineGameHostsMember to label_yy_OnlineGameHostsMember_1" />
    <link:label xlink:type="resource" xlink:label="label_yy_OnlineGameHostsMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_yy_OnlineGameHostsMember_2" xml:lang="en-US" id="label_yy_OnlineGameHostsMember_2">Online game hosts [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_OnlineGameHostsMember" xlink:to="label_yy_OnlineGameHostsMember_2" xlink:title="Label : yy_OnlineGameHostsMember to label_yy_OnlineGameHostsMember_2" />
    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_ShanghaiJiazuoMember" xlink:label="yy_ShanghaiJiazuoMember" xlink:title="yy_ShanghaiJiazuoMember" />
    <link:label xlink:type="resource" xlink:label="label_yy_ShanghaiJiazuoMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_yy_ShanghaiJiazuoMember" xml:lang="en-US" id="label_yy_ShanghaiJiazuoMember">Represents information pertaining to Shanghai Jiazuo.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_ShanghaiJiazuoMember" xlink:to="label_yy_ShanghaiJiazuoMember" xlink:title="Label : yy_ShanghaiJiazuoMember to label_yy_ShanghaiJiazuoMember" />
    <link:label xlink:type="resource" xlink:label="label_yy_ShanghaiJiazuoMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_yy_ShanghaiJiazuoMember_1" xml:lang="en-US" id="label_yy_ShanghaiJiazuoMember_1">Shanghai Jiazuo [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_ShanghaiJiazuoMember" xlink:to="label_yy_ShanghaiJiazuoMember_1" xlink:title="Label : yy_ShanghaiJiazuoMember to label_yy_ShanghaiJiazuoMember_1" />
    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_XiamenDuoyiMember" xlink:label="yy_XiamenDuoyiMember" xlink:title="yy_XiamenDuoyiMember" />
    <link:label xlink:type="resource" xlink:label="label_yy_XiamenDuoyiMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_yy_XiamenDuoyiMember" xml:lang="en-US" id="label_yy_XiamenDuoyiMember">Represents information pertaining to Xiamen Duoyi.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_XiamenDuoyiMember" xlink:to="label_yy_XiamenDuoyiMember" xlink:title="Label : yy_XiamenDuoyiMember to label_yy_XiamenDuoyiMember" />
    <link:label xlink:type="resource" xlink:label="label_yy_XiamenDuoyiMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_yy_XiamenDuoyiMember_1" xml:lang="en-US" id="label_yy_XiamenDuoyiMember_1">Xiamen Duoyi [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_XiamenDuoyiMember" xlink:to="label_yy_XiamenDuoyiMember_1" xlink:title="Label : yy_XiamenDuoyiMember to label_yy_XiamenDuoyiMember_1" />
    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_ShanghaiYaoyuMember" xlink:label="yy_ShanghaiYaoyuMember" xlink:title="yy_ShanghaiYaoyuMember" />
    <link:label xlink:type="resource" xlink:label="label_yy_ShanghaiYaoyuMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_yy_ShanghaiYaoyuMember" xml:lang="en-US" id="label_yy_ShanghaiYaoyuMember">Represents information pertaining to Shanghai Yaoyu.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_ShanghaiYaoyuMember" xlink:to="label_yy_ShanghaiYaoyuMember" xlink:title="Label : yy_ShanghaiYaoyuMember to label_yy_ShanghaiYaoyuMember" />
    <link:label xlink:type="resource" xlink:label="label_yy_ShanghaiYaoyuMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_yy_ShanghaiYaoyuMember_1" xml:lang="en-US" id="label_yy_ShanghaiYaoyuMember_1">Shanghai Yaoyu [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_ShanghaiYaoyuMember" xlink:to="label_yy_ShanghaiYaoyuMember_1" xlink:title="Label : yy_ShanghaiYaoyuMember to label_yy_ShanghaiYaoyuMember_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_BusinessCombinationDisclosureTextBlock" xlink:label="us-gaap_BusinessCombinationDisclosureTextBlock" xlink:title="us-gaap_BusinessCombinationDisclosureTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_BusinessCombinationDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_BusinessCombinationDisclosureTextBlock" xml:lang="en-US" id="label_us-gaap_BusinessCombinationDisclosureTextBlock">Business Combination Disclosure [Text Block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_BusinessCombinationDisclosureTextBlock" xlink:to="label_us-gaap_BusinessCombinationDisclosureTextBlock" xlink:title="Label : us-gaap_BusinessCombinationDisclosureTextBlock to label_us-gaap_BusinessCombinationDisclosureTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_BusinessCombinationDisclosureTextBlock_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_us-gaap_BusinessCombinationDisclosureTextBlock_1" xml:lang="en-US" id="label_us-gaap_BusinessCombinationDisclosureTextBlock_1">Business combination</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_BusinessCombinationDisclosureTextBlock" xlink:to="label_us-gaap_BusinessCombinationDisclosureTextBlock_1" xlink:title="Label : us-gaap_BusinessCombinationDisclosureTextBlock to label_us-gaap_BusinessCombinationDisclosureTextBlock_1" />
    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_BeijingXianquMember" xlink:label="yy_BeijingXianquMember" xlink:title="yy_BeijingXianquMember" />
    <link:label xlink:type="resource" xlink:label="label_yy_BeijingXianquMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_yy_BeijingXianquMember" xml:lang="en-US" id="label_yy_BeijingXianquMember">Represents information pertaining to Beijing Xianqu.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_BeijingXianquMember" xlink:to="label_yy_BeijingXianquMember" xlink:title="Label : yy_BeijingXianquMember to label_yy_BeijingXianquMember" />
    <link:label xlink:type="resource" xlink:label="label_yy_BeijingXianquMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_yy_BeijingXianquMember_1" xml:lang="en-US" id="label_yy_BeijingXianquMember_1">Beijing Xianqu [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_BeijingXianquMember" xlink:to="label_yy_BeijingXianquMember_1" xlink:title="Label : yy_BeijingXianquMember to label_yy_BeijingXianquMember_1" />
    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_ZhuhaiQiaoMember" xlink:label="yy_ZhuhaiQiaoMember" xlink:title="yy_ZhuhaiQiaoMember" />
    <link:label xlink:type="resource" xlink:label="label_yy_ZhuhaiQiaoMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_yy_ZhuhaiQiaoMember" xml:lang="en-US" id="label_yy_ZhuhaiQiaoMember">Represents information pertaining to Zhuhai Qiao.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_ZhuhaiQiaoMember" xlink:to="label_yy_ZhuhaiQiaoMember" xlink:title="Label : yy_ZhuhaiQiaoMember to label_yy_ZhuhaiQiaoMember" />
    <link:label xlink:type="resource" xlink:label="label_yy_ZhuhaiQiaoMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_yy_ZhuhaiQiaoMember_1" xml:lang="en-US" id="label_yy_ZhuhaiQiaoMember_1">Zhuhai Qiao [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_ZhuhaiQiaoMember" xlink:to="label_yy_ZhuhaiQiaoMember_1" xlink:title="Label : yy_ZhuhaiQiaoMember to label_yy_ZhuhaiQiaoMember_1" />
    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_BroadcastRevenueMember" xlink:label="yy_BroadcastRevenueMember" xlink:title="yy_BroadcastRevenueMember" />
    <link:label xlink:type="resource" xlink:label="label_yy_BroadcastRevenueMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_yy_BroadcastRevenueMember" xml:lang="en-US" id="label_yy_BroadcastRevenueMember">Represents information pertaining to broadcast revenue.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_BroadcastRevenueMember" xlink:to="label_yy_BroadcastRevenueMember" xlink:title="Label : yy_BroadcastRevenueMember to label_yy_BroadcastRevenueMember" />
    <link:label xlink:type="resource" xlink:label="label_yy_BroadcastRevenueMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_yy_BroadcastRevenueMember_1" xml:lang="en-US" id="label_yy_BroadcastRevenueMember_1">Broadcast Revenue [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_BroadcastRevenueMember" xlink:to="label_yy_BroadcastRevenueMember_1" xlink:title="Label : yy_BroadcastRevenueMember to label_yy_BroadcastRevenueMember_1" />
    <link:label xlink:type="resource" xlink:label="label_yy_BroadcastRevenueMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_yy_BroadcastRevenueMember_2" xml:lang="en-US" id="label_yy_BroadcastRevenueMember_2">Broadcast revenue [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_BroadcastRevenueMember" xlink:to="label_yy_BroadcastRevenueMember_2" xlink:title="Label : yy_BroadcastRevenueMember to label_yy_BroadcastRevenueMember_2" />
    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_BandwidthServiceMember" xlink:label="yy_BandwidthServiceMember" xlink:title="yy_BandwidthServiceMember" />
    <link:label xlink:type="resource" xlink:label="label_yy_BandwidthServiceMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_yy_BandwidthServiceMember" xml:lang="en-US" id="label_yy_BandwidthServiceMember">Represents information pertaining to bandwidth service.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_BandwidthServiceMember" xlink:to="label_yy_BandwidthServiceMember" xlink:title="Label : yy_BandwidthServiceMember to label_yy_BandwidthServiceMember" />
    <link:label xlink:type="resource" xlink:label="label_yy_BandwidthServiceMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_yy_BandwidthServiceMember_1" xml:lang="en-US" id="label_yy_BandwidthServiceMember_1">Bandwidth Service [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_BandwidthServiceMember" xlink:to="label_yy_BandwidthServiceMember_1" xlink:title="Label : yy_BandwidthServiceMember to label_yy_BandwidthServiceMember_1" />
    <link:label xlink:type="resource" xlink:label="label_yy_BandwidthServiceMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_yy_BandwidthServiceMember_2" xml:lang="en-US" id="label_yy_BandwidthServiceMember_2">Bandwidth service [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_BandwidthServiceMember" xlink:to="label_yy_BandwidthServiceMember_2" xlink:title="Label : yy_BandwidthServiceMember to label_yy_BandwidthServiceMember_2" />
    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_ConsultingServicesMember" xlink:label="yy_ConsultingServicesMember" xlink:title="yy_ConsultingServicesMember" />
    <link:label xlink:type="resource" xlink:label="label_yy_ConsultingServicesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_yy_ConsultingServicesMember" xml:lang="en-US" id="label_yy_ConsultingServicesMember">Represents information pertaining to consulting service.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_ConsultingServicesMember" xlink:to="label_yy_ConsultingServicesMember" xlink:title="Label : yy_ConsultingServicesMember to label_yy_ConsultingServicesMember" />
    <link:label xlink:type="resource" xlink:label="label_yy_ConsultingServicesMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_yy_ConsultingServicesMember_1" xml:lang="en-US" id="label_yy_ConsultingServicesMember_1">Consulting Services [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_ConsultingServicesMember" xlink:to="label_yy_ConsultingServicesMember_1" xlink:title="Label : yy_ConsultingServicesMember to label_yy_ConsultingServicesMember_1" />
    <link:label xlink:type="resource" xlink:label="label_yy_ConsultingServicesMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_yy_ConsultingServicesMember_2" xml:lang="en-US" id="label_yy_ConsultingServicesMember_2">Consulting service [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_ConsultingServicesMember" xlink:to="label_yy_ConsultingServicesMember_2" xlink:title="Label : yy_ConsultingServicesMember to label_yy_ConsultingServicesMember_2" />
    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_ShanghaiChenjunMember" xlink:label="yy_ShanghaiChenjunMember" xlink:title="yy_ShanghaiChenjunMember" />
    <link:label xlink:type="resource" xlink:label="label_yy_ShanghaiChenjunMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_yy_ShanghaiChenjunMember" xml:lang="en-US" id="label_yy_ShanghaiChenjunMember">Represents information pertaining to Shanghai Chenjun.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_ShanghaiChenjunMember" xlink:to="label_yy_ShanghaiChenjunMember" xlink:title="Label : yy_ShanghaiChenjunMember to label_yy_ShanghaiChenjunMember" />
    <link:label xlink:type="resource" xlink:label="label_yy_ShanghaiChenjunMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_yy_ShanghaiChenjunMember_1" xml:lang="en-US" id="label_yy_ShanghaiChenjunMember_1">Shanghai Chenjun [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_ShanghaiChenjunMember" xlink:to="label_yy_ShanghaiChenjunMember_1" xlink:title="Label : yy_ShanghaiChenjunMember to label_yy_ShanghaiChenjunMember_1" />
    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_EngageManagementMember" xlink:label="yy_EngageManagementMember" xlink:title="yy_EngageManagementMember" />
    <link:label xlink:type="resource" xlink:label="label_yy_EngageManagementMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_yy_EngageManagementMember" xml:lang="en-US" id="label_yy_EngageManagementMember">Represents information pertaining to Engage Management.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_EngageManagementMember" xlink:to="label_yy_EngageManagementMember" xlink:title="Label : yy_EngageManagementMember to label_yy_EngageManagementMember" />
    <link:label xlink:type="resource" xlink:label="label_yy_EngageManagementMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_yy_EngageManagementMember_1" xml:lang="en-US" id="label_yy_EngageManagementMember_1">Engage Management [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_EngageManagementMember" xlink:to="label_yy_EngageManagementMember_1" xlink:title="Label : yy_EngageManagementMember to label_yy_EngageManagementMember_1" />
    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_EngageGPMember" xlink:label="yy_EngageGPMember" xlink:title="yy_EngageGPMember" />
    <link:label xlink:type="resource" xlink:label="label_yy_EngageGPMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_yy_EngageGPMember" xml:lang="en-US" id="label_yy_EngageGPMember">Represents information pertaining to Engage GP.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_EngageGPMember" xlink:to="label_yy_EngageGPMember" xlink:title="Label : yy_EngageGPMember to label_yy_EngageGPMember" />
    <link:label xlink:type="resource" xlink:label="label_yy_EngageGPMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_yy_EngageGPMember_1" xml:lang="en-US" id="label_yy_EngageGPMember_1">Engage GP [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_EngageGPMember" xlink:to="label_yy_EngageGPMember_1" xlink:title="Label : yy_EngageGPMember to label_yy_EngageGPMember_1" />
    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_VideoShootingServiceMember" xlink:label="yy_VideoShootingServiceMember" xlink:title="yy_VideoShootingServiceMember" />
    <link:label xlink:type="resource" xlink:label="label_yy_VideoShootingServiceMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_yy_VideoShootingServiceMember" xml:lang="en-US" id="label_yy_VideoShootingServiceMember">Represents information pertaining to video Shooting service.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_VideoShootingServiceMember" xlink:to="label_yy_VideoShootingServiceMember" xlink:title="Label : yy_VideoShootingServiceMember to label_yy_VideoShootingServiceMember" />
    <link:label xlink:type="resource" xlink:label="label_yy_VideoShootingServiceMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_yy_VideoShootingServiceMember_1" xml:lang="en-US" id="label_yy_VideoShootingServiceMember_1">Video Shooting Service [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_VideoShootingServiceMember" xlink:to="label_yy_VideoShootingServiceMember_1" xlink:title="Label : yy_VideoShootingServiceMember to label_yy_VideoShootingServiceMember_1" />
    <link:label xlink:type="resource" xlink:label="label_yy_VideoShootingServiceMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_yy_VideoShootingServiceMember_2" xml:lang="en-US" id="label_yy_VideoShootingServiceMember_2">Video Shooting service [Member]</link:label>
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_XingshuaiMember" xlink:to="label_yy_XingshuaiMember_1" xlink:title="Label : yy_XingshuaiMember to label_yy_XingshuaiMember_1" />
    <link:label xlink:type="resource" xlink:label="label_yy_XingshuaiMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_yy_XingshuaiMember_2" xml:lang="en-US" id="label_yy_XingshuaiMember_2">Xingshuai [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_XingshuaiMember" xlink:to="label_yy_XingshuaiMember_2" xlink:title="Label : yy_XingshuaiMember to label_yy_XingshuaiMember_2" />
    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_GlobalEducationMember" xlink:label="yy_GlobalEducationMember" xlink:title="yy_GlobalEducationMember" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_GlobalEducationMember" xlink:to="label_yy_GlobalEducationMember" xlink:title="Label : yy_GlobalEducationMember to label_yy_GlobalEducationMember" />
    <link:label xlink:type="resource" xlink:label="label_yy_GlobalEducationMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_yy_GlobalEducationMember_1" xml:lang="en-US" id="label_yy_GlobalEducationMember_1">Global Education [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_GlobalEducationMember" xlink:to="label_yy_GlobalEducationMember_1" xlink:title="Label : yy_GlobalEducationMember to label_yy_GlobalEducationMember_1" />
    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_PercentageOfEquityInterestsOfAcquireeWhichEmployeesWillBeEntitled" xlink:label="yy_PercentageOfEquityInterestsOfAcquireeWhichEmployeesWillBeEntitled" xlink:title="yy_PercentageOfEquityInterestsOfAcquireeWhichEmployeesWillBeEntitled" />
    <link:label xlink:type="resource" xlink:label="label_yy_PercentageOfEquityInterestsOfAcquireeWhichEmployeesWillBeEntitled" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_yy_PercentageOfEquityInterestsOfAcquireeWhichEmployeesWillBeEntitled" xml:lang="en-US" id="label_yy_PercentageOfEquityInterestsOfAcquireeWhichEmployeesWillBeEntitled">The percentage of equity interests of acquiree, which employees will be entitled.</link:label>
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_PercentageOfEquityInterestsOfAcquireeWhichEmployeesWillBeEntitled" xlink:to="label_yy_PercentageOfEquityInterestsOfAcquireeWhichEmployeesWillBeEntitled_2" xlink:title="Label : yy_PercentageOfEquityInterestsOfAcquireeWhichEmployeesWillBeEntitled to label_yy_PercentageOfEquityInterestsOfAcquireeWhichEmployeesWillBeEntitled_2" />
    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_PercentageOfEquityInterestsOfAcquireeWhichEmployeesWillBeEntitledAtZeroConsiderationSubjectToActualFinancialPerformance" xlink:label="yy_PercentageOfEquityInterestsOfAcquireeWhichEmployeesWillBeEntitledAtZeroConsiderationSubjectToActualFinancialPerformance" xlink:title="yy_PercentageOfEquityInterestsOfAcquireeWhichEmployeesWillBeEntitledAtZeroConsiderationSubjectToActualFinancialPerformance" />
    <link:label xlink:type="resource" xlink:label="label_yy_PercentageOfEquityInterestsOfAcquireeWhichEmployeesWillBeEntitledAtZeroConsiderationSubjectToActualFinancialPerformance" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_yy_PercentageOfEquityInterestsOfAcquireeWhichEmployeesWillBeEntitledAtZeroConsiderationSubjectToActualFinancialPerformance" xml:lang="en-US" id="label_yy_PercentageOfEquityInterestsOfAcquireeWhichEmployeesWillBeEntitledAtZeroConsiderationSubjectToActualFinancialPerformance">The percentage of equity interests of acquiree which employees will be entitled acquire at zero consideration, subject to the actual financial performance.</link:label>
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    <link:label xlink:type="resource" xlink:label="label_yy_PercentageOfEquityInterestsOfAcquireeWhichEmployeesWillBeEntitledAtZeroConsiderationSubjectToActualFinancialPerformance_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_yy_PercentageOfEquityInterestsOfAcquireeWhichEmployeesWillBeEntitledAtZeroConsiderationSubjectToActualFinancialPerformance_2" xml:lang="en-US" id="label_yy_PercentageOfEquityInterestsOfAcquireeWhichEmployeesWillBeEntitledAtZeroConsiderationSubjectToActualFinancialPerformance_2">Percentage of equity interests of acquiree which employees will be entitled acquire at zero consideration, subject to the actual financial performance</link:label>
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    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_PercentageOfEquityInterestsOfAcquireeAwarded" xlink:label="yy_PercentageOfEquityInterestsOfAcquireeAwarded" xlink:title="yy_PercentageOfEquityInterestsOfAcquireeAwarded" />
    <link:label xlink:type="resource" xlink:label="label_yy_PercentageOfEquityInterestsOfAcquireeAwarded" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_yy_PercentageOfEquityInterestsOfAcquireeAwarded" xml:lang="en-US" id="label_yy_PercentageOfEquityInterestsOfAcquireeAwarded">The percentage of equity interests of acquiree awarded.</link:label>
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    <link:label xlink:type="resource" xlink:label="label_yy_PercentageOfEquityInterestsOfAcquireeAwarded_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_yy_PercentageOfEquityInterestsOfAcquireeAwarded_1" xml:lang="en-US" id="label_yy_PercentageOfEquityInterestsOfAcquireeAwarded_1">Percentage of Equity Interests of Acquiree Awarded</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_PercentageOfEquityInterestsOfAcquireeAwarded" xlink:to="label_yy_PercentageOfEquityInterestsOfAcquireeAwarded_1" xlink:title="Label : yy_PercentageOfEquityInterestsOfAcquireeAwarded to label_yy_PercentageOfEquityInterestsOfAcquireeAwarded_1" />
    <link:label xlink:type="resource" xlink:label="label_yy_PercentageOfEquityInterestsOfAcquireeAwarded_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_yy_PercentageOfEquityInterestsOfAcquireeAwarded_2" xml:lang="en-US" id="label_yy_PercentageOfEquityInterestsOfAcquireeAwarded_2">Percentage of equity interests of acquiree awarded</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_PercentageOfEquityInterestsOfAcquireeAwarded" xlink:to="label_yy_PercentageOfEquityInterestsOfAcquireeAwarded_2" xlink:title="Label : yy_PercentageOfEquityInterestsOfAcquireeAwarded to label_yy_PercentageOfEquityInterestsOfAcquireeAwarded_2" />
    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_ConditionsToExerciseCallOptionAndPutOption" xlink:label="yy_ConditionsToExerciseCallOptionAndPutOption" xlink:title="yy_ConditionsToExerciseCallOptionAndPutOption" />
    <link:label xlink:type="resource" xlink:label="label_yy_ConditionsToExerciseCallOptionAndPutOption" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_yy_ConditionsToExerciseCallOptionAndPutOption" xml:lang="en-US" id="label_yy_ConditionsToExerciseCallOptionAndPutOption">Amount of conditions to exercise call option and put option.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_ConditionsToExerciseCallOptionAndPutOption" xlink:to="label_yy_ConditionsToExerciseCallOptionAndPutOption" xlink:title="Label : yy_ConditionsToExerciseCallOptionAndPutOption to label_yy_ConditionsToExerciseCallOptionAndPutOption" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_ConditionsToExerciseCallOptionAndPutOption" xlink:to="label_yy_ConditionsToExerciseCallOptionAndPutOption_1" xlink:title="Label : yy_ConditionsToExerciseCallOptionAndPutOption to label_yy_ConditionsToExerciseCallOptionAndPutOption_1" />
    <link:label xlink:type="resource" xlink:label="label_yy_ConditionsToExerciseCallOptionAndPutOption_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_yy_ConditionsToExerciseCallOptionAndPutOption_2" xml:lang="en-US" id="label_yy_ConditionsToExerciseCallOptionAndPutOption_2">Estimated amount of conditions to exercise call option and put option</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_ConditionsToExerciseCallOptionAndPutOption" xlink:to="label_yy_ConditionsToExerciseCallOptionAndPutOption_2" xlink:title="Label : yy_ConditionsToExerciseCallOptionAndPutOption to label_yy_ConditionsToExerciseCallOptionAndPutOption_2" />
    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_AmountOfShortTermBorrowingOffset" xlink:label="yy_AmountOfShortTermBorrowingOffset" xlink:title="yy_AmountOfShortTermBorrowingOffset" />
    <link:label xlink:type="resource" xlink:label="label_yy_AmountOfShortTermBorrowingOffset" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_yy_AmountOfShortTermBorrowingOffset" xml:lang="en-US" id="label_yy_AmountOfShortTermBorrowingOffset">Represents the net amount as of the balance sheet date offset against short-term deposit.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_AmountOfShortTermBorrowingOffset" xlink:to="label_yy_AmountOfShortTermBorrowingOffset" xlink:title="Label : yy_AmountOfShortTermBorrowingOffset to label_yy_AmountOfShortTermBorrowingOffset" />
    <link:label xlink:type="resource" xlink:label="label_yy_AmountOfShortTermBorrowingOffset_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_yy_AmountOfShortTermBorrowingOffset_1" xml:lang="en-US" id="label_yy_AmountOfShortTermBorrowingOffset_1">Amount Of Short Term Borrowing Offset</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_AmountOfShortTermBorrowingOffset" xlink:to="label_yy_AmountOfShortTermBorrowingOffset_1" xlink:title="Label : yy_AmountOfShortTermBorrowingOffset to label_yy_AmountOfShortTermBorrowingOffset_1" />
    <link:label xlink:type="resource" xlink:label="label_yy_AmountOfShortTermBorrowingOffset_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_yy_AmountOfShortTermBorrowingOffset_2" xml:lang="en-US" id="label_yy_AmountOfShortTermBorrowingOffset_2">Amount of short-term borrowing offset</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_AmountOfShortTermBorrowingOffset" xlink:to="label_yy_AmountOfShortTermBorrowingOffset_2" xlink:title="Label : yy_AmountOfShortTermBorrowingOffset to label_yy_AmountOfShortTermBorrowingOffset_2" />
    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_TemporaryEquityPolicyTextBlock" xlink:label="yy_TemporaryEquityPolicyTextBlock" xlink:title="yy_TemporaryEquityPolicyTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_yy_TemporaryEquityPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_yy_TemporaryEquityPolicyTextBlock" xml:lang="en-US" id="label_yy_TemporaryEquityPolicyTextBlock">Disclosure of accounting policy for mezzanine equity and non-controlling interest.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_TemporaryEquityPolicyTextBlock" xlink:to="label_yy_TemporaryEquityPolicyTextBlock" xlink:title="Label : yy_TemporaryEquityPolicyTextBlock to label_yy_TemporaryEquityPolicyTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_yy_TemporaryEquityPolicyTextBlock_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_yy_TemporaryEquityPolicyTextBlock_1" xml:lang="en-US" id="label_yy_TemporaryEquityPolicyTextBlock_1">Temporary Equity [Policy Text Block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_TemporaryEquityPolicyTextBlock" xlink:to="label_yy_TemporaryEquityPolicyTextBlock_1" xlink:title="Label : yy_TemporaryEquityPolicyTextBlock to label_yy_TemporaryEquityPolicyTextBlock_1" />
    <link:label xlink:type="resource" xlink:label="label_yy_TemporaryEquityPolicyTextBlock_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_yy_TemporaryEquityPolicyTextBlock_2" xml:lang="en-US" id="label_yy_TemporaryEquityPolicyTextBlock_2">Mezzanine equity and non-controlling interest</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_TemporaryEquityPolicyTextBlock" xlink:to="label_yy_TemporaryEquityPolicyTextBlock_2" xlink:title="Label : yy_TemporaryEquityPolicyTextBlock to label_yy_TemporaryEquityPolicyTextBlock_2" />
    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_OperatingRightsForGamesBroadcastingMember" xlink:label="yy_OperatingRightsForGamesBroadcastingMember" xlink:title="yy_OperatingRightsForGamesBroadcastingMember" />
    <link:label xlink:type="resource" xlink:label="label_yy_OperatingRightsForGamesBroadcastingMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_yy_OperatingRightsForGamesBroadcastingMember" xml:lang="en-US" id="label_yy_OperatingRightsForGamesBroadcastingMember">Represents information pertaining to operating rights for game broadcasting.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_OperatingRightsForGamesBroadcastingMember" xlink:to="label_yy_OperatingRightsForGamesBroadcastingMember" xlink:title="Label : yy_OperatingRightsForGamesBroadcastingMember to label_yy_OperatingRightsForGamesBroadcastingMember" />
    <link:label xlink:type="resource" xlink:label="label_yy_OperatingRightsForGamesBroadcastingMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_yy_OperatingRightsForGamesBroadcastingMember_1" xml:lang="en-US" id="label_yy_OperatingRightsForGamesBroadcastingMember_1">Operating Rights for Games Broadcasting [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_OperatingRightsForGamesBroadcastingMember" xlink:to="label_yy_OperatingRightsForGamesBroadcastingMember_1" xlink:title="Label : yy_OperatingRightsForGamesBroadcastingMember to label_yy_OperatingRightsForGamesBroadcastingMember_1" />
    <link:label xlink:type="resource" xlink:label="label_yy_OperatingRightsForGamesBroadcastingMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_yy_OperatingRightsForGamesBroadcastingMember_2" xml:lang="en-US" id="label_yy_OperatingRightsForGamesBroadcastingMember_2">Operating rights for game broadcasting [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_OperatingRightsForGamesBroadcastingMember" xlink:to="label_yy_OperatingRightsForGamesBroadcastingMember_2" xlink:title="Label : yy_OperatingRightsForGamesBroadcastingMember to label_yy_OperatingRightsForGamesBroadcastingMember_2" />
    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_NumberOfVariableInterestEntitiesHaveAccumulatedLossesSinceInception" xlink:label="yy_NumberOfVariableInterestEntitiesHaveAccumulatedLossesSinceInception" xlink:title="yy_NumberOfVariableInterestEntitiesHaveAccumulatedLossesSinceInception" />
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    <link:label xlink:type="resource" xlink:label="label_yy_NumberOfVariableInterestEntitiesHaveAccumulatedLossesSinceInception_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_yy_NumberOfVariableInterestEntitiesHaveAccumulatedLossesSinceInception_1" xml:lang="en-US" id="label_yy_NumberOfVariableInterestEntitiesHaveAccumulatedLossesSinceInception_1">Number of Variable Interest Entities Have Accumulated Losses Since Inception</link:label>
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    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_ScheduleOfRestrictedShortTermDepositsTableTextBlock" xlink:label="yy_ScheduleOfRestrictedShortTermDepositsTableTextBlock" xlink:title="yy_ScheduleOfRestrictedShortTermDepositsTableTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_yy_ScheduleOfRestrictedShortTermDepositsTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_yy_ScheduleOfRestrictedShortTermDepositsTableTextBlock" xml:lang="en-US" id="label_yy_ScheduleOfRestrictedShortTermDepositsTableTextBlock">Tabular disclosure of restricted short-term deposits</link:label>
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    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_PledgeShortTermDepositsForOnePendingLitigation" xlink:label="yy_PledgeShortTermDepositsForOnePendingLitigation" xlink:title="yy_PledgeShortTermDepositsForOnePendingLitigation" />
    <link:label xlink:type="resource" xlink:label="label_yy_PledgeShortTermDepositsForOnePendingLitigation" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_yy_PledgeShortTermDepositsForOnePendingLitigation" xml:lang="en-US" id="label_yy_PledgeShortTermDepositsForOnePendingLitigation">Represents the amount of pledge short-term deposits for one pending litigation.</link:label>
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    <link:label xlink:type="resource" xlink:label="label_yy_PledgeShortTermDepositsForOnePendingLitigation_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_yy_PledgeShortTermDepositsForOnePendingLitigation_2" xml:lang="en-US" id="label_yy_PledgeShortTermDepositsForOnePendingLitigation_2">Pledge short-term deposits for one pending litigation</link:label>
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    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_BusinessCombinationsPolicy" xlink:label="us-gaap_BusinessCombinationsPolicy" xlink:title="us-gaap_BusinessCombinationsPolicy" />
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    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_PledgeShortTermDepositsForBankBorrowingFacilities" xlink:label="yy_PledgeShortTermDepositsForBankBorrowingFacilities" xlink:title="yy_PledgeShortTermDepositsForBankBorrowingFacilities" />
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    <link:label xlink:type="resource" xlink:label="label_yy_PledgeShortTermDepositsForBankBorrowingFacilities_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_yy_PledgeShortTermDepositsForBankBorrowingFacilities_1" xml:lang="en-US" id="label_yy_PledgeShortTermDepositsForBankBorrowingFacilities_1">Pledge Short Term Deposits for Bank Borrowing Facilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_PledgeShortTermDepositsForBankBorrowingFacilities" xlink:to="label_yy_PledgeShortTermDepositsForBankBorrowingFacilities_1" xlink:title="Label : yy_PledgeShortTermDepositsForBankBorrowingFacilities to label_yy_PledgeShortTermDepositsForBankBorrowingFacilities_1" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_PledgeShortTermDepositsForBankBorrowingFacilities" xlink:to="label_yy_PledgeShortTermDepositsForBankBorrowingFacilities_2" xlink:title="Label : yy_PledgeShortTermDepositsForBankBorrowingFacilities to label_yy_PledgeShortTermDepositsForBankBorrowingFacilities_2" />
    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_EmployeeAdvancesCurrent" xlink:label="yy_EmployeeAdvancesCurrent" xlink:title="yy_EmployeeAdvancesCurrent" />
    <link:label xlink:type="resource" xlink:label="label_yy_EmployeeAdvancesCurrent" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_yy_EmployeeAdvancesCurrent" xml:lang="en-US" id="label_yy_EmployeeAdvancesCurrent">Represents the amount of asset related to consideration paid in advance to employee.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_EmployeeAdvancesCurrent" xlink:to="label_yy_EmployeeAdvancesCurrent" xlink:title="Label : yy_EmployeeAdvancesCurrent to label_yy_EmployeeAdvancesCurrent" />
    <link:label xlink:type="resource" xlink:label="label_yy_EmployeeAdvancesCurrent_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_yy_EmployeeAdvancesCurrent_1" xml:lang="en-US" id="label_yy_EmployeeAdvancesCurrent_1">Employee Advances, Current</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_EmployeeAdvancesCurrent" xlink:to="label_yy_EmployeeAdvancesCurrent_1" xlink:title="Label : yy_EmployeeAdvancesCurrent to label_yy_EmployeeAdvancesCurrent_1" />
    <link:label xlink:type="resource" xlink:label="label_yy_EmployeeAdvancesCurrent_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_yy_EmployeeAdvancesCurrent_2" xml:lang="en-US" id="label_yy_EmployeeAdvancesCurrent_2">Employee advances</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_EmployeeAdvancesCurrent" xlink:to="label_yy_EmployeeAdvancesCurrent_2" xlink:title="Label : yy_EmployeeAdvancesCurrent to label_yy_EmployeeAdvancesCurrent_2" />
    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_HundredOnlineEducationTechnologyBeijingCoLtdAndBeijingDubookerCultureCommunicationCoLtdMember" xlink:label="yy_HundredOnlineEducationTechnologyBeijingCoLtdAndBeijingDubookerCultureCommunicationCoLtdMember" xlink:title="yy_HundredOnlineEducationTechnologyBeijingCoLtdAndBeijingDubookerCultureCommunicationCoLtdMember" />
    <link:label xlink:type="resource" xlink:label="label_yy_HundredOnlineEducationTechnologyBeijingCoLtdAndBeijingDubookerCultureCommunicationCoLtdMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_yy_HundredOnlineEducationTechnologyBeijingCoLtdAndBeijingDubookerCultureCommunicationCoLtdMember" xml:lang="en-US" id="label_yy_HundredOnlineEducationTechnologyBeijingCoLtdAndBeijingDubookerCultureCommunicationCoLtdMember">Represents information pertaining to 100 Online and Beijing DuBooker Culture Communication Co., Ltd. ("DuBooker").</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_HundredOnlineEducationTechnologyBeijingCoLtdAndBeijingDubookerCultureCommunicationCoLtdMember" xlink:to="label_yy_HundredOnlineEducationTechnologyBeijingCoLtdAndBeijingDubookerCultureCommunicationCoLtdMember" xlink:title="Label : yy_HundredOnlineEducationTechnologyBeijingCoLtdAndBeijingDubookerCultureCommunicationCoLtdMember to label_yy_HundredOnlineEducationTechnologyBeijingCoLtdAndBeijingDubookerCultureCommunicationCoLtdMember" />
    <link:label xlink:type="resource" xlink:label="label_yy_HundredOnlineEducationTechnologyBeijingCoLtdAndBeijingDubookerCultureCommunicationCoLtdMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_yy_HundredOnlineEducationTechnologyBeijingCoLtdAndBeijingDubookerCultureCommunicationCoLtdMember_1" xml:lang="en-US" id="label_yy_HundredOnlineEducationTechnologyBeijingCoLtdAndBeijingDubookerCultureCommunicationCoLtdMember_1">Hundred Online Education Technology Beijing Co Ltd. and Beijing Dubooker Culture Communication Co Ltd. [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_HundredOnlineEducationTechnologyBeijingCoLtdAndBeijingDubookerCultureCommunicationCoLtdMember" xlink:to="label_yy_HundredOnlineEducationTechnologyBeijingCoLtdAndBeijingDubookerCultureCommunicationCoLtdMember_1" xlink:title="Label : yy_HundredOnlineEducationTechnologyBeijingCoLtdAndBeijingDubookerCultureCommunicationCoLtdMember to label_yy_HundredOnlineEducationTechnologyBeijingCoLtdAndBeijingDubookerCultureCommunicationCoLtdMember_1" />
    <link:label xlink:type="resource" xlink:label="label_yy_HundredOnlineEducationTechnologyBeijingCoLtdAndBeijingDubookerCultureCommunicationCoLtdMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_yy_HundredOnlineEducationTechnologyBeijingCoLtdAndBeijingDubookerCultureCommunicationCoLtdMember_2" xml:lang="en-US" id="label_yy_HundredOnlineEducationTechnologyBeijingCoLtdAndBeijingDubookerCultureCommunicationCoLtdMember_2">100 Online and DuBooker [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_HundredOnlineEducationTechnologyBeijingCoLtdAndBeijingDubookerCultureCommunicationCoLtdMember" xlink:to="label_yy_HundredOnlineEducationTechnologyBeijingCoLtdAndBeijingDubookerCultureCommunicationCoLtdMember_2" xlink:title="Label : yy_HundredOnlineEducationTechnologyBeijingCoLtdAndBeijingDubookerCultureCommunicationCoLtdMember to label_yy_HundredOnlineEducationTechnologyBeijingCoLtdAndBeijingDubookerCultureCommunicationCoLtdMember_2" />
    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_HundredOnlineEducationTechnologyBeijingCoLtdMember" xlink:label="yy_HundredOnlineEducationTechnologyBeijingCoLtdMember" xlink:title="yy_HundredOnlineEducationTechnologyBeijingCoLtdMember" />
    <link:label xlink:type="resource" xlink:label="label_yy_HundredOnlineEducationTechnologyBeijingCoLtdMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_yy_HundredOnlineEducationTechnologyBeijingCoLtdMember" xml:lang="en-US" id="label_yy_HundredOnlineEducationTechnologyBeijingCoLtdMember">Represents information pertaining to 100 Online Education Technology (Beijing) Co.,Ltd. ("100 Online").</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_HundredOnlineEducationTechnologyBeijingCoLtdMember" xlink:to="label_yy_HundredOnlineEducationTechnologyBeijingCoLtdMember" xlink:title="Label : yy_HundredOnlineEducationTechnologyBeijingCoLtdMember to label_yy_HundredOnlineEducationTechnologyBeijingCoLtdMember" />
    <link:label xlink:type="resource" xlink:label="label_yy_HundredOnlineEducationTechnologyBeijingCoLtdMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_yy_HundredOnlineEducationTechnologyBeijingCoLtdMember_1" xml:lang="en-US" id="label_yy_HundredOnlineEducationTechnologyBeijingCoLtdMember_1">Hundred Online Education Technology Beijing Co Ltd. [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_HundredOnlineEducationTechnologyBeijingCoLtdMember" xlink:to="label_yy_HundredOnlineEducationTechnologyBeijingCoLtdMember_1" xlink:title="Label : yy_HundredOnlineEducationTechnologyBeijingCoLtdMember to label_yy_HundredOnlineEducationTechnologyBeijingCoLtdMember_1" />
    <link:label xlink:type="resource" xlink:label="label_yy_HundredOnlineEducationTechnologyBeijingCoLtdMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_yy_HundredOnlineEducationTechnologyBeijingCoLtdMember_2" xml:lang="en-US" id="label_yy_HundredOnlineEducationTechnologyBeijingCoLtdMember_2">100 Online [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_HundredOnlineEducationTechnologyBeijingCoLtdMember" xlink:to="label_yy_HundredOnlineEducationTechnologyBeijingCoLtdMember_2" xlink:title="Label : yy_HundredOnlineEducationTechnologyBeijingCoLtdMember to label_yy_HundredOnlineEducationTechnologyBeijingCoLtdMember_2" />
    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_AccruedExclusiveLicenseFeesCurrent" xlink:label="yy_AccruedExclusiveLicenseFeesCurrent" xlink:title="yy_AccruedExclusiveLicenseFeesCurrent" />
    <link:label xlink:type="resource" xlink:label="label_yy_AccruedExclusiveLicenseFeesCurrent" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_yy_AccruedExclusiveLicenseFeesCurrent" xml:lang="en-US" id="label_yy_AccruedExclusiveLicenseFeesCurrent">Carrying value as of the balance sheet date of obligations incurred through that date and payable for license fees. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle, if longer).</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_AccruedExclusiveLicenseFeesCurrent" xlink:to="label_yy_AccruedExclusiveLicenseFeesCurrent" xlink:title="Label : yy_AccruedExclusiveLicenseFeesCurrent to label_yy_AccruedExclusiveLicenseFeesCurrent" />
    <link:label xlink:type="resource" xlink:label="label_yy_AccruedExclusiveLicenseFeesCurrent_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_yy_AccruedExclusiveLicenseFeesCurrent_1" xml:lang="en-US" id="label_yy_AccruedExclusiveLicenseFeesCurrent_1">Accrued Exclusive License Fees Current</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_AccruedExclusiveLicenseFeesCurrent" xlink:to="label_yy_AccruedExclusiveLicenseFeesCurrent_1" xlink:title="Label : yy_AccruedExclusiveLicenseFeesCurrent to label_yy_AccruedExclusiveLicenseFeesCurrent_1" />
    <link:label xlink:type="resource" xlink:label="label_yy_AccruedExclusiveLicenseFeesCurrent_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_yy_AccruedExclusiveLicenseFeesCurrent_2" xml:lang="en-US" id="label_yy_AccruedExclusiveLicenseFeesCurrent_2">Accrued exclusive license fees</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_AccruedExclusiveLicenseFeesCurrent" xlink:to="label_yy_AccruedExclusiveLicenseFeesCurrent_2" xlink:title="Label : yy_AccruedExclusiveLicenseFeesCurrent to label_yy_AccruedExclusiveLicenseFeesCurrent_2" />
    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_BusinessAcquisitionNumberOfAcquiredEntity" xlink:label="yy_BusinessAcquisitionNumberOfAcquiredEntity" xlink:title="yy_BusinessAcquisitionNumberOfAcquiredEntity" />
    <link:label xlink:type="resource" xlink:label="label_yy_BusinessAcquisitionNumberOfAcquiredEntity" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_yy_BusinessAcquisitionNumberOfAcquiredEntity" xml:lang="en-US" id="label_yy_BusinessAcquisitionNumberOfAcquiredEntity">Represents the number of entity acquired.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_BusinessAcquisitionNumberOfAcquiredEntity" xlink:to="label_yy_BusinessAcquisitionNumberOfAcquiredEntity" xlink:title="Label : yy_BusinessAcquisitionNumberOfAcquiredEntity to label_yy_BusinessAcquisitionNumberOfAcquiredEntity" />
    <link:label xlink:type="resource" xlink:label="label_yy_BusinessAcquisitionNumberOfAcquiredEntity_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_yy_BusinessAcquisitionNumberOfAcquiredEntity_1" xml:lang="en-US" id="label_yy_BusinessAcquisitionNumberOfAcquiredEntity_1">Business Acquisition Number of Acquired Entity</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="yy_BusinessAcquisitionNumberOfAcquiredEntity" xlink:to="label_yy_BusinessAcquisitionNumberOfAcquiredEntity_1" xlink:title="Label : yy_BusinessAcquisitionNumberOfAcquiredEntity to label_yy_BusinessAcquisitionNumberOfAcquiredEntity_1" />
    <link:label xlink:type="resource" xlink:label="label_yy_BusinessAcquisitionNumberOfAcquiredEntity_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_yy_BusinessAcquisitionNumberOfAcquiredEntity_2" xml:lang="en-US" id="label_yy_BusinessAcquisitionNumberOfAcquiredEntity_2">Number of vocational training companies acquired</link:label>
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    <link:loc xlink:type="locator" xlink:href="yy-20151231.xsd#yy_AvailableForSaleSecuritiesOwnershipPercentage" xlink:label="yy_AvailableForSaleSecuritiesOwnershipPercentage" xlink:title="yy_AvailableForSaleSecuritiesOwnershipPercentage" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ConstructionInProgressMember" xlink:to="label_us-gaap_ConstructionInProgressMember" xlink:title="Label : us-gaap_ConstructionInProgressMember to label_us-gaap_ConstructionInProgressMember" />
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    <link:label xlink:type="resource" xlink:label="label_us-gaap_ContingentConsiderationClassifiedAsEquityFairValueDisclosure_2" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:title="label_us-gaap_ContingentConsiderationClassifiedAsEquityFairValueDisclosure_2" xml:lang="en-US" id="label_us-gaap_ContingentConsiderationClassifiedAsEquityFairValueDisclosure_2">Balance</link:label>
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ConversionOfStockAmountConverted1" xlink:to="label_us-gaap_ConversionOfStockAmountConverted1_1" xlink:title="Label : us-gaap_ConversionOfStockAmountConverted1 to label_us-gaap_ConversionOfStockAmountConverted1_1" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CopyrightsMember" xlink:to="label_us-gaap_CopyrightsMember" xlink:title="Label : us-gaap_CopyrightsMember to label_us-gaap_CopyrightsMember" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_CopyrightsMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_us-gaap_CopyrightsMember_1" xml:lang="en-US" id="label_us-gaap_CopyrightsMember_1">Copyrights of teaching material [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CopyrightsMember" xlink:to="label_us-gaap_CopyrightsMember_1" xlink:title="Label : us-gaap_CopyrightsMember to label_us-gaap_CopyrightsMember_1" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_CopyrightsMember_2" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_us-gaap_CopyrightsMember_2" xml:lang="en-US" id="label_us-gaap_CopyrightsMember_2">Copyrights of teaching materials [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CopyrightsMember" xlink:to="label_us-gaap_CopyrightsMember_2" xlink:title="Label : us-gaap_CopyrightsMember to label_us-gaap_CopyrightsMember_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_CostMethodInvestmentsRealizedGainLoss" xlink:label="us-gaap_CostMethodInvestmentsRealizedGainLoss" xlink:title="us-gaap_CostMethodInvestmentsRealizedGainLoss" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_CostMethodInvestmentsRealizedGainLoss" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_CostMethodInvestmentsRealizedGainLoss" xml:lang="en-US" id="label_us-gaap_CostMethodInvestmentsRealizedGainLoss">Cost-method Investments, Realized Gain (Loss)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CostMethodInvestmentsRealizedGainLoss" xlink:to="label_us-gaap_CostMethodInvestmentsRealizedGainLoss" xlink:title="Label : us-gaap_CostMethodInvestmentsRealizedGainLoss to label_us-gaap_CostMethodInvestmentsRealizedGainLoss" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_CostMethodInvestmentsRealizedGainLoss_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_us-gaap_CostMethodInvestmentsRealizedGainLoss_1" xml:lang="en-US" id="label_us-gaap_CostMethodInvestmentsRealizedGainLoss_1">Gain on disposal of a cost investment</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CostMethodInvestmentsRealizedGainLoss" xlink:to="label_us-gaap_CostMethodInvestmentsRealizedGainLoss_1" xlink:title="Label : us-gaap_CostMethodInvestmentsRealizedGainLoss to label_us-gaap_CostMethodInvestmentsRealizedGainLoss_1" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_CostMethodInvestmentsRealizedGainLoss_2" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_us-gaap_CostMethodInvestmentsRealizedGainLoss_2" xml:lang="en-US" id="label_us-gaap_CostMethodInvestmentsRealizedGainLoss_2">Gain on disposal of a cost investment</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CostMethodInvestmentsRealizedGainLoss" xlink:to="label_us-gaap_CostMethodInvestmentsRealizedGainLoss_2" xlink:title="Label : us-gaap_CostMethodInvestmentsRealizedGainLoss to label_us-gaap_CostMethodInvestmentsRealizedGainLoss_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_CostMethodInvestments" xlink:label="us-gaap_CostMethodInvestments" xlink:title="us-gaap_CostMethodInvestments" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_CostMethodInvestments" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_CostMethodInvestments" xml:lang="en-US" id="label_us-gaap_CostMethodInvestments">Cost Method Investments</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CostMethodInvestments" xlink:to="label_us-gaap_CostMethodInvestments" xlink:title="Label : us-gaap_CostMethodInvestments to label_us-gaap_CostMethodInvestments" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_CostMethodInvestments_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_us-gaap_CostMethodInvestments_1" xml:lang="en-US" id="label_us-gaap_CostMethodInvestments_1">Cost investments</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CostMethodInvestments" xlink:to="label_us-gaap_CostMethodInvestments_1" xlink:title="Label : us-gaap_CostMethodInvestments to label_us-gaap_CostMethodInvestments_1" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_CostMethodInvestments_2" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_us-gaap_CostMethodInvestments_2" xml:lang="en-US" id="label_us-gaap_CostMethodInvestments_2">Carrying amount of investment</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CostMethodInvestments" xlink:to="label_us-gaap_CostMethodInvestments_2" xlink:title="Label : us-gaap_CostMethodInvestments to label_us-gaap_CostMethodInvestments_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_CostMethodInvestmentsPolicy" xlink:label="us-gaap_CostMethodInvestmentsPolicy" xlink:title="us-gaap_CostMethodInvestmentsPolicy" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_CostMethodInvestmentsPolicy" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_CostMethodInvestmentsPolicy" xml:lang="en-US" id="label_us-gaap_CostMethodInvestmentsPolicy">Cost Method Investments, Policy [Policy Text Block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CostMethodInvestmentsPolicy" xlink:to="label_us-gaap_CostMethodInvestmentsPolicy" xlink:title="Label : us-gaap_CostMethodInvestmentsPolicy to label_us-gaap_CostMethodInvestmentsPolicy" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_CostMethodInvestmentsPolicy_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_us-gaap_CostMethodInvestmentsPolicy_1" xml:lang="en-US" id="label_us-gaap_CostMethodInvestmentsPolicy_1">Cost investment</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CostMethodInvestmentsPolicy" xlink:to="label_us-gaap_CostMethodInvestmentsPolicy_1" xlink:title="Label : us-gaap_CostMethodInvestmentsPolicy to label_us-gaap_CostMethodInvestmentsPolicy_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_CostOfRevenueAbstract" xlink:label="us-gaap_CostOfRevenueAbstract" xlink:title="us-gaap_CostOfRevenueAbstract" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_CostOfRevenueAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_CostOfRevenueAbstract" xml:lang="en-US" id="label_us-gaap_CostOfRevenueAbstract">Cost of revenues [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CostOfRevenueAbstract" xlink:to="label_us-gaap_CostOfRevenueAbstract" xlink:title="Label : us-gaap_CostOfRevenueAbstract to label_us-gaap_CostOfRevenueAbstract" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_CostOfRevenueAbstract_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_us-gaap_CostOfRevenueAbstract_1" xml:lang="en-US" id="label_us-gaap_CostOfRevenueAbstract_1">Cost of revenues</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CostOfRevenueAbstract" xlink:to="label_us-gaap_CostOfRevenueAbstract_1" xlink:title="Label : us-gaap_CostOfRevenueAbstract to label_us-gaap_CostOfRevenueAbstract_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_CostOfRevenue" xlink:label="us-gaap_CostOfRevenue" xlink:title="us-gaap_CostOfRevenue" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_CostOfRevenue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_CostOfRevenue" xml:lang="en-US" id="label_us-gaap_CostOfRevenue">Cost of Revenue.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CostOfRevenue" xlink:to="label_us-gaap_CostOfRevenue" xlink:title="Label : us-gaap_CostOfRevenue to label_us-gaap_CostOfRevenue" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_CostOfRevenue_1" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_us-gaap_CostOfRevenue_1" xml:lang="en-US" id="label_us-gaap_CostOfRevenue_1">Cost of revenues</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CostOfRevenue" xlink:to="label_us-gaap_CostOfRevenue_1" xlink:title="Label : us-gaap_CostOfRevenue to label_us-gaap_CostOfRevenue_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_CostAndEquityMethodInvestmentsDisclosureTextBlock" xlink:label="us-gaap_CostAndEquityMethodInvestmentsDisclosureTextBlock" xlink:title="us-gaap_CostAndEquityMethodInvestmentsDisclosureTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_CostAndEquityMethodInvestmentsDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_CostAndEquityMethodInvestmentsDisclosureTextBlock" xml:lang="en-US" id="label_us-gaap_CostAndEquityMethodInvestmentsDisclosureTextBlock">Cost and Equity Method Investments Disclosure [Text Block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CostAndEquityMethodInvestmentsDisclosureTextBlock" xlink:to="label_us-gaap_CostAndEquityMethodInvestmentsDisclosureTextBlock" xlink:title="Label : us-gaap_CostAndEquityMethodInvestmentsDisclosureTextBlock to label_us-gaap_CostAndEquityMethodInvestmentsDisclosureTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_CostAndEquityMethodInvestmentsDisclosureTextBlock_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_us-gaap_CostAndEquityMethodInvestmentsDisclosureTextBlock_1" xml:lang="en-US" id="label_us-gaap_CostAndEquityMethodInvestmentsDisclosureTextBlock_1">Investments</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CostAndEquityMethodInvestmentsDisclosureTextBlock" xlink:to="label_us-gaap_CostAndEquityMethodInvestmentsDisclosureTextBlock_1" xlink:title="Label : us-gaap_CostAndEquityMethodInvestmentsDisclosureTextBlock to label_us-gaap_CostAndEquityMethodInvestmentsDisclosureTextBlock_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_CostMethodInvestmentsOriginalCost" xlink:label="us-gaap_CostMethodInvestmentsOriginalCost" xlink:title="us-gaap_CostMethodInvestmentsOriginalCost" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_CostMethodInvestmentsOriginalCost" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_CostMethodInvestmentsOriginalCost" xml:lang="en-US" id="label_us-gaap_CostMethodInvestmentsOriginalCost">Cost Method Investments, Original Cost</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CostMethodInvestmentsOriginalCost" xlink:to="label_us-gaap_CostMethodInvestmentsOriginalCost" xlink:title="Label : us-gaap_CostMethodInvestmentsOriginalCost to label_us-gaap_CostMethodInvestmentsOriginalCost" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_CostMethodInvestmentsOriginalCost_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_us-gaap_CostMethodInvestmentsOriginalCost_1" xml:lang="en-US" id="label_us-gaap_CostMethodInvestmentsOriginalCost_1">Original investment</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CostMethodInvestmentsOriginalCost" xlink:to="label_us-gaap_CostMethodInvestmentsOriginalCost_1" xlink:title="Label : us-gaap_CostMethodInvestmentsOriginalCost to label_us-gaap_CostMethodInvestmentsOriginalCost_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_CostOfServicesDirectLabor" xlink:label="us-gaap_CostOfServicesDirectLabor" xlink:title="us-gaap_CostOfServicesDirectLabor" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_CostOfServicesDirectLabor" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_CostOfServicesDirectLabor" xml:lang="en-US" id="label_us-gaap_CostOfServicesDirectLabor">Cost of Services, Direct Labor</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CostOfServicesDirectLabor" xlink:to="label_us-gaap_CostOfServicesDirectLabor" xlink:title="Label : us-gaap_CostOfServicesDirectLabor to label_us-gaap_CostOfServicesDirectLabor" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_CostOfServicesDirectLabor_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_us-gaap_CostOfServicesDirectLabor_1" xml:lang="en-US" id="label_us-gaap_CostOfServicesDirectLabor_1">Salary and welfare</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CostOfServicesDirectLabor" xlink:to="label_us-gaap_CostOfServicesDirectLabor_1" xlink:title="Label : us-gaap_CostOfServicesDirectLabor to label_us-gaap_CostOfServicesDirectLabor_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_CostOfServicesDepreciationAndAmortization" xlink:label="us-gaap_CostOfServicesDepreciationAndAmortization" xlink:title="us-gaap_CostOfServicesDepreciationAndAmortization" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_CostOfServicesDepreciationAndAmortization" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_CostOfServicesDepreciationAndAmortization" xml:lang="en-US" id="label_us-gaap_CostOfServicesDepreciationAndAmortization">Cost of Services, Depreciation and Amortization</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CostOfServicesDepreciationAndAmortization" xlink:to="label_us-gaap_CostOfServicesDepreciationAndAmortization" xlink:title="Label : us-gaap_CostOfServicesDepreciationAndAmortization to label_us-gaap_CostOfServicesDepreciationAndAmortization" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_CostOfServicesDepreciationAndAmortization_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_us-gaap_CostOfServicesDepreciationAndAmortization_1" xml:lang="en-US" id="label_us-gaap_CostOfServicesDepreciationAndAmortization_1">Depreciation and amortization</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CostOfServicesDepreciationAndAmortization" xlink:to="label_us-gaap_CostOfServicesDepreciationAndAmortization_1" xlink:title="Label : us-gaap_CostOfServicesDepreciationAndAmortization to label_us-gaap_CostOfServicesDepreciationAndAmortization_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_CostOfSalesPolicyTextBlock" xlink:label="us-gaap_CostOfSalesPolicyTextBlock" xlink:title="us-gaap_CostOfSalesPolicyTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_CostOfSalesPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_CostOfSalesPolicyTextBlock" xml:lang="en-US" id="label_us-gaap_CostOfSalesPolicyTextBlock">Cost of Sales, Policy [Policy Text Block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CostOfSalesPolicyTextBlock" xlink:to="label_us-gaap_CostOfSalesPolicyTextBlock" xlink:title="Label : us-gaap_CostOfSalesPolicyTextBlock to label_us-gaap_CostOfSalesPolicyTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_CostOfSalesPolicyTextBlock_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_us-gaap_CostOfSalesPolicyTextBlock_1" xml:lang="en-US" id="label_us-gaap_CostOfSalesPolicyTextBlock_1">Cost of revenues</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CostOfSalesPolicyTextBlock" xlink:to="label_us-gaap_CostOfSalesPolicyTextBlock_1" xlink:title="Label : us-gaap_CostOfSalesPolicyTextBlock to label_us-gaap_CostOfSalesPolicyTextBlock_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_CostOfServices" xlink:label="us-gaap_CostOfServices" xlink:title="us-gaap_CostOfServices" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_CostOfServices" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_CostOfServices" xml:lang="en-US" id="label_us-gaap_CostOfServices">Cost of Services</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CostOfServices" xlink:to="label_us-gaap_CostOfServices" xlink:title="Label : us-gaap_CostOfServices to label_us-gaap_CostOfServices" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_CostOfServices_1" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_us-gaap_CostOfServices_1" xml:lang="en-US" id="label_us-gaap_CostOfServices_1">Total</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CostOfServices" xlink:to="label_us-gaap_CostOfServices_1" xlink:title="Label : us-gaap_CostOfServices to label_us-gaap_CostOfServices_1" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_CostOfServices_2" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_us-gaap_CostOfServices_2" xml:lang="en-US" id="label_us-gaap_CostOfServices_2">Cost of revenues</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CostOfServices" xlink:to="label_us-gaap_CostOfServices_2" xlink:title="Label : us-gaap_CostOfServices to label_us-gaap_CostOfServices_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_CostOfSalesMember" xlink:label="us-gaap_CostOfSalesMember" xlink:title="us-gaap_CostOfSalesMember" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_CostOfSalesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_CostOfSalesMember" xml:lang="en-US" id="label_us-gaap_CostOfSalesMember">Cost of Sales [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CostOfSalesMember" xlink:to="label_us-gaap_CostOfSalesMember" xlink:title="Label : us-gaap_CostOfSalesMember to label_us-gaap_CostOfSalesMember" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_CostOfSalesMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_us-gaap_CostOfSalesMember_1" xml:lang="en-US" id="label_us-gaap_CostOfSalesMember_1">Cost of revenues [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CostOfSalesMember" xlink:to="label_us-gaap_CostOfSalesMember_1" xlink:title="Label : us-gaap_CostOfSalesMember to label_us-gaap_CostOfSalesMember_1" />
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    <link:label xlink:type="resource" xlink:label="label_us-gaap_CreditConcentrationRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_CreditConcentrationRiskMember" xml:lang="en-US" id="label_us-gaap_CreditConcentrationRiskMember">Credit Concentration Risk [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CreditConcentrationRiskMember" xlink:to="label_us-gaap_CreditConcentrationRiskMember" xlink:title="Label : us-gaap_CreditConcentrationRiskMember to label_us-gaap_CreditConcentrationRiskMember" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_CreditConcentrationRiskMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_us-gaap_CreditConcentrationRiskMember_1" xml:lang="en-US" id="label_us-gaap_CreditConcentrationRiskMember_1">Credit concentration [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CreditConcentrationRiskMember" xlink:to="label_us-gaap_CreditConcentrationRiskMember_1" xlink:title="Label : us-gaap_CreditConcentrationRiskMember to label_us-gaap_CreditConcentrationRiskMember_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_CurrencyAxis" xlink:label="us-gaap_CurrencyAxis" xlink:title="us-gaap_CurrencyAxis" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_CurrencyAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_CurrencyAxis" xml:lang="en-US" id="label_us-gaap_CurrencyAxis">Currency [Axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CurrencyAxis" xlink:to="label_us-gaap_CurrencyAxis" xlink:title="Label : us-gaap_CurrencyAxis to label_us-gaap_CurrencyAxis" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_CurrentIncomeTaxExpenseBenefit" xlink:label="us-gaap_CurrentIncomeTaxExpenseBenefit" xlink:title="us-gaap_CurrentIncomeTaxExpenseBenefit" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_CurrentIncomeTaxExpenseBenefit" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_CurrentIncomeTaxExpenseBenefit" xml:lang="en-US" id="label_us-gaap_CurrentIncomeTaxExpenseBenefit">Current Income Tax Expense (Benefit)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CurrentIncomeTaxExpenseBenefit" xlink:to="label_us-gaap_CurrentIncomeTaxExpenseBenefit" xlink:title="Label : us-gaap_CurrentIncomeTaxExpenseBenefit to label_us-gaap_CurrentIncomeTaxExpenseBenefit" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_CurrentIncomeTaxExpenseBenefit_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_us-gaap_CurrentIncomeTaxExpenseBenefit_1" xml:lang="en-US" id="label_us-gaap_CurrentIncomeTaxExpenseBenefit_1">Current income tax expenses</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CurrentIncomeTaxExpenseBenefit" xlink:to="label_us-gaap_CurrentIncomeTaxExpenseBenefit_1" xlink:title="Label : us-gaap_CurrentIncomeTaxExpenseBenefit to label_us-gaap_CurrentIncomeTaxExpenseBenefit_1" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_CurrentIncomeTaxExpenseBenefit_2" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_us-gaap_CurrentIncomeTaxExpenseBenefit_2" xml:lang="en-US" id="label_us-gaap_CurrentIncomeTaxExpenseBenefit_2">Current income tax expenses</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CurrentIncomeTaxExpenseBenefit" xlink:to="label_us-gaap_CurrentIncomeTaxExpenseBenefit_2" xlink:title="Label : us-gaap_CurrentIncomeTaxExpenseBenefit to label_us-gaap_CurrentIncomeTaxExpenseBenefit_2" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_CurrentIncomeTaxExpenseBenefit_3" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:title="label_us-gaap_CurrentIncomeTaxExpenseBenefit_3" xml:lang="en-US" id="label_us-gaap_CurrentIncomeTaxExpenseBenefit_3">Current income tax expenses</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CurrentIncomeTaxExpenseBenefit" xlink:to="label_us-gaap_CurrentIncomeTaxExpenseBenefit_3" xlink:title="Label : us-gaap_CurrentIncomeTaxExpenseBenefit to label_us-gaap_CurrentIncomeTaxExpenseBenefit_3" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_CustomerAdvancesCurrent" xlink:label="us-gaap_CustomerAdvancesCurrent" xlink:title="us-gaap_CustomerAdvancesCurrent" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_CustomerAdvancesCurrent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_CustomerAdvancesCurrent" xml:lang="en-US" id="label_us-gaap_CustomerAdvancesCurrent">Customer Advances, Current</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CustomerAdvancesCurrent" xlink:to="label_us-gaap_CustomerAdvancesCurrent" xlink:title="Label : us-gaap_CustomerAdvancesCurrent to label_us-gaap_CustomerAdvancesCurrent" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_CustomerAdvancesCurrent_1" xlink:role="http://www.xbrl.org/2003/role/positiveLabel" xlink:title="label_us-gaap_CustomerAdvancesCurrent_1" xml:lang="en-US" id="label_us-gaap_CustomerAdvancesCurrent_1">Advances from customers</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CustomerAdvancesCurrent" xlink:to="label_us-gaap_CustomerAdvancesCurrent_1" xlink:title="Label : us-gaap_CustomerAdvancesCurrent to label_us-gaap_CustomerAdvancesCurrent_1" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_CustomerAdvancesCurrent_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_us-gaap_CustomerAdvancesCurrent_2" xml:lang="en-US" id="label_us-gaap_CustomerAdvancesCurrent_2">Advances from customers</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CustomerAdvancesCurrent" xlink:to="label_us-gaap_CustomerAdvancesCurrent_2" xlink:title="Label : us-gaap_CustomerAdvancesCurrent to label_us-gaap_CustomerAdvancesCurrent_2" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_CustomerAdvancesCurrent_3" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_us-gaap_CustomerAdvancesCurrent_3" xml:lang="en-US" id="label_us-gaap_CustomerAdvancesCurrent_3">Advances from customers (including advances from customers of the consolidated variable interest entity without recourse to the Company of RMB25,897 and RMB 45,189 as of December 31, 2014 and 2015, respectively)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CustomerAdvancesCurrent" xlink:to="label_us-gaap_CustomerAdvancesCurrent_3" xlink:title="Label : us-gaap_CustomerAdvancesCurrent to label_us-gaap_CustomerAdvancesCurrent_3" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_CustomerConcentrationRiskMember" xlink:label="us-gaap_CustomerConcentrationRiskMember" xlink:title="us-gaap_CustomerConcentrationRiskMember" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_CustomerConcentrationRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_CustomerConcentrationRiskMember" xml:lang="en-US" id="label_us-gaap_CustomerConcentrationRiskMember">Customer Concentration Risk [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CustomerConcentrationRiskMember" xlink:to="label_us-gaap_CustomerConcentrationRiskMember" xlink:title="Label : us-gaap_CustomerConcentrationRiskMember to label_us-gaap_CustomerConcentrationRiskMember" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_CustomerConcentrationRiskMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_us-gaap_CustomerConcentrationRiskMember_1" xml:lang="en-US" id="label_us-gaap_CustomerConcentrationRiskMember_1">Customer concentration [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CustomerConcentrationRiskMember" xlink:to="label_us-gaap_CustomerConcentrationRiskMember_1" xlink:title="Label : us-gaap_CustomerConcentrationRiskMember to label_us-gaap_CustomerConcentrationRiskMember_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_CustomerDepositsCurrent" xlink:label="us-gaap_CustomerDepositsCurrent" xlink:title="us-gaap_CustomerDepositsCurrent" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_CustomerDepositsCurrent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_CustomerDepositsCurrent" xml:lang="en-US" id="label_us-gaap_CustomerDepositsCurrent">Customer Deposits, Current</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CustomerDepositsCurrent" xlink:to="label_us-gaap_CustomerDepositsCurrent" xlink:title="Label : us-gaap_CustomerDepositsCurrent to label_us-gaap_CustomerDepositsCurrent" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_CustomerDepositsCurrent_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_us-gaap_CustomerDepositsCurrent_1" xml:lang="en-US" id="label_us-gaap_CustomerDepositsCurrent_1">Deposits from advertising customers</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CustomerDepositsCurrent" xlink:to="label_us-gaap_CustomerDepositsCurrent_1" xlink:title="Label : us-gaap_CustomerDepositsCurrent to label_us-gaap_CustomerDepositsCurrent_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DebtInstrumentRedemptionPeriodDomain" xlink:label="us-gaap_DebtInstrumentRedemptionPeriodDomain" xlink:title="us-gaap_DebtInstrumentRedemptionPeriodDomain" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_DebtInstrumentRedemptionPeriodDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_DebtInstrumentRedemptionPeriodDomain" xml:lang="en-US" id="label_us-gaap_DebtInstrumentRedemptionPeriodDomain">Debt Instrument, Redemption, Period [Domain]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DebtInstrumentRedemptionPeriodDomain" xlink:to="label_us-gaap_DebtInstrumentRedemptionPeriodDomain" xlink:title="Label : us-gaap_DebtInstrumentRedemptionPeriodDomain to label_us-gaap_DebtInstrumentRedemptionPeriodDomain" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DebtInstrumentLineItems" xlink:label="us-gaap_DebtInstrumentLineItems" xlink:title="us-gaap_DebtInstrumentLineItems" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_DebtInstrumentLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_DebtInstrumentLineItems" xml:lang="en-US" id="label_us-gaap_DebtInstrumentLineItems">Debt Instrument [Line Items]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DebtInstrumentLineItems" xlink:to="label_us-gaap_DebtInstrumentLineItems" xlink:title="Label : us-gaap_DebtInstrumentLineItems to label_us-gaap_DebtInstrumentLineItems" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_DebtInstrumentLineItems_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_us-gaap_DebtInstrumentLineItems_1" xml:lang="en-US" id="label_us-gaap_DebtInstrumentLineItems_1">Convertible bonds [Line Items]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DebtInstrumentLineItems" xlink:to="label_us-gaap_DebtInstrumentLineItems_1" xlink:title="Label : us-gaap_DebtInstrumentLineItems to label_us-gaap_DebtInstrumentLineItems_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DebtInstrumentRedemptionPricePercentage" xlink:label="us-gaap_DebtInstrumentRedemptionPricePercentage" xlink:title="us-gaap_DebtInstrumentRedemptionPricePercentage" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_DebtInstrumentRedemptionPricePercentage" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_DebtInstrumentRedemptionPricePercentage" xml:lang="en-US" id="label_us-gaap_DebtInstrumentRedemptionPricePercentage">Debt Instrument, Redemption Price, Percentage</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DebtInstrumentRedemptionPricePercentage" xlink:to="label_us-gaap_DebtInstrumentRedemptionPricePercentage" xlink:title="Label : us-gaap_DebtInstrumentRedemptionPricePercentage to label_us-gaap_DebtInstrumentRedemptionPricePercentage" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_DebtInstrumentRedemptionPricePercentage_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_us-gaap_DebtInstrumentRedemptionPricePercentage_1" xml:lang="en-US" id="label_us-gaap_DebtInstrumentRedemptionPricePercentage_1">Redemption percentage</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DebtInstrumentRedemptionPricePercentage" xlink:to="label_us-gaap_DebtInstrumentRedemptionPricePercentage_1" xlink:title="Label : us-gaap_DebtInstrumentRedemptionPricePercentage to label_us-gaap_DebtInstrumentRedemptionPricePercentage_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DebtInstrumentRedemptionPeriodAxis" xlink:label="us-gaap_DebtInstrumentRedemptionPeriodAxis" xlink:title="us-gaap_DebtInstrumentRedemptionPeriodAxis" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_DebtInstrumentRedemptionPeriodAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_DebtInstrumentRedemptionPeriodAxis" xml:lang="en-US" id="label_us-gaap_DebtInstrumentRedemptionPeriodAxis">Debt Instrument, Redemption, Period [Axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DebtInstrumentRedemptionPeriodAxis" xlink:to="label_us-gaap_DebtInstrumentRedemptionPeriodAxis" xlink:title="Label : us-gaap_DebtInstrumentRedemptionPeriodAxis to label_us-gaap_DebtInstrumentRedemptionPeriodAxis" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DebtConversionConvertedInstrumentSharesIssued1" xlink:label="us-gaap_DebtConversionConvertedInstrumentSharesIssued1" xlink:title="us-gaap_DebtConversionConvertedInstrumentSharesIssued1" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_DebtConversionConvertedInstrumentSharesIssued1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_DebtConversionConvertedInstrumentSharesIssued1" xml:lang="en-US" id="label_us-gaap_DebtConversionConvertedInstrumentSharesIssued1">Debt Conversion, Converted Instrument, Shares Issued</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DebtConversionConvertedInstrumentSharesIssued1" xlink:to="label_us-gaap_DebtConversionConvertedInstrumentSharesIssued1" xlink:title="Label : us-gaap_DebtConversionConvertedInstrumentSharesIssued1 to label_us-gaap_DebtConversionConvertedInstrumentSharesIssued1" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_DebtConversionConvertedInstrumentSharesIssued1_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_us-gaap_DebtConversionConvertedInstrumentSharesIssued1_1" xml:lang="en-US" id="label_us-gaap_DebtConversionConvertedInstrumentSharesIssued1_1">Shares issued upon conversion</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DebtConversionConvertedInstrumentSharesIssued1" xlink:to="label_us-gaap_DebtConversionConvertedInstrumentSharesIssued1_1" xlink:title="Label : us-gaap_DebtConversionConvertedInstrumentSharesIssued1 to label_us-gaap_DebtConversionConvertedInstrumentSharesIssued1_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DebtInstrumentRedemptionPeriodStartDate" xlink:label="us-gaap_DebtInstrumentRedemptionPeriodStartDate" xlink:title="us-gaap_DebtInstrumentRedemptionPeriodStartDate" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_DebtInstrumentRedemptionPeriodStartDate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_DebtInstrumentRedemptionPeriodStartDate" xml:lang="en-US" id="label_us-gaap_DebtInstrumentRedemptionPeriodStartDate">Debt Instrument, Redemption Period, Start Date</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DebtInstrumentRedemptionPeriodStartDate" xlink:to="label_us-gaap_DebtInstrumentRedemptionPeriodStartDate" xlink:title="Label : us-gaap_DebtInstrumentRedemptionPeriodStartDate to label_us-gaap_DebtInstrumentRedemptionPeriodStartDate" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_DebtInstrumentRedemptionPeriodStartDate_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_us-gaap_DebtInstrumentRedemptionPeriodStartDate_1" xml:lang="en-US" id="label_us-gaap_DebtInstrumentRedemptionPeriodStartDate_1">Redemption period, start date</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DebtInstrumentRedemptionPeriodStartDate" xlink:to="label_us-gaap_DebtInstrumentRedemptionPeriodStartDate_1" xlink:title="Label : us-gaap_DebtInstrumentRedemptionPeriodStartDate to label_us-gaap_DebtInstrumentRedemptionPeriodStartDate_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DebtInstrumentTerm" xlink:label="us-gaap_DebtInstrumentTerm" xlink:title="us-gaap_DebtInstrumentTerm" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_DebtInstrumentTerm" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_DebtInstrumentTerm" xml:lang="en-US" id="label_us-gaap_DebtInstrumentTerm">Debt Instrument, Term</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DebtInstrumentTerm" xlink:to="label_us-gaap_DebtInstrumentTerm" xlink:title="Label : us-gaap_DebtInstrumentTerm to label_us-gaap_DebtInstrumentTerm" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_DebtInstrumentTerm_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_us-gaap_DebtInstrumentTerm_1" xml:lang="en-US" id="label_us-gaap_DebtInstrumentTerm_1">Maturity period</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DebtInstrumentTerm" xlink:to="label_us-gaap_DebtInstrumentTerm_1" xlink:title="Label : us-gaap_DebtInstrumentTerm to label_us-gaap_DebtInstrumentTerm_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DebtInstrumentConvertibleBeneficialConversionFeature" xlink:label="us-gaap_DebtInstrumentConvertibleBeneficialConversionFeature" xlink:title="us-gaap_DebtInstrumentConvertibleBeneficialConversionFeature" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_DebtInstrumentConvertibleBeneficialConversionFeature" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_DebtInstrumentConvertibleBeneficialConversionFeature" xml:lang="en-US" id="label_us-gaap_DebtInstrumentConvertibleBeneficialConversionFeature">Debt Instrument, Convertible, Beneficial Conversion Feature</link:label>
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    <link:label xlink:type="resource" xlink:label="label_us-gaap_DebtDisclosureTextBlock_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_us-gaap_DebtDisclosureTextBlock_1" xml:lang="en-US" id="label_us-gaap_DebtDisclosureTextBlock_1">Convertible bonds</link:label>
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    <link:label xlink:type="resource" xlink:label="label_us-gaap_DebtInstrumentMaturityDate_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_us-gaap_DebtInstrumentMaturityDate_1" xml:lang="en-US" id="label_us-gaap_DebtInstrumentMaturityDate_1">Maturity date</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DebtInstrumentMaturityDate" xlink:to="label_us-gaap_DebtInstrumentMaturityDate_1" xlink:title="Label : us-gaap_DebtInstrumentMaturityDate to label_us-gaap_DebtInstrumentMaturityDate_1" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DeferredRevenueDisclosureAbstract" xlink:to="label_us-gaap_DeferredRevenueDisclosureAbstract" xlink:title="Label : us-gaap_DeferredRevenueDisclosureAbstract to label_us-gaap_DeferredRevenueDisclosureAbstract" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DeferredIncomeTaxExpenseBenefit" xlink:to="label_us-gaap_DeferredIncomeTaxExpenseBenefit_4" xlink:title="Label : us-gaap_DeferredIncomeTaxExpenseBenefit to label_us-gaap_DeferredIncomeTaxExpenseBenefit_4" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DeferredRevenueArrangementByTypeTable" xlink:label="us-gaap_DeferredRevenueArrangementByTypeTable" xlink:title="us-gaap_DeferredRevenueArrangementByTypeTable" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DeferredRevenueArrangementByTypeTable" xlink:to="label_us-gaap_DeferredRevenueArrangementByTypeTable" xlink:title="Label : us-gaap_DeferredRevenueArrangementByTypeTable to label_us-gaap_DeferredRevenueArrangementByTypeTable" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DeferredRevenueArrangementTypeAxis" xlink:label="us-gaap_DeferredRevenueArrangementTypeAxis" xlink:title="us-gaap_DeferredRevenueArrangementTypeAxis" />
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    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DeferredRevenueArrangementTypeDomain" xlink:label="us-gaap_DeferredRevenueArrangementTypeDomain" xlink:title="us-gaap_DeferredRevenueArrangementTypeDomain" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DeferredRevenueArrangementTypeDomain" xlink:to="label_us-gaap_DeferredRevenueArrangementTypeDomain" xlink:title="Label : us-gaap_DeferredRevenueArrangementTypeDomain to label_us-gaap_DeferredRevenueArrangementTypeDomain" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DeferredRevenueDisclosureTextBlock" xlink:label="us-gaap_DeferredRevenueDisclosureTextBlock" xlink:title="us-gaap_DeferredRevenueDisclosureTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_DeferredRevenueDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_DeferredRevenueDisclosureTextBlock" xml:lang="en-US" id="label_us-gaap_DeferredRevenueDisclosureTextBlock">Deferred Revenue Disclosure [Text Block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DeferredRevenueDisclosureTextBlock" xlink:to="label_us-gaap_DeferredRevenueDisclosureTextBlock" xlink:title="Label : us-gaap_DeferredRevenueDisclosureTextBlock to label_us-gaap_DeferredRevenueDisclosureTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_DeferredRevenueDisclosureTextBlock_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_us-gaap_DeferredRevenueDisclosureTextBlock_1" xml:lang="en-US" id="label_us-gaap_DeferredRevenueDisclosureTextBlock_1">Deferred revenue</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DeferredRevenueDisclosureTextBlock" xlink:to="label_us-gaap_DeferredRevenueDisclosureTextBlock_1" xlink:title="Label : us-gaap_DeferredRevenueDisclosureTextBlock to label_us-gaap_DeferredRevenueDisclosureTextBlock_1" />
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    <link:label xlink:type="resource" xlink:label="label_us-gaap_DeferredRevenueCurrent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_DeferredRevenueCurrent" xml:lang="en-US" id="label_us-gaap_DeferredRevenueCurrent">Deferred Revenue, Current</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DeferredRevenueCurrent" xlink:to="label_us-gaap_DeferredRevenueCurrent" xlink:title="Label : us-gaap_DeferredRevenueCurrent to label_us-gaap_DeferredRevenueCurrent" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_DeferredRevenueCurrent_1" xlink:role="http://www.xbrl.org/2003/role/positiveLabel" xlink:title="label_us-gaap_DeferredRevenueCurrent_1" xml:lang="en-US" id="label_us-gaap_DeferredRevenueCurrent_1">Deferred revenue (including deferred revenue of the consolidated variable interest entity without recourse to the Company of RMB354,987 and RMB385,300 as of December 31, 2014 and 2015, respectively)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DeferredRevenueCurrent" xlink:to="label_us-gaap_DeferredRevenueCurrent_1" xlink:title="Label : us-gaap_DeferredRevenueCurrent to label_us-gaap_DeferredRevenueCurrent_1" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_DeferredRevenueCurrent_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_us-gaap_DeferredRevenueCurrent_2" xml:lang="en-US" id="label_us-gaap_DeferredRevenueCurrent_2">Deferred revenue, current</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DeferredRevenueCurrent" xlink:to="label_us-gaap_DeferredRevenueCurrent_2" xlink:title="Label : us-gaap_DeferredRevenueCurrent to label_us-gaap_DeferredRevenueCurrent_2" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_DeferredRevenueCurrent_3" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_us-gaap_DeferredRevenueCurrent_3" xml:lang="en-US" id="label_us-gaap_DeferredRevenueCurrent_3">Deferred revenue</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DeferredRevenueCurrent" xlink:to="label_us-gaap_DeferredRevenueCurrent_3" xlink:title="Label : us-gaap_DeferredRevenueCurrent to label_us-gaap_DeferredRevenueCurrent_3" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DeferredRevenueArrangementLineItems" xlink:label="us-gaap_DeferredRevenueArrangementLineItems" xlink:title="us-gaap_DeferredRevenueArrangementLineItems" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DeferredRevenueNoncurrent" xlink:to="label_us-gaap_DeferredRevenueNoncurrent_3" xlink:title="Label : us-gaap_DeferredRevenueNoncurrent to label_us-gaap_DeferredRevenueNoncurrent_3" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DirectTaxesAndLicensesCosts" xlink:to="label_us-gaap_DirectTaxesAndLicensesCosts" xlink:title="Label : us-gaap_DirectTaxesAndLicensesCosts to label_us-gaap_DirectTaxesAndLicensesCosts" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InventoryNet" xlink:to="label_us-gaap_InventoryNet" xlink:title="Label : us-gaap_InventoryNet to label_us-gaap_InventoryNet" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_InventoryNet_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_us-gaap_InventoryNet_1" xml:lang="en-US" id="label_us-gaap_InventoryNet_1">Inventory</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InventoryNet" xlink:to="label_us-gaap_InventoryNet_1" xlink:title="Label : us-gaap_InventoryNet to label_us-gaap_InventoryNet_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_InvestmentsAndOtherNoncurrentAssetsTextBlock" xlink:label="us-gaap_InvestmentsAndOtherNoncurrentAssetsTextBlock" xlink:title="us-gaap_InvestmentsAndOtherNoncurrentAssetsTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_InvestmentsAndOtherNoncurrentAssetsTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_InvestmentsAndOtherNoncurrentAssetsTextBlock" xml:lang="en-US" id="label_us-gaap_InvestmentsAndOtherNoncurrentAssetsTextBlock">Investments and Other Noncurrent Assets [Text Block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InvestmentsAndOtherNoncurrentAssetsTextBlock" xlink:to="label_us-gaap_InvestmentsAndOtherNoncurrentAssetsTextBlock" xlink:title="Label : us-gaap_InvestmentsAndOtherNoncurrentAssetsTextBlock to label_us-gaap_InvestmentsAndOtherNoncurrentAssetsTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_InvestmentsAndOtherNoncurrentAssetsTextBlock_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_us-gaap_InvestmentsAndOtherNoncurrentAssetsTextBlock_1" xml:lang="en-US" id="label_us-gaap_InvestmentsAndOtherNoncurrentAssetsTextBlock_1">Other non-current assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InvestmentsAndOtherNoncurrentAssetsTextBlock" xlink:to="label_us-gaap_InvestmentsAndOtherNoncurrentAssetsTextBlock_1" xlink:title="Label : us-gaap_InvestmentsAndOtherNoncurrentAssetsTextBlock to label_us-gaap_InvestmentsAndOtherNoncurrentAssetsTextBlock_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_InvestmentsAbstract" xlink:label="us-gaap_InvestmentsAbstract" xlink:title="us-gaap_InvestmentsAbstract" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_InvestmentsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_InvestmentsAbstract" xml:lang="en-US" id="label_us-gaap_InvestmentsAbstract">Investments [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InvestmentsAbstract" xlink:to="label_us-gaap_InvestmentsAbstract" xlink:title="Label : us-gaap_InvestmentsAbstract to label_us-gaap_InvestmentsAbstract" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_LongtermDebtTypeAxis" xlink:label="us-gaap_LongtermDebtTypeAxis" xlink:title="us-gaap_LongtermDebtTypeAxis" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_LongtermDebtTypeAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_LongtermDebtTypeAxis" xml:lang="en-US" id="label_us-gaap_LongtermDebtTypeAxis">Long-term Debt, Type [Axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LongtermDebtTypeAxis" xlink:to="label_us-gaap_LongtermDebtTypeAxis" xlink:title="Label : us-gaap_LongtermDebtTypeAxis to label_us-gaap_LongtermDebtTypeAxis" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_LongtermDebtTypeDomain" xlink:label="us-gaap_LongtermDebtTypeDomain" xlink:title="us-gaap_LongtermDebtTypeDomain" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_LongtermDebtTypeDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_LongtermDebtTypeDomain" xml:lang="en-US" id="label_us-gaap_LongtermDebtTypeDomain">Long-term Debt, Type [Domain]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LongtermDebtTypeDomain" xlink:to="label_us-gaap_LongtermDebtTypeDomain" xlink:title="Label : us-gaap_LongtermDebtTypeDomain to label_us-gaap_LongtermDebtTypeDomain" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_LeasePolicyTextBlock" xlink:label="us-gaap_LeasePolicyTextBlock" xlink:title="us-gaap_LeasePolicyTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_LeasePolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_LeasePolicyTextBlock" xml:lang="en-US" id="label_us-gaap_LeasePolicyTextBlock">Lease, Policy [Policy Text Block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LeasePolicyTextBlock" xlink:to="label_us-gaap_LeasePolicyTextBlock" xlink:title="Label : us-gaap_LeasePolicyTextBlock to label_us-gaap_LeasePolicyTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_LeasePolicyTextBlock_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_us-gaap_LeasePolicyTextBlock_1" xml:lang="en-US" id="label_us-gaap_LeasePolicyTextBlock_1">Operating leases</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LeasePolicyTextBlock" xlink:to="label_us-gaap_LeasePolicyTextBlock_1" xlink:title="Label : us-gaap_LeasePolicyTextBlock to label_us-gaap_LeasePolicyTextBlock_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_LeaseholdImprovementsMember" xlink:label="us-gaap_LeaseholdImprovementsMember" xlink:title="us-gaap_LeaseholdImprovementsMember" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_LeaseholdImprovementsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_LeaseholdImprovementsMember" xml:lang="en-US" id="label_us-gaap_LeaseholdImprovementsMember">Leasehold Improvements [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LeaseholdImprovementsMember" xlink:to="label_us-gaap_LeaseholdImprovementsMember" xlink:title="Label : us-gaap_LeaseholdImprovementsMember to label_us-gaap_LeaseholdImprovementsMember" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_LeaseholdImprovementsMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_us-gaap_LeaseholdImprovementsMember_1" xml:lang="en-US" id="label_us-gaap_LeaseholdImprovementsMember_1">Leasehold improvement [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LeaseholdImprovementsMember" xlink:to="label_us-gaap_LeaseholdImprovementsMember_1" xlink:title="Label : us-gaap_LeaseholdImprovementsMember to label_us-gaap_LeaseholdImprovementsMember_1" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_LeaseholdImprovementsMember_2" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_us-gaap_LeaseholdImprovementsMember_2" xml:lang="en-US" id="label_us-gaap_LeaseholdImprovementsMember_2">Leasehold improvements [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LeaseholdImprovementsMember" xlink:to="label_us-gaap_LeaseholdImprovementsMember_2" xlink:title="Label : us-gaap_LeaseholdImprovementsMember to label_us-gaap_LeaseholdImprovementsMember_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_LiabilitiesCurrent" xlink:label="us-gaap_LiabilitiesCurrent" xlink:title="us-gaap_LiabilitiesCurrent" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_LiabilitiesCurrent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_LiabilitiesCurrent" xml:lang="en-US" id="label_us-gaap_LiabilitiesCurrent">Liabilities, Current</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LiabilitiesCurrent" xlink:to="label_us-gaap_LiabilitiesCurrent" xlink:title="Label : us-gaap_LiabilitiesCurrent to label_us-gaap_LiabilitiesCurrent" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_LiabilitiesCurrent_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_us-gaap_LiabilitiesCurrent_1" xml:lang="en-US" id="label_us-gaap_LiabilitiesCurrent_1">Total current liabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LiabilitiesCurrent" xlink:to="label_us-gaap_LiabilitiesCurrent_1" xlink:title="Label : us-gaap_LiabilitiesCurrent to label_us-gaap_LiabilitiesCurrent_1" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_LiabilitiesCurrent_2" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_us-gaap_LiabilitiesCurrent_2" xml:lang="en-US" id="label_us-gaap_LiabilitiesCurrent_2">Total current liabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LiabilitiesCurrent" xlink:to="label_us-gaap_LiabilitiesCurrent_2" xlink:title="Label : us-gaap_LiabilitiesCurrent to label_us-gaap_LiabilitiesCurrent_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_LiabilitiesNoncurrent" xlink:label="us-gaap_LiabilitiesNoncurrent" xlink:title="us-gaap_LiabilitiesNoncurrent" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_LiabilitiesNoncurrent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_LiabilitiesNoncurrent" xml:lang="en-US" id="label_us-gaap_LiabilitiesNoncurrent">Liabilities, Noncurrent</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LiabilitiesNoncurrent" xlink:to="label_us-gaap_LiabilitiesNoncurrent" xlink:title="Label : us-gaap_LiabilitiesNoncurrent to label_us-gaap_LiabilitiesNoncurrent" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_LiabilitiesNoncurrent_1" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_us-gaap_LiabilitiesNoncurrent_1" xml:lang="en-US" id="label_us-gaap_LiabilitiesNoncurrent_1">Total non-current liabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LiabilitiesNoncurrent" xlink:to="label_us-gaap_LiabilitiesNoncurrent_1" xlink:title="Label : us-gaap_LiabilitiesNoncurrent to label_us-gaap_LiabilitiesNoncurrent_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_LiabilitiesCurrentAbstract" xlink:label="us-gaap_LiabilitiesCurrentAbstract" xlink:title="us-gaap_LiabilitiesCurrentAbstract" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_LiabilitiesCurrentAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_LiabilitiesCurrentAbstract" xml:lang="en-US" id="label_us-gaap_LiabilitiesCurrentAbstract">Liabilities, Current [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LiabilitiesCurrentAbstract" xlink:to="label_us-gaap_LiabilitiesCurrentAbstract" xlink:title="Label : us-gaap_LiabilitiesCurrentAbstract to label_us-gaap_LiabilitiesCurrentAbstract" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_LiabilitiesCurrentAbstract_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_us-gaap_LiabilitiesCurrentAbstract_1" xml:lang="en-US" id="label_us-gaap_LiabilitiesCurrentAbstract_1">Current liabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LiabilitiesCurrentAbstract" xlink:to="label_us-gaap_LiabilitiesCurrentAbstract_1" xlink:title="Label : us-gaap_LiabilitiesCurrentAbstract to label_us-gaap_LiabilitiesCurrentAbstract_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_Liabilities" xlink:label="us-gaap_Liabilities" xlink:title="us-gaap_Liabilities" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_Liabilities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_Liabilities" xml:lang="en-US" id="label_us-gaap_Liabilities">Liabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_Liabilities" xlink:to="label_us-gaap_Liabilities" xlink:title="Label : us-gaap_Liabilities to label_us-gaap_Liabilities" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_Liabilities_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_us-gaap_Liabilities_1" xml:lang="en-US" id="label_us-gaap_Liabilities_1">Total liabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_Liabilities" xlink:to="label_us-gaap_Liabilities_1" xlink:title="Label : us-gaap_Liabilities to label_us-gaap_Liabilities_1" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_Liabilities_2" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_us-gaap_Liabilities_2" xml:lang="en-US" id="label_us-gaap_Liabilities_2">Total liabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_Liabilities" xlink:to="label_us-gaap_Liabilities_2" xlink:title="Label : us-gaap_Liabilities to label_us-gaap_Liabilities_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_LiabilitiesNoncurrentAbstract" xlink:label="us-gaap_LiabilitiesNoncurrentAbstract" xlink:title="us-gaap_LiabilitiesNoncurrentAbstract" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_LiabilitiesNoncurrentAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_LiabilitiesNoncurrentAbstract" xml:lang="en-US" id="label_us-gaap_LiabilitiesNoncurrentAbstract">Liabilities, Noncurrent [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LiabilitiesNoncurrentAbstract" xlink:to="label_us-gaap_LiabilitiesNoncurrentAbstract" xlink:title="Label : us-gaap_LiabilitiesNoncurrentAbstract to label_us-gaap_LiabilitiesNoncurrentAbstract" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_LiabilitiesNoncurrentAbstract_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_us-gaap_LiabilitiesNoncurrentAbstract_1" xml:lang="en-US" id="label_us-gaap_LiabilitiesNoncurrentAbstract_1">Non-current liabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LiabilitiesNoncurrentAbstract" xlink:to="label_us-gaap_LiabilitiesNoncurrentAbstract_1" xlink:title="Label : us-gaap_LiabilitiesNoncurrentAbstract to label_us-gaap_LiabilitiesNoncurrentAbstract_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_LiabilitiesAndStockholdersEquityAbstract" xlink:label="us-gaap_LiabilitiesAndStockholdersEquityAbstract" xlink:title="us-gaap_LiabilitiesAndStockholdersEquityAbstract" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_LiabilitiesAndStockholdersEquityAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_LiabilitiesAndStockholdersEquityAbstract" xml:lang="en-US" id="label_us-gaap_LiabilitiesAndStockholdersEquityAbstract">Liabilities and Equity [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LiabilitiesAndStockholdersEquityAbstract" xlink:to="label_us-gaap_LiabilitiesAndStockholdersEquityAbstract" xlink:title="Label : us-gaap_LiabilitiesAndStockholdersEquityAbstract to label_us-gaap_LiabilitiesAndStockholdersEquityAbstract" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_LiabilitiesAndStockholdersEquityAbstract_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_us-gaap_LiabilitiesAndStockholdersEquityAbstract_1" xml:lang="en-US" id="label_us-gaap_LiabilitiesAndStockholdersEquityAbstract_1">Liabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LiabilitiesAndStockholdersEquityAbstract" xlink:to="label_us-gaap_LiabilitiesAndStockholdersEquityAbstract_1" xlink:title="Label : us-gaap_LiabilitiesAndStockholdersEquityAbstract to label_us-gaap_LiabilitiesAndStockholdersEquityAbstract_1" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_LiabilitiesAndStockholdersEquityAbstract_2" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_us-gaap_LiabilitiesAndStockholdersEquityAbstract_2" xml:lang="en-US" id="label_us-gaap_LiabilitiesAndStockholdersEquityAbstract_2">Liabilities and shareholders' equity</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LiabilitiesAndStockholdersEquityAbstract" xlink:to="label_us-gaap_LiabilitiesAndStockholdersEquityAbstract_2" xlink:title="Label : us-gaap_LiabilitiesAndStockholdersEquityAbstract to label_us-gaap_LiabilitiesAndStockholdersEquityAbstract_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_LiabilitiesFairValueDisclosureAbstract" xlink:label="us-gaap_LiabilitiesFairValueDisclosureAbstract" xlink:title="us-gaap_LiabilitiesFairValueDisclosureAbstract" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_LiabilitiesFairValueDisclosureAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_LiabilitiesFairValueDisclosureAbstract" xml:lang="en-US" id="label_us-gaap_LiabilitiesFairValueDisclosureAbstract">Liabilities, Fair Value Disclosure [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LiabilitiesFairValueDisclosureAbstract" xlink:to="label_us-gaap_LiabilitiesFairValueDisclosureAbstract" xlink:title="Label : us-gaap_LiabilitiesFairValueDisclosureAbstract to label_us-gaap_LiabilitiesFairValueDisclosureAbstract" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_LiabilitiesFairValueDisclosureAbstract_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_us-gaap_LiabilitiesFairValueDisclosureAbstract_1" xml:lang="en-US" id="label_us-gaap_LiabilitiesFairValueDisclosureAbstract_1">Liabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LiabilitiesFairValueDisclosureAbstract" xlink:to="label_us-gaap_LiabilitiesFairValueDisclosureAbstract_1" xlink:title="Label : us-gaap_LiabilitiesFairValueDisclosureAbstract to label_us-gaap_LiabilitiesFairValueDisclosureAbstract_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_LiabilitiesAndStockholdersEquity" xlink:label="us-gaap_LiabilitiesAndStockholdersEquity" xlink:title="us-gaap_LiabilitiesAndStockholdersEquity" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_LiabilitiesAndStockholdersEquity" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_LiabilitiesAndStockholdersEquity" xml:lang="en-US" id="label_us-gaap_LiabilitiesAndStockholdersEquity">Liabilities and Equity</link:label>
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    <link:label xlink:type="resource" xlink:label="label_us-gaap_OperatingExpenses_1" xlink:role="http://www.xbrl.org/2009/role/negatedTotalLabel" xlink:title="label_us-gaap_OperatingExpenses_1" xml:lang="en-US" id="label_us-gaap_OperatingExpenses_1">Total operating expenses</link:label>
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    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_OperatingLeasesFutureMinimumPaymentsDueCurrent" xlink:label="us-gaap_OperatingLeasesFutureMinimumPaymentsDueCurrent" xlink:title="us-gaap_OperatingLeasesFutureMinimumPaymentsDueCurrent" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_OperatingLeasesFutureMinimumPaymentsDueCurrent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_OperatingLeasesFutureMinimumPaymentsDueCurrent" xml:lang="en-US" id="label_us-gaap_OperatingLeasesFutureMinimumPaymentsDueCurrent">Operating Leases, Future Minimum Payments Due, Next Twelve Months</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OperatingLeasesFutureMinimumPaymentsDueCurrent" xlink:to="label_us-gaap_OperatingLeasesFutureMinimumPaymentsDueCurrent" xlink:title="Label : us-gaap_OperatingLeasesFutureMinimumPaymentsDueCurrent to label_us-gaap_OperatingLeasesFutureMinimumPaymentsDueCurrent" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_OperatingLeasesFutureMinimumPaymentsDueCurrent_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_us-gaap_OperatingLeasesFutureMinimumPaymentsDueCurrent_1" xml:lang="en-US" id="label_us-gaap_OperatingLeasesFutureMinimumPaymentsDueCurrent_1">2016</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OperatingLeasesFutureMinimumPaymentsDueCurrent" xlink:to="label_us-gaap_OperatingLeasesFutureMinimumPaymentsDueCurrent_1" xlink:title="Label : us-gaap_OperatingLeasesFutureMinimumPaymentsDueCurrent to label_us-gaap_OperatingLeasesFutureMinimumPaymentsDueCurrent_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_OperatingLeasesFutureMinimumPaymentsDueAbstract" xlink:label="us-gaap_OperatingLeasesFutureMinimumPaymentsDueAbstract" xlink:title="us-gaap_OperatingLeasesFutureMinimumPaymentsDueAbstract" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_OperatingLeasesFutureMinimumPaymentsDueAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_OperatingLeasesFutureMinimumPaymentsDueAbstract" xml:lang="en-US" id="label_us-gaap_OperatingLeasesFutureMinimumPaymentsDueAbstract">Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OperatingLeasesFutureMinimumPaymentsDueAbstract" xlink:to="label_us-gaap_OperatingLeasesFutureMinimumPaymentsDueAbstract" xlink:title="Label : us-gaap_OperatingLeasesFutureMinimumPaymentsDueAbstract to label_us-gaap_OperatingLeasesFutureMinimumPaymentsDueAbstract" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_OperatingLeasesFutureMinimumPaymentsDueAbstract_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_us-gaap_OperatingLeasesFutureMinimumPaymentsDueAbstract_1" xml:lang="en-US" id="label_us-gaap_OperatingLeasesFutureMinimumPaymentsDueAbstract_1">Future minimum payments under non-cancellable operating leases</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OperatingLeasesFutureMinimumPaymentsDueAbstract" xlink:to="label_us-gaap_OperatingLeasesFutureMinimumPaymentsDueAbstract_1" xlink:title="Label : us-gaap_OperatingLeasesFutureMinimumPaymentsDueAbstract to label_us-gaap_OperatingLeasesFutureMinimumPaymentsDueAbstract_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_OperatingLeasesRentExpenseNet" xlink:label="us-gaap_OperatingLeasesRentExpenseNet" xlink:title="us-gaap_OperatingLeasesRentExpenseNet" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_OperatingLeasesRentExpenseNet" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_OperatingLeasesRentExpenseNet" xml:lang="en-US" id="label_us-gaap_OperatingLeasesRentExpenseNet">Operating Leases, Rent Expense, Net</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OperatingLeasesRentExpenseNet" xlink:to="label_us-gaap_OperatingLeasesRentExpenseNet" xlink:title="Label : us-gaap_OperatingLeasesRentExpenseNet to label_us-gaap_OperatingLeasesRentExpenseNet" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_OperatingLeasesRentExpenseNet_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_us-gaap_OperatingLeasesRentExpenseNet_1" xml:lang="en-US" id="label_us-gaap_OperatingLeasesRentExpenseNet_1">Total office rental expenses</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OperatingLeasesRentExpenseNet" xlink:to="label_us-gaap_OperatingLeasesRentExpenseNet_1" xlink:title="Label : us-gaap_OperatingLeasesRentExpenseNet to label_us-gaap_OperatingLeasesRentExpenseNet_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_OperatingLeasesFutureMinimumPaymentsDueInTwoYears" xlink:label="us-gaap_OperatingLeasesFutureMinimumPaymentsDueInTwoYears" xlink:title="us-gaap_OperatingLeasesFutureMinimumPaymentsDueInTwoYears" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_OperatingLeasesFutureMinimumPaymentsDueInTwoYears" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_OperatingLeasesFutureMinimumPaymentsDueInTwoYears" xml:lang="en-US" id="label_us-gaap_OperatingLeasesFutureMinimumPaymentsDueInTwoYears">Operating Leases, Future Minimum Payments, Due in Two Years</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OperatingLeasesFutureMinimumPaymentsDueInTwoYears" xlink:to="label_us-gaap_OperatingLeasesFutureMinimumPaymentsDueInTwoYears" xlink:title="Label : us-gaap_OperatingLeasesFutureMinimumPaymentsDueInTwoYears to label_us-gaap_OperatingLeasesFutureMinimumPaymentsDueInTwoYears" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_OperatingLeasesFutureMinimumPaymentsDueInTwoYears_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_us-gaap_OperatingLeasesFutureMinimumPaymentsDueInTwoYears_1" xml:lang="en-US" id="label_us-gaap_OperatingLeasesFutureMinimumPaymentsDueInTwoYears_1">2017</link:label>
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    <link:label xlink:type="resource" xlink:label="label_us-gaap_OperatingIncomeLoss" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_OperatingIncomeLoss" xml:lang="en-US" id="label_us-gaap_OperatingIncomeLoss">Operating Income (Loss)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OperatingIncomeLoss" xlink:to="label_us-gaap_OperatingIncomeLoss" xlink:title="Label : us-gaap_OperatingIncomeLoss to label_us-gaap_OperatingIncomeLoss" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_OperatingIncomeLoss_1" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_us-gaap_OperatingIncomeLoss_1" xml:lang="en-US" id="label_us-gaap_OperatingIncomeLoss_1">Operating income</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OperatingIncomeLoss" xlink:to="label_us-gaap_OperatingIncomeLoss_1" xlink:title="Label : us-gaap_OperatingIncomeLoss to label_us-gaap_OperatingIncomeLoss_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_OperatingLossCarryforwardsTable" xlink:label="us-gaap_OperatingLossCarryforwardsTable" xlink:title="us-gaap_OperatingLossCarryforwardsTable" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_OperatingLossCarryforwardsTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_OperatingLossCarryforwardsTable" xml:lang="en-US" id="label_us-gaap_OperatingLossCarryforwardsTable">Operating Loss Carryforwards [Table]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OperatingLossCarryforwardsTable" xlink:to="label_us-gaap_OperatingLossCarryforwardsTable" xlink:title="Label : us-gaap_OperatingLossCarryforwardsTable to label_us-gaap_OperatingLossCarryforwardsTable" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_OperatingLossCarryforwardsLineItems" xlink:label="us-gaap_OperatingLossCarryforwardsLineItems" xlink:title="us-gaap_OperatingLossCarryforwardsLineItems" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_OperatingLossCarryforwardsLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_OperatingLossCarryforwardsLineItems" xml:lang="en-US" id="label_us-gaap_OperatingLossCarryforwardsLineItems">Operating Loss Carryforwards [Line Items]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OperatingLossCarryforwardsLineItems" xlink:to="label_us-gaap_OperatingLossCarryforwardsLineItems" xlink:title="Label : us-gaap_OperatingLossCarryforwardsLineItems to label_us-gaap_OperatingLossCarryforwardsLineItems" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_OperatingLossCarryforwardsLineItems_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_us-gaap_OperatingLossCarryforwardsLineItems_1" xml:lang="en-US" id="label_us-gaap_OperatingLossCarryforwardsLineItems_1">Net operating tax loss carry forwards [Line Items]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OperatingLossCarryforwardsLineItems" xlink:to="label_us-gaap_OperatingLossCarryforwardsLineItems_1" xlink:title="Label : us-gaap_OperatingLossCarryforwardsLineItems to label_us-gaap_OperatingLossCarryforwardsLineItems_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_OperatingLeasesFutureMinimumPaymentsDue" xlink:label="us-gaap_OperatingLeasesFutureMinimumPaymentsDue" xlink:title="us-gaap_OperatingLeasesFutureMinimumPaymentsDue" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_OperatingLeasesFutureMinimumPaymentsDue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_OperatingLeasesFutureMinimumPaymentsDue" xml:lang="en-US" id="label_us-gaap_OperatingLeasesFutureMinimumPaymentsDue">Operating Leases, Future Minimum Payments Due</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OperatingLeasesFutureMinimumPaymentsDue" xlink:to="label_us-gaap_OperatingLeasesFutureMinimumPaymentsDue" xlink:title="Label : us-gaap_OperatingLeasesFutureMinimumPaymentsDue to label_us-gaap_OperatingLeasesFutureMinimumPaymentsDue" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_OperatingLeasesFutureMinimumPaymentsDue_1" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_us-gaap_OperatingLeasesFutureMinimumPaymentsDue_1" xml:lang="en-US" id="label_us-gaap_OperatingLeasesFutureMinimumPaymentsDue_1">Total</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OperatingLeasesFutureMinimumPaymentsDue" xlink:to="label_us-gaap_OperatingLeasesFutureMinimumPaymentsDue_1" xlink:title="Label : us-gaap_OperatingLeasesFutureMinimumPaymentsDue to label_us-gaap_OperatingLeasesFutureMinimumPaymentsDue_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_OperatingLossCarryforwards" xlink:label="us-gaap_OperatingLossCarryforwards" xlink:title="us-gaap_OperatingLossCarryforwards" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_OperatingLossCarryforwards" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_OperatingLossCarryforwards" xml:lang="en-US" id="label_us-gaap_OperatingLossCarryforwards">Operating Loss Carryforwards</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OperatingLossCarryforwards" xlink:to="label_us-gaap_OperatingLossCarryforwards" xlink:title="Label : us-gaap_OperatingLossCarryforwards to label_us-gaap_OperatingLossCarryforwards" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_OperatingLossCarryforwards_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_us-gaap_OperatingLossCarryforwards_1" xml:lang="en-US" id="label_us-gaap_OperatingLossCarryforwards_1">Operating tax loss carry forwards</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OperatingLossCarryforwards" xlink:to="label_us-gaap_OperatingLossCarryforwards_1" xlink:title="Label : us-gaap_OperatingLossCarryforwards to label_us-gaap_OperatingLossCarryforwards_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_OperatingLeasesFutureMinimumPaymentsDueInThreeYears" xlink:label="us-gaap_OperatingLeasesFutureMinimumPaymentsDueInThreeYears" xlink:title="us-gaap_OperatingLeasesFutureMinimumPaymentsDueInThreeYears" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_OperatingLeasesFutureMinimumPaymentsDueInThreeYears" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_OperatingLeasesFutureMinimumPaymentsDueInThreeYears" xml:lang="en-US" id="label_us-gaap_OperatingLeasesFutureMinimumPaymentsDueInThreeYears">Operating Leases, Future Minimum Payments, Due in Three Years</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OperatingLeasesFutureMinimumPaymentsDueInThreeYears" xlink:to="label_us-gaap_OperatingLeasesFutureMinimumPaymentsDueInThreeYears" xlink:title="Label : us-gaap_OperatingLeasesFutureMinimumPaymentsDueInThreeYears to label_us-gaap_OperatingLeasesFutureMinimumPaymentsDueInThreeYears" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_OperatingLeasesFutureMinimumPaymentsDueInThreeYears_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_us-gaap_OperatingLeasesFutureMinimumPaymentsDueInThreeYears_1" xml:lang="en-US" id="label_us-gaap_OperatingLeasesFutureMinimumPaymentsDueInThreeYears_1">2018</link:label>
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    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock" xlink:label="us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock" xlink:title="us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock" />
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    <link:label xlink:type="resource" xlink:label="label_us-gaap_OtherCurrentAssetsTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_OtherCurrentAssetsTextBlock" xml:lang="en-US" id="label_us-gaap_OtherCurrentAssetsTextBlock">Other Current Assets [Text Block]</link:label>
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    <link:label xlink:type="resource" xlink:label="label_us-gaap_OtherOperatingIncomeAndExpenseTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_OtherOperatingIncomeAndExpenseTextBlock" xml:lang="en-US" id="label_us-gaap_OtherOperatingIncomeAndExpenseTextBlock">Other Operating Income and Expense [Text Block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherOperatingIncomeAndExpenseTextBlock" xlink:to="label_us-gaap_OtherOperatingIncomeAndExpenseTextBlock" xlink:title="Label : us-gaap_OtherOperatingIncomeAndExpenseTextBlock to label_us-gaap_OtherOperatingIncomeAndExpenseTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_OtherOperatingIncomeAndExpenseTextBlock_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_us-gaap_OtherOperatingIncomeAndExpenseTextBlock_1" xml:lang="en-US" id="label_us-gaap_OtherOperatingIncomeAndExpenseTextBlock_1">Other income</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherOperatingIncomeAndExpenseTextBlock" xlink:to="label_us-gaap_OtherOperatingIncomeAndExpenseTextBlock_1" xlink:title="Label : us-gaap_OtherOperatingIncomeAndExpenseTextBlock to label_us-gaap_OtherOperatingIncomeAndExpenseTextBlock_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax" xlink:label="us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax" xlink:title="us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax" xml:lang="en-US" id="label_us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax">Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax" xlink:to="label_us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax" xlink:title="Label : us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax to label_us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax_1" xml:lang="en-US" id="label_us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax_1">Foreign currency translation adjustment, net of nil tax</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax" xlink:to="label_us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax_1" xlink:title="Label : us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax to label_us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax_1" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax_2" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax_2" xml:lang="en-US" id="label_us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax_2">Foreign currency translation adjustments, net of nil tax</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax" xlink:to="label_us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax_2" xlink:title="Label : us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax to label_us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_OtherIncomeAbstract" xlink:label="us-gaap_OtherIncomeAbstract" xlink:title="us-gaap_OtherIncomeAbstract" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_OtherIncomeAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_OtherIncomeAbstract" xml:lang="en-US" id="label_us-gaap_OtherIncomeAbstract">Other income [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherIncomeAbstract" xlink:to="label_us-gaap_OtherIncomeAbstract" xlink:title="Label : us-gaap_OtherIncomeAbstract to label_us-gaap_OtherIncomeAbstract" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_OtherAssetsNoncurrent" xlink:label="us-gaap_OtherAssetsNoncurrent" xlink:title="us-gaap_OtherAssetsNoncurrent" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_OtherAssetsNoncurrent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_OtherAssetsNoncurrent" xml:lang="en-US" id="label_us-gaap_OtherAssetsNoncurrent">Other Assets, Noncurrent</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherAssetsNoncurrent" xlink:to="label_us-gaap_OtherAssetsNoncurrent" xlink:title="Label : us-gaap_OtherAssetsNoncurrent to label_us-gaap_OtherAssetsNoncurrent" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_OtherAssetsNoncurrent_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_us-gaap_OtherAssetsNoncurrent_1" xml:lang="en-US" id="label_us-gaap_OtherAssetsNoncurrent_1">Other non-current assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherAssetsNoncurrent" xlink:to="label_us-gaap_OtherAssetsNoncurrent_1" xlink:title="Label : us-gaap_OtherAssetsNoncurrent to label_us-gaap_OtherAssetsNoncurrent_1" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_OtherAssetsNoncurrent_2" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_us-gaap_OtherAssetsNoncurrent_2" xml:lang="en-US" id="label_us-gaap_OtherAssetsNoncurrent_2">Total</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherAssetsNoncurrent" xlink:to="label_us-gaap_OtherAssetsNoncurrent_2" xlink:title="Label : us-gaap_OtherAssetsNoncurrent to label_us-gaap_OtherAssetsNoncurrent_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_OtherAssetsMiscellaneousCurrent" xlink:label="us-gaap_OtherAssetsMiscellaneousCurrent" xlink:title="us-gaap_OtherAssetsMiscellaneousCurrent" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_OtherAssetsMiscellaneousCurrent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_OtherAssetsMiscellaneousCurrent" xml:lang="en-US" id="label_us-gaap_OtherAssetsMiscellaneousCurrent">Other Assets, Miscellaneous, Current</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherAssetsMiscellaneousCurrent" xlink:to="label_us-gaap_OtherAssetsMiscellaneousCurrent" xlink:title="Label : us-gaap_OtherAssetsMiscellaneousCurrent to label_us-gaap_OtherAssetsMiscellaneousCurrent" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_OtherAssetsMiscellaneousCurrent_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_us-gaap_OtherAssetsMiscellaneousCurrent_1" xml:lang="en-US" id="label_us-gaap_OtherAssetsMiscellaneousCurrent_1">Others</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherAssetsMiscellaneousCurrent" xlink:to="label_us-gaap_OtherAssetsMiscellaneousCurrent_1" xlink:title="Label : us-gaap_OtherAssetsMiscellaneousCurrent to label_us-gaap_OtherAssetsMiscellaneousCurrent_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_OtherAssetsMiscellaneousNoncurrent" xlink:label="us-gaap_OtherAssetsMiscellaneousNoncurrent" xlink:title="us-gaap_OtherAssetsMiscellaneousNoncurrent" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_OtherAssetsMiscellaneousNoncurrent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_OtherAssetsMiscellaneousNoncurrent" xml:lang="en-US" id="label_us-gaap_OtherAssetsMiscellaneousNoncurrent">Other Assets, Miscellaneous, Noncurrent</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherAssetsMiscellaneousNoncurrent" xlink:to="label_us-gaap_OtherAssetsMiscellaneousNoncurrent" xlink:title="Label : us-gaap_OtherAssetsMiscellaneousNoncurrent to label_us-gaap_OtherAssetsMiscellaneousNoncurrent" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_OtherAssetsMiscellaneousNoncurrent_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_us-gaap_OtherAssetsMiscellaneousNoncurrent_1" xml:lang="en-US" id="label_us-gaap_OtherAssetsMiscellaneousNoncurrent_1">Others</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherAssetsMiscellaneousNoncurrent" xlink:to="label_us-gaap_OtherAssetsMiscellaneousNoncurrent_1" xlink:title="Label : us-gaap_OtherAssetsMiscellaneousNoncurrent to label_us-gaap_OtherAssetsMiscellaneousNoncurrent_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_OtherAssetsNoncurrentDisclosureAbstract" xlink:label="us-gaap_OtherAssetsNoncurrentDisclosureAbstract" xlink:title="us-gaap_OtherAssetsNoncurrentDisclosureAbstract" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_OtherAssetsNoncurrentDisclosureAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_OtherAssetsNoncurrentDisclosureAbstract" xml:lang="en-US" id="label_us-gaap_OtherAssetsNoncurrentDisclosureAbstract">Other non-current assets [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherAssetsNoncurrentDisclosureAbstract" xlink:to="label_us-gaap_OtherAssetsNoncurrentDisclosureAbstract" xlink:title="Label : us-gaap_OtherAssetsNoncurrentDisclosureAbstract to label_us-gaap_OtherAssetsNoncurrentDisclosureAbstract" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_OtherIntangibleAssetsMember" xlink:label="us-gaap_OtherIntangibleAssetsMember" xlink:title="us-gaap_OtherIntangibleAssetsMember" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_OtherIntangibleAssetsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_OtherIntangibleAssetsMember" xml:lang="en-US" id="label_us-gaap_OtherIntangibleAssetsMember">Other Intangible Assets [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherIntangibleAssetsMember" xlink:to="label_us-gaap_OtherIntangibleAssetsMember" xlink:title="Label : us-gaap_OtherIntangibleAssetsMember to label_us-gaap_OtherIntangibleAssetsMember" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_OtherIntangibleAssetsMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_us-gaap_OtherIntangibleAssetsMember_1" xml:lang="en-US" id="label_us-gaap_OtherIntangibleAssetsMember_1">Others [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherIntangibleAssetsMember" xlink:to="label_us-gaap_OtherIntangibleAssetsMember_1" xlink:title="Label : us-gaap_OtherIntangibleAssetsMember to label_us-gaap_OtherIntangibleAssetsMember_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_OtherCostOfServices" xlink:label="us-gaap_OtherCostOfServices" xlink:title="us-gaap_OtherCostOfServices" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_OtherCostOfServices" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_OtherCostOfServices" xml:lang="en-US" id="label_us-gaap_OtherCostOfServices">Other Cost of Services</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherCostOfServices" xlink:to="label_us-gaap_OtherCostOfServices" xlink:title="Label : us-gaap_OtherCostOfServices to label_us-gaap_OtherCostOfServices" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_OtherCostOfServices_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_us-gaap_OtherCostOfServices_1" xml:lang="en-US" id="label_us-gaap_OtherCostOfServices_1">Other costs</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherCostOfServices" xlink:to="label_us-gaap_OtherCostOfServices_1" xlink:title="Label : us-gaap_OtherCostOfServices to label_us-gaap_OtherCostOfServices_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_OtherNoncashExpense" xlink:label="us-gaap_OtherNoncashExpense" xlink:title="us-gaap_OtherNoncashExpense" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_OtherNoncashExpense" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_OtherNoncashExpense" xml:lang="en-US" id="label_us-gaap_OtherNoncashExpense">Other Noncash Expense</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherNoncashExpense" xlink:to="label_us-gaap_OtherNoncashExpense" xlink:title="Label : us-gaap_OtherNoncashExpense to label_us-gaap_OtherNoncashExpense" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_OtherNoncashExpense_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_us-gaap_OtherNoncashExpense_1" xml:lang="en-US" id="label_us-gaap_OtherNoncashExpense_1">Other non-operating expense</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherNoncashExpense" xlink:to="label_us-gaap_OtherNoncashExpense_1" xlink:title="Label : us-gaap_OtherNoncashExpense to label_us-gaap_OtherNoncashExpense_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_OtherNonoperatingIncome" xlink:label="us-gaap_OtherNonoperatingIncome" xlink:title="us-gaap_OtherNonoperatingIncome" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_OtherNonoperatingIncome" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_OtherNonoperatingIncome" xml:lang="en-US" id="label_us-gaap_OtherNonoperatingIncome">Other Nonoperating Income</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherNonoperatingIncome" xlink:to="label_us-gaap_OtherNonoperatingIncome" xlink:title="Label : us-gaap_OtherNonoperatingIncome to label_us-gaap_OtherNonoperatingIncome" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_OtherNonoperatingIncome_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_us-gaap_OtherNonoperatingIncome_1" xml:lang="en-US" id="label_us-gaap_OtherNonoperatingIncome_1">Other non-operating income/ (expenses)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherNonoperatingIncome" xlink:to="label_us-gaap_OtherNonoperatingIncome_1" xlink:title="Label : us-gaap_OtherNonoperatingIncome to label_us-gaap_OtherNonoperatingIncome_1" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_OtherNonoperatingIncome_2" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_us-gaap_OtherNonoperatingIncome_2" xml:lang="en-US" id="label_us-gaap_OtherNonoperatingIncome_2">Other non-operating income</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherNonoperatingIncome" xlink:to="label_us-gaap_OtherNonoperatingIncome_2" xlink:title="Label : us-gaap_OtherNonoperatingIncome to label_us-gaap_OtherNonoperatingIncome_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_OtherSalesRevenueNet" xlink:label="us-gaap_OtherSalesRevenueNet" xlink:title="us-gaap_OtherSalesRevenueNet" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_OtherSalesRevenueNet" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_OtherSalesRevenueNet" xml:lang="en-US" id="label_us-gaap_OtherSalesRevenueNet">Other Revenue, Net</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherSalesRevenueNet" xlink:to="label_us-gaap_OtherSalesRevenueNet" xlink:title="Label : us-gaap_OtherSalesRevenueNet to label_us-gaap_OtherSalesRevenueNet" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_OtherSalesRevenueNet_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_us-gaap_OtherSalesRevenueNet_1" xml:lang="en-US" id="label_us-gaap_OtherSalesRevenueNet_1">Other revenues</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherSalesRevenueNet" xlink:to="label_us-gaap_OtherSalesRevenueNet_1" xlink:title="Label : us-gaap_OtherSalesRevenueNet to label_us-gaap_OtherSalesRevenueNet_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_OtherOperatingIncome" xlink:label="us-gaap_OtherOperatingIncome" xlink:title="us-gaap_OtherOperatingIncome" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_OtherOperatingIncome" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_OtherOperatingIncome" xml:lang="en-US" id="label_us-gaap_OtherOperatingIncome">Other Operating Income</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherOperatingIncome" xlink:to="label_us-gaap_OtherOperatingIncome" xlink:title="Label : us-gaap_OtherOperatingIncome to label_us-gaap_OtherOperatingIncome" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_OtherOperatingIncome_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_us-gaap_OtherOperatingIncome_1" xml:lang="en-US" id="label_us-gaap_OtherOperatingIncome_1">Other income</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherOperatingIncome" xlink:to="label_us-gaap_OtherOperatingIncome_1" xlink:title="Label : us-gaap_OtherOperatingIncome to label_us-gaap_OtherOperatingIncome_1" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_OtherOperatingIncome_2" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_us-gaap_OtherOperatingIncome_2" xml:lang="en-US" id="label_us-gaap_OtherOperatingIncome_2">Total</link:label>
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    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent" xlink:label="us-gaap_OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent" xlink:title="us-gaap_OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PaymentsToAcquireOtherInvestments" xlink:to="label_us-gaap_PaymentsToAcquireOtherInvestments" xlink:title="Label : us-gaap_PaymentsToAcquireOtherInvestments to label_us-gaap_PaymentsToAcquireOtherInvestments" />
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    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_PaymentsToAcquireIntangibleAssets" xlink:label="us-gaap_PaymentsToAcquireIntangibleAssets" xlink:title="us-gaap_PaymentsToAcquireIntangibleAssets" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_PaymentsToAcquireIntangibleAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_PaymentsToAcquireIntangibleAssets" xml:lang="en-US" id="label_us-gaap_PaymentsToAcquireIntangibleAssets">Payments to Acquire Intangible Assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PaymentsToAcquireIntangibleAssets" xlink:to="label_us-gaap_PaymentsToAcquireIntangibleAssets" xlink:title="Label : us-gaap_PaymentsToAcquireIntangibleAssets to label_us-gaap_PaymentsToAcquireIntangibleAssets" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_PaymentsToAcquireIntangibleAssets_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_us-gaap_PaymentsToAcquireIntangibleAssets_1" xml:lang="en-US" id="label_us-gaap_PaymentsToAcquireIntangibleAssets_1">Purchase of webgame license right or intangible assets</link:label>
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    <link:label xlink:type="resource" xlink:label="label_us-gaap_PaymentsToAcquireIntangibleAssets_2" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_us-gaap_PaymentsToAcquireIntangibleAssets_2" xml:lang="en-US" id="label_us-gaap_PaymentsToAcquireIntangibleAssets_2">Purchase of operating rights for licensed games from related parties</link:label>
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    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_PaymentsToAcquireRestrictedInvestments" xlink:label="us-gaap_PaymentsToAcquireRestrictedInvestments" xlink:title="us-gaap_PaymentsToAcquireRestrictedInvestments" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_PaymentsToAcquireRestrictedInvestments" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_PaymentsToAcquireRestrictedInvestments" xml:lang="en-US" id="label_us-gaap_PaymentsToAcquireRestrictedInvestments">Payments to Acquire Restricted Investments</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PaymentsToAcquireRestrictedInvestments" xlink:to="label_us-gaap_PaymentsToAcquireRestrictedInvestments" xlink:title="Label : us-gaap_PaymentsToAcquireRestrictedInvestments to label_us-gaap_PaymentsToAcquireRestrictedInvestments" />
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    <link:label xlink:type="resource" xlink:label="label_us-gaap_PaymentsToAcquireShortTermInvestments" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_PaymentsToAcquireShortTermInvestments" xml:lang="en-US" id="label_us-gaap_PaymentsToAcquireShortTermInvestments">Payments to Acquire Short-term Investments</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PaymentsToAcquireShortTermInvestments" xlink:to="label_us-gaap_PaymentsToAcquireShortTermInvestments" xlink:title="Label : us-gaap_PaymentsToAcquireShortTermInvestments to label_us-gaap_PaymentsToAcquireShortTermInvestments" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_PaymentsToAcquireShortTermInvestments_1" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:title="label_us-gaap_PaymentsToAcquireShortTermInvestments_1" xml:lang="en-US" id="label_us-gaap_PaymentsToAcquireShortTermInvestments_1">Placements of short-term deposits</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PaymentsToAcquireShortTermInvestments" xlink:to="label_us-gaap_PaymentsToAcquireShortTermInvestments_1" xlink:title="Label : us-gaap_PaymentsToAcquireShortTermInvestments to label_us-gaap_PaymentsToAcquireShortTermInvestments_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_PlanNameAxis" xlink:label="us-gaap_PlanNameAxis" xlink:title="us-gaap_PlanNameAxis" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_PlanNameAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_PlanNameAxis" xml:lang="en-US" id="label_us-gaap_PlanNameAxis">Plan Name [Axis]</link:label>
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    <link:label xlink:type="resource" xlink:label="label_us-gaap_PlanNameDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_PlanNameDomain" xml:lang="en-US" id="label_us-gaap_PlanNameDomain">Plan Name [Domain]</link:label>
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    <link:label xlink:type="resource" xlink:label="label_us-gaap_PreferredStockRedemptionDiscount" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_PreferredStockRedemptionDiscount" xml:lang="en-US" id="label_us-gaap_PreferredStockRedemptionDiscount">Preferred Stock Redemption Discount</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PreferredStockRedemptionDiscount" xlink:to="label_us-gaap_PreferredStockRedemptionDiscount" xlink:title="Label : us-gaap_PreferredStockRedemptionDiscount to label_us-gaap_PreferredStockRedemptionDiscount" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_PreferredStockRedemptionDiscount_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_us-gaap_PreferredStockRedemptionDiscount_1" xml:lang="en-US" id="label_us-gaap_PreferredStockRedemptionDiscount_1">Decretion to convertible redeemable preferred shares redemption value</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PreferredStockRedemptionDiscount" xlink:to="label_us-gaap_PreferredStockRedemptionDiscount_1" xlink:title="Label : us-gaap_PreferredStockRedemptionDiscount to label_us-gaap_PreferredStockRedemptionDiscount_1" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PreferredStockRedemptionDiscount" xlink:to="label_us-gaap_PreferredStockRedemptionDiscount_2" xlink:title="Label : us-gaap_PreferredStockRedemptionDiscount to label_us-gaap_PreferredStockRedemptionDiscount_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_PreferredStockTextBlock" xlink:label="us-gaap_PreferredStockTextBlock" xlink:title="us-gaap_PreferredStockTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_PreferredStockTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_PreferredStockTextBlock" xml:lang="en-US" id="label_us-gaap_PreferredStockTextBlock">Preferred Stock [Text Block]</link:label>
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    <link:label xlink:type="resource" xlink:label="label_us-gaap_PreferredStockTextBlock_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_us-gaap_PreferredStockTextBlock_1" xml:lang="en-US" id="label_us-gaap_PreferredStockTextBlock_1">Convertible redeemable preferred shares</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PreferredStockTextBlock" xlink:to="label_us-gaap_PreferredStockTextBlock_1" xlink:title="Label : us-gaap_PreferredStockTextBlock to label_us-gaap_PreferredStockTextBlock_1" />
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    <link:label xlink:type="resource" xlink:label="label_us-gaap_PreferredStockDividendsAndOtherAdjustments" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_PreferredStockDividendsAndOtherAdjustments" xml:lang="en-US" id="label_us-gaap_PreferredStockDividendsAndOtherAdjustments">Preferred Stock Dividends and Other Adjustments</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PreferredStockDividendsAndOtherAdjustments" xlink:to="label_us-gaap_PreferredStockDividendsAndOtherAdjustments" xlink:title="Label : us-gaap_PreferredStockDividendsAndOtherAdjustments to label_us-gaap_PreferredStockDividendsAndOtherAdjustments" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_PreferredStockDividendsAndOtherAdjustments_1" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_us-gaap_PreferredStockDividendsAndOtherAdjustments_1" xml:lang="en-US" id="label_us-gaap_PreferredStockDividendsAndOtherAdjustments_1">Allocation of net income to participating preferred shareholders</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PreferredStockDividendsAndOtherAdjustments" xlink:to="label_us-gaap_PreferredStockDividendsAndOtherAdjustments_1" xlink:title="Label : us-gaap_PreferredStockDividendsAndOtherAdjustments to label_us-gaap_PreferredStockDividendsAndOtherAdjustments_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_PreferredStockMember" xlink:label="us-gaap_PreferredStockMember" xlink:title="us-gaap_PreferredStockMember" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_PreferredStockMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_PreferredStockMember" xml:lang="en-US" id="label_us-gaap_PreferredStockMember">Preferred Stock [Member]</link:label>
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    <link:label xlink:type="resource" xlink:label="label_us-gaap_PreferredStockMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_us-gaap_PreferredStockMember_1" xml:lang="en-US" id="label_us-gaap_PreferredStockMember_1">Preferred shares [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PreferredStockMember" xlink:to="label_us-gaap_PreferredStockMember_1" xlink:title="Label : us-gaap_PreferredStockMember to label_us-gaap_PreferredStockMember_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_PrepaidExpenseAndOtherAssetsCurrent" xlink:label="us-gaap_PrepaidExpenseAndOtherAssetsCurrent" xlink:title="us-gaap_PrepaidExpenseAndOtherAssetsCurrent" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_PrepaidExpenseAndOtherAssetsCurrent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_PrepaidExpenseAndOtherAssetsCurrent" xml:lang="en-US" id="label_us-gaap_PrepaidExpenseAndOtherAssetsCurrent">Prepaid Expense and Other Assets, Current</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PrepaidExpenseAndOtherAssetsCurrent" xlink:to="label_us-gaap_PrepaidExpenseAndOtherAssetsCurrent" xlink:title="Label : us-gaap_PrepaidExpenseAndOtherAssetsCurrent to label_us-gaap_PrepaidExpenseAndOtherAssetsCurrent" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_PrepaidExpenseAndOtherAssetsCurrent_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_us-gaap_PrepaidExpenseAndOtherAssetsCurrent_1" xml:lang="en-US" id="label_us-gaap_PrepaidExpenseAndOtherAssetsCurrent_1">Prepayments and other current assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PrepaidExpenseAndOtherAssetsCurrent" xlink:to="label_us-gaap_PrepaidExpenseAndOtherAssetsCurrent_1" xlink:title="Label : us-gaap_PrepaidExpenseAndOtherAssetsCurrent to label_us-gaap_PrepaidExpenseAndOtherAssetsCurrent_1" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_PrepaidExpenseAndOtherAssetsCurrent_2" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_us-gaap_PrepaidExpenseAndOtherAssetsCurrent_2" xml:lang="en-US" id="label_us-gaap_PrepaidExpenseAndOtherAssetsCurrent_2">Total</link:label>
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    <link:label xlink:type="resource" xlink:label="label_us-gaap_PrepaidRent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_PrepaidRent" xml:lang="en-US" id="label_us-gaap_PrepaidRent">Prepaid Rent</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PrepaidRent" xlink:to="label_us-gaap_PrepaidRent" xlink:title="Label : us-gaap_PrepaidRent to label_us-gaap_PrepaidRent" />
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    <link:label xlink:type="resource" xlink:label="label_us-gaap_PropertyPlantAndEquipmentPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_PropertyPlantAndEquipmentPolicyTextBlock" xml:lang="en-US" id="label_us-gaap_PropertyPlantAndEquipmentPolicyTextBlock">Property, Plant and Equipment, Policy [Policy Text Block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PropertyPlantAndEquipmentPolicyTextBlock" xlink:to="label_us-gaap_PropertyPlantAndEquipmentPolicyTextBlock" xlink:title="Label : us-gaap_PropertyPlantAndEquipmentPolicyTextBlock to label_us-gaap_PropertyPlantAndEquipmentPolicyTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_PropertyPlantAndEquipmentPolicyTextBlock_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_us-gaap_PropertyPlantAndEquipmentPolicyTextBlock_1" xml:lang="en-US" id="label_us-gaap_PropertyPlantAndEquipmentPolicyTextBlock_1">Property and equipment</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PropertyPlantAndEquipmentPolicyTextBlock" xlink:to="label_us-gaap_PropertyPlantAndEquipmentPolicyTextBlock_1" xlink:title="Label : us-gaap_PropertyPlantAndEquipmentPolicyTextBlock to label_us-gaap_PropertyPlantAndEquipmentPolicyTextBlock_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_PropertyPlantAndEquipmentAbstract" xlink:label="us-gaap_PropertyPlantAndEquipmentAbstract" xlink:title="us-gaap_PropertyPlantAndEquipmentAbstract" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_PropertyPlantAndEquipmentAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_PropertyPlantAndEquipmentAbstract" xml:lang="en-US" id="label_us-gaap_PropertyPlantAndEquipmentAbstract">Property and equipment, net [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PropertyPlantAndEquipmentAbstract" xlink:to="label_us-gaap_PropertyPlantAndEquipmentAbstract" xlink:title="Label : us-gaap_PropertyPlantAndEquipmentAbstract to label_us-gaap_PropertyPlantAndEquipmentAbstract" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_PropertyPlantAndEquipmentUsefulLife" xlink:label="us-gaap_PropertyPlantAndEquipmentUsefulLife" xlink:title="us-gaap_PropertyPlantAndEquipmentUsefulLife" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_PropertyPlantAndEquipmentUsefulLife" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_PropertyPlantAndEquipmentUsefulLife" xml:lang="en-US" id="label_us-gaap_PropertyPlantAndEquipmentUsefulLife">Property, Plant and Equipment, Useful Life</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PropertyPlantAndEquipmentUsefulLife" xlink:to="label_us-gaap_PropertyPlantAndEquipmentUsefulLife" xlink:title="Label : us-gaap_PropertyPlantAndEquipmentUsefulLife to label_us-gaap_PropertyPlantAndEquipmentUsefulLife" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_PropertyPlantAndEquipmentUsefulLife_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_us-gaap_PropertyPlantAndEquipmentUsefulLife_1" xml:lang="en-US" id="label_us-gaap_PropertyPlantAndEquipmentUsefulLife_1">Estimated useful lives</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PropertyPlantAndEquipmentUsefulLife" xlink:to="label_us-gaap_PropertyPlantAndEquipmentUsefulLife_1" xlink:title="Label : us-gaap_PropertyPlantAndEquipmentUsefulLife to label_us-gaap_PropertyPlantAndEquipmentUsefulLife_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_PropertyPlantAndEquipmentTypeDomain" xlink:label="us-gaap_PropertyPlantAndEquipmentTypeDomain" xlink:title="us-gaap_PropertyPlantAndEquipmentTypeDomain" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_PropertyPlantAndEquipmentTypeDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_PropertyPlantAndEquipmentTypeDomain" xml:lang="en-US" id="label_us-gaap_PropertyPlantAndEquipmentTypeDomain">Property, Plant and Equipment, Type [Domain]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PropertyPlantAndEquipmentTypeDomain" xlink:to="label_us-gaap_PropertyPlantAndEquipmentTypeDomain" xlink:title="Label : us-gaap_PropertyPlantAndEquipmentTypeDomain to label_us-gaap_PropertyPlantAndEquipmentTypeDomain" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_PropertyPlantAndEquipmentNet" xlink:label="us-gaap_PropertyPlantAndEquipmentNet" xlink:title="us-gaap_PropertyPlantAndEquipmentNet" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_PropertyPlantAndEquipmentNet" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_PropertyPlantAndEquipmentNet" xml:lang="en-US" id="label_us-gaap_PropertyPlantAndEquipmentNet">Property, Plant and Equipment, Net</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PropertyPlantAndEquipmentNet" xlink:to="label_us-gaap_PropertyPlantAndEquipmentNet" xlink:title="Label : us-gaap_PropertyPlantAndEquipmentNet to label_us-gaap_PropertyPlantAndEquipmentNet" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_PropertyPlantAndEquipmentNet_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_us-gaap_PropertyPlantAndEquipmentNet_1" xml:lang="en-US" id="label_us-gaap_PropertyPlantAndEquipmentNet_1">Property and equipment, net</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PropertyPlantAndEquipmentNet" xlink:to="label_us-gaap_PropertyPlantAndEquipmentNet_1" xlink:title="Label : us-gaap_PropertyPlantAndEquipmentNet to label_us-gaap_PropertyPlantAndEquipmentNet_1" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_PropertyPlantAndEquipmentNet_2" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_us-gaap_PropertyPlantAndEquipmentNet_2" xml:lang="en-US" id="label_us-gaap_PropertyPlantAndEquipmentNet_2">Property and equipment, net</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PropertyPlantAndEquipmentNet" xlink:to="label_us-gaap_PropertyPlantAndEquipmentNet_2" xlink:title="Label : us-gaap_PropertyPlantAndEquipmentNet to label_us-gaap_PropertyPlantAndEquipmentNet_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_PropertyPlantAndEquipmentGross" xlink:label="us-gaap_PropertyPlantAndEquipmentGross" xlink:title="us-gaap_PropertyPlantAndEquipmentGross" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_PropertyPlantAndEquipmentGross" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_PropertyPlantAndEquipmentGross" xml:lang="en-US" id="label_us-gaap_PropertyPlantAndEquipmentGross">Property, Plant and Equipment, Gross</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PropertyPlantAndEquipmentGross" xlink:to="label_us-gaap_PropertyPlantAndEquipmentGross" xlink:title="Label : us-gaap_PropertyPlantAndEquipmentGross to label_us-gaap_PropertyPlantAndEquipmentGross" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_PropertyPlantAndEquipmentGross_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_us-gaap_PropertyPlantAndEquipmentGross_1" xml:lang="en-US" id="label_us-gaap_PropertyPlantAndEquipmentGross_1">Gross carrying amount</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PropertyPlantAndEquipmentGross" xlink:to="label_us-gaap_PropertyPlantAndEquipmentGross_1" xlink:title="Label : us-gaap_PropertyPlantAndEquipmentGross to label_us-gaap_PropertyPlantAndEquipmentGross_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_PropertyPlantAndEquipmentLineItems" xlink:label="us-gaap_PropertyPlantAndEquipmentLineItems" xlink:title="us-gaap_PropertyPlantAndEquipmentLineItems" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_PropertyPlantAndEquipmentLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_PropertyPlantAndEquipmentLineItems" xml:lang="en-US" id="label_us-gaap_PropertyPlantAndEquipmentLineItems">Property, Plant and Equipment [Line Items]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PropertyPlantAndEquipmentLineItems" xlink:to="label_us-gaap_PropertyPlantAndEquipmentLineItems" xlink:title="Label : us-gaap_PropertyPlantAndEquipmentLineItems to label_us-gaap_PropertyPlantAndEquipmentLineItems" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_PropertyPlantAndEquipmentLineItems_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_us-gaap_PropertyPlantAndEquipmentLineItems_1" xml:lang="en-US" id="label_us-gaap_PropertyPlantAndEquipmentLineItems_1">Property and equipment [Line Items]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PropertyPlantAndEquipmentLineItems" xlink:to="label_us-gaap_PropertyPlantAndEquipmentLineItems_1" xlink:title="Label : us-gaap_PropertyPlantAndEquipmentLineItems to label_us-gaap_PropertyPlantAndEquipmentLineItems_1" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_PropertyPlantAndEquipmentLineItems_2" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_us-gaap_PropertyPlantAndEquipmentLineItems_2" xml:lang="en-US" id="label_us-gaap_PropertyPlantAndEquipmentLineItems_2">Property and equipment, net [Line Items]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PropertyPlantAndEquipmentLineItems" xlink:to="label_us-gaap_PropertyPlantAndEquipmentLineItems_2" xlink:title="Label : us-gaap_PropertyPlantAndEquipmentLineItems to label_us-gaap_PropertyPlantAndEquipmentLineItems_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_PropertyPlantAndEquipmentDisclosureTextBlock" xlink:label="us-gaap_PropertyPlantAndEquipmentDisclosureTextBlock" xlink:title="us-gaap_PropertyPlantAndEquipmentDisclosureTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_PropertyPlantAndEquipmentDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_PropertyPlantAndEquipmentDisclosureTextBlock" xml:lang="en-US" id="label_us-gaap_PropertyPlantAndEquipmentDisclosureTextBlock">Property, Plant and Equipment Disclosure [Text Block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PropertyPlantAndEquipmentDisclosureTextBlock" xlink:to="label_us-gaap_PropertyPlantAndEquipmentDisclosureTextBlock" xlink:title="Label : us-gaap_PropertyPlantAndEquipmentDisclosureTextBlock to label_us-gaap_PropertyPlantAndEquipmentDisclosureTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_PropertyPlantAndEquipmentDisclosureTextBlock_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_us-gaap_PropertyPlantAndEquipmentDisclosureTextBlock_1" xml:lang="en-US" id="label_us-gaap_PropertyPlantAndEquipmentDisclosureTextBlock_1">Property and equipment, net</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PropertyPlantAndEquipmentDisclosureTextBlock" xlink:to="label_us-gaap_PropertyPlantAndEquipmentDisclosureTextBlock_1" xlink:title="Label : us-gaap_PropertyPlantAndEquipmentDisclosureTextBlock to label_us-gaap_PropertyPlantAndEquipmentDisclosureTextBlock_1" />
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    <link:label xlink:type="resource" xlink:label="label_us-gaap_ProvisionForDoubtfulAccounts" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_ProvisionForDoubtfulAccounts" xml:lang="en-US" id="label_us-gaap_ProvisionForDoubtfulAccounts">Provision for Doubtful Accounts</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ProvisionForDoubtfulAccounts" xlink:to="label_us-gaap_ProvisionForDoubtfulAccounts" xlink:title="Label : us-gaap_ProvisionForDoubtfulAccounts to label_us-gaap_ProvisionForDoubtfulAccounts" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_ProvisionForDoubtfulAccounts_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_us-gaap_ProvisionForDoubtfulAccounts_1" xml:lang="en-US" id="label_us-gaap_ProvisionForDoubtfulAccounts_1">Allowance for doubtful accounts</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ProvisionForDoubtfulAccounts" xlink:to="label_us-gaap_ProvisionForDoubtfulAccounts_1" xlink:title="Label : us-gaap_ProvisionForDoubtfulAccounts to label_us-gaap_ProvisionForDoubtfulAccounts_1" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_ProvisionForDoubtfulAccounts_2" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_us-gaap_ProvisionForDoubtfulAccounts_2" xml:lang="en-US" id="label_us-gaap_ProvisionForDoubtfulAccounts_2">Additions charged to general and administrative expenses</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ProvisionForDoubtfulAccounts" xlink:to="label_us-gaap_ProvisionForDoubtfulAccounts_2" xlink:title="Label : us-gaap_ProvisionForDoubtfulAccounts to label_us-gaap_ProvisionForDoubtfulAccounts_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_RangeMember" xlink:label="us-gaap_RangeMember" xlink:title="us-gaap_RangeMember" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_RangeMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_RangeMember" xml:lang="en-US" id="label_us-gaap_RangeMember">Range [Domain]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RangeMember" xlink:to="label_us-gaap_RangeMember" xlink:title="Label : us-gaap_RangeMember to label_us-gaap_RangeMember" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_RangeAxis" xlink:label="us-gaap_RangeAxis" xlink:title="us-gaap_RangeAxis" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_RangeAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_RangeAxis" xml:lang="en-US" id="label_us-gaap_RangeAxis">Range [Axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RangeAxis" xlink:to="label_us-gaap_RangeAxis" xlink:title="Label : us-gaap_RangeAxis to label_us-gaap_RangeAxis" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_RangeAxis_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_us-gaap_RangeAxis_1" xml:lang="en-US" id="label_us-gaap_RangeAxis_1">Range [Axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RangeAxis" xlink:to="label_us-gaap_RangeAxis_1" xlink:title="Label : us-gaap_RangeAxis to label_us-gaap_RangeAxis_1" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ReceivablesPolicyTextBlock" xlink:to="label_us-gaap_ReceivablesPolicyTextBlock" xlink:title="Label : us-gaap_ReceivablesPolicyTextBlock to label_us-gaap_ReceivablesPolicyTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_ReceivablesPolicyTextBlock_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_us-gaap_ReceivablesPolicyTextBlock_1" xml:lang="en-US" id="label_us-gaap_ReceivablesPolicyTextBlock_1">Accounts receivable, net</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ReceivablesPolicyTextBlock" xlink:to="label_us-gaap_ReceivablesPolicyTextBlock_1" xlink:title="Label : us-gaap_ReceivablesPolicyTextBlock to label_us-gaap_ReceivablesPolicyTextBlock_1" />
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    <link:label xlink:type="resource" xlink:label="label_us-gaap_ReceivablesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_ReceivablesAbstract" xml:lang="en-US" id="label_us-gaap_ReceivablesAbstract">Accounts receivable, net [Abstract]</link:label>
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    <link:label xlink:type="resource" xlink:label="label_us-gaap_RelatedPartyTransactionDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_RelatedPartyTransactionDomain" xml:lang="en-US" id="label_us-gaap_RelatedPartyTransactionDomain">Related Party Transaction [Domain]</link:label>
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    <link:label xlink:type="resource" xlink:label="label_us-gaap_RelatedPartyTransactionsDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_RelatedPartyTransactionsDisclosureTextBlock" xml:lang="en-US" id="label_us-gaap_RelatedPartyTransactionsDisclosureTextBlock">Related Party Transactions Disclosure [Text Block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RelatedPartyTransactionsDisclosureTextBlock" xlink:to="label_us-gaap_RelatedPartyTransactionsDisclosureTextBlock" xlink:title="Label : us-gaap_RelatedPartyTransactionsDisclosureTextBlock to label_us-gaap_RelatedPartyTransactionsDisclosureTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_RelatedPartyTransactionsDisclosureTextBlock_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_us-gaap_RelatedPartyTransactionsDisclosureTextBlock_1" xml:lang="en-US" id="label_us-gaap_RelatedPartyTransactionsDisclosureTextBlock_1">Related party transactions</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RelatedPartyTransactionsDisclosureTextBlock" xlink:to="label_us-gaap_RelatedPartyTransactionsDisclosureTextBlock_1" xlink:title="Label : us-gaap_RelatedPartyTransactionsDisclosureTextBlock to label_us-gaap_RelatedPartyTransactionsDisclosureTextBlock_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_RelatedPartyTransactionLineItems" xlink:label="us-gaap_RelatedPartyTransactionLineItems" xlink:title="us-gaap_RelatedPartyTransactionLineItems" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RelatedPartyTransactionLineItems" xlink:to="label_us-gaap_RelatedPartyTransactionLineItems" xlink:title="Label : us-gaap_RelatedPartyTransactionLineItems to label_us-gaap_RelatedPartyTransactionLineItems" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_RelatedPartyTransactionLineItems_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_us-gaap_RelatedPartyTransactionLineItems_1" xml:lang="en-US" id="label_us-gaap_RelatedPartyTransactionLineItems_1">Related party transactions [Line Items]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RelatedPartyTransactionLineItems" xlink:to="label_us-gaap_RelatedPartyTransactionLineItems_1" xlink:title="Label : us-gaap_RelatedPartyTransactionLineItems to label_us-gaap_RelatedPartyTransactionLineItems_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_RelatedPartyTransactionSellingGeneralAndAdministrativeExpensesFromTransactionsWithRelatedParty" xlink:label="us-gaap_RelatedPartyTransactionSellingGeneralAndAdministrativeExpensesFromTransactionsWithRelatedParty" xlink:title="us-gaap_RelatedPartyTransactionSellingGeneralAndAdministrativeExpensesFromTransactionsWithRelatedParty" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_RelatedPartyTransactionSellingGeneralAndAdministrativeExpensesFromTransactionsWithRelatedParty" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_RelatedPartyTransactionSellingGeneralAndAdministrativeExpensesFromTransactionsWithRelatedParty" xml:lang="en-US" id="label_us-gaap_RelatedPartyTransactionSellingGeneralAndAdministrativeExpensesFromTransactionsWithRelatedParty">Related Party Transaction, Selling, General and Administrative Expenses from Transactions with Related Party</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RelatedPartyTransactionSellingGeneralAndAdministrativeExpensesFromTransactionsWithRelatedParty" xlink:to="label_us-gaap_RelatedPartyTransactionSellingGeneralAndAdministrativeExpensesFromTransactionsWithRelatedParty" xlink:title="Label : us-gaap_RelatedPartyTransactionSellingGeneralAndAdministrativeExpensesFromTransactionsWithRelatedParty to label_us-gaap_RelatedPartyTransactionSellingGeneralAndAdministrativeExpensesFromTransactionsWithRelatedParty" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_RelatedPartyTransactionSellingGeneralAndAdministrativeExpensesFromTransactionsWithRelatedParty_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_us-gaap_RelatedPartyTransactionSellingGeneralAndAdministrativeExpensesFromTransactionsWithRelatedParty_1" xml:lang="en-US" id="label_us-gaap_RelatedPartyTransactionSellingGeneralAndAdministrativeExpensesFromTransactionsWithRelatedParty_1">Promotion expense charged from related party</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RelatedPartyTransactionSellingGeneralAndAdministrativeExpensesFromTransactionsWithRelatedParty" xlink:to="label_us-gaap_RelatedPartyTransactionSellingGeneralAndAdministrativeExpensesFromTransactionsWithRelatedParty_1" xlink:title="Label : us-gaap_RelatedPartyTransactionSellingGeneralAndAdministrativeExpensesFromTransactionsWithRelatedParty to label_us-gaap_RelatedPartyTransactionSellingGeneralAndAdministrativeExpensesFromTransactionsWithRelatedParty_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_RelatedPartyTransactionPurchasesFromRelatedParty" xlink:label="us-gaap_RelatedPartyTransactionPurchasesFromRelatedParty" xlink:title="us-gaap_RelatedPartyTransactionPurchasesFromRelatedParty" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_RelatedPartyTransactionPurchasesFromRelatedParty" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_RelatedPartyTransactionPurchasesFromRelatedParty" xml:lang="en-US" id="label_us-gaap_RelatedPartyTransactionPurchasesFromRelatedParty">Related Party Transaction, Purchases from Related Party</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RelatedPartyTransactionPurchasesFromRelatedParty" xlink:to="label_us-gaap_RelatedPartyTransactionPurchasesFromRelatedParty" xlink:title="Label : us-gaap_RelatedPartyTransactionPurchasesFromRelatedParty to label_us-gaap_RelatedPartyTransactionPurchasesFromRelatedParty" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_RelatedPartyTransactionPurchasesFromRelatedParty_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_us-gaap_RelatedPartyTransactionPurchasesFromRelatedParty_1" xml:lang="en-US" id="label_us-gaap_RelatedPartyTransactionPurchasesFromRelatedParty_1">Purchase of operating rights from related party</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RelatedPartyTransactionPurchasesFromRelatedParty" xlink:to="label_us-gaap_RelatedPartyTransactionPurchasesFromRelatedParty_1" xlink:title="Label : us-gaap_RelatedPartyTransactionPurchasesFromRelatedParty to label_us-gaap_RelatedPartyTransactionPurchasesFromRelatedParty_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_RelatedPartyTransactionAxis" xlink:label="us-gaap_RelatedPartyTransactionAxis" xlink:title="us-gaap_RelatedPartyTransactionAxis" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_RelatedPartyTransactionAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_RelatedPartyTransactionAxis" xml:lang="en-US" id="label_us-gaap_RelatedPartyTransactionAxis">Related Party Transaction [Axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RelatedPartyTransactionAxis" xlink:to="label_us-gaap_RelatedPartyTransactionAxis" xlink:title="Label : us-gaap_RelatedPartyTransactionAxis to label_us-gaap_RelatedPartyTransactionAxis" />
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    <link:label xlink:type="resource" xlink:label="label_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis" xml:lang="en-US" id="label_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis">Related Party [Axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RelatedPartyTransactionsByRelatedPartyAxis" xlink:to="label_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis" xlink:title="Label : us-gaap_RelatedPartyTransactionsByRelatedPartyAxis to label_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis" />
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    <link:label xlink:type="resource" xlink:label="label_us-gaap_RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty" xml:lang="en-US" id="label_us-gaap_RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty">Related Party Transaction, Expenses from Transactions with Related Party</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty" xlink:to="label_us-gaap_RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty" xlink:title="Label : us-gaap_RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty to label_us-gaap_RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty" xlink:to="label_us-gaap_RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty_1" xlink:title="Label : us-gaap_RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty to label_us-gaap_RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty_1" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty" xlink:to="label_us-gaap_RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty_2" xlink:title="Label : us-gaap_RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty to label_us-gaap_RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty_2" />
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    <link:label xlink:type="resource" xlink:label="label_us-gaap_RelatedPartyDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_RelatedPartyDomain" xml:lang="en-US" id="label_us-gaap_RelatedPartyDomain">Related Party [Domain]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RelatedPartyDomain" xlink:to="label_us-gaap_RelatedPartyDomain" xlink:title="Label : us-gaap_RelatedPartyDomain to label_us-gaap_RelatedPartyDomain" />
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    <link:label xlink:type="resource" xlink:label="label_us-gaap_RelatedPartyTransactionsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_RelatedPartyTransactionsAbstract" xml:lang="en-US" id="label_us-gaap_RelatedPartyTransactionsAbstract">Related party transactions [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RelatedPartyTransactionsAbstract" xlink:to="label_us-gaap_RelatedPartyTransactionsAbstract" xlink:title="Label : us-gaap_RelatedPartyTransactionsAbstract to label_us-gaap_RelatedPartyTransactionsAbstract" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RepaymentsOfBankDebt" xlink:to="label_us-gaap_RepaymentsOfBankDebt" xlink:title="Label : us-gaap_RepaymentsOfBankDebt to label_us-gaap_RepaymentsOfBankDebt" />
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    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_RepurchaseAgreementCounterpartyNameDomain" xlink:label="us-gaap_RepurchaseAgreementCounterpartyNameDomain" xlink:title="us-gaap_RepurchaseAgreementCounterpartyNameDomain" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RepurchaseAgreementCounterpartyNameDomain" xlink:to="label_us-gaap_RepurchaseAgreementCounterpartyNameDomain" xlink:title="Label : us-gaap_RepurchaseAgreementCounterpartyNameDomain to label_us-gaap_RepurchaseAgreementCounterpartyNameDomain" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ResearchAndDevelopmentExpense" xlink:to="label_us-gaap_ResearchAndDevelopmentExpense" xlink:title="Label : us-gaap_ResearchAndDevelopmentExpense to label_us-gaap_ResearchAndDevelopmentExpense" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_ResearchAndDevelopmentExpense_1" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_us-gaap_ResearchAndDevelopmentExpense_1" xml:lang="en-US" id="label_us-gaap_ResearchAndDevelopmentExpense_1">Research and development expenses</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ResearchAndDevelopmentExpense" xlink:to="label_us-gaap_ResearchAndDevelopmentExpense_1" xlink:title="Label : us-gaap_ResearchAndDevelopmentExpense to label_us-gaap_ResearchAndDevelopmentExpense_1" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ResearchAndDevelopmentExpensePolicy" xlink:to="label_us-gaap_ResearchAndDevelopmentExpensePolicy_1" xlink:title="Label : us-gaap_ResearchAndDevelopmentExpensePolicy to label_us-gaap_ResearchAndDevelopmentExpensePolicy_1" />
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    <link:label xlink:type="resource" xlink:label="label_us-gaap_ResearchAndDevelopmentExpenseMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_ResearchAndDevelopmentExpenseMember" xml:lang="en-US" id="label_us-gaap_ResearchAndDevelopmentExpenseMember">Research and Development Expense [Member]</link:label>
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RestrictedStockMember" xlink:to="label_us-gaap_RestrictedStockMember" xlink:title="Label : us-gaap_RestrictedStockMember to label_us-gaap_RestrictedStockMember" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RestrictedStockUnitsRSUMember" xlink:to="label_us-gaap_RestrictedStockUnitsRSUMember_1" xlink:title="Label : us-gaap_RestrictedStockUnitsRSUMember to label_us-gaap_RestrictedStockUnitsRSUMember_1" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RestrictedAssetsDisclosureTextBlock" xlink:to="label_us-gaap_RestrictedAssetsDisclosureTextBlock" xlink:title="Label : us-gaap_RestrictedAssetsDisclosureTextBlock to label_us-gaap_RestrictedAssetsDisclosureTextBlock" />
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    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_RestrictedCashAndInvestmentsCurrent" xlink:label="us-gaap_RestrictedCashAndInvestmentsCurrent" xlink:title="us-gaap_RestrictedCashAndInvestmentsCurrent" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RestrictedCashAndInvestmentsCurrent" xlink:to="label_us-gaap_RestrictedCashAndInvestmentsCurrent" xlink:title="Label : us-gaap_RestrictedCashAndInvestmentsCurrent to label_us-gaap_RestrictedCashAndInvestmentsCurrent" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RestrictedCashAndInvestmentsCurrent" xlink:to="label_us-gaap_RestrictedCashAndInvestmentsCurrent_1" xlink:title="Label : us-gaap_RestrictedCashAndInvestmentsCurrent to label_us-gaap_RestrictedCashAndInvestmentsCurrent_1" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RestrictedCashAndInvestmentsCurrent" xlink:to="label_us-gaap_RestrictedCashAndInvestmentsCurrent_2" xlink:title="Label : us-gaap_RestrictedCashAndInvestmentsCurrent to label_us-gaap_RestrictedCashAndInvestmentsCurrent_2" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RestrictedCashAndInvestmentsAbstract" xlink:to="label_us-gaap_RestrictedCashAndInvestmentsAbstract" xlink:title="Label : us-gaap_RestrictedCashAndInvestmentsAbstract to label_us-gaap_RestrictedCashAndInvestmentsAbstract" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RetainedEarningsMember" xlink:to="label_us-gaap_RetainedEarningsMember_1" xlink:title="Label : us-gaap_RetainedEarningsMember to label_us-gaap_RetainedEarningsMember_1" />
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    <link:label xlink:type="resource" xlink:label="label_us-gaap_SharesIssuedPricePerShare" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_SharesIssuedPricePerShare" xml:lang="en-US" id="label_us-gaap_SharesIssuedPricePerShare">Shares Issued, Price Per Share</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SharesIssuedPricePerShare" xlink:to="label_us-gaap_SharesIssuedPricePerShare" xlink:title="Label : us-gaap_SharesIssuedPricePerShare to label_us-gaap_SharesIssuedPricePerShare" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_SharesIssuedPricePerShare_1" xlink:role="http://www.xbrl.org/2003/role/positiveLabel" xlink:title="label_us-gaap_SharesIssuedPricePerShare_1" xml:lang="en-US" id="label_us-gaap_SharesIssuedPricePerShare_1">Public offering price per ADS (in dollars per share)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SharesIssuedPricePerShare" xlink:to="label_us-gaap_SharesIssuedPricePerShare_1" xlink:title="Label : us-gaap_SharesIssuedPricePerShare to label_us-gaap_SharesIssuedPricePerShare_1" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SharesIssuedPricePerShare" xlink:to="label_us-gaap_SharesIssuedPricePerShare_2" xlink:title="Label : us-gaap_SharesIssuedPricePerShare to label_us-gaap_SharesIssuedPricePerShare_2" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SharesIssuedPricePerShare" xlink:to="label_us-gaap_SharesIssuedPricePerShare_3" xlink:title="Label : us-gaap_SharesIssuedPricePerShare to label_us-gaap_SharesIssuedPricePerShare_3" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_SharesIssuedPricePerShare_4" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_us-gaap_SharesIssuedPricePerShare_4" xml:lang="en-US" id="label_us-gaap_SharesIssuedPricePerShare_4">Issue price per share</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SharesIssuedPricePerShare" xlink:to="label_us-gaap_SharesIssuedPricePerShare_4" xlink:title="Label : us-gaap_SharesIssuedPricePerShare to label_us-gaap_SharesIssuedPricePerShare_4" />
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    <link:label xlink:type="resource" xlink:label="label_us-gaap_ShortTermDebtTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_ShortTermDebtTextBlock" xml:lang="en-US" id="label_us-gaap_ShortTermDebtTextBlock">Short-term Debt [Text Block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShortTermDebtTextBlock" xlink:to="label_us-gaap_ShortTermDebtTextBlock" xlink:title="Label : us-gaap_ShortTermDebtTextBlock to label_us-gaap_ShortTermDebtTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_ShortTermDebtTextBlock_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_us-gaap_ShortTermDebtTextBlock_1" xml:lang="en-US" id="label_us-gaap_ShortTermDebtTextBlock_1">Loan</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShortTermDebtTextBlock" xlink:to="label_us-gaap_ShortTermDebtTextBlock_1" xlink:title="Label : us-gaap_ShortTermDebtTextBlock to label_us-gaap_ShortTermDebtTextBlock_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ShortTermInvestmentsAbstract" xlink:label="us-gaap_ShortTermInvestmentsAbstract" xlink:title="us-gaap_ShortTermInvestmentsAbstract" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_ShortTermInvestmentsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_ShortTermInvestmentsAbstract" xml:lang="en-US" id="label_us-gaap_ShortTermInvestmentsAbstract">Short-term deposits [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShortTermInvestmentsAbstract" xlink:to="label_us-gaap_ShortTermInvestmentsAbstract" xlink:title="Label : us-gaap_ShortTermInvestmentsAbstract to label_us-gaap_ShortTermInvestmentsAbstract" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ShortTermInvestments" xlink:label="us-gaap_ShortTermInvestments" xlink:title="us-gaap_ShortTermInvestments" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_ShortTermInvestments" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_ShortTermInvestments" xml:lang="en-US" id="label_us-gaap_ShortTermInvestments">Short-term Investments</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShortTermInvestments" xlink:to="label_us-gaap_ShortTermInvestments" xlink:title="Label : us-gaap_ShortTermInvestments to label_us-gaap_ShortTermInvestments" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_ShortTermInvestments_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_us-gaap_ShortTermInvestments_1" xml:lang="en-US" id="label_us-gaap_ShortTermInvestments_1">Short-term deposits</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShortTermInvestments" xlink:to="label_us-gaap_ShortTermInvestments_1" xlink:title="Label : us-gaap_ShortTermInvestments to label_us-gaap_ShortTermInvestments_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ShortTermBorrowingsAbstract" xlink:label="us-gaap_ShortTermBorrowingsAbstract" xlink:title="us-gaap_ShortTermBorrowingsAbstract" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_ShortTermBorrowingsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_ShortTermBorrowingsAbstract" xml:lang="en-US" id="label_us-gaap_ShortTermBorrowingsAbstract">Short-term Debt [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShortTermBorrowingsAbstract" xlink:to="label_us-gaap_ShortTermBorrowingsAbstract" xlink:title="Label : us-gaap_ShortTermBorrowingsAbstract to label_us-gaap_ShortTermBorrowingsAbstract" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_ShortTermBorrowingsAbstract_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_us-gaap_ShortTermBorrowingsAbstract_1" xml:lang="en-US" id="label_us-gaap_ShortTermBorrowingsAbstract_1">Loan [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShortTermBorrowingsAbstract" xlink:to="label_us-gaap_ShortTermBorrowingsAbstract_1" xlink:title="Label : us-gaap_ShortTermBorrowingsAbstract to label_us-gaap_ShortTermBorrowingsAbstract_1" />
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    <link:label xlink:type="resource" xlink:label="label_us-gaap_ShortTermBorrowings" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_ShortTermBorrowings" xml:lang="en-US" id="label_us-gaap_ShortTermBorrowings">Short-term Debt</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShortTermBorrowings" xlink:to="label_us-gaap_ShortTermBorrowings" xlink:title="Label : us-gaap_ShortTermBorrowings to label_us-gaap_ShortTermBorrowings" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_ShortTermBorrowings_1" xlink:role="http://www.xbrl.org/2003/role/positiveLabel" xlink:title="label_us-gaap_ShortTermBorrowings_1" xml:lang="en-US" id="label_us-gaap_ShortTermBorrowings_1">Short term borrowing</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShortTermBorrowings" xlink:to="label_us-gaap_ShortTermBorrowings_1" xlink:title="Label : us-gaap_ShortTermBorrowings to label_us-gaap_ShortTermBorrowings_1" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_ShortTermBorrowings_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_us-gaap_ShortTermBorrowings_2" xml:lang="en-US" id="label_us-gaap_ShortTermBorrowings_2">Loan</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShortTermBorrowings" xlink:to="label_us-gaap_ShortTermBorrowings_2" xlink:title="Label : us-gaap_ShortTermBorrowings to label_us-gaap_ShortTermBorrowings_2" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_ShortTermBorrowings_3" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_us-gaap_ShortTermBorrowings_3" xml:lang="en-US" id="label_us-gaap_ShortTermBorrowings_3">Loan (including loan of the consolidated variable interest entity without recourse to the Company of RMB0 and RMB0 as of December 31, 2014 and 2015, respectively)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShortTermBorrowings" xlink:to="label_us-gaap_ShortTermBorrowings_3" xlink:title="Label : us-gaap_ShortTermBorrowings to label_us-gaap_ShortTermBorrowings_3" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_SignificantAccountingPoliciesTextBlock" xlink:label="us-gaap_SignificantAccountingPoliciesTextBlock" xlink:title="us-gaap_SignificantAccountingPoliciesTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_SignificantAccountingPoliciesTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_SignificantAccountingPoliciesTextBlock" xml:lang="en-US" id="label_us-gaap_SignificantAccountingPoliciesTextBlock">Significant Accounting Policies [Text Block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SignificantAccountingPoliciesTextBlock" xlink:to="label_us-gaap_SignificantAccountingPoliciesTextBlock" xlink:title="Label : us-gaap_SignificantAccountingPoliciesTextBlock to label_us-gaap_SignificantAccountingPoliciesTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_SignificantAccountingPoliciesTextBlock_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_us-gaap_SignificantAccountingPoliciesTextBlock_1" xml:lang="en-US" id="label_us-gaap_SignificantAccountingPoliciesTextBlock_1">Principal accounting policies</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SignificantAccountingPoliciesTextBlock" xlink:to="label_us-gaap_SignificantAccountingPoliciesTextBlock_1" xlink:title="Label : us-gaap_SignificantAccountingPoliciesTextBlock to label_us-gaap_SignificantAccountingPoliciesTextBlock_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_StatementLineItems" xlink:label="us-gaap_StatementLineItems" xlink:title="us-gaap_StatementLineItems" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_StatementLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_StatementLineItems" xml:lang="en-US" id="label_us-gaap_StatementLineItems">Statement [Line Items]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StatementLineItems" xlink:to="label_us-gaap_StatementLineItems" xlink:title="Label : us-gaap_StatementLineItems to label_us-gaap_StatementLineItems" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_StatementLineItems_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_us-gaap_StatementLineItems_1" xml:lang="en-US" id="label_us-gaap_StatementLineItems_1">Cost of revenues [Line Items]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StatementLineItems" xlink:to="label_us-gaap_StatementLineItems_1" xlink:title="Label : us-gaap_StatementLineItems to label_us-gaap_StatementLineItems_1" />
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    <link:label xlink:type="resource" xlink:label="label_us-gaap_StatementOfStockholdersEquityAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_StatementOfStockholdersEquityAbstract" xml:lang="en-US" id="label_us-gaap_StatementOfStockholdersEquityAbstract">CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' (DEFICITS) EQUITY [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StatementOfStockholdersEquityAbstract" xlink:to="label_us-gaap_StatementOfStockholdersEquityAbstract" xlink:title="Label : us-gaap_StatementOfStockholdersEquityAbstract to label_us-gaap_StatementOfStockholdersEquityAbstract" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_StatementOfCashFlowsAbstract" xlink:label="us-gaap_StatementOfCashFlowsAbstract" xlink:title="us-gaap_StatementOfCashFlowsAbstract" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StatementOfCashFlowsAbstract" xlink:to="label_us-gaap_StatementOfCashFlowsAbstract" xlink:title="Label : us-gaap_StatementOfCashFlowsAbstract to label_us-gaap_StatementOfCashFlowsAbstract" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_StatementOfIncomeAndComprehensiveIncomeAbstract" xlink:label="us-gaap_StatementOfIncomeAndComprehensiveIncomeAbstract" xlink:title="us-gaap_StatementOfIncomeAndComprehensiveIncomeAbstract" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StatementOfIncomeAndComprehensiveIncomeAbstract" xlink:to="label_us-gaap_StatementOfIncomeAndComprehensiveIncomeAbstract" xlink:title="Label : us-gaap_StatementOfIncomeAndComprehensiveIncomeAbstract to label_us-gaap_StatementOfIncomeAndComprehensiveIncomeAbstract" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StatementOfIncomeAndComprehensiveIncomeAbstract" xlink:to="label_us-gaap_StatementOfIncomeAndComprehensiveIncomeAbstract_1" xlink:title="Label : us-gaap_StatementOfIncomeAndComprehensiveIncomeAbstract to label_us-gaap_StatementOfIncomeAndComprehensiveIncomeAbstract_1" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StatementEquityComponentsAxis" xlink:to="label_us-gaap_StatementEquityComponentsAxis" xlink:title="Label : us-gaap_StatementEquityComponentsAxis to label_us-gaap_StatementEquityComponentsAxis" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_StatementTable" xlink:label="us-gaap_StatementTable" xlink:title="us-gaap_StatementTable" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_StatementTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_StatementTable" xml:lang="en-US" id="label_us-gaap_StatementTable">Statement [Table]</link:label>
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_TemporaryEquityLineItems" xlink:to="label_us-gaap_TemporaryEquityLineItems" xlink:title="Label : us-gaap_TemporaryEquityLineItems to label_us-gaap_TemporaryEquityLineItems" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_TemporaryEquitySharesAuthorized" xlink:to="label_us-gaap_TemporaryEquitySharesAuthorized" xlink:title="Label : us-gaap_TemporaryEquitySharesAuthorized to label_us-gaap_TemporaryEquitySharesAuthorized" />
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    <link:label xlink:type="resource" xlink:label="label_us-gaap_UseOfEstimates" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_UseOfEstimates" xml:lang="en-US" id="label_us-gaap_UseOfEstimates">Use of Estimates, Policy [Policy Text Block]</link:label>
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    <link:label xlink:type="resource" xlink:label="label_us-gaap_UseOfEstimates_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_us-gaap_UseOfEstimates_1" xml:lang="en-US" id="label_us-gaap_UseOfEstimates_1">Use of estimates</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_UseOfEstimates" xlink:to="label_us-gaap_UseOfEstimates_1" xlink:title="Label : us-gaap_UseOfEstimates to label_us-gaap_UseOfEstimates_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_VestingDomain" xlink:label="us-gaap_VestingDomain" xlink:title="us-gaap_VestingDomain" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_VestingDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_VestingDomain" xml:lang="en-US" id="label_us-gaap_VestingDomain">Vesting [Domain]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_VestingDomain" xlink:to="label_us-gaap_VestingDomain" xlink:title="Label : us-gaap_VestingDomain to label_us-gaap_VestingDomain" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_VestingAxis" xlink:label="us-gaap_VestingAxis" xlink:title="us-gaap_VestingAxis" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_VestingAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_VestingAxis" xml:lang="en-US" id="label_us-gaap_VestingAxis">Vesting [Axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_VestingAxis" xlink:to="label_us-gaap_VestingAxis" xlink:title="Label : us-gaap_VestingAxis to label_us-gaap_VestingAxis" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_VariableInterestEntityConsolidatedCarryingAmountAssets" xlink:label="us-gaap_VariableInterestEntityConsolidatedCarryingAmountAssets" xlink:title="us-gaap_VariableInterestEntityConsolidatedCarryingAmountAssets" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_VariableInterestEntityConsolidatedCarryingAmountAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_VariableInterestEntityConsolidatedCarryingAmountAssets" xml:lang="en-US" id="label_us-gaap_VariableInterestEntityConsolidatedCarryingAmountAssets">Variable Interest Entity, Consolidated, Carrying Amount, Assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_VariableInterestEntityConsolidatedCarryingAmountAssets" xlink:to="label_us-gaap_VariableInterestEntityConsolidatedCarryingAmountAssets" xlink:title="Label : us-gaap_VariableInterestEntityConsolidatedCarryingAmountAssets to label_us-gaap_VariableInterestEntityConsolidatedCarryingAmountAssets" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_VariableInterestEntityConsolidatedCarryingAmountAssets_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_us-gaap_VariableInterestEntityConsolidatedCarryingAmountAssets_1" xml:lang="en-US" id="label_us-gaap_VariableInterestEntityConsolidatedCarryingAmountAssets_1">Total assets of consolidated VIEs</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_VariableInterestEntityConsolidatedCarryingAmountAssets" xlink:to="label_us-gaap_VariableInterestEntityConsolidatedCarryingAmountAssets_1" xlink:title="Label : us-gaap_VariableInterestEntityConsolidatedCarryingAmountAssets to label_us-gaap_VariableInterestEntityConsolidatedCarryingAmountAssets_1" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_VariableInterestEntityConsolidatedCarryingAmountAssets_2" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_us-gaap_VariableInterestEntityConsolidatedCarryingAmountAssets_2" xml:lang="en-US" id="label_us-gaap_VariableInterestEntityConsolidatedCarryingAmountAssets_2">Total assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_VariableInterestEntityConsolidatedCarryingAmountAssets" xlink:to="label_us-gaap_VariableInterestEntityConsolidatedCarryingAmountAssets_2" xlink:title="Label : us-gaap_VariableInterestEntityConsolidatedCarryingAmountAssets to label_us-gaap_VariableInterestEntityConsolidatedCarryingAmountAssets_2" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_VariableInterestEntityConsolidatedCarryingAmountAssets_3" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_us-gaap_VariableInterestEntityConsolidatedCarryingAmountAssets_3" xml:lang="en-US" id="label_us-gaap_VariableInterestEntityConsolidatedCarryingAmountAssets_3">Total assets of the consolidated VIEs and VIE's subsidiaries</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_VariableInterestEntityConsolidatedCarryingAmountAssets" xlink:to="label_us-gaap_VariableInterestEntityConsolidatedCarryingAmountAssets_3" xlink:title="Label : us-gaap_VariableInterestEntityConsolidatedCarryingAmountAssets to label_us-gaap_VariableInterestEntityConsolidatedCarryingAmountAssets_3" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_VariableInterestEntityPrimaryBeneficiaryMember" xlink:label="us-gaap_VariableInterestEntityPrimaryBeneficiaryMember" xlink:title="us-gaap_VariableInterestEntityPrimaryBeneficiaryMember" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_VariableInterestEntityPrimaryBeneficiaryMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_VariableInterestEntityPrimaryBeneficiaryMember" xml:lang="en-US" id="label_us-gaap_VariableInterestEntityPrimaryBeneficiaryMember">Variable Interest Entity, Primary Beneficiary [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_VariableInterestEntityPrimaryBeneficiaryMember" xlink:to="label_us-gaap_VariableInterestEntityPrimaryBeneficiaryMember" xlink:title="Label : us-gaap_VariableInterestEntityPrimaryBeneficiaryMember to label_us-gaap_VariableInterestEntityPrimaryBeneficiaryMember" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_VariableInterestEntityPrimaryBeneficiaryMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_us-gaap_VariableInterestEntityPrimaryBeneficiaryMember_1" xml:lang="en-US" id="label_us-gaap_VariableInterestEntityPrimaryBeneficiaryMember_1">Variable interest entity [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_VariableInterestEntityPrimaryBeneficiaryMember" xlink:to="label_us-gaap_VariableInterestEntityPrimaryBeneficiaryMember_1" xlink:title="Label : us-gaap_VariableInterestEntityPrimaryBeneficiaryMember to label_us-gaap_VariableInterestEntityPrimaryBeneficiaryMember_1" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_VariableInterestEntityPrimaryBeneficiaryMember_2" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_us-gaap_VariableInterestEntityPrimaryBeneficiaryMember_2" xml:lang="en-US" id="label_us-gaap_VariableInterestEntityPrimaryBeneficiaryMember_2">VIEs [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_VariableInterestEntityPrimaryBeneficiaryMember" xlink:to="label_us-gaap_VariableInterestEntityPrimaryBeneficiaryMember_2" xlink:title="Label : us-gaap_VariableInterestEntityPrimaryBeneficiaryMember to label_us-gaap_VariableInterestEntityPrimaryBeneficiaryMember_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_VariableInterestEntityConsolidatedCarryingAmountLiabilities" xlink:label="us-gaap_VariableInterestEntityConsolidatedCarryingAmountLiabilities" xlink:title="us-gaap_VariableInterestEntityConsolidatedCarryingAmountLiabilities" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_VariableInterestEntityConsolidatedCarryingAmountLiabilities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_VariableInterestEntityConsolidatedCarryingAmountLiabilities" xml:lang="en-US" id="label_us-gaap_VariableInterestEntityConsolidatedCarryingAmountLiabilities">Variable Interest Entity, Consolidated, Carrying Amount, Liabilities</link:label>
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    <link:label xlink:type="resource" xlink:label="label_us-gaap_VariableInterestEntityConsolidatedCarryingAmountLiabilities_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_us-gaap_VariableInterestEntityConsolidatedCarryingAmountLiabilities_1" xml:lang="en-US" id="label_us-gaap_VariableInterestEntityConsolidatedCarryingAmountLiabilities_1">Total liabilities of consolidated VIEs</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_VariableInterestEntityConsolidatedCarryingAmountLiabilities" xlink:to="label_us-gaap_VariableInterestEntityConsolidatedCarryingAmountLiabilities_1" xlink:title="Label : us-gaap_VariableInterestEntityConsolidatedCarryingAmountLiabilities to label_us-gaap_VariableInterestEntityConsolidatedCarryingAmountLiabilities_1" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_VariableInterestEntityConsolidatedCarryingAmountLiabilities_2" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_us-gaap_VariableInterestEntityConsolidatedCarryingAmountLiabilities_2" xml:lang="en-US" id="label_us-gaap_VariableInterestEntityConsolidatedCarryingAmountLiabilities_2">Total liabilities</link:label>
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    <link:label xlink:type="resource" xlink:label="label_us-gaap_VariableInterestEntityOwnershipPercentage_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_us-gaap_VariableInterestEntityOwnershipPercentage_2" xml:lang="en-US" id="label_us-gaap_VariableInterestEntityOwnershipPercentage_2">% of direct or indirect economic ownership</link:label>
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    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_VariableInterestEntityActivityBetweenVIEAndEntityRevenues" xlink:label="us-gaap_VariableInterestEntityActivityBetweenVIEAndEntityRevenues" xlink:title="us-gaap_VariableInterestEntityActivityBetweenVIEAndEntityRevenues" />
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    <link:label xlink:type="resource" xlink:label="label_us-gaap_VariableInterestEntityActivityBetweenVIEAndEntityIncomeOrLossBeforeTax_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_us-gaap_VariableInterestEntityActivityBetweenVIEAndEntityIncomeOrLossBeforeTax_1" xml:lang="en-US" id="label_us-gaap_VariableInterestEntityActivityBetweenVIEAndEntityIncomeOrLossBeforeTax_1">Net (loss) income</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_VariableInterestEntityActivityBetweenVIEAndEntityIncomeOrLossBeforeTax" xlink:to="label_us-gaap_VariableInterestEntityActivityBetweenVIEAndEntityIncomeOrLossBeforeTax_1" xlink:title="Label : us-gaap_VariableInterestEntityActivityBetweenVIEAndEntityIncomeOrLossBeforeTax to label_us-gaap_VariableInterestEntityActivityBetweenVIEAndEntityIncomeOrLossBeforeTax_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_VehiclesMember" xlink:label="us-gaap_VehiclesMember" xlink:title="us-gaap_VehiclesMember" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_VehiclesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_VehiclesMember" xml:lang="en-US" id="label_us-gaap_VehiclesMember">Vehicles [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_VehiclesMember" xlink:to="label_us-gaap_VehiclesMember" xlink:title="Label : us-gaap_VehiclesMember to label_us-gaap_VehiclesMember" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_VehiclesMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_us-gaap_VehiclesMember_1" xml:lang="en-US" id="label_us-gaap_VehiclesMember_1">Motor vehicles [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_VehiclesMember" xlink:to="label_us-gaap_VehiclesMember_1" xlink:title="Label : us-gaap_VehiclesMember to label_us-gaap_VehiclesMember_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_WarrantMember" xlink:label="us-gaap_WarrantMember" xlink:title="us-gaap_WarrantMember" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_WarrantMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_WarrantMember" xml:lang="en-US" id="label_us-gaap_WarrantMember">Warrant [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_WarrantMember" xlink:to="label_us-gaap_WarrantMember" xlink:title="Label : us-gaap_WarrantMember to label_us-gaap_WarrantMember" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_WarrantMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_us-gaap_WarrantMember_1" xml:lang="en-US" id="label_us-gaap_WarrantMember_1">Warrants</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_WarrantMember" xlink:to="label_us-gaap_WarrantMember_1" xlink:title="Label : us-gaap_WarrantMember to label_us-gaap_WarrantMember_1" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_WarrantMember_2" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_us-gaap_WarrantMember_2" xml:lang="en-US" id="label_us-gaap_WarrantMember_2">Warrants to an independent institutional investor [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_WarrantMember" xlink:to="label_us-gaap_WarrantMember_2" xlink:title="Label : us-gaap_WarrantMember to label_us-gaap_WarrantMember_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_WeightedAverageNumberOfSharesOutstandingAbstract" xlink:label="us-gaap_WeightedAverageNumberOfSharesOutstandingAbstract" xlink:title="us-gaap_WeightedAverageNumberOfSharesOutstandingAbstract" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_WeightedAverageNumberOfSharesOutstandingAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_WeightedAverageNumberOfSharesOutstandingAbstract" xml:lang="en-US" id="label_us-gaap_WeightedAverageNumberOfSharesOutstandingAbstract">Weighted Average Number of Shares Outstanding, Diluted [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_WeightedAverageNumberOfSharesOutstandingAbstract" xlink:to="label_us-gaap_WeightedAverageNumberOfSharesOutstandingAbstract" xlink:title="Label : us-gaap_WeightedAverageNumberOfSharesOutstandingAbstract to label_us-gaap_WeightedAverageNumberOfSharesOutstandingAbstract" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_WeightedAverageNumberOfSharesOutstandingAbstract_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_us-gaap_WeightedAverageNumberOfSharesOutstandingAbstract_1" xml:lang="en-US" id="label_us-gaap_WeightedAverageNumberOfSharesOutstandingAbstract_1">Denominator:</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_WeightedAverageNumberOfSharesOutstandingAbstract" xlink:to="label_us-gaap_WeightedAverageNumberOfSharesOutstandingAbstract_1" xlink:title="Label : us-gaap_WeightedAverageNumberOfSharesOutstandingAbstract to label_us-gaap_WeightedAverageNumberOfSharesOutstandingAbstract_1" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_WeightedAverageNumberOfSharesOutstandingAbstract_2" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_us-gaap_WeightedAverageNumberOfSharesOutstandingAbstract_2" xml:lang="en-US" id="label_us-gaap_WeightedAverageNumberOfSharesOutstandingAbstract_2">Weighted average number of common shares used in calculating net income per common share</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_WeightedAverageNumberOfSharesOutstandingAbstract" xlink:to="label_us-gaap_WeightedAverageNumberOfSharesOutstandingAbstract_2" xlink:title="Label : us-gaap_WeightedAverageNumberOfSharesOutstandingAbstract to label_us-gaap_WeightedAverageNumberOfSharesOutstandingAbstract_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_WeightedAverageMember" xlink:label="us-gaap_WeightedAverageMember" xlink:title="us-gaap_WeightedAverageMember" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_WeightedAverageMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_WeightedAverageMember" xml:lang="en-US" id="label_us-gaap_WeightedAverageMember">Weighted Average [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_WeightedAverageMember" xlink:to="label_us-gaap_WeightedAverageMember" xlink:title="Label : us-gaap_WeightedAverageMember to label_us-gaap_WeightedAverageMember" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_WeightedAverageMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_us-gaap_WeightedAverageMember_1" xml:lang="en-US" id="label_us-gaap_WeightedAverageMember_1">Weighted average [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_WeightedAverageMember" xlink:to="label_us-gaap_WeightedAverageMember_1" xlink:title="Label : us-gaap_WeightedAverageMember to label_us-gaap_WeightedAverageMember_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_WeightedAverageNumberOfSharesOutstandingBasic" xlink:label="us-gaap_WeightedAverageNumberOfSharesOutstandingBasic" xlink:title="us-gaap_WeightedAverageNumberOfSharesOutstandingBasic" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_WeightedAverageNumberOfSharesOutstandingBasic" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_WeightedAverageNumberOfSharesOutstandingBasic" xml:lang="en-US" id="label_us-gaap_WeightedAverageNumberOfSharesOutstandingBasic">Weighted Average Number of Shares Outstanding, Basic</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_WeightedAverageNumberOfSharesOutstandingBasic" xlink:to="label_us-gaap_WeightedAverageNumberOfSharesOutstandingBasic" xlink:title="Label : us-gaap_WeightedAverageNumberOfSharesOutstandingBasic to label_us-gaap_WeightedAverageNumberOfSharesOutstandingBasic" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_WeightedAverageNumberOfSharesOutstandingBasic_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_us-gaap_WeightedAverageNumberOfSharesOutstandingBasic_1" xml:lang="en-US" id="label_us-gaap_WeightedAverageNumberOfSharesOutstandingBasic_1">Denominator for basic calculation-weighted average number of Class A and Class B common shares outstanding</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_WeightedAverageNumberOfSharesOutstandingBasic" xlink:to="label_us-gaap_WeightedAverageNumberOfSharesOutstandingBasic_1" xlink:title="Label : us-gaap_WeightedAverageNumberOfSharesOutstandingBasic to label_us-gaap_WeightedAverageNumberOfSharesOutstandingBasic_1" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_WeightedAverageNumberOfSharesOutstandingBasic_2" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_us-gaap_WeightedAverageNumberOfSharesOutstandingBasic_2" xml:lang="en-US" id="label_us-gaap_WeightedAverageNumberOfSharesOutstandingBasic_2">-Basic (in shares)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_WeightedAverageNumberOfSharesOutstandingBasic" xlink:to="label_us-gaap_WeightedAverageNumberOfSharesOutstandingBasic_2" xlink:title="Label : us-gaap_WeightedAverageNumberOfSharesOutstandingBasic to label_us-gaap_WeightedAverageNumberOfSharesOutstandingBasic_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding" xlink:label="us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding" xlink:title="us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding" xml:lang="en-US" id="label_us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding">Weighted Average Number of Shares Outstanding, Diluted</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding" xlink:to="label_us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding" xlink:title="Label : us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding to label_us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding_1" xml:lang="en-US" id="label_us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding_1">-Diluted (in shares)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding" xlink:to="label_us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding_1" xlink:title="Label : us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding to label_us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding_1" />
    <link:label xlink:type="resource" xlink:label="label_us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding_2" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding_2" xml:lang="en-US" id="label_us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding_2">Denominator for diluted calculation (in shares)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding" xlink:to="label_us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding_2" xlink:title="Label : us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding to label_us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding_2" />
  </link:labelLink>
</link:linkbase>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.PRE
<SEQUENCE>21
<FILENAME>yy-20151231_pre.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE
<TEXT>
<XBRL>
<?xml version="1.0" encoding="us-ascii" standalone="yes"?>
<!--Created by IRIS, Powered by IRIS Carbon-->
<link:linkbase xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:xbrldt="http://xbrl.org/2005/xbrldt" xmlns:xbrli="http://www.xbrl.org/2003/instance" xmlns:xl="http://www.xbrl.org/2003/XLink" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsd="http://www.w3.org/2001/XMLSchema" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd">
  <link:roleRef roleURI="http://www.yy.com/role/Disclosure-Short-termdepositsDetails" xlink:type="simple" xlink:href="yy-20151231.xsd#Disclosure-Short-termdepositsDetails" />
  <link:roleRef roleURI="http://www.yy.com/role/yy-ind" xlink:type="simple" xlink:href="yy-20151231.xsd#yy-ind" />
  <link:roleRef roleURI="http://www.yy.com/role/yy-oapand" xlink:type="simple" xlink:href="yy-20151231.xsd#yy-oapand" />
  <link:roleRef roleURI="http://www.yy.com/role/yy-oapasodosvavsd" xlink:type="simple" xlink:href="yy-20151231.xsd#yy-oapasodosvavsd" />
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  <link:roleRef roleURI="http://www.yy.com/role/yy-paprracornd" xlink:type="simple" xlink:href="yy-20151231.xsd#yy-paprracornd" />
  <link:roleRef roleURI="http://www.yy.com/role/yy-csocise" xlink:type="simple" xlink:href="yy-20151231.xsd#yy-csocise" />
  <link:roleRef roleURI="http://www.yy.com/role/yy-csd" xlink:type="simple" xlink:href="yy-20151231.xsd#yy-csd" />
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  <link:roleRef roleURI="http://www.yy.com/role/yy-sbcsauefpsogte" xlink:type="simple" xlink:href="yy-20151231.xsd#yy-sbcsauefpsogte" />
  <link:roleRef roleURI="http://www.yy.com/role/yy-sbcrsnd" xlink:type="simple" xlink:href="yy-20151231.xsd#yy-sbcrsnd" />
  <link:roleRef roleURI="http://www.yy.com/role/yy-sbcsrsad" xlink:type="simple" xlink:href="yy-20151231.xsd#yy-sbcsrsad" />
  <link:roleRef roleURI="http://www.yy.com/role/yy-sbcagtcccnd" xlink:type="simple" xlink:href="yy-20151231.xsd#yy-sbcagtcccnd" />
  <link:roleRef roleURI="http://www.yy.com/role/yy-sbcsirrsgtcac" xlink:type="simple" xlink:href="yy-20151231.xsd#yy-sbcsirrsgtcac" />
  <link:roleRef roleURI="http://www.yy.com/role/yy-sbcrsund" xlink:type="simple" xlink:href="yy-20151231.xsd#yy-sbcrsund" />
  <link:roleRef roleURI="http://www.yy.com/role/yy-sbcsrsuad" xlink:type="simple" xlink:href="yy-20151231.xsd#yy-sbcsrsuad" />
  <link:roleRef roleURI="http://www.yy.com/role/yy-sbcsmdveag" xlink:type="simple" xlink:href="yy-20151231.xsd#yy-sbcsmdveag" />
  <link:roleRef roleURI="http://www.yy.com/role/yy-sed" xlink:type="simple" xlink:href="yy-20151231.xsd#yy-sed" />
  <link:roleRef roleURI="http://www.yy.com/role/yy-sbcsbagtaeoasaoscnd" xlink:type="simple" xlink:href="yy-20151231.xsd#yy-sbcsbagtaeoasaoscnd" />
  <link:roleRef roleURI="http://www.yy.com/role/yy-cracnd" xlink:type="simple" xlink:href="yy-20151231.xsd#yy-cracnd" />
  <link:roleRef roleURI="http://www.yy.com/role/yy-itnd" xlink:type="simple" xlink:href="yy-20151231.xsd#yy-itnd" />
  <link:roleRef roleURI="http://www.yy.com/role/yy-aicfsotccbsd" xlink:type="simple" xlink:href="yy-20151231.xsd#yy-aicfsotccbsd" />
  <link:roleRef roleURI="http://www.yy.com/role/yy-aicfsotccsooacid" xlink:type="simple" xlink:href="yy-20151231.xsd#yy-aicfsotccsooacid" />
  <link:roleRef roleURI="http://www.yy.com/role/yy-aicfsotccsocfd" xlink:type="simple" xlink:href="yy-20151231.xsd#yy-aicfsotccsocfd" />
  <link:roleRef roleURI="http://www.yy.com/role/yy-aicfsotccbspd" xlink:type="simple" xlink:href="yy-20151231.xsd#yy-aicfsotccbspd" />
  <link:roleRef roleURI="http://www.yy.com/role/yy-cracsocfiogvavseiciwgsiiacfsd" xlink:type="simple" xlink:href="yy-20151231.xsd#yy-cracsocfiogvavseiciwgsiiacfsd" />
  <link:roleRef roleURI="http://www.yy.com/role/yy-itsonotlcfd" xlink:type="simple" xlink:href="yy-20151231.xsd#yy-itsonotlcfd" />
  <link:roleRef roleURI="http://www.yy.com/role/yy-papt" xlink:type="simple" xlink:href="yy-20151231.xsd#yy-papt" />
  <link:roleRef roleURI="http://www.yy.com/role/yy-papp" xlink:type="simple" xlink:href="yy-20151231.xsd#yy-papp" />
  <link:roleRef roleURI="http://www.yy.com/role/yy-papctnd" xlink:type="simple" xlink:href="yy-20151231.xsd#yy-papctnd" />
  <link:roleRef roleURI="http://www.yy.com/role/yy-papsamesbcsrdasrnd" xlink:type="simple" xlink:href="yy-20151231.xsd#yy-papsamesbcsrdasrnd" />
  <link:roleRef roleURI="http://www.yy.com/role/yy-papsoaofliaicuslmofeuld" xlink:type="simple" xlink:href="yy-20151231.xsd#yy-papsoaofliaicuslmofeuld" />
  <link:roleRef roleURI="http://www.yy.com/role/yy-papsopaeeularrd" xlink:type="simple" xlink:href="yy-20151231.xsd#yy-papsopaeeularrd" />
  <link:roleRef roleURI="http://www.yy.com/role/yy-pap" xlink:type="simple" xlink:href="yy-20151231.xsd#yy-pap" />
  <link:roleRef roleURI="http://www.yy.com/role/Disclosure-CashandcashequivalentsDetails" xlink:type="simple" xlink:href="yy-20151231.xsd#Disclosure-CashandcashequivalentsDetails" />
  <link:roleRef roleURI="http://www.yy.com/role/yy-csocf" xlink:type="simple" xlink:href="yy-20151231.xsd#yy-csocf" />
  <link:roleRef roleURI="http://www.yy.com/role/Disclosure-AccountsreceivablenetDetails" xlink:type="simple" xlink:href="yy-20151231.xsd#Disclosure-AccountsreceivablenetDetails" />
  <link:roleRef roleURI="http://www.yy.com/role/yy-badnipsnd" xlink:type="simple" xlink:href="yy-20151231.xsd#yy-badnipsnd" />
  <link:roleRef roleURI="http://www.yy.com/role/yy-badnipssoawanoosod" xlink:type="simple" xlink:href="yy-20151231.xsd#yy-badnipssoawanoosod" />
  <link:roleRef roleURI="http://www.yy.com/role/yy-cbs" xlink:type="simple" xlink:href="yy-20151231.xsd#yy-cbs" />
  <link:roleRef roleURI="http://www.yy.com/role/yy-cracsopoarfcaaacwootard" xlink:type="simple" xlink:href="yy-20151231.xsd#yy-cracsopoarfcaaacwootard" />
  <link:roleRef roleURI="http://www.yy.com/role/yy-crpssopsd" xlink:type="simple" xlink:href="yy-20151231.xsd#yy-crpssopsd" />
  <link:roleRef roleURI="http://www.yy.com/role/yy-iansowaapoiad" xlink:type="simple" xlink:href="yy-20151231.xsd#yy-iansowaapoiad" />
  <link:roleRef roleURI="http://www.yy.com/role/yy-daei" xlink:type="simple" xlink:href="yy-20151231.xsd#yy-daei" />
  <link:roleRef roleURI="http://www.yy.com/role/yy-bct" xlink:type="simple" xlink:href="yy-20151231.xsd#yy-bct" />
  <link:roleRef roleURI="http://www.yy.com/role/yy-bcnd" xlink:type="simple" xlink:href="yy-20151231.xsd#yy-bcnd" />
  <link:roleRef roleURI="http://www.yy.com/role/yy-bcsoaoppadoad" xlink:type="simple" xlink:href="yy-20151231.xsd#yy-bcsoaoppadoad" />
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<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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<body>
<span style="display: none;">v3.4.0.3</span><table class="report" border="0" cellspacing="2" id="idp6802123856">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Document and Entity Information<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th">
<div>Dec. 31, 2015 </div>
<div>shares</div>
</th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityRegistrantName', window );">Entity Registrant Name</a></td>
<td class="text">YY Inc.<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityCentralIndexKey', window );">Entity Central Index Key</a></td>
<td class="text">0001530238<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentType', window );">Document Type</a></td>
<td class="text">20-F<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentPeriodEndDate', window );">Document Period End Date</a></td>
<td class="text">Dec. 31,  2015<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_AmendmentFlag', window );">Amendment Flag</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_CurrentFiscalYearEndDate', window );">Current Fiscal Year End Date</a></td>
<td class="text">--12-31<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityWellKnownSeasonedIssuer', window );">Entity Well-known Seasoned Issuer</a></td>
<td class="text">Yes<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityCurrentReportingStatus', window );">Entity Current Reporting Status</a></td>
<td class="text">Yes<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityFilerCategory', window );">Entity Filer Category</a></td>
<td class="text">Large Accelerated Filer<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentFiscalYearFocus', window );">Document Fiscal Year Focus</a></td>
<td class="text">2015<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentFiscalPeriodFocus', window );">Document Fiscal Period Focus</a></td>
<td class="text">FY<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=us-gaap_CommonClassAMember', window );">Class A common shares [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityCommonStockSharesOutstanding', window );">Entity Common Stock, Shares Outstanding</a></td>
<td class="nump">728,227,848<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=us-gaap_CommonClassBMember', window );">Class B common shares [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityCommonStockSharesOutstanding', window );">Entity Common Stock, Shares Outstanding</a></td>
<td class="nump">369,557,976<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_AmendmentFlag">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>If the value is true, then the document is an amendment to previously-filed/accepted document.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_AmendmentFlag</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CurrentFiscalYearEndDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>End date of current fiscal year in the format --MM-DD.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CurrentFiscalYearEndDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:gMonthDayItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentFiscalPeriodFocus">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>This is focus fiscal period of the document report. For a first quarter 2006 quarterly report, which may also provide financial information from prior periods, the first fiscal quarter should be given as the fiscal period focus. Values: FY, Q1, Q2, Q3, Q4, H1, H2, M9, T1, T2, T3, M8, CY.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentFiscalPeriodFocus</td>
</tr>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<td><strong> Data Type:</strong></td>
<td>dei:fiscalPeriodItemType</td>
</tr>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentFiscalYearFocus">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>This is focus fiscal year of the document report in CCYY format. For a 2006 annual report, which may also provide financial information from prior periods, fiscal 2006 should be given as the fiscal year focus. Example: 2006.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentFiscalYearFocus</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:gYearItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentPeriodEndDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The end date of the period reflected on the cover page if a periodic report. For all other reports and registration statements containing historical data, it is the date up through which that historical data is presented.  If there is no historical data in the report, use the filing date. The format of the date is CCYY-MM-DD.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentPeriodEndDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:dateItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentType">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word "Other".</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentType</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:submissionTypeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCentralIndexKey">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12b<br> -Subsection 1<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCentralIndexKey</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:centralIndexKeyItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCommonStockSharesOutstanding">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate number of shares or other units outstanding of each of registrant's classes of capital or common stock or other ownership interests, if and as stated on cover of related periodic report. Where multiple classes or units exist define each class/interest by adding class of stock items such as Common Class A [Member], Common Class B [Member] or Partnership Interest [Member] onto the Instrument [Domain] of the Entity Listings, Instrument.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCommonStockSharesOutstanding</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCurrentReportingStatus">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate "Yes" or "No" whether registrants (1) have filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that registrants were required to file such reports), and (2) have been subject to such filing requirements for the past 90 days. This information should be based on the registrant's current or most recent filing containing the related disclosure.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCurrentReportingStatus</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:yesNoItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityFilerCategory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate whether the registrant is one of the following: (1) Large Accelerated Filer, (2) Accelerated Filer, (3) Non-accelerated Filer, (4) Smaller Reporting Company (Non-accelerated) or (5) Smaller Reporting Accelerated Filer. Definitions of these categories are stated in Rule 12b-2 of the Exchange Act. This information should be based on the registrant's current or most recent filing containing the related disclosure.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityFilerCategory</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<td><strong> Data Type:</strong></td>
<td>dei:filerCategoryItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityRegistrantName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12b<br> -Subsection 1<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityRegistrantName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityWellKnownSeasonedIssuer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate "Yes" or "No" if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Is used on Form Type: 10-K, 10-Q, 8-K, 20-F, 6-K, 10-K/A, 10-Q/A, 20-F/A, 6-K/A, N-CSR, N-Q, N-1A.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityWellKnownSeasonedIssuer</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:yesNoItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementClassOfStockAxis=us-gaap_CommonClassAMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementClassOfStockAxis=us-gaap_CommonClassAMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementClassOfStockAxis=us-gaap_CommonClassBMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementClassOfStockAxis=us-gaap_CommonClassBMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
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<head>
<title></title>
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<span style="display: none;">v3.4.0.3</span><table class="report" border="0" cellspacing="2" id="idp6809230352">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>CONSOLIDATED BALANCE SHEETS<br> &#165; in Thousands, $ in Thousands</strong></div></th>
<th class="th">
<div>Dec. 31, 2015 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2015 </div>
<div>CNY (&#165;)</div>
</th>
<th class="th">
<div>Dec. 31, 2014 </div>
<div>CNY (&#165;)</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AssetsCurrentAbstract', window );"><strong>Current assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashAndCashEquivalentsAtCarryingValue', window );">Cash and cash equivalents</a></td>
<td class="nump">$ 143,403<span></span>
</td>
<td class="nump">&#165; 928,934<span></span>
</td>
<td class="nump">&#165; 475,028<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShortTermInvestments', window );">Short-term deposits</a></td>
<td class="nump">292,529<span></span>
</td>
<td class="nump">1,894,946<span></span>
</td>
<td class="nump">4,214,576<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RestrictedCashAndInvestmentsCurrent', window );">Restricted short-term deposits</a></td>
<td class="nump">60,085<span></span>
</td>
<td class="nump">389,221<span></span>
</td>
<td class="nump">100,000<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccountsReceivableNetCurrent', window );">Accounts receivable, net</a></td>
<td class="nump">20,432<span></span>
</td>
<td class="nump">132,353<span></span>
</td>
<td class="nump">257,436<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InventoryNet', window );">Inventory</a></td>
<td class="nump">2,221<span></span>
</td>
<td class="nump">14,385<span></span>
</td>
<td class="nump">1,445<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DueFromRelatedPartiesCurrent', window );">Amounts due from related parties</a></td>
<td class="nump">818<span></span>
</td>
<td class="nump">5,297<span></span>
</td>
<td class="nump">61,073<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PrepaidExpenseAndOtherAssetsCurrent', window );">Prepayments and other current assets</a></td>
<td class="nump">22,822<span></span>
</td>
<td class="nump">147,823<span></span>
</td>
<td class="nump">204,139<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredTaxAssetsNetCurrent', window );">Deferred tax assets</a></td>
<td class="nump">18,049<span></span>
</td>
<td class="nump">116,921<span></span>
</td>
<td class="nump">111,436<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AssetsCurrent', window );">Total current assets</a></td>
<td class="nump">560,359<span></span>
</td>
<td class="nump">3,629,880<span></span>
</td>
<td class="nump">5,425,133<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AssetsNoncurrentAbstract', window );"><strong>Non-current assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredTaxAssetsNetNoncurrent', window );">Deferred tax assets</a></td>
<td class="nump">519<span></span>
</td>
<td class="nump">3,363<span></span>
</td>
<td class="nump">1,392<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermInvestments', window );">Investments</a></td>
<td class="nump">87,616<span></span>
</td>
<td class="nump">567,557<span></span>
</td>
<td class="nump">186,654<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentNet', window );">Property and equipment, net</a></td>
<td class="nump">130,206<span></span>
</td>
<td class="nump">843,449<span></span>
</td>
<td class="nump">234,228<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IntangibleAssetsNetExcludingGoodwill', window );">Intangible assets, net</a></td>
<td class="nump">22,606<span></span>
</td>
<td class="nump">146,437<span></span>
</td>
<td class="nump">154,034<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Goodwill', window );">Goodwill</a></td>
<td class="nump">23,409<span></span>
</td>
<td class="nump">151,638<span></span>
</td>
<td class="nump">300,382<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherAssetsNoncurrent', window );">Other non-current assets</a></td>
<td class="nump">306,541<span></span>
</td>
<td class="nump">1,985,714<span></span>
</td>
<td class="nump">560,971<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AssetsNoncurrent', window );">Total non-current assets</a></td>
<td class="nump">570,897<span></span>
</td>
<td class="nump">3,698,158<span></span>
</td>
<td class="nump">1,437,661<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Assets', window );">Total assets</a></td>
<td class="nump">1,131,256<span></span>
</td>
<td class="nump">7,328,038<span></span>
</td>
<td class="nump">6,862,794<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesCurrentAbstract', window );"><strong>Current liabilities</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccountsPayableCurrent', window );">Accounts payable (including accounts payable of the consolidated variable interest entity without recourse to the Company of RMB101,160 and RMB108,500 as of December 31, 2014 and 2015, respectively)</a></td>
<td class="nump">20,041<span></span>
</td>
<td class="nump">129,819<span></span>
</td>
<td class="nump">101,525<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredRevenueCurrent', window );">Deferred revenue (including deferred revenue of the consolidated variable interest entity without recourse to the Company of RMB354,987 and RMB385,300 as of December 31, 2014 and 2015, respectively)</a></td>
<td class="nump">59,480<span></span>
</td>
<td class="nump">385,300<span></span>
</td>
<td class="nump">356,150<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CustomerAdvancesCurrent', window );">Advances from customers (including advances from customers of the consolidated variable interest entity without recourse to the Company of RMB25,897 and RMB 45,189 as of December 31, 2014 and 2015, respectively)</a></td>
<td class="nump">8,504<span></span>
</td>
<td class="nump">55,086<span></span>
</td>
<td class="nump">34,127<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccruedIncomeTaxesCurrent', window );">Income taxes payable (including income taxes payable of the consolidated variable interest entity without recourse to the Company of RMB65,162 and RMB80,978 as of December 31, 2014 and 2015, respectively)</a></td>
<td class="nump">16,580<span></span>
</td>
<td class="nump">107,403<span></span>
</td>
<td class="nump">89,161<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccruedLiabilitiesAndOtherLiabilities', window );">Accrued liabilities and other current liabilities (including accrued liabilities and other current liabilities of the consolidated variable interest entity without recourse to the Company of RMB357,464 and RMB579,760 as of December 31, 2014 and 2015, respectively)</a></td>
<td class="nump">105,266<span></span>
</td>
<td class="nump">681,889<span></span>
</td>
<td class="nump">478,703<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DueToRelatedPartiesCurrent', window );">Amounts due to related parties (including amounts due to related parties of the consolidated variable interest entity without recourse to the Company of RMB30,892 and RMB23,684 as of December 31, 2014 and 2015, respectively)</a></td>
<td class="nump">3,847<span></span>
</td>
<td class="nump">24,917<span></span>
</td>
<td class="nump">30,892<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesCurrent', window );">Total current liabilities</a></td>
<td class="nump">213,718<span></span>
</td>
<td class="nump">1,384,414<span></span>
</td>
<td class="nump">1,090,558<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesNoncurrentAbstract', window );"><strong>Non-current liabilities</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ConvertibleDebtNoncurrent', window );">Convertible bonds (including convertible bonds of the consolidated variable interest entity without recourse to the Company of nil and nil as of December 31, 2014 and 2015, respectively)</a></td>
<td class="nump">$ 400,970<span></span>
</td>
<td class="nump">&#165; 2,597,403<span></span>
</td>
<td class="nump">2,447,980<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccountsPayableAndAccruedLiabilitiesNoncurrent', window );">Long-term payable (including long-term payable of the consolidated variable interest entity without recourse to the Company of RMB183,000 and nil as of December 31, 2014 and 2015, respectively)</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="nump">183,000<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredRevenueNoncurrent', window );">Deferred revenue(including deferred revenue of the consolidated variable interest entity without recourse to the Company of RMB24,383 and RMB20,752 as of December 31, 2014 and 2015, respectively)</a></td>
<td class="nump">$ 3,204<span></span>
</td>
<td class="nump">&#165; 20,752<span></span>
</td>
<td class="nump">24,383<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredTaxLiabilitiesNoncurrent', window );">Deferred tax liabilities (including deferred tax liabilities of the consolidated variable interest entity without recourse to the Company of RMB26,709 and RMB12,592 as of December 31, 2014 and 2015, respectively)</a></td>
<td class="nump">2,596<span></span>
</td>
<td class="nump">16,817<span></span>
</td>
<td class="nump">26,709<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesNoncurrent', window );">Total non-current liabilities</a></td>
<td class="nump">406,770<span></span>
</td>
<td class="nump">2,634,972<span></span>
</td>
<td class="nump">2,682,072<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Liabilities', window );">Total liabilities</a></td>
<td class="nump">$ 620,488<span></span>
</td>
<td class="nump">&#165; 4,019,386<span></span>
</td>
<td class="nump">&#165; 3,772,630<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommitmentsAndContingencies', window );">Commitments and contingencies</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_TemporaryEquityCarryingAmountIncludingPortionAttributableToNoncontrollingInterests', window );">Mezzanine equity</a></td>
<td class="nump">$ 9,545<span></span>
</td>
<td class="nump">&#165; 61,833<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAbstract', window );"><strong>Shareholders' equity</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AdditionalPaidInCapitalCommonStock', window );">Additional paid-in capital</a></td>
<td class="nump">310,568<span></span>
</td>
<td class="nump">2,011,799<span></span>
</td>
<td class="nump">&#165; 2,900,458<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatutoryAccountingPracticesStatutoryCapitalAndSurplusBalance', window );">Statutory reserves</a></td>
<td class="nump">8,723<span></span>
</td>
<td class="nump">56,507<span></span>
</td>
<td class="nump">56,469<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RetainedEarningsAccumulatedDeficit', window );">Retained earnings</a></td>
<td class="nump">186,355<span></span>
</td>
<td class="nump">1,207,168<span></span>
</td>
<td class="nump">173,963<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax', window );">Accumulated other comprehensive loss</a></td>
<td class="num">(5,617)<span></span>
</td>
<td class="num">(36,385)<span></span>
</td>
<td class="num">(40,799)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquity', window );">Total YY Inc.'s shareholders' equity</a></td>
<td class="nump">500,040<span></span>
</td>
<td class="nump">3,239,159<span></span>
</td>
<td class="nump">&#165; 3,090,164<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MinorityInterest', window );">Non-controlling interests</a></td>
<td class="nump">1,183<span></span>
</td>
<td class="nump">7,660<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest', window );">Total shareholders' equity</a></td>
<td class="nump">501,223<span></span>
</td>
<td class="nump">3,246,819<span></span>
</td>
<td class="nump">&#165; 3,090,164<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesAndStockholdersEquity', window );">Total liabilities, mezzanine equity and shareholders' equity</a></td>
<td class="nump">1,131,256<span></span>
</td>
<td class="nump">7,328,038<span></span>
</td>
<td class="nump">6,862,794<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=us-gaap_CommonClassAMember', window );">Class A common shares [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAbstract', window );"><strong>Shareholders' equity</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockValue', window );">Common shares</a></td>
<td class="nump">7<span></span>
</td>
<td class="nump">43<span></span>
</td>
<td class="nump">43<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=us-gaap_CommonClassBMember', window );">Class B common shares [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAbstract', window );"><strong>Shareholders' equity</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockValue', window );">Common shares</a></td>
<td class="nump">$ 4<span></span>
</td>
<td class="nump">&#165; 27<span></span>
</td>
<td class="nump">&#165; 30<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccountsPayableAndAccruedLiabilitiesNoncurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Sum of the carrying values as of the balance sheet date of obligations incurred through that date and due after one year (or beyond the operating cycle if longer), including liabilities for compensation costs, fringe benefits other than pension and postretirement obligations, rent, contractual rights and obligations, and statutory obligations.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.24)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AccountsPayableAndAccruedLiabilitiesNoncurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccountsPayableCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Carrying value as of the balance sheet date of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.19(a))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AccountsPayableCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccountsReceivableNetCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount due from customers or clients, within one year of the balance sheet date (or the normal operating cycle, whichever is longer), for goods or services (including trade receivables) that have been delivered or sold in the normal course of business, reduced to the estimated net realizable fair value by an allowance established by the entity of the amount it deems uncertain of collection.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.3-4)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 02<br> -Paragraph 3<br> -Subparagraph a(1)<br> -Article 5<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 02<br> -Paragraph 4<br> -Article 5<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AccountsReceivableNetCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccruedIncomeTaxesCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Carrying amount as of the balance sheet date of the unpaid sum of the known and estimated amounts payable to satisfy all currently due domestic and foreign income tax obligations.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.20)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 03<br> -Paragraph 15<br> -Article 9<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 03<br> -Paragraph 15<br> -Subparagraph b(1)<br> -Article 7<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AccruedIncomeTaxesCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccruedLiabilitiesAndOtherLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of obligations incurred and payable, pertaining to costs that are statutory in nature, incurred on contractual obligations, or accumulate over time and for which invoices have not yet been received or will not be rendered. Examples include, but not limited to, taxes, interest, rent and utilities. Also includes the aggregate carrying amount of liabilities not separately disclosed.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AccruedLiabilitiesAndOtherLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Accumulated change in equity from transactions and other events and circumstances from non-owner sources, net of tax effect, at period end. Excludes Net Income (Loss), and accumulated changes in equity from transactions resulting from investments by owners and distributions to owners. Includes foreign currency translation items, certain pension adjustments, unrealized gains and losses on certain investments in debt and equity securities, other than temporary impairment (OTTI) losses related to factors other than credit losses on available-for-sale and held-to-maturity debt securities that an entity does not intend to sell and it is not more likely than not that the entity will be required to sell before recovery of the amortized cost basis, as well as changes in the fair value of derivatives related to the effective portion of a designated cash flow hedge.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section 45<br> -Paragraph 11<br> -URI http://asc.fasb.org/extlink&amp;oid=36458714&amp;loc=d3e637-108580<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section 45<br> -Paragraph 14<br> -URI http://asc.fasb.org/extlink&amp;oid=36458714&amp;loc=d3e681-108580<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section 45<br> -Paragraph 14A<br> -URI http://asc.fasb.org/extlink&amp;oid=36458714&amp;loc=SL7669686-108580<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 02<br> -Paragraph 31<br> -Article 5<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 04<br> -Article 3<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AdditionalPaidInCapitalCommonStock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Value received from shareholders in common stock-related transactions that are in excess of par value or stated value and amounts received from other stock-related transactions. Includes only common stock transactions (excludes preferred stock transactions). May be called contributed capital, capital in excess of par, capital surplus, or paid-in capital.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.30(a)(1))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 02<br> -Paragraph 31<br> -Article 5<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AdditionalPaidInCapitalCommonStock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_Assets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.18)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 03<br> -Paragraph 12<br> -Article 7<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_Assets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AssetsCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Sum of the carrying amounts as of the balance sheet date of all assets that are expected to be realized in cash, sold, or consumed within one year (or the normal operating cycle, if longer). Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.9)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=28358313&amp;loc=d3e6801-107765<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=28358313&amp;loc=d3e6676-107765<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AssetsCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AssetsCurrentAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AssetsCurrentAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AssetsNoncurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Sum of the carrying amounts as of the balance sheet date of all assets that are expected to be realized in cash, sold or consumed after one year or beyond the normal operating cycle, if longer.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.10-17)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 02<br> -Paragraph 18<br> -Article 5<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AssetsNoncurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AssetsNoncurrentAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AssetsNoncurrentAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CashAndCashEquivalentsAtCarryingValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Cash<br> -URI http://asc.fasb.org/extlink&amp;oid=6506951<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 1<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=28358313&amp;loc=d3e6676-107765<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3044-108585<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Cash Equivalents<br> -URI http://asc.fasb.org/extlink&amp;oid=6507016<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.1)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CashAndCashEquivalentsAtCarryingValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommitmentsAndContingencies">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the caption on the face of the balance sheet to indicate that the entity has entered into (1) purchase or supply arrangements that will require expending a portion of its resources to meet the terms thereof, and (2) is exposed to potential losses or, less frequently, gains, arising from (a) possible claims against a company's resources due to future performance under contract terms, and (b) possible losses or likely gains from uncertainties that will ultimately be resolved when one or more future events that are deemed likely to occur do occur or fail to occur.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03.(a),19)<br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 450<br> -SubTopic 20<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=25496072&amp;loc=d3e14326-108349<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-03.17)<br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.25)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CommitmentsAndContingencies</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Aggregate par or stated value of issued nonredeemable common stock (or common stock redeemable solely at the option of the issuer). This item includes treasury stock repurchased by the entity. Note: elements for number of nonredeemable common shares, par value and other disclosure concepts are in another section within stockholders' equity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.29)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 02<br> -Paragraph 30<br> -Article 5<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CommonStockValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ConvertibleDebtNoncurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Carrying amount of long-term convertible debt as of the balance sheet date, net of the amount due in the next twelve months or greater than the normal operating cycle, if longer. The debt is convertible into another form of financial instrument, typically the entity's common stock.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.22)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ConvertibleDebtNoncurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CustomerAdvancesCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The current portion of prepayments received from customers for goods or services to be provided in the future.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.20)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CustomerAdvancesCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredRevenueCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The carrying amount of consideration received or receivable as of the balance sheet date on potential earnings that were not recognized as revenue in conformity with GAAP, and which are expected to be recognized as such within one year or the normal operating cycle, if longer, including sales, license fees, and royalties, but excluding interest income.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 8<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=28358313&amp;loc=d3e6935-107765<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 605<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SAB TOPIC 13.A.4(a).Q1)<br> -URI http://asc.fasb.org/extlink&amp;oid=27012821&amp;loc=d3e214044-122780<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Staff Accounting Bulletin (SAB)<br> -Number Topic 13<br> -Section A<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DeferredRevenueCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredRevenueNoncurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The noncurrent portion of deferred revenue amount as of balance sheet date. Deferred revenue is a liability related to a revenue producing activity for which revenue has not yet been recognized, and is not expected to be recognized in the next twelve months. Generally, an entity records deferred revenue when it receives consideration from a customer before achieving certain criteria that must be met for revenue to be recognized in conformity with GAAP.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 8<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=28358313&amp;loc=d3e6935-107765<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 605<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SAB TOPIC 13.A.4(a).Q1)<br> -URI http://asc.fasb.org/extlink&amp;oid=27012821&amp;loc=d3e214044-122780<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Staff Accounting Bulletin (SAB)<br> -Number Topic 13<br> -Section A<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DeferredRevenueNoncurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredTaxAssetsNetCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount after allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards expected to be realized or consumed within one year or operating cycle, if longer.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32537-109319<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 45<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=37586315&amp;loc=d3e31917-109318<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 45<br> -Paragraph 6<br> -URI http://asc.fasb.org/extlink&amp;oid=37586315&amp;loc=d3e31931-109318<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 45<br> -Paragraph 5<br> -URI http://asc.fasb.org/extlink&amp;oid=37586315&amp;loc=d3e31928-109318<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 45<br> -Paragraph 9<br> -URI http://asc.fasb.org/extlink&amp;oid=37586315&amp;loc=d3e31958-109318<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DeferredTaxAssetsNetCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredTaxAssetsNetNoncurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount after allocation of valuation allowances of noncurrent deferred tax asset attributable to deductible temporary differences and carryforwards. Noncurrent assets are expected to be realized or consumed after one year (or the normal operating cycle, if longer).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32537-109319<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 45<br> -Paragraph 6<br> -URI http://asc.fasb.org/extlink&amp;oid=37586315&amp;loc=d3e31931-109318<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 45<br> -Paragraph 5<br> -URI http://asc.fasb.org/extlink&amp;oid=37586315&amp;loc=d3e31928-109318<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 45<br> -Paragraph 9<br> -URI http://asc.fasb.org/extlink&amp;oid=37586315&amp;loc=d3e31958-109318<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 45<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=37586315&amp;loc=d3e31917-109318<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DeferredTaxAssetsNetNoncurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredTaxLiabilitiesNoncurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount, after deferred tax asset, of deferred tax liability attributable to taxable differences, netted by jurisdiction and classified as noncurrent.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 45<br> -Paragraph 6<br> -URI http://asc.fasb.org/extlink&amp;oid=37586315&amp;loc=d3e31931-109318<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 45<br> -Paragraph 9<br> -URI http://asc.fasb.org/extlink&amp;oid=37586315&amp;loc=d3e31958-109318<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 45<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=37586315&amp;loc=d3e31917-109318<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DeferredTaxLiabilitiesNoncurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DueFromRelatedPartiesCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The aggregate amount of receivables to be collected from related parties where one party can exercise control or significant influence over another party; including affiliates, owners or officers and their immediate families, pension trusts, and so forth, at the financial statement date. which are usually due within one year (or one business cycle).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 1<br> -Subparagraph (d)<br> -URI http://asc.fasb.org/extlink&amp;oid=28358313&amp;loc=d3e6676-107765<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 850<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (d)<br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39549-107864<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08.(k)(1))<br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e23780-122690<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.3(a)(2))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 08<br> -Paragraph k<br> -Subparagraph 2<br> -Article 4<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DueFromRelatedPartiesCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DueToRelatedPartiesCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Carrying amount as of the balance sheet date of obligations due all related parties. For classified balance sheets, represents the current portion of such liabilities (due within one year or within the normal operating cycle if longer).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08.(k)(1))<br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e23780-122690<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 850<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (d)<br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39549-107864<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.19(a))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DueToRelatedPartiesCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_Goodwill">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 350<br> -SubTopic 20<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=35741047&amp;loc=d3e13816-109267<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 350<br> -SubTopic 20<br> -Section 45<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6388280&amp;loc=d3e13770-109266<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_Goodwill</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IntangibleAssetsNetExcludingGoodwill">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Sum of the carrying amounts of all intangible assets, excluding goodwill, as of the balance sheet date, net of accumulated amortization and impairment charges.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 350<br> -SubTopic 30<br> -Section 45<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6388964&amp;loc=d3e16212-109274<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 350<br> -SubTopic 30<br> -Section 50<br> -Paragraph 2<br> -Subparagraph ((a)(1),(b))<br> -URI http://asc.fasb.org/extlink&amp;oid=26713463&amp;loc=d3e16323-109275<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IntangibleAssetsNetExcludingGoodwill</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InventoryNet">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount after valuation and LIFO reserves of inventory expected to be sold, or consumed within one year or operating cycle, if longer.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.6(a))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 330<br> -SubTopic 10<br> -Section 35<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=51655945&amp;loc=d3e3927-108312<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 1<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=28358313&amp;loc=d3e6676-107765<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_InventoryNet</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_Liabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Sum of the carrying amounts as of the balance sheet date of all liabilities that are recognized. Liabilities are probable future sacrifices of economic benefits arising from present obligations of an entity to transfer assets or provide services to other entities in the future.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.19-26)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_Liabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LiabilitiesAndStockholdersEquity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of liabilities and equity items, including the portion of equity attributable to noncontrolling interests, if any.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.32)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 03<br> -Paragraph 25<br> -Article 7<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LiabilitiesAndStockholdersEquity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LiabilitiesCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Total obligations incurred as part of normal operations that are expected to be paid during the following twelve months or within one business cycle, if longer.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.21)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LiabilitiesCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LiabilitiesCurrentAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LiabilitiesCurrentAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LiabilitiesNoncurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of obligation due after one year or beyond the normal operating cycle, if longer.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.22-26)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 02<br> -Paragraph 22, 23, 24, 25, 26, 27<br> -Article 5<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LiabilitiesNoncurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LiabilitiesNoncurrentAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LiabilitiesNoncurrentAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LongTermInvestments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The total amount of investments that are intended to be held for an extended period of time (longer than one operating cycle).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.12)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LongTermInvestments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_MinorityInterest">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which is directly or indirectly attributable to that ownership interest in subsidiary equity which is not attributable to the parent (that is, noncontrolling interest, previously referred to as minority interest).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.31)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 02<br> -Paragraph 27<br> -Article 5<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 03<br> -Paragraph 20<br> -Article 7<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_MinorityInterest</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherAssetsNoncurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Aggregate carrying amount, as of the balance sheet date, of noncurrent assets not separately disclosed in the balance sheet. Noncurrent assets are expected to be realized or consumed after one year (or the normal operating cycle, if longer).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.17)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OtherAssetsNoncurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PrepaidExpenseAndOtherAssetsCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of asset related to consideration paid in advance for costs that provide economic benefits in future periods, and amount of other assets that are expected to be realized or consumed within one year or the normal operating cycle, if longer.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=28358313&amp;loc=d3e6676-107765<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 02<br> -Paragraph 8<br> -Article 5<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PrepaidExpenseAndOtherAssetsCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentNet">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount after accumulated depreciation, depletion and amortization of physical assets used in the normal conduct of business to produce goods and services and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, and furniture and fixtures.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.13)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 360<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6391035&amp;loc=d3e2868-110229<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 02<br> -Paragraph 13<br> -Subparagraph a<br> -Article 5<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 03<br> -Paragraph 8<br> -Article 7<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentNet</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RestrictedCashAndInvestmentsCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The current cash, cash equivalents and investments that are restricted as to withdrawal or usage. Restrictions may include legally restricted deposits held as compensating balances against short-term borrowing arrangements, contracts entered into with others, or entity statements of intention with regard to particular deposits; however, time deposits and short-term certificates of deposit are not generally included in legally restricted deposits. Excludes compensating balance arrangements that are not agreements which legally restrict the use of cash amounts shown on the balance sheet. Includes current cash equivalents and investments that are similarly restricted as to withdrawal, usage or disposal.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.1)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RestrictedCashAndInvestmentsCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RetainedEarningsAccumulatedDeficit">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cumulative amount of the reporting entity's undistributed earnings or deficit.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.31(a)(3))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 04<br> -Article 3<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RetainedEarningsAccumulatedDeficit</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShortTermInvestments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Investments which are intended to be sold in the short term (usually less than one year or the normal operating cycle, whichever is longer) including trading securities, available-for-sale securities, held-to-maturity securities, and other short-term investments not otherwise listed in the existing taxonomy.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.2)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 03<br> -Paragraph 1<br> -Subparagraph g<br> -Article 7<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShortTermInvestments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatutoryAccountingPracticesStatutoryCapitalAndSurplusBalance">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of statutory capital and surplus (stockholders' equity) as of the balance sheet date using prescribed or permitted statutory accounting practices (rather than GAAP, if different) of the state or country.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03.23(c))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 505<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=6486098&amp;loc=d3e24708-158529<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 03<br> -Paragraph 24<br> -Subparagraph c<br> -Article 7<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatutoryAccountingPracticesStatutoryCapitalAndSurplusBalance</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockholdersEquity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 310<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SAB TOPIC 4.E)<br> -URI http://asc.fasb.org/extlink&amp;oid=27010918&amp;loc=d3e74512-122707<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.29-31)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Staff Accounting Bulletin (SAB)<br> -Number Topic 4<br> -Section E<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StockholdersEquity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of stockholders' equity (deficit), net of receivables from officers, directors, owners, and affiliates of the entity, attributable to both the parent and noncontrolling interests. Amount excludes temporary equity. Alternate caption for the concept is permanent equity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 55<br> -Paragraph 4I<br> -URI http://asc.fasb.org/extlink&amp;oid=35736750&amp;loc=SL4590271-111686<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 45<br> -Paragraph 16<br> -URI http://asc.fasb.org/extlink&amp;oid=51664549&amp;loc=SL4568740-111683<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 45<br> -Paragraph 15<br> -URI http://asc.fasb.org/extlink&amp;oid=51664549&amp;loc=SL4568447-111683<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_TemporaryEquityCarryingAmountIncludingPortionAttributableToNoncontrollingInterests">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Carrying amount, attributable to parent and noncontrolling interests, of an entity's issued and outstanding stock which is not included within permanent equity. Temporary equity is a security with redemption features that are outside the control of the issuer, is not classified as an asset or liability in conformity with GAAP, and is not mandatorily redeemable. Includes any type of security that is redeemable at a fixed or determinable price or on a fixed or determinable date or dates, is redeemable at the option of the holder, or has conditions for redemption which are not solely within the control of the issuer. Includes stock with a put option held by an ESOP and stock redeemable by a holder only in the event of a change in control of the issuer.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.27(b))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_TemporaryEquityCarryingAmountIncludingPortionAttributableToNoncontrollingInterests</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementClassOfStockAxis=us-gaap_CommonClassAMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementClassOfStockAxis=us-gaap_CommonClassAMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementClassOfStockAxis=us-gaap_CommonClassBMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementClassOfStockAxis=us-gaap_CommonClassBMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
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<span style="display: none;">v3.4.0.3</span><table class="report" border="0" cellspacing="2" id="idp6809189296">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>CONSOLIDATED BALANCE SHEETS (Parenthetical)<br> &#165; in Thousands, $ in Thousands</strong></div></th>
<th class="th">
<div>Dec. 31, 2015 </div>
<div>CNY (&#165;) </div>
<div>shares</div>
</th>
<th class="th">
<div>Dec. 31, 2014 </div>
<div>CNY (&#165;) </div>
<div>shares</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccountsPayableCurrent', window );">Accounts payable</a></td>
<td class="nump">&#165; 129,819<span></span>
</td>
<td class="nump">&#165; 101,525<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredRevenueCurrent', window );">Deferred revenue</a></td>
<td class="nump">385,300<span></span>
</td>
<td class="nump">356,150<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CustomerAdvancesCurrent', window );">Advances from customers</a></td>
<td class="nump">55,086<span></span>
</td>
<td class="nump">34,127<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccruedIncomeTaxesCurrent', window );">Income taxes payable</a></td>
<td class="nump">107,403<span></span>
</td>
<td class="nump">89,161<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccruedLiabilitiesAndOtherLiabilities', window );">Accrued liabilities and other current liabilities</a></td>
<td class="nump">681,889<span></span>
</td>
<td class="nump">478,703<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DueToRelatedPartiesCurrent', window );">Amounts due to related parties</a></td>
<td class="nump">24,917<span></span>
</td>
<td class="nump">30,892<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ConvertibleDebtNoncurrent', window );">Convertible bonds</a></td>
<td class="nump">&#165; 2,597,403<span></span>
</td>
<td class="nump">2,447,980<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccountsPayableAndAccruedLiabilitiesNoncurrent', window );">Long-term payable</a></td>
<td class="text"> <span></span>
</td>
<td class="nump">183,000<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredRevenueNoncurrent', window );">Deferred revenue</a></td>
<td class="nump">&#165; 20,752<span></span>
</td>
<td class="nump">24,383<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredTaxLiabilitiesNoncurrent', window );">Deferred tax liabilities</a></td>
<td class="nump">&#165; 16,817<span></span>
</td>
<td class="nump">&#165; 26,709<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=us-gaap_CommonClassAMember', window );">Class A common shares [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockSharesAuthorized', window );">Common shares, shares authorized | shares</a></td>
<td class="nump">10,000,000,000<span></span>
</td>
<td class="nump">10,000,000,000<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockSharesIssued', window );">Common shares, shares issued | shares</a></td>
<td class="nump">728,227,848<span></span>
</td>
<td class="nump">706,173,568<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockSharesOutstanding', window );">Common shares, shares outstanding | shares</a></td>
<td class="nump">728,227,848<span></span>
</td>
<td class="nump">706,173,568<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=us-gaap_CommonClassBMember', window );">Class B common shares [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockSharesAuthorized', window );">Common shares, shares authorized | shares</a></td>
<td class="nump">1,000,000,000<span></span>
</td>
<td class="nump">1,000,000,000<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockSharesIssued', window );">Common shares, shares issued | shares</a></td>
<td class="nump">369,557,976<span></span>
</td>
<td class="nump">427,352,696<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockSharesOutstanding', window );">Common shares, shares outstanding | shares</a></td>
<td class="nump">369,557,976<span></span>
</td>
<td class="nump">427,352,696<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_VariableInterestEntitiesByClassificationOfEntityAxis=us-gaap_VariableInterestEntityPrimaryBeneficiaryMember', window );">Variable interest entity [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccountsPayableCurrent', window );">Accounts payable</a></td>
<td class="nump">&#165; 108,500<span></span>
</td>
<td class="nump">&#165; 101,160<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredRevenueCurrent', window );">Deferred revenue</a></td>
<td class="nump">385,300<span></span>
</td>
<td class="nump">354,987<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CustomerAdvancesCurrent', window );">Advances from customers</a></td>
<td class="nump">45,189<span></span>
</td>
<td class="nump">25,897<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccruedIncomeTaxesCurrent', window );">Income taxes payable</a></td>
<td class="nump">80,978<span></span>
</td>
<td class="nump">65,162<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccruedLiabilitiesAndOtherLiabilities', window );">Accrued liabilities and other current liabilities</a></td>
<td class="nump">579,760<span></span>
</td>
<td class="nump">357,464<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DueToRelatedPartiesCurrent', window );">Amounts due to related parties</a></td>
<td class="nump">&#165; 23,684<span></span>
</td>
<td class="nump">&#165; 30,892<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ConvertibleDebtNoncurrent', window );">Convertible bonds</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccountsPayableAndAccruedLiabilitiesNoncurrent', window );">Long-term payable</a></td>
<td class="text"> <span></span>
</td>
<td class="nump">&#165; 183,000<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredRevenueNoncurrent', window );">Deferred revenue</a></td>
<td class="nump">&#165; 20,752<span></span>
</td>
<td class="nump">24,383<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredTaxLiabilitiesNoncurrent', window );">Deferred tax liabilities</a></td>
<td class="nump">&#165; 12,592<span></span>
</td>
<td class="nump">&#165; 26,709<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccountsPayableAndAccruedLiabilitiesNoncurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Sum of the carrying values as of the balance sheet date of obligations incurred through that date and due after one year (or beyond the operating cycle if longer), including liabilities for compensation costs, fringe benefits other than pension and postretirement obligations, rent, contractual rights and obligations, and statutory obligations.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.24)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AccountsPayableAndAccruedLiabilitiesNoncurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccountsPayableCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Carrying value as of the balance sheet date of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.19(a))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AccountsPayableCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccruedIncomeTaxesCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Carrying amount as of the balance sheet date of the unpaid sum of the known and estimated amounts payable to satisfy all currently due domestic and foreign income tax obligations.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.20)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 03<br> -Paragraph 15<br> -Article 9<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 03<br> -Paragraph 15<br> -Subparagraph b(1)<br> -Article 7<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AccruedIncomeTaxesCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccruedLiabilitiesAndOtherLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of obligations incurred and payable, pertaining to costs that are statutory in nature, incurred on contractual obligations, or accumulate over time and for which invoices have not yet been received or will not be rendered. Examples include, but not limited to, taxes, interest, rent and utilities. Also includes the aggregate carrying amount of liabilities not separately disclosed.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AccruedLiabilitiesAndOtherLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockSharesAuthorized">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The maximum number of common shares permitted to be issued by an entity's charter and bylaws.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.29)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 02<br> -Paragraph 30<br> -Article 5<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CommonStockSharesAuthorized</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockSharesIssued">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Total number of common shares of an entity that have been sold or granted to shareholders (includes common shares that were issued, repurchased and remain in the treasury). These shares represent capital invested by the firm's shareholders and owners, and may be all or only a portion of the number of shares authorized. Shares issued include shares outstanding and shares held in the treasury.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.29)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 02<br> -Paragraph 30<br> -Article 5<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CommonStockSharesIssued</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockSharesOutstanding">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of shares of common stock outstanding. Common stock represent the ownership interest in a corporation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.29)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.3-04)<br> -URI http://asc.fasb.org/extlink&amp;oid=27012166&amp;loc=d3e187085-122770<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 02<br> -Paragraph 30<br> -Article 5<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CommonStockSharesOutstanding</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ConvertibleDebtNoncurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Carrying amount of long-term convertible debt as of the balance sheet date, net of the amount due in the next twelve months or greater than the normal operating cycle, if longer. The debt is convertible into another form of financial instrument, typically the entity's common stock.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.22)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ConvertibleDebtNoncurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CustomerAdvancesCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The current portion of prepayments received from customers for goods or services to be provided in the future.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.20)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CustomerAdvancesCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredRevenueCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The carrying amount of consideration received or receivable as of the balance sheet date on potential earnings that were not recognized as revenue in conformity with GAAP, and which are expected to be recognized as such within one year or the normal operating cycle, if longer, including sales, license fees, and royalties, but excluding interest income.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 8<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=28358313&amp;loc=d3e6935-107765<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 605<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SAB TOPIC 13.A.4(a).Q1)<br> -URI http://asc.fasb.org/extlink&amp;oid=27012821&amp;loc=d3e214044-122780<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Staff Accounting Bulletin (SAB)<br> -Number Topic 13<br> -Section A<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DeferredRevenueCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredRevenueNoncurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The noncurrent portion of deferred revenue amount as of balance sheet date. Deferred revenue is a liability related to a revenue producing activity for which revenue has not yet been recognized, and is not expected to be recognized in the next twelve months. Generally, an entity records deferred revenue when it receives consideration from a customer before achieving certain criteria that must be met for revenue to be recognized in conformity with GAAP.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 8<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=28358313&amp;loc=d3e6935-107765<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 605<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SAB TOPIC 13.A.4(a).Q1)<br> -URI http://asc.fasb.org/extlink&amp;oid=27012821&amp;loc=d3e214044-122780<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Staff Accounting Bulletin (SAB)<br> -Number Topic 13<br> -Section A<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DeferredRevenueNoncurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredTaxLiabilitiesNoncurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount, after deferred tax asset, of deferred tax liability attributable to taxable differences, netted by jurisdiction and classified as noncurrent.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 45<br> -Paragraph 6<br> -URI http://asc.fasb.org/extlink&amp;oid=37586315&amp;loc=d3e31931-109318<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 45<br> -Paragraph 9<br> -URI http://asc.fasb.org/extlink&amp;oid=37586315&amp;loc=d3e31958-109318<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 45<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=37586315&amp;loc=d3e31917-109318<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DeferredTaxLiabilitiesNoncurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DueToRelatedPartiesCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Carrying amount as of the balance sheet date of obligations due all related parties. For classified balance sheets, represents the current portion of such liabilities (due within one year or within the normal operating cycle if longer).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08.(k)(1))<br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e23780-122690<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 850<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (d)<br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39549-107864<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.19(a))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DueToRelatedPartiesCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementClassOfStockAxis=us-gaap_CommonClassAMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementClassOfStockAxis=us-gaap_CommonClassAMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementClassOfStockAxis=us-gaap_CommonClassBMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementClassOfStockAxis=us-gaap_CommonClassBMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_VariableInterestEntitiesByClassificationOfEntityAxis=us-gaap_VariableInterestEntityPrimaryBeneficiaryMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_VariableInterestEntitiesByClassificationOfEntityAxis=us-gaap_VariableInterestEntityPrimaryBeneficiaryMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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</div>
</body>
</html>
</TEXT>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>27
<FILENAME>R4.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
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<span style="display: none;">v3.4.0.3</span><table class="report" border="0" cellspacing="2" id="idp6809741840">
<tr>
<th class="tl" colspan="2" rowspan="2"><div style="width: 200px;"><strong>CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME<br> &#165; in Thousands, $ in Thousands</strong></div></th>
<th class="th" colspan="7">12 Months Ended</th>
</tr>
<tr>
<th class="th" colspan="2">
<div>Dec. 31, 2015 </div>
<div>USD ($) </div>
<div>$ / shares </div>
<div>shares</div>
</th>
<th class="th">
<div>Dec. 31, 2015 </div>
<div>CNY (&#165;) </div>
<div>&#165; / shares </div>
<div>shares</div>
</th>
<th class="th" colspan="2">
<div>Dec. 31, 2014 </div>
<div>CNY (&#165;) </div>
<div>&#165; / shares </div>
<div>shares</div>
</th>
<th class="th" colspan="2">
<div>Dec. 31, 2013 </div>
<div>CNY (&#165;) </div>
<div>&#165; / shares </div>
<div>shares</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SalesRevenueNetAbstract', window );"><strong>Net revenues</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherSalesRevenueNet', window );">Other revenues</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 36,477<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">&#165; 236,290<span></span>
</td>
<td class="nump">&#165; 147,343<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">&#165; 163,260<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Revenues', window );">Total net revenues</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">910,379<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">5,897,249<span></span>
</td>
<td class="nump">3,678,368<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">1,823,468<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CostOfRevenue', window );">Cost of revenues</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="num">(552,617)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(3,579,744)<span></span>
</td>
<td class="num">(1,849,149)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(881,999)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GrossProfit', window );">Gross profit</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">357,762<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">2,317,505<span></span>
</td>
<td class="nump">1,829,219<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">941,469<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingExpensesAbstract', window );"><strong>Operating expenses</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ResearchAndDevelopmentExpense', window );">Research and development expenses</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="num">(84,720)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(548,799)<span></span>
</td>
<td class="num">(431,188)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(267,005)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SellingAndMarketingExpense', window );">Sales and marketing expenses</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="num">(48,299)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(312,870)<span></span>
</td>
<td class="num">(102,527)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(24,955)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GeneralAndAdministrativeExpense', window );">General and administrative expenses</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="num">(55,339)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(358,474)<span></span>
</td>
<td class="num">&#165; (223,019)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">&#165; (200,554)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GoodwillImpairmentLoss', window );">Goodwill impairment</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(47,875)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="num">(310,124)<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1', window );">Fair value change of contingent consideration</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">45,150<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">292,471<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingExpenses', window );">Total operating expenses</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="num">(191,083)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(1,237,796)<span></span>
</td>
<td class="num">&#165; (756,734)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">&#165; (492,514)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherOperatingIncome', window );">Other income</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">12,705<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">82,300<span></span>
</td>
<td class="nump">6,319<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">27,078<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingIncomeLoss', window );">Operating income</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 179,384<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">&#165; 1,162,009<span></span>
</td>
<td class="nump">1,078,804<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">&#165; 476,033<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EquityMethodInvestmentRealizedGainLossOnDisposal', window );">Gain on disposal of an equity investment</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text"> <span></span>
</td>
<td class="nump">999<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ForeignCurrencyTransactionGainLossBeforeTax', window );">Foreign currency exchange gains / (losses), net</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">$ (5,881)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">&#165; (38,099)<span></span>
</td>
<td class="num">(10,399)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">&#165; 29,555<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InterestExpense', window );">Interest expense</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(14,994)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(97,125)<span></span>
</td>
<td class="num">(56,607)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InterestAndOtherIncome', window );">Interest income</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">21,287<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">137,892<span></span>
</td>
<td class="nump">164,969<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">&#165; 60,221<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherNonoperatingIncomeExpense', window );">Other non-operating income/ (expenses)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(334)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(2,165)<span></span>
</td>
<td class="nump">36,714<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments', window );">Income before income tax expenses</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">179,462<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">1,162,512<span></span>
</td>
<td class="nump">1,214,480<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">&#165; 565,809<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeTaxExpenseBenefit', window );">Income tax expenses</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(27,529)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(178,327)<span></span>
</td>
<td class="num">(154,283)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(89,951)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_yy_IncomeLossFromContinuingOperationsBeforeIncomeLossFromEquityMethodInvestments', window );">Income before share of income in equity method investments, net of income taxes</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">151,933<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">984,185<span></span>
</td>
<td class="nump">1,060,197<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">475,858<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeLossFromEquityMethodInvestments', window );">Share of income in equity method investments, net of income taxes</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">2,180<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">14,120<span></span>
</td>
<td class="nump">4,275<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">1,869<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProfitLoss', window );">Net income</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">154,113<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">998,305<span></span>
</td>
<td class="nump">&#165; 1,064,472<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">&#165; 477,727<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_yy_NetIncomeLossAttributableToNoncontrollingInterestShareholdersAndMezzanineClassifiedNoncontrollingInterestShareholders', window );">Less: Net loss attributable to the non-controlling interest shareholders and the mezzanine classified non-controlling interest shareholders</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(5,393)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(34,938)<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLoss', window );">Net income attributable to YY Inc.</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">159,506<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">1,033,243<span></span>
</td>
<td class="nump">&#165; 1,064,472<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">&#165; 477,727<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParentAbstract', window );"><strong>Other comprehensive (loss) / income:</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent', window );">Foreign currency translation adjustments, net of nil tax</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">681<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">4,414<span></span>
</td>
<td class="nump">3,638<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(31,014)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ComprehensiveIncomeNetOfTax', window );">Comprehensive income attributable to YY Inc.</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 160,187<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">&#165; 1,037,657<span></span>
</td>
<td class="nump">&#165; 1,068,110<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">&#165; 446,713<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EarningsPerShareAbstract', window );"><strong>Net income per common share</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EarningsPerShareBasic', window );">-Basic (in CNY/dollars per share) | (per share)</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="nump">$ 0.14<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">&#165; 0.92<span></span>
</td>
<td class="nump">&#165; 0.92<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">&#165; 0.43<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EarningsPerShareDiluted', window );">-Diluted (in CNY/dollars per share) | (per share)</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="nump">$ 0.13<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">&#165; 0.90<span></span>
</td>
<td class="nump">&#165; 0.89<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">&#165; 0.40<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_WeightedAverageNumberOfSharesOutstandingAbstract', window );"><strong>Weighted average number of common shares used in calculating net income per common share</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_WeightedAverageNumberOfSharesOutstandingBasic', window );">-Basic (in shares)</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="nump">1,125,189,978<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">1,125,189,978<span></span>
</td>
<td class="nump">1,153,140,699<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">1,122,475,688<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding', window );">-Diluted (in shares)</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="nump">1,150,831,163<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">1,150,831,163<span></span>
</td>
<td class="nump">1,198,543,473<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">1,181,121,297<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=yy_AmericanDepositorySharesMember', window );">ADSs [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EarningsPerShareAbstract', window );"><strong>Net income per common share</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EarningsPerShareBasic', window );">-Basic (in CNY/dollars per share) | (per share)</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="nump">$ 2.84<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">&#165; 18.37<span></span>
</td>
<td class="nump">&#165; 18.46<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">&#165; 8.51<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EarningsPerShareDiluted', window );">-Diluted (in CNY/dollars per share) | (per share)</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="nump">$ 2.77<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">&#165; 17.96<span></span>
</td>
<td class="nump">&#165; 17.76<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">&#165; 8.09<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_WeightedAverageNumberOfSharesOutstandingAbstract', window );"><strong>Weighted average number of common shares used in calculating net income per common share</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_WeightedAverageNumberOfSharesOutstandingBasic', window );">-Basic (in shares)</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="nump">56,259,499<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">56,259,499<span></span>
</td>
<td class="nump">57,657,035<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">56,123,784<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding', window );">-Diluted (in shares)</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="nump">57,541,558<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">57,541,558<span></span>
</td>
<td class="nump">59,927,174<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">59,056,065<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProductOrServiceAxis=yy_YYMusicRevenueMember', window );">Online music and entertainment [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SalesRevenueNetAbstract', window );"><strong>Net revenues</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SalesRevenueServicesNet', window );">Internet value-added service</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 512,528<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">&#165; 3,320,052<span></span>
</td>
<td class="nump">&#165; 2,109,503<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">&#165; 852,885<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProductOrServiceAxis=yy_OnlineGameRevenueMember', window );">Online games [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SalesRevenueNetAbstract', window );"><strong>Net revenues</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SalesRevenueServicesNet', window );">Internet value-added service</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">119,158<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">771,882<span></span>
</td>
<td class="nump">811,699<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">602,111<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProductOrServiceAxis=yy_OnlineDatingRevenueMember', window );">Online dating [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SalesRevenueNetAbstract', window );"><strong>Net revenues</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SalesRevenueServicesNet', window );">Internet value-added service</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">100,500<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">651,019<span></span>
</td>
<td class="nump">194,134<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">661<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProductOrServiceAxis=yy_OtherRevenueMember', window );">Other IVAS [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SalesRevenueNetAbstract', window );"><strong>Net revenues</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SalesRevenueServicesNet', window );">Internet value-added service</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 141,716<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">&#165; 918,006<span></span>
</td>
<td class="nump">&#165; 415,689<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">&#165; 204,551<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr><td colspan="9"></td></tr>
<tr><td colspan="9"><table class="outerFootnotes" width="100%">
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top">(1)
Share-based compensation was allocated in cost of revenues and operating expenses as follows:











For the year ended December 31,





Note

2013


2014


2015


2015







RMB


RMB


RMB


US$
















(Note2(e))



Cost of revenues




9,860



18,037



23,963



3,699



Research and development expenses




39,587



54,141



70,951



10,953



Sales and marketing expenses




1,318



2,807



3,283



507



General and administrative expenses




66,331



59,647



87,175



13,458</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[2]</td>
<td style="vertical-align: top;" valign="top">Each ADS represents 20 Class A common shares.</td>
</tr>
</table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of increase (decrease) in the value of a contingent consideration liability, including, but not limited to, differences arising upon settlement.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 805<br> -SubTopic 30<br> -Section 50<br> -Paragraph 4<br> -Subparagraph (a)(1)<br> -URI http://asc.fasb.org/extlink&amp;oid=35744584&amp;loc=d3e7008-128479<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1</td>
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<td><strong> Data Type:</strong></td>
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<tr>
<td><strong> Balance Type:</strong></td>
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<tr>
<td><strong> Period Type:</strong></td>
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</tr>
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</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ComprehensiveIncomeNetOfTax">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Other Comprehensive Income<br> -URI http://asc.fasb.org/extlink&amp;oid=51831270<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Comprehensive Income<br> -URI http://asc.fasb.org/extlink&amp;oid=51831223<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section 45<br> -Paragraph 5<br> -URI http://asc.fasb.org/extlink&amp;oid=36458714&amp;loc=d3e557-108580<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Net Income<br> -URI http://asc.fasb.org/extlink&amp;oid=51831255<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ComprehensiveIncomeNetOfTax</td>
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<td><strong> Balance Type:</strong></td>
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</table>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The aggregate cost of goods produced and sold and services rendered during the reporting period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03.2)<br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CostOfRevenue</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
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</table>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_EarningsPerShareAbstract</td>
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<td><strong> Data Type:</strong></td>
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<tr>
<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EarningsPerShareBasic">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03.21)<br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 55<br> -Paragraph 52<br> -URI http://asc.fasb.org/extlink&amp;oid=32703322&amp;loc=d3e4984-109258<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 45<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=7655603&amp;loc=d3e1252-109256<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 225<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-04.19)<br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 225<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-04.23)<br> -URI http://asc.fasb.org/extlink&amp;oid=6879574&amp;loc=d3e536633-122882<br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 04<br> -Paragraph 18<br> -Article 7<br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 03<br> -Paragraph 20<br> -Article 5<br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 04<br> -Paragraph 21<br> -Article 9<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_EarningsPerShareBasic</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
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</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
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</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EarningsPerShareDiluted">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03.21)<br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 45<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=7655603&amp;loc=d3e1252-109256<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 04<br> -Paragraph 18<br> -Article 7<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 03<br> -Paragraph 20<br> -Article 5<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 04<br> -Paragraph 21<br> -Article 9<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_EarningsPerShareDiluted</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of gain (loss) on sale or disposal of an equity method investment.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_EquityMethodInvestmentRealizedGainLossOnDisposal</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ForeignCurrencyTransactionGainLossBeforeTax">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount before tax of foreign currency transaction realized and unrealized gain (loss) recognized in the income statement.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 830<br> -SubTopic 20<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6450222&amp;loc=d3e30840-110895<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 830<br> -SubTopic 20<br> -Section 45<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=6450189&amp;loc=d3e30700-110894<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 830<br> -SubTopic 20<br> -Section 45<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6450189&amp;loc=d3e30690-110894<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ForeignCurrencyTransactionGainLossBeforeTax</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<tr>
<td><strong> Data Type:</strong></td>
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</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
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<td><strong> Period Type:</strong></td>
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</table></div>
</div></td></tr>
</table>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The aggregate total of expenses of managing and administering the affairs of an entity, including affiliates of the reporting entity, which are not directly or indirectly associated with the manufacture, sale or creation of a product or product line.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03.4)<br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_GeneralAndAdministrativeExpense</td>
</tr>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr>
<td><strong> Data Type:</strong></td>
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<tr>
<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_GoodwillImpairmentLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of loss from the write-down of an asset representing the future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 350<br> -SubTopic 20<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=35741047&amp;loc=d3e13854-109267<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 350<br> -SubTopic 20<br> -Section 45<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=6388280&amp;loc=d3e13777-109266<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3602-108585<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 350<br> -SubTopic 20<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (e)<br> -URI http://asc.fasb.org/extlink&amp;oid=35741047&amp;loc=d3e13816-109267<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_GoodwillImpairmentLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_GrossProfit">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Aggregate revenue less cost of goods and services sold or operating expenses directly attributable to the revenue generation activity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03.1,2)<br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_GrossProfit</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Sum of operating profit and nonoperating income or expense before Income or Loss from equity method investments, income taxes, extraordinary items, and noncontrolling interest.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08.(h)(1)(i))<br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e23780-122690<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeLossFromEquityMethodInvestments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>This item represents the entity's proportionate share for the period of the net income (loss) of its investee (such as unconsolidated subsidiaries and joint ventures) to which the equity method of accounting is applied. This item includes income or expense related to stock-based compensation based on the investor's grant of stock to employees of an equity method investee.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3602-108585<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 323<br> -SubTopic 10<br> -Section 45<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=35755396&amp;loc=d3e33749-111570<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03.12)<br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 03<br> -Paragraph 9<br> -Article 5<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 04<br> -Paragraph 11<br> -Article 7<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncomeLossFromEquityMethodInvestments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeTaxExpenseBenefit">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 9<br> -Subparagraph (a),(b)<br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32639-109319<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08.(h))<br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e23780-122690<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Income Tax Expense (or Benefit)<br> -URI http://asc.fasb.org/extlink&amp;oid=6515339<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncomeTaxExpenseBenefit</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InterestAndOtherIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of interest income and other income recognized during the period. Included in this element is interest derived from investments in debt securities, cash and cash equivalents, and other investments which reflect the time value of money or transactions in which the payments are for the use or forbearance of money and other income from ancillary business-related activities (that is, excluding major activities considered part of the normal operations of the business).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_InterestAndOtherIncome</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InterestExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of the cost of borrowed funds accounted for as interest expense.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 835<br> -SubTopic 20<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6450988&amp;loc=d3e26243-108391<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 225<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-04.9)<br> -URI http://asc.fasb.org/extlink&amp;oid=6879574&amp;loc=d3e536633-122882<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_InterestExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetIncomeLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Net Income<br> -URI http://asc.fasb.org/extlink&amp;oid=51831255<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3602-108585<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 225<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-04.19)<br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03.18)<br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 225<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-04.22)<br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Other Comprehensive Income<br> -URI http://asc.fasb.org/extlink&amp;oid=51831270<br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 03<br> -Paragraph 19<br> -Article 5<br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 04<br> -Paragraph 20<br> -Article 9<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NetIncomeLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OperatingExpenses">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Generally recurring costs associated with normal operations except for the portion of these expenses which can be clearly related to production and included in cost of sales or services. Includes selling, general and administrative expense.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OperatingExpenses</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OperatingExpensesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OperatingExpensesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OperatingIncomeLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The net result for the period of deducting operating expenses from operating revenues.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OperatingIncomeLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount after tax and reclassification adjustments of gain (loss) on foreign currency translation adjustments, foreign currency transactions designated and effective as economic hedges of a net investment in a foreign entity and intra-entity foreign currency transactions that are of a long-term-investment nature, attributable to parent entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1A<br> -Subparagraph (c)(3)<br> -URI http://asc.fasb.org/extlink&amp;oid=18733093&amp;loc=SL4573702-111684<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 45<br> -Paragraph 20<br> -URI http://asc.fasb.org/extlink&amp;oid=51664549&amp;loc=SL4569643-111683<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 45<br> -Paragraph 19<br> -URI http://asc.fasb.org/extlink&amp;oid=51664549&amp;loc=SL4569616-111683<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParentAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherNonoperatingIncomeExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The net amount of other income and expense amounts, the components of which are not separately disclosed on the income statement, resulting from ancillary business-related activities (that is, excluding major activities considered part of the normal operations of the business) also known as other nonoperating income (expense) recognized for the period. Such amounts may include: (a) dividends, (b) interest on securities, (c) net gains or losses on securities, (d) unusual costs, (e) gains or losses on foreign exchange transactions, and (f) miscellaneous other income and expense items.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03.9)<br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OtherNonoperatingIncomeExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<tr>
<td><strong> Data Type:</strong></td>
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<tr>
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</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherOperatingIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The total amount of other operating income, the components of which are not separately disclosed on the income statement, from items that are associated with the entity's normal revenue producing operation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03.1)<br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OtherOperatingIncome</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherSalesRevenueNet">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Revenues from the sale of other goods or rendering of other services, not elsewhere specified in the taxonomy; net of (reduced by) sales adjustments, returns, allowances, and discounts.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03.1(a),(d))<br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OtherSalesRevenueNet</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProfitLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 45<br> -Paragraph 19<br> -URI http://asc.fasb.org/extlink&amp;oid=51664549&amp;loc=SL4569616-111683<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 55<br> -Paragraph 4K<br> -URI http://asc.fasb.org/extlink&amp;oid=35736750&amp;loc=SL4591552-111686<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1A<br> -Subparagraph (a),(c)<br> -URI http://asc.fasb.org/extlink&amp;oid=18733093&amp;loc=SL4573702-111684<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 55<br> -Paragraph 4J<br> -URI http://asc.fasb.org/extlink&amp;oid=35736750&amp;loc=SL4591551-111686<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ProfitLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
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<td><strong> Period Type:</strong></td>
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</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ResearchAndDevelopmentExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The aggregate costs incurred (1) in a planned search or critical investigation aimed at discovery of new knowledge with the hope that such knowledge will be useful in developing a new product or service, a new process or technique, or in bringing about a significant improvement to an existing product or process; or (2) to translate research findings or other knowledge into a plan or design for a new product or process or for a significant improvement to an existing product or process whether intended for sale or the entity's use, during the reporting period charged to research and development projects, including the costs of developing computer software up to the point in time of achieving technological feasibility, and costs allocated in accounting for a business combination to in-process projects deemed to have no alternative future use.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 730<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6420194&amp;loc=d3e21568-108373<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 985<br> -SubTopic 20<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6501960&amp;loc=d3e128462-111756<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ResearchAndDevelopmentExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_Revenues">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03.1)<br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_Revenues</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<tr>
<td><strong> Data Type:</strong></td>
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<tr>
<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SalesRevenueNetAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_SalesRevenueNetAbstract</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<tr>
<td><strong> Balance Type:</strong></td>
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</table></div>
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</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SalesRevenueServicesNet">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Aggregate revenue during the period from services rendered in the normal course of business, after deducting allowances and discounts.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03.1(d))<br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_SalesRevenueServicesNet</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
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</tr>
<tr>
<td><strong> Balance Type:</strong></td>
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<tr>
<td><strong> Period Type:</strong></td>
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</tr>
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</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SellingAndMarketingExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The aggregate total amount of expenses directly related to the marketing or selling of products or services.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_SellingAndMarketingExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
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<tr>
<td><strong> Balance Type:</strong></td>
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</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The average number of shares or units issued and outstanding that are used in calculating diluted EPS or earnings per unit (EPU), determined based on the timing of issuance of shares or units in the period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 45<br> -Paragraph 16<br> -URI http://asc.fasb.org/extlink&amp;oid=7655603&amp;loc=d3e1505-109256<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_WeightedAverageNumberOfSharesOutstandingAbstract</td>
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<td><strong> Period Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of [basic] shares or units, after adjustment for contingently issuable shares or units and other shares or units not deemed outstanding, determined by relating the portion of time within a reporting period that common shares or units have been outstanding to the total time in that period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 45<br> -Paragraph 10<br> -URI http://asc.fasb.org/extlink&amp;oid=7655603&amp;loc=d3e1448-109256<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Weighted-Average Number of Common Shares Outstanding<br> -URI http://asc.fasb.org/extlink&amp;oid=6528421<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_WeightedAverageNumberOfSharesOutstandingBasic</td>
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<tr>
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<td>na</td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The income or loss from continuing operations attributable to the economic entity which may also be defined as revenue less expenses and taxes from ongoing operations before Income or Loss from equity method investments.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">yy_IncomeLossFromContinuingOperationsBeforeIncomeLossFromEquityMethodInvestments</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of net income (loss) attributable to the non-controlling interest shareholders and the mezzanine classified non-controlling interest shareholders.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ProductOrServiceAxis=yy_OtherRevenueMember</td>
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<span style="display: none;">v3.4.0.3</span><table class="report" border="0" cellspacing="2" id="idp6963346304">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (Parenthetical)<br> &#165; in Thousands, $ in Thousands</strong></div></th>
<th class="th" colspan="4">12 Months Ended</th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th">
<div>Dec. 31, 2015 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2015 </div>
<div>CNY (&#165;)</div>
</th>
<th class="th">
<div>Dec. 31, 2014 </div>
<div>CNY (&#165;)</div>
</th>
<th class="th">
<div>Dec. 31, 2013 </div>
<div>CNY (&#165;)</div>
</th>
<th class="th"><div>Nov. 21, 2012</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeStatementAbstract', window );"><strong>CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherComprehensiveIncomeForeignCurrencyTranslationAdjustmentTaxPortionAttributableToParent', window );">Foreign currency translation adjustments, tax portion</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensation', window );">Share-based compensation</a></td>
<td class="nump">$ 28,617<span></span>
</td>
<td class="nump">&#165; 185,372<span></span>
</td>
<td class="nump">&#165; 134,632<span></span>
</td>
<td class="nump">&#165; 117,096<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeStatementLocationAxis=us-gaap_CostOfSalesMember', window );">Cost of revenues [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensation', window );">Share-based compensation</a></td>
<td class="nump">3,699<span></span>
</td>
<td class="nump">23,963<span></span>
</td>
<td class="nump">18,037<span></span>
</td>
<td class="nump">9,860<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeStatementLocationAxis=us-gaap_ResearchAndDevelopmentExpenseMember', window );">Research and development expenses [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensation', window );">Share-based compensation</a></td>
<td class="nump">10,953<span></span>
</td>
<td class="nump">70,951<span></span>
</td>
<td class="nump">54,141<span></span>
</td>
<td class="nump">39,587<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeStatementLocationAxis=us-gaap_SellingAndMarketingExpenseMember', window );">Sales and marketing expenses [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensation', window );">Share-based compensation</a></td>
<td class="nump">507<span></span>
</td>
<td class="nump">3,283<span></span>
</td>
<td class="nump">2,807<span></span>
</td>
<td class="nump">1,318<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeStatementLocationAxis=us-gaap_GeneralAndAdministrativeExpenseMember', window );">General and administrative expenses [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensation', window );">Share-based compensation</a></td>
<td class="nump">$ 13,458<span></span>
</td>
<td class="nump">&#165; 87,175<span></span>
</td>
<td class="nump">&#165; 59,647<span></span>
</td>
<td class="nump">&#165; 66,331<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=us-gaap_CommonClassAMember', window );">Class A common shares [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityListingDepositoryReceiptRatio', window );">Number of common shares represented by each ADS</a></td>
<td class="nump">20<span></span>
</td>
<td class="nump">20<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">20<span></span>
</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of underlying shares represented by one American Depository Receipt (ADR) or Global Depository Receipt (GDR). A value of "3" means that one ADR represents 3 underlying shares. If one underlying share represents 2 ADR's then the value would be represented as "0.5".</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityListingDepositoryReceiptRatio</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncomeStatementAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr>
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<tr>
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<td>na</td>
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<tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherComprehensiveIncomeForeignCurrencyTranslationAdjustmentTaxPortionAttributableToParent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of tax expense (benefit), after reclassification adjustments of gain (loss) on foreign currency translation adjustments, foreign currency transactions designated and effective as economic hedges of a net investment in a foreign entity and intra-entity foreign currency transactions that are of a long-term-investment nature, attributable to parent entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1A<br> -Subparagraph (c)(3)<br> -URI http://asc.fasb.org/extlink&amp;oid=18733093&amp;loc=SL4573702-111684<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 45<br> -Paragraph 19<br> -URI http://asc.fasb.org/extlink&amp;oid=51664549&amp;loc=SL4569616-111683<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 45<br> -Paragraph 20<br> -URI http://asc.fasb.org/extlink&amp;oid=51664549&amp;loc=SL4569643-111683<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OtherComprehensiveIncomeForeignCurrencyTranslationAdjustmentTaxPortionAttributableToParent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
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<tr>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The aggregate amount of noncash, equity-based employee remuneration. This may include the value of stock or unit options, amortization of restricted stock or units, and adjustment for officers' compensation. As noncash, this element is an add back when calculating net cash generated by operating activities using the indirect method.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3602-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeStatementLocationAxis=us-gaap_ResearchAndDevelopmentExpenseMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
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<td><strong> Name:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY<br> &#165; in Thousands, $ in Thousands</strong></div></th>
<th class="th"><div>USD ($)</div></th>
<th class="th"><div>CNY (&#165;)</div></th>
<th class="th">
<div>Class A common shares [Member] </div>
<div>CNY (&#165;) </div>
<div>shares</div>
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<div>Class B common shares [Member] </div>
<div>shares</div>
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<div>Founder of a Subsidiary of a VIE [Member] </div>
<div>CNY (&#165;)</div>
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<th class="th">
<div>Common Stock [Member] </div>
<div>Class A common shares [Member] </div>
<div>CNY (&#165;) </div>
<div>shares</div>
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<th class="th">
<div>Common Stock [Member] </div>
<div>Class B common shares [Member] </div>
<div>USD ($) </div>
<div>shares</div>
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<th class="th">
<div>Common Stock [Member] </div>
<div>Class B common shares [Member] </div>
<div>CNY (&#165;) </div>
<div>shares</div>
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<div>Common Stock [Member] </div>
<div>Founder of a Subsidiary of a VIE [Member] </div>
<div>Class A common shares [Member] </div>
<div>CNY (&#165;)</div>
</th>
<th class="th">
<div>Common Stock [Member] </div>
<div>Founder of a Subsidiary of a VIE [Member] </div>
<div>Class B common shares [Member] </div>
<div>CNY (&#165;)</div>
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<div>CNY (&#165;)</div>
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<div>Founder of a Subsidiary of a VIE [Member] </div>
<div>CNY (&#165;)</div>
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<div>CNY (&#165;)</div>
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<div>Founder of a Subsidiary of a VIE [Member] </div>
<div>CNY (&#165;)</div>
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<div>(Accumulated deficits)/ Retained earnings [Member] </div>
<div>CNY (&#165;)</div>
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<div>(Accumulated deficits)/ Retained earnings [Member] </div>
<div>Founder of a Subsidiary of a VIE [Member] </div>
<div>CNY (&#165;)</div>
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<div>Accumulated other comprehensive loss [Member] </div>
<div>CNY (&#165;)</div>
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<div>Accumulated other comprehensive loss [Member] </div>
<div>Founder of a Subsidiary of a VIE [Member] </div>
<div>CNY (&#165;)</div>
</th>
<th class="th">
<div>Total YY Inc.'s shareholders equity [Member] </div>
<div>CNY (&#165;)</div>
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<div>Total YY Inc.'s shareholders equity [Member] </div>
<div>Founder of a Subsidiary of a VIE [Member] </div>
<div>CNY (&#165;)</div>
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<div>CNY (&#165;)</div>
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<td class="nump">&#165; 1,323,285<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
</td>
<td class="nump">&#165; 11<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#165; 60<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#165; 2,648,404<span></span>
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<td class="text">&#160;<span></span>
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<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">&#165; (1,311,767)<span></span>
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<td class="text">&#160;<span></span>
</td>
<td class="num">&#165; (13,423)<span></span>
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<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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</tr>
<tr class="rc">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockSharesOutstanding', window );">Balance (in shares) at Dec. 31, 2012 | shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">179,400,000<span></span>
</td>
<td class="nump">907,833,224<span></span>
</td>
<td class="nump">907,833,224<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodValueStockOptionsExercised', window );">Issuance of common shares for exercised share options</a></td>
<td class="text">&#160;<span></span>
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<td class="nump">&#165; 115<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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<td class="nump">115<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercised', window );">Issuance of common shares for exercised share options (in shares) | shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">4,648,420<span></span>
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<td class="text"> <span></span>
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<td class="text"> <span></span>
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<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodValueRestrictedStockAwardGross', window );">Issuance of common shares for vested restricted shares and restricted share units</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#165; 1<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">&#165; (1)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodSharesRestrictedStockAwardGross', window );">Issuance of common shares for vested restricted shares and restricted share units (in shares) | shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">16,608,480<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ConversionOfStockAmountIssued1', window );">Class B common shares converted to Class A common shares (issued)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#165; 26<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ConversionOfStockSharesIssued1', window );">Class B common shares converted to Class A common shares (issued) (in shares) | shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">422,001,838<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ConversionOfStockAmountConverted1', window );">Class B common shares converted to Class A common shares (converted)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">&#165; (26)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ConversionOfStockSharesConverted1', window );">Class B common shares converted to Class A common shares (converted) (in shares) | shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(422,001,838)<span></span>
</td>
<td class="num">(422,001,838)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition', window );">Share-based compensation-share options</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#165; 14,004<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#165; 14,004<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_yy_AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationRestrictedStockRequisiteServicePeriodRecognition', window );">Share-based compensation - restricted shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">7,300<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">7,300<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationRestrictedStockUnitsRequisiteServicePeriodRecognition', window );">Share based compensation-restricted share units</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#165; 95,792<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#165; 95,792<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_yy_AmountTransferredTowardsStatutoryReserves', window );">Appropriation to statutory reserves</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#165; 40,657<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">&#165; (40,657)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementOfIncomeAndComprehensiveIncomeAbstract', window );"><strong>Components of comprehensive income</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLoss', window );">Net income</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#165; 477,727<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#165; 477,727<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax', window );">Foreign currency translation adjustment, net of nil tax</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(31,014)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">&#165; (31,014)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rc">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquity', window );">Balance at Dec. 31, 2013</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,887,209<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#165; 38<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#165; 34<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#165; 2,765,614<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#165; 40,657<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">&#165; (874,697)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">&#165; (44,437)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rc">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockSharesOutstanding', window );">Balance (in shares) at Dec. 31, 2013 | shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">622,658,738<span></span>
</td>
<td class="nump">485,831,386<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">622,658,738<span></span>
</td>
<td class="nump">485,831,386<span></span>
</td>
<td class="nump">485,831,386<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodValueStockOptionsExercised', window );">Issuance of common shares for exercised share options</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#165; 213<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">213<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercised', window );">Issuance of common shares for exercised share options (in shares) | shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">5,841,660<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodValueRestrictedStockAwardGross', window );">Issuance of common shares for vested restricted shares and restricted share units</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#165; 1<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">&#165; (1)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodSharesRestrictedStockAwardGross', window );">Issuance of common shares for vested restricted shares and restricted share units (in shares) | shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">19,194,480<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ConversionOfStockAmountIssued1', window );">Class B common shares converted to Class A common shares (issued)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#165; 4<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ConversionOfStockSharesIssued1', window );">Class B common shares converted to Class A common shares (issued) (in shares) | shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">58,478,690<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ConversionOfStockAmountConverted1', window );">Class B common shares converted to Class A common shares (converted)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">&#165; (4)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ConversionOfStockSharesConverted1', window );">Class B common shares converted to Class A common shares (converted) (in shares) | shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(58,478,690)<span></span>
</td>
<td class="num">(58,478,690)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_yy_AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationRestrictedStockRequisiteServicePeriodRecognition', window );">Share-based compensation - restricted shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#165; 3,771<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#165; 143<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="nump">&#165; 3,771<span></span>
</td>
<td class="nump">&#165; 143<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationRestrictedStockUnitsRequisiteServicePeriodRecognition', window );">Share based compensation-restricted share units</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#165; 130,718<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#165; 130,718<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_yy_AmountTransferredTowardsStatutoryReserves', window );">Appropriation to statutory reserves</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#165; 15,812<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">&#165; (15,812)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementOfIncomeAndComprehensiveIncomeAbstract', window );"><strong>Components of comprehensive income</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLoss', window );">Net income</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#165; 1,064,472<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#165; 1,064,472<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax', window );">Foreign currency translation adjustment, net of nil tax</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">3,638<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#165; 3,638<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rc">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquity', window );">Balance at Dec. 31, 2014</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">3,090,164<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#165; 43<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#165; 30<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#165; 2,900,458<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#165; 56,469<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#165; 173,963<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">&#165; (40,799)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#165; 3,090,164<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rc">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockSharesOutstanding', window );">Balance (in shares) at Dec. 31, 2014 | shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">706,173,568<span></span>
</td>
<td class="nump">427,352,696<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">706,173,568<span></span>
</td>
<td class="nump">427,352,696<span></span>
</td>
<td class="nump">427,352,696<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodValueStockOptionsExercised', window );">Issuance of common shares for exercised share options</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#165; 245<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">245<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#165; 245<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercised', window );">Issuance of common shares for exercised share options (in shares) | shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">6,611,970<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodValueRestrictedStockAwardGross', window );">Issuance of common shares for vested restricted shares and restricted share units</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#165; 1<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">&#165; (1)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodSharesRestrictedStockAwardGross', window );">Issuance of common shares for vested restricted shares and restricted share units (in shares) | shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">19,498,710<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ConversionOfStockAmountIssued1', window );">Class B common shares converted to Class A common shares (issued)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#165; 3<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ConversionOfStockSharesIssued1', window );">Class B common shares converted to Class A common shares (issued) (in shares) | shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">57,794,720<span></span>
</td>
<td class="nump">57,794,720<span></span>
</td>
<td class="nump">57,794,720<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ConversionOfStockAmountConverted1', window );">Class B common shares converted to Class A common shares (converted) | $</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">$ (3)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ConversionOfStockSharesConverted1', window );">Class B common shares converted to Class A common shares (converted) (in shares) | shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(57,794,720)<span></span>
</td>
<td class="num">(57,794,720)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockRepurchasedAndRetiredDuringPeriodValue', window );">Repurchase of Class A common shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">&#165; (1,041,686)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">&#165; (4)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">&#165; (1,041,682)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">&#165; (1,041,686)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockRepurchasedAndRetiredDuringPeriodShares', window );">Repurchase of Class A common shares, shares | shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(61,851,120)<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_yy_AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationRestrictedStockRequisiteServicePeriodRecognition', window );">Share-based compensation - restricted shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#165; 574<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#165; 574<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#165; 574<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationRestrictedStockUnitsRequisiteServicePeriodRecognition', window );">Share based compensation-restricted share units</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#165; 152,205<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#165; 152,205<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#165; 152,205<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_yy_AmountTransferredTowardsStatutoryReserves', window );">Appropriation to statutory reserves</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#165; 38<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">&#165; (38)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquityOther', window );">Set-up subsidiaries with non-controlling interest shareholders</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#165; 7,798<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#165; 7,798<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementOfIncomeAndComprehensiveIncomeAbstract', window );"><strong>Components of comprehensive income</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLoss', window );">Net income</a></td>
<td class="nump">$ 159,506<span></span>
</td>
<td class="nump">1,033,243<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest', window );">Net income / (loss) attributable to YY Inc. and non-controlling interest shareholders</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,033,105<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#165; 1,033,243<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#165; 1,033,243<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">&#165; (138)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax', window );">Foreign currency translation adjustment, net of nil tax</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">4,414<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#165; 4,414<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">4,414<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rc">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquity', window );">Balance at Dec. 31, 2015</a></td>
<td class="nump">$ 500,040<span></span>
</td>
<td class="nump">&#165; 3,239,159<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#165; 43<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#165; 27<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#165; 2,011,799<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#165; 56,507<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#165; 1,207,168<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">&#165; (36,385)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#165; 3,239,159<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#165; 7,660<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rc">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockSharesOutstanding', window );">Balance (in shares) at Dec. 31, 2015 | shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">728,227,848<span></span>
</td>
<td class="nump">369,557,976<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">728,227,848<span></span>
</td>
<td class="nump">369,557,976<span></span>
</td>
<td class="nump">369,557,976<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationRestrictedStockUnitsRequisiteServicePeriodRecognition">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of equity-based compensation, related to restricted stock units or restricted stock awards, recognized as expense or an asset, if compensation is capitalized.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationRestrictedStockUnitsRequisiteServicePeriodRecognition</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>This element represents the amount of recognized equity-based compensation related to stock options during the period, that is, the amount recognized as expense in the income statement (or as asset if compensation is capitalized).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockSharesOutstanding">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of shares of common stock outstanding. Common stock represent the ownership interest in a corporation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.29)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.3-04)<br> -URI http://asc.fasb.org/extlink&amp;oid=27012166&amp;loc=d3e187085-122770<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 02<br> -Paragraph 30<br> -Article 5<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CommonStockSharesOutstanding</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ConversionOfStockAmountConverted1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The value of the stock converted in a noncash (or part noncash) transaction. Noncash is defined as transactions during a period that do not result in cash receipts or cash payments in the period. "Part noncash" refers to that portion of the transaction not resulting in cash receipts or cash payments in the period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 50<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=6367179&amp;loc=d3e4313-108586<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 50<br> -Paragraph 5<br> -URI http://asc.fasb.org/extlink&amp;oid=6367179&amp;loc=d3e4332-108586<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=6367179&amp;loc=d3e4304-108586<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ConversionOfStockAmountConverted1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ConversionOfStockAmountIssued1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The value of the financial instrument issued [noncash or part noncash] in the conversion of stock. Noncash is defined as transactions during a period that do not result in cash receipts or cash payments in the period. "Part noncash" refers to that portion of the transaction not resulting in cash receipts or cash payments in the period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 50<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=6367179&amp;loc=d3e4313-108586<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=6367179&amp;loc=d3e4304-108586<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 50<br> -Paragraph 5<br> -URI http://asc.fasb.org/extlink&amp;oid=6367179&amp;loc=d3e4332-108586<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ConversionOfStockAmountIssued1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ConversionOfStockSharesConverted1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of shares converted in a noncash (or part noncash) transaction. Noncash is defined as transactions during a period that do not result in cash receipts or cash payments in the period. "Part noncash" refers to that portion of the transaction not resulting in cash receipts or cash payments in the period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 50<br> -Paragraph 5<br> -URI http://asc.fasb.org/extlink&amp;oid=6367179&amp;loc=d3e4332-108586<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=6367179&amp;loc=d3e4304-108586<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 50<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=6367179&amp;loc=d3e4313-108586<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ConversionOfStockSharesConverted1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ConversionOfStockSharesIssued1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of new shares issued in the conversion of stock in a noncash (or part noncash) transaction. Noncash is defined as transactions during a period that do not result in cash receipts or cash payments in the period. "Part noncash" refers to that portion of the transaction not resulting in cash receipts or cash payments in the period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 50<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=6367179&amp;loc=d3e4313-108586<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 50<br> -Paragraph 5<br> -URI http://asc.fasb.org/extlink&amp;oid=6367179&amp;loc=d3e4332-108586<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=6367179&amp;loc=d3e4304-108586<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ConversionOfStockSharesIssued1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>This element represents the income or loss from continuing operations attributable to the economic entity which may also be defined as revenue less expenses and taxes from ongoing operations before extraordinary items, and noncontrolling interest.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 45<br> -Paragraph 19<br> -URI http://asc.fasb.org/extlink&amp;oid=51664549&amp;loc=SL4569616-111683<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetIncomeLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Net Income<br> -URI http://asc.fasb.org/extlink&amp;oid=51831255<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3602-108585<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 225<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-04.19)<br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03.18)<br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 225<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-04.22)<br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Other Comprehensive Income<br> -URI http://asc.fasb.org/extlink&amp;oid=51831270<br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 03<br> -Paragraph 19<br> -Article 5<br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 04<br> -Paragraph 20<br> -Article 9<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NetIncomeLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount after tax and reclassification adjustments of gain (loss) on foreign currency translation adjustments, foreign currency transactions designated and effective as economic hedges of a net investment in a foreign entity and intra-entity foreign currency transactions that are of a long-term-investment nature.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 830<br> -SubTopic 30<br> -Section 45<br> -Paragraph 20<br> -Subparagraph (b,c)<br> -URI http://asc.fasb.org/extlink&amp;oid=6915805&amp;loc=d3e32211-110900<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section 45<br> -Paragraph 10A<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=36458714&amp;loc=SL7669646-108580<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementOfIncomeAndComprehensiveIncomeAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementOfIncomeAndComprehensiveIncomeAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockIssuedDuringPeriodSharesRestrictedStockAwardGross">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Total number of shares issued during the period, including shares forfeited, as a result of Restricted Stock Awards.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.3-04)<br> -URI http://asc.fasb.org/extlink&amp;oid=27012166&amp;loc=d3e187085-122770<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StockIssuedDuringPeriodSharesRestrictedStockAwardGross</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercised">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of share options (or share units) exercised during the current period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.3-04)<br> -URI http://asc.fasb.org/extlink&amp;oid=27012166&amp;loc=d3e187085-122770<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (c)(1)(iv)(2)<br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.28,29)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 02<br> -Paragraph 29, 30<br> -Article 5<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercised</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockIssuedDuringPeriodValueRestrictedStockAwardGross">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Aggregate value of stock related to Restricted Stock Awards issued during the period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.3-04)<br> -URI http://asc.fasb.org/extlink&amp;oid=27012166&amp;loc=d3e187085-122770<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 02<br> -Paragraph 29, 30, 31<br> -Article 5<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StockIssuedDuringPeriodValueRestrictedStockAwardGross</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockIssuedDuringPeriodValueStockOptionsExercised">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Value of stock issued as a result of the exercise of stock options.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.29-31)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.3-04)<br> -URI http://asc.fasb.org/extlink&amp;oid=27012166&amp;loc=d3e187085-122770<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StockIssuedDuringPeriodValueStockOptionsExercised</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockRepurchasedAndRetiredDuringPeriodShares">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of shares that have been repurchased and retired during the period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 04<br> -Article 3<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 02<br> -Paragraph 29, 30<br> -Article 5<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StockRepurchasedAndRetiredDuringPeriodShares</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockRepurchasedAndRetiredDuringPeriodValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Equity impact of the value of stock that has been repurchased and retired during the period. The excess of the purchase price over par value can be charged against retained earnings (once the excess is fully allocated to additional paid in capital).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 04<br> -Article 3<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 02<br> -Paragraph 29, 30, 31<br> -Article 5<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StockRepurchasedAndRetiredDuringPeriodValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 310<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SAB TOPIC 4.E)<br> -URI http://asc.fasb.org/extlink&amp;oid=27010918&amp;loc=d3e74512-122707<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.29-31)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Staff Accounting Bulletin (SAB)<br> -Number Topic 4<br> -Section E<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StockholdersEquity</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>This element represents movements included in the statement of changes in stockholders' equity which are not separately disclosed or provided for elsewhere in the taxonomy.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of equity-based compensation, related to restricted stock awards, recognized as expense or an asset, if compensation is capitalized.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents Statutory reserves appropriated during the period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<span style="display: none;">v3.4.0.3</span><table class="report" border="0" cellspacing="2" id="idp6805750256">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Parenthetical) - CNY (&#165;)<br></strong></div></th>
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<th class="th"><div>Dec. 31, 2015</div></th>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of tax expense (benefit), after reclassification adjustments of gain (loss) on foreign currency translation adjustments, foreign currency transactions designated and effective as economic hedges of a net investment in a foreign entity and intra-entity foreign currency transactions that are of a long-term-investment nature, attributable to parent entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1A<br> -Subparagraph (c)(3)<br> -URI http://asc.fasb.org/extlink&amp;oid=18733093&amp;loc=SL4573702-111684<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 45<br> -Paragraph 19<br> -URI http://asc.fasb.org/extlink&amp;oid=51664549&amp;loc=SL4569616-111683<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 45<br> -Paragraph 20<br> -URI http://asc.fasb.org/extlink&amp;oid=51664549&amp;loc=SL4569643-111683<br></p></div>
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<DESCRIPTION>IDEA: XBRL DOCUMENT
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<span style="display: none;">v3.4.0.3</span><table class="report" border="0" cellspacing="2" id="idp6790592272">
<tr>
<th class="tl" colspan="2" rowspan="2"><div style="width: 200px;"><strong>CONSOLIDATED STATEMENTS OF CASH FLOWS<br> &#165; in Thousands, $ in Thousands</strong></div></th>
<th class="th" colspan="7">12 Months Ended</th>
</tr>
<tr>
<th class="th" colspan="2">
<div>Dec. 31, 2015 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2015 </div>
<div>CNY (&#165;)</div>
</th>
<th class="th" colspan="2">
<div>Dec. 31, 2014 </div>
<div>CNY (&#165;)</div>
</th>
<th class="th" colspan="2">
<div>Dec. 31, 2013 </div>
<div>CNY (&#165;)</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperationsAbstract', window );"><strong>Cash flows from operating activities</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProfitLoss', window );">Net income</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 154,113<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">&#165; 998,305<span></span>
</td>
<td class="nump">&#165; 1,064,472<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">&#165; 477,727<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AdjustmentsNoncashItemsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract', window );"><strong>Adjustments to reconcile net income to net cash provided by operating activities</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Depreciation', window );">Depreciation of property and equipment</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">18,849<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">122,098<span></span>
</td>
<td class="nump">68,035<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">44,963<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AmortizationOfIntangibleAssets', window );">Amortization of acquired intangible assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">9,911<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">64,201<span></span>
</td>
<td class="nump">12,598<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">4,707<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProvisionForDoubtfulAccounts', window );">Allowance for doubtful accounts</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">643<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">4,167<span></span>
</td>
<td class="nump">28,120<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">31,987<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GainLossOnDispositionOfAssets', window );">Loss on disposal of property and equipment</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">580<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">&#165; 3,759<span></span>
</td>
<td class="nump">&#165; 61<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">1<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EquityMethodInvestmentOtherThanTemporaryImpairment', window );">Impairment of an equity investment</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">&#165; 899<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CostmethodInvestmentsOtherThanTemporaryImpairment', window );">Impairment of a cost investment</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">926<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">&#165; 6,000<span></span>
</td>
<td class="nump">&#165; 4,000<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ImpairmentOfIntangibleAssetsExcludingGoodwill', window );">Impairment of intangible assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">8,830<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">57,199<span></span>
</td>
<td class="nump">&#165; 5,697<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GoodwillImpairmentLoss', window );">Impairment of goodwill</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">47,875<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">310,124<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1', window );">Fair value change of contingent consideration</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="num">(45,150)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(292,471)<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensation', window );">Share-based compensation</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">28,617<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">185,372<span></span>
</td>
<td class="nump">&#165; 134,632<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">&#165; 117,096<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeLossFromEquityMethodInvestments', window );">Share of income in equity method investments</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">$ (2,180)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">&#165; (14,120)<span></span>
</td>
<td class="num">(4,275)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">&#165; (1,869)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EquityMethodInvestmentRealizedGainLossOnDisposal', window );">Gain on disposal of an equity investment</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text"> <span></span>
</td>
<td class="num">(999)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredIncomeTaxExpenseBenefit', window );">Deferred income taxes, net</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">$ (3,865)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">&#165; (25,039)<span></span>
</td>
<td class="num">(45,751)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">&#165; (35,414)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ForeignCurrencyTransactionGainLossUnrealized', window );">Foreign exchange (gains) / losses, net</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">5,881<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">38,099<span></span>
</td>
<td class="nump">&#165; 10,399<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">&#165; (29,555)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherNoncashExpense', window );">Other non-operating expense</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 334<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">&#165; 2,165<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherNoncashIncome', window );">Other non-operating income</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text"> <span></span>
</td>
<td class="num">&#165; (36,714)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInOperatingAssetsAbstract', window );"><strong>Changes in operating assets and liabilities, net of business acquisition</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInAccountsReceivable', window );">Accounts receivable</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 19,086<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">&#165; 123,634<span></span>
</td>
<td class="num">(183,527)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">&#165; (14,472)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInOtherOperatingAssets', window );">Prepayments and other assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">6,967<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">45,128<span></span>
</td>
<td class="num">&#165; (90,924)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">&#165; (46,624)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInDueFromRelatedPartiesCurrent', window );">Amounts due from related parties</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(204)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(1,323)<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInInventories', window );">Inventory</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(1,710)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(11,080)<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInDueToRelatedPartiesCurrent', window );">Amounts due to related parties</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(2,122)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(13,743)<span></span>
</td>
<td class="nump">&#165; 28,252<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">&#165; 36<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInAccountsPayable', window );">Accounts payable</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(3,497)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(22,654)<span></span>
</td>
<td class="nump">23,166<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">26,342<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInDeferredRevenue', window );">Deferred revenue</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">3,939<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">25,519<span></span>
</td>
<td class="nump">54,343<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">136,945<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInCustomerAdvances', window );">Advances from customers</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">3,236<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">20,959<span></span>
</td>
<td class="nump">14,578<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">12,034<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInAccruedIncomeTaxesPayable', window );">Income tax payable</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">2,816<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">18,242<span></span>
</td>
<td class="nump">11,054<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">30,106<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInAccruedLiabilities', window );">Accrued liabilities and other current liabilities</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">27,618<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">178,901<span></span>
</td>
<td class="nump">204,134<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">136,264<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations', window );">Net cash provided by operating activities</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">281,493<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">1,823,442<span></span>
</td>
<td class="nump">1,301,351<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">891,173<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperationsAbstract', window );"><strong>Cash flows from investing activities</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsToAcquireShortTermInvestments', window );">Placements of short-term deposits</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(288,646)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(1,869,789)<span></span>
</td>
<td class="num">(5,343,934)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(1,529,090)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromMaturitiesPrepaymentsAndCallsOfShorttermInvestments', window );">Maturities of short-term deposits</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">657,262<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">4,257,609<span></span>
</td>
<td class="nump">2,550,059<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">&#165; 995,996<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsToAcquireRestrictedInvestments', window );">Placements of restricted short-term deposits</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(230,448)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(1,492,799)<span></span>
</td>
<td class="num">(155,000)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromSaleOfRestrictedInvestments', window );">Maturities of restricted short-term deposits</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">80,734<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">522,981<span></span>
</td>
<td class="nump">55,000<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsToAcquirePropertyPlantAndEquipment', window );">Purchase of property and equipment</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(33,938)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(219,843)<span></span>
</td>
<td class="num">(178,470)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">&#165; (55,606)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsToAcquireIntangibleAssets', window );">Purchase of intangible assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(7,862)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(50,931)<span></span>
</td>
<td class="num">(21,757)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">&#165; (14,631)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_yy_PaymentsToAcquireOtherNoncurrentAssets', window );">Purchase of other non-current assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(297,358)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(1,926,224)<span></span>
</td>
<td class="num">(510,341)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsToAcquireEquityMethodInvestments', window );">Cash paid for equity investments</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(77)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(500)<span></span>
</td>
<td class="num">(15,000)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">&#165; (11,000)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_yy_PaymentsToAcquireCostMethodInvestment', window );">Cash paid for cost investments</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(54,309)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(351,800)<span></span>
</td>
<td class="num">&#165; (73,402)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">&#165; (47,110)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsToAcquireAvailableForSaleSecurities', window );">Acquisition of an available-for-sale debt security</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">$ (944)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">&#165; (6,117)<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_yy_ProceedsFromSaleOfCostMethodInvestments', window );">Cash received from disposal of a cost investment</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">&#165; 3,000<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromSaleOfEquityMethodInvestments', window );">Cash received from disposal of an equity investment</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text"> <span></span>
</td>
<td class="nump">&#165; 1,563<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromEquityMethodInvestmentDividendsOrDistributionsReturnOfCapital', window );">Cash dividend received from an equity investee</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 370<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">&#165; 2,400<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsForProceedsFromBusinessesAndInterestInAffiliates', window );">Net cash (paid) / received in connection with business acquisition</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">857<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">5,553<span></span>
</td>
<td class="num">&#165; (170,950)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_yy_PaymentOnBehalfOfRelatedParty', window );">Payment on behalf of related parties</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(14,713)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(95,311)<span></span>
</td>
<td class="num">&#165; (61,000)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsForProceedsFromOtherInvestingActivities', window );">Repayment of expense paid on behalf of a related party</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">24,110<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">156,181<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsToFundLongtermLoansToRelatedParties', window );">Loans to related parties</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(24,545)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(159,000)<span></span>
</td>
<td class="num">&#165; (1,500)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromCollectionOfLongtermLoansToRelatedParties', window );">Repayment of loans from related parties</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">24,700<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">160,000<span></span>
</td>
<td class="nump">1,500<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">&#165; 1,000<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_yy_PaymentsForLoansToEmployeeAndThirdParties', window );">Loans to employees and third parties</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(932)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(6,037)<span></span>
</td>
<td class="num">(35,512)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(3,770)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_yy_ProceedsFromRepaymentOfLoansFromEmployeesAndThirdParties', window );">Repayment of loans from employees and third parties</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">2,043<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">13,237<span></span>
</td>
<td class="nump">4,531<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">1,560<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromSaleOfPropertyPlantAndEquipment', window );">Proceeds from disposal of property and equipment</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">1,909<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">12,368<span></span>
</td>
<td class="nump">158<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">48<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations', window );">Net cash used in investing activities</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(161,787)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(1,048,022)<span></span>
</td>
<td class="num">(3,954,055)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(659,603)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperationsAbstract', window );"><strong>Cash flows from financing activities</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromStockOptionsExercised', window );">Proceeds from exercise of vested share options</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">38<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">245<span></span>
</td>
<td class="nump">&#165; 213<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">&#165; 115<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsForRepurchaseOfCommonStock', window );">Repurchase of common shares</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(160,809)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(1,041,686)<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromMinorityShareholders', window );">Capital contributions from the non-controlling interests</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">1,204<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">7,798<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromBankDebt', window );">Proceeds from bank borrowings</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">177,298<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">1,148,500<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RepaymentsOfBankDebt', window );">Repayment of bank borrowings</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">$ (69,777)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">&#165; (452,000)<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsOfStockIssuanceCosts', window );">Payments of listing expenses</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">&#165; (5,802)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromConvertibleDebt', window );">Proceeds from issuance of convertible bonds, net of issuance costs</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text"> <span></span>
</td>
<td class="nump">&#165; 2,402,549<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations', window );">Net cash (used in) / provided by financing activities</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">$ (52,046)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">&#165; (337,143)<span></span>
</td>
<td class="nump">2,402,762<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">&#165; (5,687)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInContinuingOperations', window );">Net increase / (decrease) in cash and cash equivalents</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">67,660<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">438,277<span></span>
</td>
<td class="num">(249,942)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">225,883<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashAndCashEquivalentsAtCarryingValue', window );">Cash and cash equivalents at the beginning of the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">73,331<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">475,028<span></span>
</td>
<td class="nump">729,598<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">504,702<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EffectOfExchangeRateOnCashAndCashEquivalentsContinuingOperations', window );">Effect of exchange rate changes on cash and cash equivalents</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">2,412<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">15,629<span></span>
</td>
<td class="num">(4,628)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(987)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashAndCashEquivalentsAtCarryingValue', window );">Cash and cash equivalents at the end of the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">143,403<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">928,934<span></span>
</td>
<td class="nump">475,028<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">&#165; 729,598<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SupplementalCashFlowInformationAbstract', window );"><strong>Supplemental disclosure of cash flows information:</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InterestPaidNet', window );">Cash paid for interest, net of amounts capitalized</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(12,070)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(78,186)<span></span>
</td>
<td class="num">(28,769)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CapitalExpendituresIncurredButNotYetPaid', window );">-Acquisition of property and equipment in form of accounts payable</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">10,293<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">66,673<span></span>
</td>
<td class="nump">25,514<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">&#165; 7,653<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeTaxesPaid', window );">-Income taxes paid</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">$ (28,578)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">&#165; (185,124)<span></span>
</td>
<td class="num">&#165; (188,979)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">&#165; (95,259)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr><td colspan="8"></td></tr>
<tr><td colspan="8"><table class="outerFootnotes" width="100%"><tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top">(1)
Share-based compensation was allocated in cost of revenues and operating expenses as follows:











For the year ended December 31,





Note

2013


2014


2015


2015







RMB


RMB


RMB


US$
















(Note2(e))



Cost of revenues




9,860



18,037



23,963



3,699



Research and development expenses




39,587



54,141



70,951



10,953



Sales and marketing expenses




1,318



2,807



3,283



507



General and administrative expenses




66,331



59,647



87,175



13,458</td>
</tr></table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AdjustmentsNoncashItemsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AdjustmentsNoncashItemsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract</td>
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<td>xbrli:stringItemType</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AmortizationOfIntangibleAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The aggregate expense charged against earnings to allocate the cost of intangible assets (nonphysical assets not used in production) in a systematic and rational manner to the periods expected to benefit from such assets. As a noncash expense, this element is added back to net income when calculating cash provided by or used in operations using the indirect method.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 350<br> -SubTopic 30<br> -Section 45<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=6388964&amp;loc=d3e16225-109274<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3602-108585<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 350<br> -SubTopic 30<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (a)(2)<br> -URI http://asc.fasb.org/extlink&amp;oid=26713463&amp;loc=d3e16323-109275<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AmortizationOfIntangibleAssets</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of increase (decrease) in the value of a contingent consideration liability, including, but not limited to, differences arising upon settlement.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 805<br> -SubTopic 30<br> -Section 50<br> -Paragraph 4<br> -Subparagraph (a)(1)<br> -URI http://asc.fasb.org/extlink&amp;oid=35744584&amp;loc=d3e7008-128479<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1</td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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</tr>
</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CapitalExpendituresIncurredButNotYetPaid">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Future cash outflow to pay for purchases of fixed assets that have occurred.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 50<br> -Paragraph 5<br> -URI http://asc.fasb.org/extlink&amp;oid=6367179&amp;loc=d3e4332-108586<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 50<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=6367179&amp;loc=d3e4313-108586<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=6367179&amp;loc=d3e4304-108586<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CapitalExpendituresIncurredButNotYetPaid</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CashAndCashEquivalentsAtCarryingValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Cash<br> -URI http://asc.fasb.org/extlink&amp;oid=6506951<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 1<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=28358313&amp;loc=d3e6676-107765<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3044-108585<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Cash Equivalents<br> -URI http://asc.fasb.org/extlink&amp;oid=6507016<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.1)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CashAndCashEquivalentsAtCarryingValue</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CostmethodInvestmentsOtherThanTemporaryImpairment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>This item represents an other than temporary decline in value that has been recognized against an investment accounted for under the cost method of accounting. The excess of the carrying amount over the fair value of the investment represents the amount of the write down which is or was reflected in earnings. The written down value is a new cost basis with the adjusted value of the investment becoming its new carrying value. Evidence of a loss in value might include, but would not necessarily be limited to, absence of an ability to recover the carrying amount of the investment or inability of the investee to sustain an earnings capacity which would justify the carrying amount of the investment.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 325<br> -SubTopic 20<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6872867&amp;loc=d3e40691-111596<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CostmethodInvestmentsOtherThanTemporaryImpairment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredIncomeTaxExpenseBenefit">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of deferred income tax expense (benefit) pertaining to income (loss) from continuing operations.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3602-108585<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Deferred Tax Expense (or Benefit)<br> -URI http://asc.fasb.org/extlink&amp;oid=6510177<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 9<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32639-109319<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08.(h))<br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e23780-122690<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SAB TOPIC 6.I.7)<br> -URI http://asc.fasb.org/extlink&amp;oid=34349781&amp;loc=d3e330036-122817<br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Staff Accounting Bulletin (SAB)<br> -Number Topic 6<br> -Section I<br> -Subsection 7<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DeferredIncomeTaxExpenseBenefit</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_Depreciation">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of expense recognized in the current period that reflects the allocation of the cost of tangible assets over the assets' useful lives. Includes production and non-production related depreciation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3602-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_Depreciation</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EffectOfExchangeRateOnCashAndCashEquivalentsContinuingOperations">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The effect of exchange rate changes on cash balances in continuing operations held in foreign currencies.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 24<br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3521-108585<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 830<br> -SubTopic 230<br> -Section 45<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=49171198&amp;loc=d3e33268-110906<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_EffectOfExchangeRateOnCashAndCashEquivalentsContinuingOperations</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EquityMethodInvestmentOtherThanTemporaryImpairment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>This item represents an other than temporary decline in value that has been recognized against an investment accounted for under the equity method of accounting. The excess of the carrying amount over the fair value of the investment represents the amount of the write down which is or was reflected in earnings. The written down value is a new cost basis with the adjusted value of the investment becoming its new carrying value subject to the equity accounting method. Evidence of a loss in value might include, but would not necessarily be limited to, absence of an ability to recover the carrying amount of the investment or inability of the investee to sustain an earnings capacity which would justify the carrying amount of the investment.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 323<br> -SubTopic 10<br> -Section 35<br> -Paragraph 32<br> -URI http://asc.fasb.org/extlink&amp;oid=49116238&amp;loc=d3e32787-111569<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_EquityMethodInvestmentOtherThanTemporaryImpairment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EquityMethodInvestmentRealizedGainLossOnDisposal">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of gain (loss) on sale or disposal of an equity method investment.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_EquityMethodInvestmentRealizedGainLossOnDisposal</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ForeignCurrencyTransactionGainLossUnrealized">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount before tax of foreign currency transaction unrealized gain (loss) recognized in the income statement.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3602-108585<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 830<br> -SubTopic 20<br> -Section 45<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6450189&amp;loc=d3e30690-110894<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 830<br> -SubTopic 20<br> -Section 45<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=6450189&amp;loc=d3e30700-110894<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 830<br> -SubTopic 20<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6450222&amp;loc=d3e30840-110895<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ForeignCurrencyTransactionGainLossUnrealized</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_GainLossOnDispositionOfAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of gain (loss) on sale or disposal of property, plant and equipment assets, excluding oil and gas property and timber property.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 205<br> -SubTopic 20<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=51717284&amp;loc=d3e1361-107760<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 360<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=51719941&amp;loc=d3e2941-110230<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_GainLossOnDispositionOfAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_GoodwillImpairmentLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of loss from the write-down of an asset representing the future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 350<br> -SubTopic 20<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=35741047&amp;loc=d3e13854-109267<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 350<br> -SubTopic 20<br> -Section 45<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=6388280&amp;loc=d3e13777-109266<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3602-108585<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 350<br> -SubTopic 20<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (e)<br> -URI http://asc.fasb.org/extlink&amp;oid=35741047&amp;loc=d3e13816-109267<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_GoodwillImpairmentLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ImpairmentOfIntangibleAssetsExcludingGoodwill">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of impairment loss recognized in the period resulting from the write-down of the carrying amount of an intangible asset (excluding goodwill) to fair value.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 350<br> -SubTopic 30<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=26713463&amp;loc=d3e16373-109275<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3602-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ImpairmentOfIntangibleAssetsExcludingGoodwill</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeLossFromEquityMethodInvestments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>This item represents the entity's proportionate share for the period of the net income (loss) of its investee (such as unconsolidated subsidiaries and joint ventures) to which the equity method of accounting is applied. This item includes income or expense related to stock-based compensation based on the investor's grant of stock to employees of an equity method investee.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3602-108585<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 323<br> -SubTopic 10<br> -Section 45<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=35755396&amp;loc=d3e33749-111570<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03.12)<br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 03<br> -Paragraph 9<br> -Article 5<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 04<br> -Paragraph 11<br> -Article 7<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncomeLossFromEquityMethodInvestments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeTaxesPaid">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of cash paid during the current period to foreign, federal, state, and local authorities as taxes on income.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=6367179&amp;loc=d3e4297-108586<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 25<br> -Subparagraph (f)<br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3536-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncomeTaxesPaid</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInAccountsPayable">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) during the reporting period in the aggregate amount of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3602-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncreaseDecreaseInAccountsPayable</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInAccountsReceivable">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) during the reporting period in amount due within one year (or one business cycle) from customers for the credit sale of goods and services.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3602-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncreaseDecreaseInAccountsReceivable</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInAccruedIncomeTaxesPayable">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) during the period in the amount due for taxes based on the reporting entity's earnings or attributable to the entity's income earning process (business presence) within a given jurisdiction.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3602-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncreaseDecreaseInAccruedIncomeTaxesPayable</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInAccruedLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) during the reporting period in the aggregate amount of expenses incurred but not yet paid.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3602-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncreaseDecreaseInAccruedLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInCustomerAdvances">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) during the reporting period in the amount of prepayments by customers for goods or services to be provided at a later date.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3602-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncreaseDecreaseInCustomerAdvances</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInDeferredRevenue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) during the reporting period, excluding the portion taken into income, in the liability reflecting revenue yet to be earned for which cash or other forms of consideration was received or recorded as a receivable.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3602-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncreaseDecreaseInDeferredRevenue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInDueFromRelatedPartiesCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The aggregate increase (decrease) during the reporting period in the amount due from the following types of related parties: a parent company and its subsidiaries; subsidiaries of a common parent; an entity and trust for the benefit of employees, such as pension and profit-sharing trusts that are managed by or under the trusteeship of the entity's management; an entity and its principal owners, management, or member of their immediate families, affiliates, or other parties with the ability to exert significant influence.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3602-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncreaseDecreaseInDueFromRelatedPartiesCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInDueToRelatedPartiesCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) during the reporting period in the aggregate amount of obligations to be paid to the following types of related parties: a parent company and its subsidiaries; subsidiaries of a common parent; an entity and trust for the benefit of employees, such as pension and profit-sharing trusts that are managed by or under the trusteeship of the entities' management; an entity and its principal owners, management, or member of their immediate families, affiliates, or other parties with the ability to exert significant influence.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3602-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncreaseDecreaseInDueToRelatedPartiesCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInInventories">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) during the reporting period in the aggregate value of all inventory held by the reporting entity, associated with underlying transactions that are classified as operating activities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3602-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncreaseDecreaseInInventories</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInOperatingAssetsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncreaseDecreaseInOperatingAssetsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInOtherOperatingAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) during the reporting period in other assets used in operating activities not separately disclosed in the statement of cash flows. May include changes in other current assets, other noncurrent assets, or a combination of other current and noncurrent assets.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3602-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncreaseDecreaseInOtherOperatingAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InterestPaidNet">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of cash paid for interest during the period net of cash paid for interest that is capitalized.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=6367179&amp;loc=d3e4297-108586<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_InterestPaidNet</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetCashProvidedByUsedInContinuingOperations">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in cash associated with the entity's continuing operating, investing, and financing activities. While for technical reasons this element has no balance attribute, the default assumption is a debit balance consistent with its label.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NetCashProvidedByUsedInContinuingOperations</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of cash inflow (outflow) of financing activities, excluding discontinued operations. Financing activity cash flows include obtaining resources from owners and providing them with a return on, and a return of, their investment; borrowing money and repaying amounts borrowed, or settling the obligation; and obtaining and paying for other resources obtained from creditors on long-term credit.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 26<br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3574-108585<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 24<br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3521-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperationsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperationsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of cash inflow (outflow) of investing activities, excluding discontinued operations. Investing activity cash flows include making and collecting loans and acquiring and disposing of debt or equity instruments and property, plant, and equipment and other productive assets.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 26<br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3574-108585<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 24<br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3521-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperationsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperationsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of cash inflow (outflow) from operating activities, excluding discontinued operations. Operating activity cash flows include transactions, adjustments, and changes in value not defined as investing or financing activities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 24<br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3521-108585<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3602-108585<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 25<br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3536-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperationsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperationsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherNoncashExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Other expenses or losses included in net income that result in no cash outflows or inflows in the period and are not separately disclosed.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3602-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OtherNoncashExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherNoncashIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Other income or gains included in net income that result in no cash inflows or outflows in the period and are not separately disclosed.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3602-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OtherNoncashIncome</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentsForProceedsFromBusinessesAndInterestInAffiliates">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The net cash outflow or inflow associated with the acquisition or sale of a business segment during the period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 12<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3179-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PaymentsForProceedsFromBusinessesAndInterestInAffiliates</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentsForProceedsFromOtherInvestingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The net cash outflow or inflow from other investing activities. This element is used when there is not a more specific and appropriate element in the taxonomy.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Investing Activities<br> -URI http://asc.fasb.org/extlink&amp;oid=6516133<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 9<br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3098-108585<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 8<br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3095-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PaymentsForProceedsFromOtherInvestingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentsForRepurchaseOfCommonStock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow to reacquire common stock during the period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 15<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3291-108585<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Financing Activities<br> -URI http://asc.fasb.org/extlink&amp;oid=6513228<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PaymentsForRepurchaseOfCommonStock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentsOfStockIssuanceCosts">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow for cost incurred directly with the issuance of an equity security.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Financing Activities<br> -URI http://asc.fasb.org/extlink&amp;oid=6513228<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 15<br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3291-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PaymentsOfStockIssuanceCosts</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentsToAcquireAvailableForSaleSecurities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow to acquire debt and equity securities not classified as either held-to-maturity securities or trading securities which would be classified as available-for-sale securities and reported at fair value, with unrealized gains and losses excluded from earnings and reported in a separate component of shareholders' equity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Investing Activities<br> -URI http://asc.fasb.org/extlink&amp;oid=6516133<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 13<br> -Subparagraph (a),(b)<br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3213-108585<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 320<br> -SubTopic 10<br> -Section 45<br> -Paragraph 11<br> -URI http://asc.fasb.org/extlink&amp;oid=49167202&amp;loc=d3e26853-111562<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PaymentsToAcquireAvailableForSaleSecurities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentsToAcquireEquityMethodInvestments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow associated with the purchase of or advances to an equity method investments, which are investments in joint ventures and entities in which the entity has an equity ownership interest normally of 20 to 50 percent and exercises significant influence.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 13<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3213-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PaymentsToAcquireEquityMethodInvestments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentsToAcquireIntangibleAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow to acquire asset without physical form usually arising from contractual or other legal rights, excluding goodwill.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 13<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3213-108585<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Investing Activities<br> -URI http://asc.fasb.org/extlink&amp;oid=6516133<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PaymentsToAcquireIntangibleAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentsToAcquirePropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow associated with the acquisition of long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale; includes cash outflows to pay for construction of self-constructed assets.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Investing Activities<br> -URI http://asc.fasb.org/extlink&amp;oid=6516133<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 13<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3213-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PaymentsToAcquirePropertyPlantAndEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentsToAcquireRestrictedInvestments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow to acquire investments (not to include restricted cash) that are pledged or subject to withdrawal restrictions.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 13<br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3213-108585<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Investing Activities<br> -URI http://asc.fasb.org/extlink&amp;oid=6516133<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PaymentsToAcquireRestrictedInvestments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentsToAcquireShortTermInvestments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow for securities or other assets acquired, which qualify for treatment as an investing activity and are to be liquidated, if necessary, within the current operating cycle. Includes cash flows from securities classified as trading securities that were acquired for reasons other than sale in the short-term.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Investing Activities<br> -URI http://asc.fasb.org/extlink&amp;oid=6516133<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 13<br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3213-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PaymentsToAcquireShortTermInvestments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentsToFundLongtermLoansToRelatedParties">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow associated with extending a long-term loan to a related party. Alternate caption: Payments for Advances to Affiliates.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PaymentsToFundLongtermLoansToRelatedParties</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProceedsFromBankDebt">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash inflow from bank borrowing during the year.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 14<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3255-108585<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Financing Activities<br> -URI http://asc.fasb.org/extlink&amp;oid=6513228<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ProceedsFromBankDebt</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProceedsFromCollectionOfLongtermLoansToRelatedParties">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash inflow associated with collection, whether partial or full, of long-term loans to a related party. Alternate caption: Proceeds from Advances to Affiliates.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ProceedsFromCollectionOfLongtermLoansToRelatedParties</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProceedsFromConvertibleDebt">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash inflow from the issuance of a long-term debt instrument which can be exchanged for a specified amount of another security, typically the entity's common stock, at the option of the issuer or the holder.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Financing Activities<br> -URI http://asc.fasb.org/extlink&amp;oid=6513228<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 14<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3255-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ProceedsFromConvertibleDebt</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProceedsFromEquityMethodInvestmentDividendsOrDistributionsReturnOfCapital">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Cash dividends or other distributions received from unconsolidated subsidiaries, certain corporate joint ventures, and certain noncontrolled corporations that are returns of capital. Excludes dividends or distributions from equity method investments classified as operating activities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ProceedsFromEquityMethodInvestmentDividendsOrDistributionsReturnOfCapital</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProceedsFromMaturitiesPrepaymentsAndCallsOfShorttermInvestments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash inflow from maturities, prepayments, calls and collections of all investments, including securities and other assets, having ready marketability and intended by management to be liquidated, if necessary, within the current operating cycle. Includes cash flows from securities classified as trading securities that were acquired for reasons other than sale in the short-term.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 12<br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3179-108585<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Investing Activities<br> -URI http://asc.fasb.org/extlink&amp;oid=6516133<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ProceedsFromMaturitiesPrepaymentsAndCallsOfShorttermInvestments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProceedsFromMinorityShareholders">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of cash inflow from a noncontrolling interest. Includes, but is not limited to, purchase of additional shares or other increase in noncontrolling interest ownership.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Financing Activities<br> -URI http://asc.fasb.org/extlink&amp;oid=6513228<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 14<br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3255-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ProceedsFromMinorityShareholders</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProceedsFromSaleOfEquityMethodInvestments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash inflow associated with the sale of equity method investments, which are investments in joint ventures and entities in which the entity has an equity ownership interest normally of 20 to 50 percent and exercises significant influence.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Investing Activities<br> -URI http://asc.fasb.org/extlink&amp;oid=6516133<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 12<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3179-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ProceedsFromSaleOfEquityMethodInvestments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProceedsFromSaleOfPropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash inflow from the sale of long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 12<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3179-108585<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Investing Activities<br> -URI http://asc.fasb.org/extlink&amp;oid=6516133<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ProceedsFromSaleOfPropertyPlantAndEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProceedsFromSaleOfRestrictedInvestments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash inflow associated with the sale of investments that are pledged or subject to withdrawal restrictions during the period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 12<br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3179-108585<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Investing Activities<br> -URI http://asc.fasb.org/extlink&amp;oid=6516133<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ProceedsFromSaleOfRestrictedInvestments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProceedsFromStockOptionsExercised">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash inflow associated with the amount received from holders exercising their stock options. This item inherently excludes any excess tax benefit, which the entity may have realized and reported separately.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (j)<br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 14<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3255-108585<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Financing Activities<br> -URI http://asc.fasb.org/extlink&amp;oid=6513228<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ProceedsFromStockOptionsExercised</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProfitLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 45<br> -Paragraph 19<br> -URI http://asc.fasb.org/extlink&amp;oid=51664549&amp;loc=SL4569616-111683<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 55<br> -Paragraph 4K<br> -URI http://asc.fasb.org/extlink&amp;oid=35736750&amp;loc=SL4591552-111686<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1A<br> -Subparagraph (a),(c)<br> -URI http://asc.fasb.org/extlink&amp;oid=18733093&amp;loc=SL4573702-111684<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 55<br> -Paragraph 4J<br> -URI http://asc.fasb.org/extlink&amp;oid=35736750&amp;loc=SL4591551-111686<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ProfitLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProvisionForDoubtfulAccounts">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of expense related to write-down of receivables to the amount expected to be collected. Includes, but is not limited to, accounts receivable and notes receivable.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03.5)<br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3602-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ProvisionForDoubtfulAccounts</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RepaymentsOfBankDebt">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow to settle a bank borrowing during the year.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Financing Activities<br> -URI http://asc.fasb.org/extlink&amp;oid=6513228<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 15<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3291-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RepaymentsOfBankDebt</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensation">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The aggregate amount of noncash, equity-based employee remuneration. This may include the value of stock or unit options, amortization of restricted stock or units, and adjustment for officers' compensation. As noncash, this element is an add back when calculating net cash generated by operating activities using the indirect method.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3602-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShareBasedCompensation</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SupplementalCashFlowInformationAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_SupplementalCashFlowInformationAbstract</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_yy_PaymentOnBehalfOfRelatedParty">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow associated with payment on behalf of a related party.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">yy_PaymentOnBehalfOfRelatedParty</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow associated with loans to employees and third parties of the entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">yy_PaymentsForLoansToEmployeeAndThirdParties</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow associated with the purchase of or advances to cost method investments.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">yy_PaymentsToAcquireCostMethodInvestment</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Balance Type:</strong></td>
<td>credit</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow for acquisition of non-current assets not otherwise defined in the taxonomy, that are expected to be realized in cash, sold or consumed after one year or beyond the normal operating cycle, if longer.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">yy_PaymentsToAcquireOtherNoncurrentAssets</td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash inflow from repayment of loans from employees and third parties.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">yy_ProceedsFromRepaymentOfLoansFromEmployeesAndThirdParties</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Balance Type:</strong></td>
<td>debit</td>
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<td>duration</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash inflow associated with disposal of investments accounted for under the cost method.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<span style="display: none;">v3.4.0.3</span><table class="report" border="0" cellspacing="2" id="idp6798032032">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Organization and principal activities<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2015</div></th></tr>
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<td style="width: 4%;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><b>1.</b></font></td>
<td style="text-align: justify; /* width: 96%;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><b>Organization and principal activities</b></font></td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.95pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
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<td style="width: 23.75pt;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><b>(a)</b></font></td>
<td style="text-align: justify;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><b>Principal activities</b></font></td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.95pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.95pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">YY Inc. (the &#147;Company&#148;), through its subsidiaries, its variable interest entities (&#147;VIEs&#148;) and VIE's subsidiaries (collectively, the &#147;Group&#148;) is principally engaged in operating an online social platform in the People's Republic of China (the &#147;PRC&#148; or &#147;China&#148;) through its platform, YY Client and through its website&#160;<i style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px;">YY.com</i><font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none;">, </font><i style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px;">Duowan.com,&#160;100.com, Huya.com, Edu24ol.com and Zhiniu8.com</i><font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none;">.</font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.95pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
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<td style="width: 23.75pt;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><b>(b)</b></font></td>
<td style="text-align: justify;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><b>Reorganization</b></font></td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.95pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.95pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">The Company was incorporated in the Cayman Islands on July 22, 2011.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.95pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.95pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">The Group began its operations in the PRC in April 2005 through its PRC domestic company, Guangzhou Huaduo Network Technology Co., Ltd. (&#147;Guangzhou Huaduo&#148;), which was directly owned by Mr.&#160;David Xueling Li (the &#147;Founder&#148; or the &#147;CEO&#148;) and Mr.&#160;Jun Lei (the &#147;Co-founder&#148; or the &#147;Chairman&#148;). Guangzhou Huaduo holds the necessary licenses and approvals to operate internet-related businesses in the PRC.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.95pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.95pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">For the period between July 2006 and April 2007, the Group undertook a reorganization (the &#147;First Reorganization&#148;) and established Duowan Limited (&#147;Duowan Limited&#148;), an investment holding company under the laws of the British Virgin Islands (the &#147;BVI&#148;), Duowan (Hong Kong) Limited (&#147;Duowan (Hong Kong)&#148;), a Hong Kong incorporated company wholly owned by Duowan Limited, and Guangzhou Duowan Information Technology Co., Ltd. (&#147;Guangzhou Duowan&#148;), a wholly-owned foreign enterprise (&#147;WOFE&#148;) in the PRC owned by Duowan (Hong Kong) (collectively &#147;Duowan Limited Group Structure&#148;). The First Reorganization was necessary to comply with PRC laws and regulations which prohibit or restrict foreign ownership of companies that provide internet content services in the PRC where licenses are required.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.95pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.95pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">By entering into a series of agreements among the Founder, the Co-founder, Guangzhou Huaduo, and Guangzhou Duowan (collectively, &#147;First VIE agreements&#148;), Guangzhou Huaduo became a VIE of Guangzhou Duowan. Guangzhou Duowan became the primary beneficiary of Guangzhou Huaduo.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.95pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.95pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">In November 2007, Duowan Entertainment Corporation (&#147;Duowan BVI&#148;) was incorporated in the BVI. In March 2008, Duowan BVI established Duowan Entertainment Information Technology (Beijing) Co., Ltd. (&#147;Duowan Entertainment&#148;), as a WOFE in the PRC and a wholly-owned subsidiary of Duowan BVI. The Group undertook a second reorganization (the &#147;Second Reorganization&#148;) whereby the First VIE agreements among the Founder, the Co-founder, Guangzhou Huaduo and Guangzhou Duowan were terminated and a new series of VIE agreements (collectively, &#147;Second VIE agreements&#148;) were signed among the Founder, the Co-founder, Guangzhou Huaduo and Duowan Entertainment, through which Duowan Entertainment became the primary beneficiary and exercised effective control over the operations of Guangzhou Huaduo. Duowan BVI became the then holding company of the Group.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.95pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.95pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">In August 2008, Duowan Entertainment purchased all the equity interests in Guangzhou Duowan from Duowan (Hong Kong).</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.95pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.95pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">In December 2008, the Group undertook another reorganization (the &#147;Third Reorganization&#148;) and acquired all of the equity interests of NeoTasks Inc. (&#147;NeoTasks&#148;), a Cayman Islands company, together with its wholly-owned subsidiary, NeoTasks Limited, its WOFE, NeoTasks International Media Technology (Beijing) Co., Ltd. (&#147;NeoTasks Beijing&#148;), and its VIE, Beijing Tuda Science and Technology Co., Limited (&#147;Beijing Tuda&#148;).</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.95pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.95pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">In July 2009, Guangzhou Duowan was renamed as Zhuhai Duowan Information Technology Co., Ltd. (&#147;Zhuhai Duowan&#148;).</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in;">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt 23pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">In December 2009, another series of VIE agreements (collectively, &#147;Third VIE agreements&#148;) were entered into amongst the legal shareholders of Beijing Tuda and Duowan Entertainment and thus completing the Third Reorganization. Through the aforementioned activities, Beijing Tuda became a VIE, whose primary beneficiary is Duowan Entertainment.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt 22.95pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">In December 2010, Duowan BVI established Zhuhai Duowan Technology Co., Ltd. (&#147;Zhuhai Duowan Technology&#148;), which is directly <font>100</font>% owned by Duowan BVI.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt 22.95pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">On September 6, 2011, pursuant to a share swap agreement, all the then existing shareholders of Duowan BVI exchanged their respective shares, including the Series A, Series B, Series C-1 and Series C-2 Preferred Shares, of Duowan BVI for equivalent classes of shares of the Company on a <font>1</font> for 1 basis. As a result, Duowan BVI became a wholly-owned subsidiary of the Company and it also became the holding company of the Group (the &#147;Share Swap&#148;).</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt 22.95pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">In May 2012, Duowan Entertainment was renamed as Huanju Shidai Technology (Beijing) Co., Ltd. (&#147;Beijing Huanju Shidai&#148;).</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt 22.95pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">In September 2012, Zhuhai Duowan Technology was renamed as Guangzhou Huanju Shidai Information Technology Co., Ltd. (&#147;Guangzhou Huanju Shidai&#148;).</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt 22.95pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">The First Reorganization, the Second Reorganization, the Third Reorganization and the Share Swap were all reorganization of entities under common control and have been accounted for in a manner akin to a pooling of interest as if the Company, through its wholly owned subsidiaries, had been in existence and been the primary beneficiary of the VIEs throughout the periods presented in the consolidated financial statements. As a result of these arrangements, the Company, through its wholly owned subsidiaries, is considered the primary beneficiary of <font>two</font> VIEs, Guangzhou Huaduo and Beijing Tuda, and accordingly, their results of operation and financial conditions are consolidated in the financial statements of the Group.</font></p>
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<td style="width: 23pt; text-align: left;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><b>(c)</b></font></td>
<td style="text-align: justify;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><b>Initial Public Offering</b></font></td>
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</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
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<td style="width: 23pt;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><b>(d)</b></font></td>
<td><font style="font-size: 10pt; font-family: 'times new roman', times;"><b>Principal Subsidiaries, VIE and VIE's subsidiaries</b></font></td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
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<td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"></td>
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<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;"></td>
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<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;"></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;"></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Principal subsidiaries</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"></td>
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<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; width: 20px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; width: 20px;">&#160;</td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; width: 20px;">&#160;</td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; width: 20px;">&#160;</td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; width: 20px;">&#160;</td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; width: 20px;">&#160;</td>
<td style="font-size: 10pt; text-align: right; font-family: 'times new roman'; padding: 0px; width: 20px;" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; width: 20px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; width: 20px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: -10pt; vertical-align: top; font-family: 'times new roman'; padding-left: 10pt; width: 38%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Duowan Entertainment Corporation (&#147;Duowan BVI&#148;)</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px; width: 1%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; text-align: left; padding: 0px; vertical-align: top; width: 12%; background-color: #cceeff;" valign="top"><font style="font-family: 'times new roman', times; font-size: 10pt;">BVI</font><br/></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top; width: 1%; background-color: #cceeff;" valign="top"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; padding: 0px; text-align: left; vertical-align: top; width: 16%; background-color: #cceeff;" valign="top"><font style="font-family: 'times new roman', times; font-size: 10pt;">November 6,&#160;2007</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top; width: 1%; background-color: #cceeff;" valign="top"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; white-space: nowrap; vertical-align: top; width: 10%; text-align: right; background-color: #cceeff;" colspan="2" valign="top"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">100</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 8px 0px 0px; white-space: nowrap; vertical-align: top; width: 1%; background-color: #cceeff;" valign="top"><font style="font-family: 'times new roman', times; font-size: 10pt;">%&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; width: 20%; background-color: #cceeff;" valign="top"><font style="font-family: 'times new roman', times; font-size: 10pt;">Investment&#160;holding</font></td>
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<tr style="vertical-align: bottom;">
<td style="font-size: 10pt; text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top;" valign="top"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top;" valign="top"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; text-align: left; vertical-align: top;" valign="top"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top;" valign="top"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top; text-align: right;" colspan="2" valign="top"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 8px 0px 0px; white-space: nowrap; vertical-align: top;" valign="top"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top;" valign="top"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: -10pt; vertical-align: top; font-family: 'times new roman'; padding-left: 10pt; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Huanju Shidai Technology (Beijing) Co., Ltd. (&#147;Beijing Huanju Shidai&#148; or &#147;Duowan Entertainment&#148;)</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; background-color: #cceeff;" valign="top"><font style="font-family: 'times new roman', times; font-size: 10pt;">PRC</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top; background-color: #cceeff;" valign="top"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; padding: 0px; text-align: left; vertical-align: top; background-color: #cceeff;" valign="top"><font style="font-family: 'times new roman', times; font-size: 10pt;">March&#160;19,&#160;2008</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top; background-color: #cceeff;" valign="top"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; white-space: nowrap; vertical-align: top; text-align: right; background-color: #cceeff;" colspan="2" valign="top"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">100</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 8px 0px 0px; white-space: nowrap; vertical-align: top; background-color: #cceeff;" valign="top"><font style="font-family: 'times new roman', times; font-size: 10pt;">%&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; background-color: #cceeff;" valign="top"><font style="font-family: 'times new roman', times; font-size: 10pt;">Investment holding</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-size: 10pt; text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top;" valign="top"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top;" valign="top"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; text-align: left; vertical-align: top;" valign="top"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top;" valign="top"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 8px 0px 0px; white-space: nowrap; vertical-align: top;" valign="top"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top;" valign="top"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
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<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; background-color: #cceeff;" valign="top"><font style="font-family: 'times new roman', times; font-size: 10pt;">PRC</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top; background-color: #cceeff;" valign="top"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: left; vertical-align: top; background-color: #cceeff;" valign="top"><font style="font-family: 'times new roman', times; font-size: 10pt;">April 9, 2007</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top; background-color: #cceeff;" valign="top"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; white-space: nowrap; vertical-align: top; text-align: right; background-color: #cceeff;" colspan="2" valign="top"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">100</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 8px 0px 0px; white-space: nowrap; vertical-align: top; background-color: #cceeff;" valign="top"><font style="font-family: 'times new roman', times; font-size: 10pt;">%&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; text-align: left; padding: 0px; vertical-align: top; background-color: #cceeff;" valign="top"><font style="font-family: 'times new roman', times; font-size: 10pt;">Online&#160;advertising&#160;and&#160;software<br/>development</font></td>
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<tr style="vertical-align: bottom;">
<td style="font-size: 10pt; text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top;" valign="top"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top;" valign="top"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; text-align: left; vertical-align: top;" valign="top"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top;" valign="top"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top; text-align: right;" colspan="2" valign="top"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: -10pt; vertical-align: top; font-family: 'times new roman'; padding-left: 10pt; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Guangzhou Huanju Shidai Information Technology Co., Ltd. (&#147;Guangzhou Huanju Shidai&#148;)</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; background-color: #cceeff;" valign="top"><font style="font-family: 'times new roman', times; font-size: 10pt;">PRC</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top; background-color: #cceeff;" valign="top"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; padding: 0px; text-align: left; vertical-align: top; background-color: #cceeff;" valign="top"><font style="font-family: 'times new roman', times; font-size: 10pt;">December 2,&#160;2010</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top; background-color: #cceeff;" valign="top"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; white-space: nowrap; vertical-align: top; text-align: right; background-color: #cceeff;" colspan="2" valign="top"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">100</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 8px 0px 0px; white-space: nowrap; vertical-align: top; background-color: #cceeff;" valign="top"><font style="font-family: 'times new roman', times; font-size: 10pt;">%&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; text-align: left; padding: 0px; vertical-align: top; background-color: #cceeff;" valign="top"><font style="font-family: 'times new roman', times; font-size: 10pt;">Software&#160;development</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-size: 10pt; text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top;" valign="top"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top;" valign="top"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; text-align: left; vertical-align: top;" valign="top"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top;" valign="top"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top; text-align: right;" colspan="2" valign="top"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 8px 0px 0px; white-space: nowrap; vertical-align: top;" valign="top"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top;" valign="top"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-size: 10pt; text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px; text-indent: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Engage Capital Partners I, L.P.(&#147;Engage L.P.&#148;)</font></td>
<td style="font-size: 10pt; text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px 0px 0px; white-space: nowrap; vertical-align: top; background-color: #cceeff;" valign="top"><font style="font-family: 'times new roman', times; font-size: 10pt;">Cayman&#160;Islands</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top; background-color: #cceeff;" valign="top"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px 0px 0px; white-space: nowrap; text-align: left; vertical-align: top; background-color: #cceeff;" valign="top"><font style="font-size: 10pt; line-height: 115%; font-family: 'times new roman', times; color: black;"> March 23, 2015 </font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top; background-color: #cceeff;" valign="top"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 0px 0px 5px; white-space: nowrap; width: 20px; vertical-align: top; text-align: right; background-color: #cceeff;" colspan="2" valign="top"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>93.5</font></font><br/></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 8px 0px 0px; white-space: nowrap; vertical-align: top; background-color: #cceeff;" valign="top"><font style="font-family: 'times new roman', times; font-size: 10pt;">%&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; vertical-align: top; background-color: #cceeff;" valign="top">Investment</td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-size: 10pt; text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top;" valign="top"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top;" valign="top"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; text-align: left; vertical-align: top;" valign="top"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top;" valign="top"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 20px; vertical-align: top; text-align: right;" colspan="2" valign="top"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 8px 0px 0px; white-space: nowrap; vertical-align: top;" valign="top"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top;" valign="top"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: -10pt; vertical-align: top; font-family: 'times new roman'; padding-left: 10pt; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Principal Variable Interest Entity (&#147;VIE&#148;)</font></td>
<td style="font-size: 10pt; text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top; background-color: #cceeff;" valign="top"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top; background-color: #cceeff;" valign="top"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; text-align: left; vertical-align: top; background-color: #cceeff;" valign="top"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top; background-color: #cceeff;" valign="top"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top; text-align: right; background-color: #cceeff;" colspan="2" valign="top"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 8px 0px 0px; white-space: nowrap; vertical-align: top; background-color: #cceeff;" valign="top"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top; background-color: #cceeff;" valign="top"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: -10pt; vertical-align: top; font-family: 'times new roman'; padding-left: 10pt; width: 20px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px; width: 20px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top; width: 20px;" valign="top"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top; width: 20px;" valign="top"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; text-align: left; vertical-align: top; width: 20px;" valign="top"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top; width: 20px;" valign="top"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top; text-align: right; width: 20px;" valign="top" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 8px 0px 0px; white-space: nowrap; vertical-align: top; width: 20px;" valign="top"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top; width: 20px;" valign="top"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: -10pt; vertical-align: top; font-family: 'times new roman'; padding-left: 10pt; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Guangzhou Huaduo Network Technology Co., Ltd. &#160;(&#147;Guangzhou Huaduo&#148;)</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; background-color: #cceeff;" valign="top"><font style="font-family: 'times new roman', times; font-size: 10pt;">PRC</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top; background-color: #cceeff;" valign="top"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: left; vertical-align: top; background-color: #cceeff;" valign="top"><font style="font-family: 'times new roman', times; font-size: 10pt;">April 11, 2005</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top; background-color: #cceeff;" valign="top"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; white-space: nowrap; vertical-align: top; text-align: right; background-color: #cceeff;" colspan="2" valign="top"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">100</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 8px 0px 0px; white-space: nowrap; vertical-align: top; background-color: #cceeff;" valign="top"><font style="font-family: 'times new roman', times; font-size: 10pt;">%&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; text-align: left; padding: 0px; vertical-align: top; background-color: #cceeff;" valign="top"><font style="font-family: 'times new roman', times; font-size: 10pt;">Holder&#160;of&#160;internet&#160;content&#160;provider<br/>licenses&#160;and&#160;internet&#160;value&#160;added<br/>services</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-size: 10pt; text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top;" valign="top"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top;" valign="top"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<p style="margin: 0px;">*100 Online Education Technology (Beijing) Co.,Ltd.<br/></p>
<p style="margin: 0px;">&#160; &#160; &#160;&#160;(&#147;100 Online&#148;)</p>
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<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: -10pt; vertical-align: top; font-family: 'times new roman'; padding-left: 10pt; background-color: #cceeff;"><font style="font-size: 10pt;"><font style="line-height: 115%;">Shanghai Yilian Equity Investment Partnership(LP) (&#147;Shanghai Yilian&#148;)</font> </font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; background-color: #cceeff;" valign="top"><font style="font-size: 10pt;"><font style="color: #000000; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;">PRC</font></font></td>
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<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: left; vertical-align: top; background-color: #cceeff;" valign="top"><font style="font-size: 10pt;"> <font style="line-height: 115%;">June 23, 2015</font> &#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top; background-color: #cceeff;" valign="top"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 8px 0px 0px; white-space: nowrap; vertical-align: top; background-color: #cceeff;" valign="top"><font style="font-family: 'times new roman', times; font-size: 10pt;">%&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; background-color: #cceeff;" valign="top"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="line-height: 115%;">Investment</font></font></td>
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<div><font style="font-size: 10pt;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none; /* background-color: #feffc0;">*</font>100 Online Education Technology (Beijing) Co.,Ltd. (&#147;100 Online&#148;), formerly known as Zhengrenqiang and His Partners Education Technology (Beijing) Co., Ltd.&#160;(&#147;Zhengrenqiang&#148;).</font></div>
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<td style="width: 23pt;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><b>(e)</b></font></td>
<td><b style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px;">Variable Interest Entities</b></td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt 23pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">To comply with PRC laws and regulations that prohibit or restrict foreign ownership of companies that provide internet-content, the Group conducts its operations primarily through its principal VIE Guangzhou Huaduo, which holds the internet value-added service license and approvals to provide such internet services in the PRC. Beijing Huanju Shidai entered into a series of contractual agreements among Beijing Huanju Shidai, Guangzhou Huaduo and its&#160;legal shareholders.&#160;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt 23pt; text-align: justify;">The Company's relationships with Guangzhou Huaduo and its shareholders are governed by the following contractual arrangements:</p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Under the exclusive technology support and technology services agreement between Beijing Huanju Shidai and Guangzhou Huaduo, Beijing Huanju Shidai has the exclusive right to provide to Guangzhou Huaduo technology support and technology services related to all technologies needed for its business. Beijing Huanju Shidai owns the exclusive intellectual property rights created as a result of the performance of this agreement. The service fee payable by Guangzhou Huaduo to Beijing Huanju Shidai is determined by various factors, including the expenses Beijing Huanju Shidai incurs for providing such services and Guangzhou Huaduo's revenues. The term of this agreement will expire in 2028 and may be extended with Beijing Huanju Shidai's written confirmation prior to the expiration date. Beijing Huanju Shidai is entitled to terminate the agreement at any time by providing <font>30</font> days' prior written notice to Guangzhou Huaduo.</font></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Under the exclusive business cooperation agreement between Beijing Huanju Shidai and Guangzhou Huaduo, Beijing Huanju Shidai has the exclusive right to provide to Guangzhou Huaduo technology support, business support and consulting services related to the services provided by Guangzhou Huaduo, the scope of which is to be determined by Beijing Huanju Shidai from time to time. Beijing Huanju Shidai owns the exclusive intellectual property rights created as a result of the performance of this agreement. The service fee payable by Guangzhou Huaduo to Beijing Huanju Shidai is a certain percentage of its earnings. The term of this agreement will expire in 2039 and may be extended with Beijing Huanju Shidai's written confirmation prior to the expiration date. Beijing Huanju Shidai is entitled to terminate the agreement at any time by providing <font>30</font> days' prior written notice to Guangzhou Huaduo.</font></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">The parties to the exclusive option agreement are Beijing Huanju Shidai, Guangzhou Huaduo and each of the shareholders of Guangzhou Huaduo. Under the exclusive option agreement, each of the shareholders of Guangzhou Huaduo irrevocably granted Beijing Huanju Shidai or its designated representative(s) an exclusive option to purchase, to the extent permitted under PRC law, all or part of his or its equity interests in Guangzhou Huaduo. Beijing Huanju Shidai or its designated representative(s) have sole discretion as to when to exercise such options, either in part or in full. Without Beijing Huanju Shidai's prior written consent, Guangzhou Huaduo's shareholders shall not sell, transfer, mortgage or otherwise dispose their equity interests in Guangzhou Huaduo. The term of this agreement is <font>ten</font> years and may be extended at Beijing Huanju Shidai's sole discretion.</font></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Pursuant to the irrevocable power of attorney executed by each shareholder of Guangzhou Huaduo, each such shareholder appointed Beijing Huanju Shidai as its attorney-in-fact to exercise such shareholders' rights in Guangzhou Huaduo, including, without limitation, the power to vote on its behalf on all matters of Guangzhou Huaduo requiring shareholder approval under PRC laws and regulations and the articles of association of Guangzhou Huaduo. Each power of attorney will remain in force until the shareholder ceases to hold any equity interest in Guangzhou Huaduo.</font></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Pursuant to the share pledge agreement between Beijing Huanju Shidai and the shareholders of Guangzhou Huaduo, the shareholders of Guangzhou Huaduo have pledged all of their equity interests in Guangzhou Huaduo to Beijing Huanju Shidai to guarantee the performance by Guangzhou Huaduo and its shareholders' performance of their respective obligations under the exclusive business cooperation agreement, exclusive option agreement, exclusive technology support and technology services agreement and powers of attorney. If Guangzhou Huaduo and/or its shareholders breach their contractual obligations under those agreements, Beijing Huanju Shidai, as pledgee, will be entitled to certain rights, including the right to sell the pledged equity interests.</font></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Through the aforementioned contractual agreements, Guangzhou Huaduo is considered a VIE in accordance with Generally Accepted Accounting Principles in the United States (&#147;U.S. GAAP&#148;) because the Company, through Beijing Huanju Shidai, has the ability to:</font></p>
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<td style="text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">receive substantially all of the economic benefits and residual returns, and absorb substantially all the risks and expected losses from VIEs as if it were their sole shareholder; and</font></td>
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<td style="text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">have an exclusive option to purchase all of the equity interests in the VIE.</font></td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">As of December 31, 2015, the total assets of the consolidated VIEs and VIE's subsidiaries were RMB<font>3,875,295</font>, mainly comprising cash and cash equivalents, short-term deposits,&#160;restricted short-term deposits,&#160;accounts receivable, inventory, amounts due from related parties, prepayments and other current assets, investments, property and equipment, intangible assets, goodwill, other non-current assets and deferred tax assets. As of December 31, 2015, the total liabilities of the consolidated VIEs and VIE's subsidiaries were RMB<font>1,256,755</font>, mainly comprising accounts payable, deferred revenue, advances from customers, amounts due to related parties, accrued liabilities and other current liabilities and income taxes payable.</font></p>
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<span style="display: none;">v3.4.0.3</span><table class="report" border="0" cellspacing="2" id="idp6968295488">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Principal accounting policies<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2015</div></th></tr>
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<td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; width: 4%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b>2.</b></font></td>
<td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; width: 96%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b>Principal accounting policies</b></font></td>
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<td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; width: 4%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b>(a)</b></font></td>
<td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; width: 96%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b>Basis of presentation</b></font></td>
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<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">The consolidated financial statements have been prepared in accordance with the U.S GAAP to reflect the financial position and results of operations of the Group.</font></p>
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<td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; width: 4%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b>(b)</b></font></td>
<td style="padding-right: 0.8pt; font-family: 'times new roman'; text-align: justify; width: 96%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b>Consolidation</b></font></td>
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<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">The Group's consolidated financial statements include the financial statements of the Company, its subsidiaries, and its VIEs and VIE's subsidiaries for which the Company or its subsidiary is the primary beneficiary. All transactions and balances among the Company, its subsidiaries, its VIEs and VIE's subsidiaries have been eliminated upon consolidation.</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px; text-indent: 0.5in; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">A subsidiary is an entity in which the Company, directly or indirectly, controls more than one half of the voting powers; or has the power to appoint or remove the majority of the members of the board of directors; or to cast a majority of votes at the meeting of directors; or has the power to govern the financial and operating policies of the investee under a statute or agreement among the shareholders or equity holders.</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">A VIE is an entity in which the Company, or its subsidiary, through contractual agreements, bears the risks of, and enjoys the rewards normally associated with ownership of the entity, and therefore the Company or its subsidiary is the primary beneficiary of the entity. In determining whether the Company or its subsidiaries are the primary beneficiary, the Company considered whether it has the power to direct activities that are significant to the VIEs economic performance, and also the Company's obligation to absorb losses of the VIE that could potentially be significant to the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE. Beijing Huanju Shidai,&#160;Bilin Changxiang and ultimately the Company hold all the variable interests of the VIEs and VIE's subsidiaries and has been determined to be the primary beneficiary of the VIEs and VIE's subsidiaries.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;">&#160;<br/><font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none;">The Company established two funds entities, namely Engage L.P. and Shanghai Yilian, (collectively, the &#147;Funds&#148;), in March and June 2015, respectively.The Company holds 93.5% of interests in the Funds. The Company assesses that the Company exercises controls and is entitled to the various returns of the Fund and therefore the Funds have been accounted for as subsidiaries of and has been consolidated by the Company in accordance with ASC 810.</font></p>
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<td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; width: 96%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b>Use of estimates</b></font></td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;">The preparation of the Company's consolidated financial statements in conformity with U.S.&#160;GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, mezzanine equity and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ materially from such estimates. The Company believes that the user relationship period related to online games revenue, assessment of whether the Group acts as a principal or an agent in different revenue streams, classification of perpetual items versus consumable items under item-based model, the determination of estimated selling prices of multiple element revenue contracts, income taxes, allowances for doubtful accounts, determination of share based compensation expenses, impairment assessment of goodwill, long-lived assets and intangible assets, tax considerations for earnings retained in the Group's VIEs, fair value determination related to the accounting for business combinations and subsequent measurement of contingent consideration following business combinations, assessment on the probability of exercisability of the put option related to business combinations, assessment on the probability of performance condition affiliated in equity-classified award under ASC&#160;718 that affect vesting, represent critical accounting policies that reflect more significant judgments and estimates used in the preparation of its consolidated financial statements.</p>
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<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Management bases the estimates on historical experience and on various other assumptions that are believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Actual results could differ from these estimates.&#160;</font></p>
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<td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; width: 96%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b>Foreign currency translation</b></font></td>
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<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">The Group uses Renminbi (&#147;RMB&#148;) as its reporting currency. The functional currency of the Company and its subsidiaries incorporated in the Cayman Islands, British Virgin Islands, and Hong Kong is United States dollar (&#147;US$&#148;), while the functional currency of the other entities, VIEs and VIE's subsidiaries in the Group is RMB, which is their respective local currency. In the consolidated financial statements, the financial information of the Company and its subsidiaries, which use US$ as their functional currency, have been translated into RMB. Assets and liabilities are translated at the exchange rates on the balance sheet date, equity amounts are translated at historical exchange rates, and revenues, expenses, gains, and losses are translated using the average exchange rate for the period. Translation adjustments arising from these are reported as foreign currency translation adjustments and are shown as a component of other comprehensive income or loss in the statement of operations and comprehensive income.</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Foreign currency transactions denominated in currencies other than functional currency are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are remeasured at the applicable rates of exchange in effect at that date. Foreign exchange gains and losses resulting from the settlement of such transactions and from remeasurement at year-end are recognized in foreign currency exchange gains (losses), net in the consolidated statement of operations.</font></p>
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<td style="padding-right: 0.8pt; font-family: 'times new roman'; width: 4%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b>(e)</b></font></td>
<td style="padding-right: 0.8pt; font-family: 'times new roman'; width: 96%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b>Convenience translation</b></font></td>
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<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Translations of amounts from RMB into US$ for the convenience of the reader were calculated at the noon buying rate of US$1.00 = RMB&#160;<font>6.4778</font>&#160;on December 31, 2015 as set forth in the H.10 statistical release of the U.S. Federal Reserve Board. No representation is made that the RMB amounts could have been, or could be, converted into US$ at such rate.</font></p>
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<td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; width: 96%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b>Fair value of financial instruments</b></font></td>
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<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;<br/>U.S. GAAP establishes a three-tier hierarchy to prioritize the inputs used in the valuation methodologies in measuring the fair value of financial instruments. This hierarchy also requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The three-tier fair value hierarchy is:<br/><br/>Level 1&#151;observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets.<br/>Level 2&#151;other inputs that are directly or indirectly observable in the marketplace.<br/>Level 3&#151;unobservable inputs which are supported by little or no market activity.<br/><br/></font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">The carrying values of cash and cash equivalents, short-term deposits, restricted short-term deposits, accounts receivable, other receivables, amounts due from (to) related parties, accounts payable, and other payables approximate their fair values because of their generally short maturities, and the carrying value of convertible bonds also approximates their fair value, as they bear interest at rates determined based on prevailing interest rates in the market.<br/><br/>The fair value of the contingent consideration recognized on the acquisition date was measured using unobservable input (level 3). Trinomial&#160;Tree model was applied in determining the fair value of the contingent consideration. Under this model, the Group performs scenario analysis and calculates the fair value of the contingent consideration based on the net present value of the total contingent payments under each scenario and the expected probability of each scenario.&#160;Contingent consideration is remeasured at fair value at each reporting date since initial recognition.</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;"></font><br/></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">The Group recorded one of its investment as an available-for-sale debt security and subsequently measured at its fair value (Note 10). The available-for-sale investment is classified within Level 3 and it is valued based on a model utilizing unobservable inputs which require significant management judgment and estimation. However, there is no significant change in fair value of the investment from the initial investment date to December 31, 2015.</font></p>
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<td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; width: 96%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b>Cash and cash equivalents</b></font></td>
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<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Cash includes currency on hand and deposits held by financial institutions that can be added to or withdrawn without limitation. Cash equivalents represent short-term and highly liquid investments placed with banks, which have both of the following characteristics:</font></p>
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<td style="width: 13.4pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">i)</font></td>
<td style="text-align: justify; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">Readily convertible to known amounts of cash throughout the maturity period;</font></td>
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<td style="width: 13.3pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">ii)</font></td>
<td style="text-align: justify; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">So near their maturity that they present insignificant risk of changes in value because of changes in interest rates.</font></td>
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<td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; width: 4%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b>(h)</b></font></td>
<td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; width: 96%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b>Short-term deposits</b></font></td>
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<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Short-term deposits represent time deposits placed with banks with original maturities of less than <font>one</font> year. Interest earned is recorded as interest income in the consolidated statements of operations during the periods presented.&#160;</font></p>
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<td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; width: 4%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b>(i)</b></font></td>
<td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; width: 96%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b>Accounts receivable, net</b></font></td>
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<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Accounts receivable are presented net of allowance for doubtful accounts. The Group uses specific identification in providing for bad debts when facts and circumstances indicate that collection is doubtful and a loss is probable and estimable. If the financial conditions of its customers were to deteriorate, resulting in an impairment of their ability to make payments, additional allowance may be required.</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">The Company maintains an allowance for doubtful accounts which reflects its best estimate of amounts that potentially will not be collected. The Company determines the allowance for doubtful accounts on an individual basis taking into consideration various factors including but not limited to&#160;historical&#160;collection&#160;experience and credit-worthiness of the debtors as well&#160;as the age of the individual receivables balance. Additionally, the Company makes specific bad debt provisions based on any specific knowledge the Company has acquired that might indicate that an account is uncollectible. The facts and circumstances of each account may require the Company to use substantial judgment in assessing its collectability.</font></p>
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<td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; width: 4%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b>(j)</b></font></td>
<td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; width: 96%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b>Equity investment</b></font></td>
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<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">The equity investment is comprised of investments in privately-held companies. The Group accounts for its equity investment over which it has significant influence but does not own a majority equity interest or otherwise control using the equity method. The Group adjusts the carrying amount of the investment and recognizes investment income or loss for share of the earnings or loss of the investee after the date of investment. The Group assesses its equity investment for other-than-temporary impairment by considering factors including, but not limited to, current economic and market conditions, operating performance of the companies, including current earnings trends and undiscounted cash flows, and other company-specific information. The fair value determination, particularly for investment in privately-held companies, requires judgment to determine appropriate estimates and assumptions. Changes in these estimates and assumptions could affect the calculation of the fair value of the investment and determination of whether any identified impairment is other-than-temporary.</font></p>
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<td style="padding-right: 0.8pt; font-family: 'times new roman'; width: 4%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b>(k)</b></font></td>
<td style="padding-right: 0.8pt; font-family: 'times new roman'; width: 96%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b>Cost investment</b></font></td>
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<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">The cost investment is comprised of investments in privately-held companies. The Group accounts for cost investment which has no readily determinable fair value using the cost method. Under the cost method, the investment is measured initially at cost. The investment carried at cost should recognize income when dividends are received from the distribution of the investee's earnings. The Group periodically evaluates the carrying value of investments accounted for under the cost method of accounting and any impairment is included in the consolidated statements of operations.</font></p>
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<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;"></font><br/></p>
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<td style="padding-right: 0.8pt; font-family: 'times new roman'; width: 4%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b>(l)</b></font></td>
<td style="padding-right: 0.8pt; font-family: 'times new roman'; width: 96%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b>Available-for-sale investment</b></font></td>
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<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;"></font><br/></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">The Group classifies its investments in debt and equity securities into one of three categories and accounts for these as follows: (i) debt securities that the Group has the positive intent and the ability to hold to maturity are classified as &#147;held to maturity&#148; and reported at amortized cost; (ii) debt and equity securities that are bought and held principally for the purpose of selling them in the near term are classified as &#147;trading securities&#148; with unrealized holding gains and losses included in earnings; (iii) debt and equity securities not classified as held to maturity or as trading securities are classified as &#147;available-for-sale&#148; and reported at fair value. The Group has designated its investment in redeemable preferred shares of one company as available-for-sale debt security in accordance with ASC 320-10 (Note 10). Unrealized gains and losses on available-for-sale securities are excluded from earnings and reported as accumulated other comprehensive income (loss), net of tax. Realized gains or losses upon disposal are charged to earnings during the period in which the gains or losses are realized. An impairment loss on the available-for-sale securities is recognized in the consolidated statements of operations and comprehensive income when the decline in value is determined to be other-than-temporary.</font></p>
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<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;"></font><br/></p>
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<td style="padding-right: 0.8pt; font-family: 'times new roman'; width: 4%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b>(m)</b></font></td>
<td style="padding-right: 0.8pt; font-family: 'times new roman'; width: 96%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b>Property and equipment</b></font></td>
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<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Property and equipment are stated at historical cost less accumulated depreciation and impairment loss, if any. Depreciation is calculated using the straight-line method over their estimated useful lives. Residual rate is determined based on the economic value of the property and equipment at the end of the estimated useful lives as a percentage of the original cost.&#160;</font></p>
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<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px; text-indent: 0.5in; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
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<td align="center" style="padding: 0px; font-family: 'times new roman'; font-size: 10pt;"></td>
<td style="font: bold 10pt/normal 'times new roman'; padding: 0px; font-size-adjust: none; font-stretch: normal;"></td>
<td align="center" style="font: bold 10pt/normal 'times new roman'; padding: 0px; text-align: right; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Estimated&#160;useful&#160;lives</font></td>
<td align="center" style="font: bold 10pt/normal 'times new roman'; padding: 0px; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td align="center" style="font: bold 10pt/normal 'Times New Roman'; padding: 0px 5px; text-align: center; white-space: nowrap; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td align="center" style="font: bold 10pt/normal 'times new roman', times, serif; padding: 0px; text-align: right; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Residual<br/></font><font style="font-family: 'times new roman', times; font-size: 10pt;">rate</font></td>
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<td align="center" style="padding: 0px; font-family: 'times new roman'; font-size: 10pt;">&#160;</td>
<td style="font: bold 10pt/normal 'times new roman'; padding: 0px; font-size-adjust: none; font-stretch: normal;">&#160;</td>
<td align="center" style="font: bold 10pt/normal 'times new roman'; padding: 0px; text-align: right; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td align="center" style="font: bold 10pt/normal 'times new roman'; padding: 0px; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td align="center" style="font: bold 10pt/normal 'Times New Roman'; padding: 0px 5px; text-align: center; white-space: nowrap; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td align="center" style="font: bold 10pt/normal 'times new roman', times, serif; padding: 0px; text-align: right; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: left; text-indent: 0px; font-stretch: normal; width: 71%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;Buildings</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; font-stretch: normal; width: 1%; background-color: #cceeff;">&#160;</td>
<td align="right" style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; font-stretch: normal; width: 12%; background-color: #cceeff;"><font style="font-family: 'times new roman', times;"><font>40</font> years</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; font-stretch: normal; width: 1%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; text-align: center; white-space: nowrap; font-stretch: normal; width: 1%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td align="right" style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right; vertical-align: bottom; white-space: nowrap; font-stretch: normal; width: 14%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font><font>0</font>%&#160;</font></font></td>
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<td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: left; text-indent: 0px; font-stretch: normal; width: 67px;">Decoration of buildings<br/></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; font-stretch: normal; width: 1px;">&#160;</td>
<td align="right" style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; font-stretch: normal; width: 11px;"><font style="font-family: 'times new roman', times;"><font>&#160;<font>10</font> years</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; font-stretch: normal; width: 1px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; text-align: center; white-space: nowrap; font-stretch: normal; width: 1px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td align="right" style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right; vertical-align: bottom; white-space: nowrap; font-stretch: normal; width: 9px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font><font>&#160;<font>0</font> %</font></font></font></td>
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<td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: left; text-indent: 0px; font-stretch: normal; width: 67%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Servers, computers and equipment</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; font-stretch: normal; width: 1%; background-color: #cceeff;"></td>
<td align="right" style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; font-stretch: normal; width: 11%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>3</font>&#160;years</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; font-stretch: normal; width: 1%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; text-align: center; white-space: nowrap; font-stretch: normal; width: 1%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td align="right" style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right; vertical-align: bottom; white-space: nowrap; font-stretch: normal; width: 9%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>0</font>%-<font>5</font>%</font></td>
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<td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: left; text-indent: 0px; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Furniture,&#160;fixture&#160;and&#160;office&#160;equipment&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; font-stretch: normal;"></td>
<td align="right" style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>5</font>&#160;years</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; text-align: center; white-space: nowrap; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td align="right" style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right; vertical-align: bottom; white-space: nowrap; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>0</font>%-<font>5</font>%</font></td>
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<td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: left; text-indent: 0px; font-stretch: normal; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Motor vehicles</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; font-stretch: normal; background-color: #cceeff;"></td>
<td align="right" style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; font-stretch: normal; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>4</font>&#160;years</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; font-stretch: normal; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; text-align: center; white-space: nowrap; font-stretch: normal; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td align="right" style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right; vertical-align: bottom; white-space: nowrap; font-stretch: normal; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>5</font>%</font></td>
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<td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: left; text-indent: 0px; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Leasehold improvements</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td align="center" style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right; vertical-align: bottom; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Shorter&#160;of&#160;lease&#160;term&#160;or&#160;<font>5</font>&#160;years</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; text-align: center; white-space: nowrap; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Expenditures for maintenance and repairs are expensed as incurred. The gain or loss on the disposal of property and equipment is the difference between the net sales proceeds and the carrying amount of the relevant assets and is recognized in the consolidated statements of operations.</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">All direct and indirect costs that are related to the construction of property and equipment and incurred before the assets are ready for their intended use are capitalized as construction in progress. Construction in progress is transferred to specific property and equipment items and depreciation of these assets commences when they are ready for their intended use.&#160;</font></p>
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<td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; width: 4%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b>(n)</b></font></td>
<td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; width: 96%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b>Business combinations</b></font></td>
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<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Business combinations are recorded using the purchase method of accounting, and the cost of an acquisition is measured as the aggregate of the fair values at the date of exchange of the assets given, liabilities incurred, and equity instruments issued as well as the contingent considerations and all contractual contingencies as of the acquisition date. The costs directly attributable to the acquisition are expensed as incurred. Identifiable assets, liabilities and contingent liabilities acquired or assumed are measured separately at their fair value as of the acquisition date, irrespective of the extent of any non-controlling interests. The excess of (i) the total of consideration of acquisition, fair value of the non-controlling interests and acquisition date fair value of any previously held equity interest in the subsidiary acquired over (ii) the fair value of the identifiable net assets of the subsidiary acquired is recorded as goodwill. If the consideration of acquisition is less than the fair value of the net assets of the subsidiary acquired, the difference is recognized directly in the consolidated statements of operations and comprehensive income.</font></p>
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<td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; width: 4%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b>(o)</b></font></td>
<td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; width: 96%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b>Intangible assets, net</b></font></td>
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<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;">Intangible assets mainly consist of brand names, operating rights for licensed games, software, operating rights for game broadcasting, domain names and technology. Identifiable intangible assets are carried at acquisition cost less accumulated amortization and impairment loss, if any. Finite-lived intangible assets are tested for impairment if impairment indicators arise. Amortization of finite-lived intangible assets is computed using the straight-line method over their estimated useful lives, which are as follows:<br/></p>
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<td style="text-indent: 10pt; padding-left: 10pt; font-family: 'times new roman'; font-size: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-family: 'times new roman'; font-size: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>&#160;</strong></font></td>
<td style="text-align: right; font-family: 'times new roman'; font-size: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>Estimated useful lives</strong></font></td>
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<td style="text-align: left; font-family: 'times new roman'; font-size: 10pt; vertical-align: top;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; font-size: 10pt; vertical-align: top;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; width: 49%; text-indent: 0px; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Brand names</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; width: 2%; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; width: 49%; text-align: right; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font><font>1</font>-<font>15</font> years</font></font></td>
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<td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; width: 49%; text-indent: 0px; font-stretch: normal;">Operating rights for licensed games<br/></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; width: 2%; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; width: 49%; text-align: right; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>&#160;Shorter&#160;of&#160;the&#160;economic&#160;life&#160;or&#160;license&#160;period&#160;of&#160;relevant&#160;online&#160;game</font></font></td>
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<td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; width: 49%; text-indent: 0px; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Software</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; width: 2%; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; width: 49%; text-align: right; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>3</font>&#160;-<font>5</font>&#160;years</font></td>
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<td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; width: 49%; text-indent: 0px; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Operating&#160;rights&#160;for&#160;game&#160;broadcasting</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; width: 2%; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; width: 49%; text-align: right; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>&#160;Over the contract terms</font></font></td>
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<td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; width: 49%; text-indent: 0px; font-stretch: normal;">Domain names</td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; width: 2%; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; width: 49%; text-align: right; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font><font>15</font> years&#160;</font></font></td>
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<td style="font: 10pt/normal 'times new roman'; padding: 0px; text-indent: 0px; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Technology</font></td>
<td style="font: 10pt/normal 'times new roman'; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt/normal 'times new roman'; text-align: right; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>5</font>&#160;years</font></td>
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<td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: left; text-indent: 0px; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Others</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-align: right; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>&#160;<font>3</font>-<font>5</font> years</font></font></td>
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<td style="padding-right: 0.8pt; font-family: 'times new roman'; width: 4%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b>(p)</b></font></td>
<td style="padding-right: 0.8pt; font-family: 'times new roman'; width: 96%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b>Impairment of long-lived assets</b></font></td>
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<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;">For long-lived assets other than investments and goodwill whose impairment is discussed elsewhere in the financial statements, the Group evaluates for impairment whenever events or changes (triggering events) indicate that the carrying amount of an asset may no longer be recoverable. The Group assesses the recoverability of the long-lived assets by comparing the carrying value of the long-lived assets to the estimated undiscounted future cash flows expected to receive from use of the assets and their eventual disposition. Such assets are considered to be impaired if the sum of the expected undiscounted cash flows is less than the carrying amount of the assets. The impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets. The Group tests impairment of long-lived assets at the reporting unit level when impairment indicator appeared and recognizes impairment in the event that the carrying value exceeds the fair value of each reporting unit.</p>
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<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;">The impairment charges of intangible assets recorded in general and administrative expenses for the years ended December 31, 2013, 2014 and 2015 were amounting to <font>nil</font>, RMB<font>5,697</font> and RMB<font>57,199</font>, respectively (Note 12).<br/></p>
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<td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; width: 4%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b>(q)</b></font></td>
<td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; width: 96%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b>Goodwill</b></font></td>
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<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Goodwill represents the excess of the purchase price over the amounts assigned to the fair value of the assets acquired and the liabilities assumed of an acquired business.&#160;</font></p>
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<td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; width: 4%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b>(r)</b></font></td>
<td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; width: 96%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b>Annual test for impairment of goodwill</b></font></td>
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<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Goodwill assessment for impairment is performed on at least an annual basis on October 1 or whenever events or changes in circumstances indicate that the carrying value of the asset may not be recoverable. The Group performs a two-step goodwill impairment test. The first step compares the fair values of each reporting unit to its carrying amount, including goodwill. If the fair value of a reporting unit exceeds its carrying amount, goodwill is not considered impaired and the second step will not be required. If the carrying amount of a reporting unit exceeds its fair value, the second step compares the implied fair value of the affected reporting unit's goodwill to the carrying value of that goodwill. The implied fair value of goodwill is determined in a manner similar to accounting for a business combination with the allocation of the assessed fair value determined in the first step to the assets and liabilities of the reporting unit. The excess of the fair value of the reporting unit over the amounts assigned to the assets and liabilities is the implied fair value of goodwill. This allocation process is only performed for purposes of evaluating goodwill impairment and does not result in an entry to adjust the value of any assets or liabilities. An impairment loss is recognized for any excess in the carrying value of goodwill over the implied fair value of goodwill. The judgment in estimating the fair value of reporting units includes estimating future cash flows, determining appropriate discount rates and making other assumptions. Changes in these estimates and assumptions could materially affect the determination of the fair value of each reporting unit.</font></p>
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<td style="text-align: justify; padding-right: 0.8pt; font-size: 10pt; width: 96%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b>Convertible bonds </b></font></td>
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<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 22.95pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0px 0px 0px 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">The Group determines the appropriate accounting treatment of its convertible bonds in accordance with the terms in relation to the conversion feature, call and put options, and beneficial conversion feature. After considering the impact of such features, the Group may account for such instrument as a liability in its entirety, or separate the instrument into debt and equity components following the respective guidance described under ASC 815 Derivatives and Hedging and ASC 470 Debt. The debt discount, if any, together with related issuance cost are subsequently amortized as interest expense, using the effective interest method, from the issuance date to the earliest conversion date.</font></p>
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<td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; width: 4%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b>(t)</b></font></td>
<td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; width: 96%;"><font style="font-size: 10pt;"><strong>Mezzanine equity and non-controlling interest</strong></font></td>
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<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Mezzanine equity</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;"></font><br/></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Mezzanine equity consists of non-controlling interests in certain subsidiaries with put option pursuant to which the non-controlling shareholders had the right to put their equity interests in certain subsidiaries to the Group at fair value if certain subsidiaries achieved specified performance milestones and met other pre-determined conditions before the expiry of the put option. Since the occurrence of the put was not solely within the Group's control, the Group classifies the non-controlling interests as mezzanine equity instead of permanent equity in the Group's consolidated financial statements.<br/> <br/>In accordance with ASC subtopic 480-10, the Group calculated, on an accumulative basis from the acquisition date, (i) the amount of accretion that would increase the balance of non-controlling interests to their estimated redemption value over the period from the date of acquisition to the earliest redemption date of the non-controlling interests and (ii) the amount of net (loss) / profit attributable to non-controlling shareholders of certain subsidiaries based on their ownership percentage. The carrying value of the non-controlling interests as mezzanine equity was adjusted by an accumulative amount equal to the higher of (i) and (ii).<br/> <br/>Non-controlling interest <br/> <br/>Non-controlling interests are recognized to reflect the portion of the equity of majority-owned subsidiaries and VIE's subsidiaries which is not attributable, directly or indirectly, to the controlling shareholder. Currently, the non-controlling interests in the Group's consolidated financial statements consist primarily of non-controlling interests for Engage L.P. and Shanghai Yilian.</font></p>
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<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;">The Group generates revenues from internet value-added services (&#147;IVAS&#148;), online education, online advertising and others. Revenues from IVAS are generated from online music and entertainment, online games, online dating, Huya broadcasting, membership subscription fees and other IVAS. Online education services consist of vocational training and language training courses. Online advertising revenues are primarily generated from sales of different forms of advertising on the Group's platform. Revenue is recognized when persuasive evidence of an arrangement exists, service has been rendered, the price is fixed or determinable and collection is reasonably assured.</p>
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<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;">The Group operates a virtual currency system, under which, the users can directly purchase virtual currency on YY Client's online community channels or pay membership subscription fees via online payment systems provided by third parties including payments using mobile phone, internet debit/credit card payment and other third party payment systems. The virtual currency can be converted into game tokens that can be used to purchase virtual items in online games (both developed by third parties and self-developed), or used directly to purchase virtual items on YY Client's online community channels or used to pay membership subscription fees. Virtual currency sold but not yet consumed by the purchasers is recorded as &#147;Advances from customers&#148; and upon conversion or being used, is recognized as revenue according to the respective prescribed revenue recognition policies addressed below:</p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"><b>(1) Online music and entertainment revenue</b></p>
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<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
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<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">These estimates are generally determined based on pricing strategies, market factors and strategic objectives. The Group recognizes revenue for each virtual item element in accordance with the applicable revenue recognition method.</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px; text-align: justify; text-indent: 0.5in; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b>(2)&#160;&#160;Online games revenue</b></font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">The Group generates revenues from offering virtual items in online games developed by third parties or the Group itself to gaming players. Historically, the majority of online games revenues for the three years ended December 31, 2013, 2014 and 2015 were derived from third parties developed games.</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Users play games through the Group's platform free of charge and are charged for purchases of virtual items including consumable and perpetual items, which can be utilized in the online games to enhance their game-playing experience. Consumable items represent virtual items that can be consumed by a specific user within a specified period of time. Perpetual items represent virtual items that are accessible to the users' account over the life of the online games.</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
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<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
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<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;<br/>There are <font>two</font> types of third party developed online games:<br/><br/>-<font style="white-space: pre;" class="Apple-tab-span"> </font>&#160; &#160; &#160;Non-exclusive third party developed games<br/>-<font style="white-space: pre;" class="Apple-tab-span"> </font>&#160; &#160; &#160;Exclusive third party developed games<br/><br/>Under the non-exclusive arrangement, game developers license the games to various platforms and the Group&#160;is only one of the platforms. Game developers will receive only revenue shared&#160;from the Group&#160;pursuant to the mutually agreed sharing percentage.<br/><br/>Under the exclusive arrangement, game developers only license the game to the Group as the&#160;exclusive licensee. The Group can sub-license the games to other platforms and receive a portion of revenue sharing from sub-licensees. In addition to the revenue shared to the game developers, the Group should also pay an exclusive license fee to the game developers.<br/><br/></font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><i>- &#160; &#160; &#160;Non-exclusive third party developed games</i></font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Pursuant to contracts signed between the Group and the respective game developers, revenues from the sale or conversion of game tokens for the purchase of in-game virtual items from online games developed by third parties are shared between the Group and the game developers based on a pre-agreed ratio for each game. These revenue-sharing contracts typically last for&#160;<font>one</font> to <font>two</font> years.</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">The third party developed games under non-exclusive licensing contracts are maintained and updated by the game developers. The Group views the game developers to be the Group's customers and considers the Group's responsibilities under the agreements with the game developers to offer certain standard promotions that include providing access to the platform, announcing the new games to users on the platform, and occasional advertising on the YY platform. The determination of whether to record these revenues using gross or net method is based on an assessment of various factors. The primary factors are whether the Group is acting as the principal in offering services to the game players or as agent in the transaction, and the specific requirement of each contract. The Group determined that for third party developed games, the third party game developers are the principals given the game developers design and develop the online game services offered, have reasonable latitude to establish prices of game tokens, and are responsible for maintaining and upgrading the game contents and virtual items. Accordingly, the Group records online games revenue, net of the pre-agreed portion of sharing of the revenues with the game developers.</font></p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Given that third party developed games under non-exclusive licensing contracts are managed&#160;and administered by the third party game developers, the Group does not have access to the data on the consumption details such as when the game token is spent on the virtual items or the types of virtual items (consumable or perpetual items) purchased by each individual game player. However, the Group maintains historical data on timing of the conversion of its virtual currency into game specific tokens and the amount of purchases of game tokens. The Group believes that its performance for, and obligation to, the game developers correspond to the game developers' services to the users. The Group has adopted a policy to recognize revenues relating to game tokens for third party developed games over the estimated user relationship period with the Group on a game-by-game basis, which is&#160;approximately <font>one</font> to <font>six</font> months for the periods presented. Future usage patterns may differ from historical usage patterns and therefore the estimated user relationship period with the Group may change in the future.</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">When the Group launches a new game, it estimates the user relationship period based on other similar types of games in the market until the new game establishes its own history. The Group considers the game's profile, attributes, target audience, and its appeal to players of different demographics groups in estimating the user relationship period.</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">The estimated user relationship period is based on data collected from those users who have acquired game tokens. To estimate the user relationship period, the Group maintains a system that captures the following information for each user: (a)&#160;the frequency that users log into each game via the Group's platform, and (b)&#160;the amount and the timing of when the users convert or charge his or her game tokens. The Group estimates the user relationship period for a particular game to be the date a player purchases or converts from virtual currency to a game token through the date the Group estimates the user plays the game for the last time. This computation is performed&#160;on a user by user basis. Then, the results for all analyzed users are averaged to determine an estimated end user relationship period for each game. Revenues from in-game payments of each month are recognized over the user relationship period estimated for that game.</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">The consideration of user relationship period with each online game is based on the Group's best estimate that takes into account all known and relevant information at the time of assessment. The Group assesses the estimated user relationship period for each game on a quarterly basis. Any adjustments arising from changes in the user relationship period as a result of new information will be accounted as a change in accounting estimate in accordance with ASC 250 Accounting Changes and Error Corrections.</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic;">&#160;<br/>-<font style="white-space: pre;" class="Apple-tab-span"> </font>&#160; &#160; &#160;Exclusive third party developed games<br/></font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><br/>Under certain exclusive arrangements, the Group&#160;pays additional license fees to the game developers as the Group is entitled to an exclusive right to operate third party developed games in specified geographic areas. Based on ASC 350-30-35-6, the Group has adopted an accounting policy to recognize the exclusive license fee as an intangible asset upon the commercial launch of the related online games. This intangible asset is&#160;amortized on a straight-line basis over the shorter of the economic life or license period of the relevant online game.<br/><br/>Pursuant to the exclusive licensing contracts signed between the Group and the third party game developers, the Group's responsibilities in operating the licensed games vary for each game. The determination of whether to record these revenues using gross or net method is based on an assessment of various factors, including but not limited to whether the Group (i) is&#160;the primary obligor in the arrangement; (ii) has latitude in establishing the selling price; (iii) changes the product or performs part of the service, (iv) has involvement in the determination of product and service specifications.<br/><br/>For the game license arrangements under which the Group takes primary responsibilities of game operation, including determining distribution and payment channels, providing customer services, hosting game servers, if needed, and controlling game and services specifications and pricing, the Group considered itself to be the principal in these arrangements. Accordingly, the Group records online games revenues from these third party licensed games on a gross basis. Commission fees paid to distribution channels and payment channels and content fees paid to third party game developers are recorded as cost of revenues.<br/><br/>For the game license arrangements under which the Group's responsibilities are limited to publishing, providing payment solutions and game operating advice, the Group views the game developers to be its customers and considers itself to be the agent in the arrangements. Accordingly, the Group records online games revenues from these third party licensed games, net of fees paid to third parties upon the provision of service.<br/><br/>Pursuant to the terms and conditions of certain online game exclusive license agreements entered into between game developers and the Group, the Group, as the exclusive licensee, could sublicense a non-exclusive, non-transferable and limited license to any third party without the prior formal consent of game developers. Under the non-exclusive and non-transferable limited license, the sub-licensee cannot further license the game to other platforms. The Group received monthly revenue-based royalty payments from all sub-licensees. The Group views the third-party sub-licensees operators as its customers and recognizes revenues on a net basis, as the Group does not have the primary responsibility for fulfillment and acceptability of the game services.<br/><br/>Similar to other online games, the exclusive third party developed games are free to play and players can pay for virtual items for better in-game experience. For exclusive third party games, the consumption details can be provided by third party developers or the Group has access to such data. Therefore, the Group recognizes revenues based on item-based model: (1) for consumable items, the revenue is recognized immediately upon consumption; (2) for perpetual items, the revenue is recognized ratably over the user relationship period of a specific game as described.&#160;The determination of user relationship period is the same as what is described in &#147;<em>Non-exclusive third party developed games</em>&#148; above.<br/><br/></font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><i>- Self-developed games</i></font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Revenues derived from self-developed games are recorded on a gross basis as the Group acts as a principal to fulfill all obligations.&#160;<font style="color: #000000; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;">Considering that revenues derived from self-developed games were immaterial to the Group for the years presented, the Group does not maintain information on consumption details of in-game virtual items, and only maintains limited information related to the frequency of log-ons for its self-developed games.&#160;</font>Given that certain historical data is not available, the Group uses the user relationship period of third party games with similar popularity, gaming experience and sales to determine the estimated period of user relationship for its self-developed games.&#160;</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b>(3)&#160;&#160;Other IVAS revenue</b></font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none;">Other IVAS revenue mainly represents revenue from sales of virtual items in various channels in YY platform, such as online dating and Huya broadcasting channels etc., membership subscription revenue, and other miscellaneous sales in YY platform</font>.</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
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<td style="font-size: 10pt; width: 4%;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><b>(ii)</b></font></td>
<td style="font-size: 10pt; width: 96%;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><b>Online education revenues</b></font></td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">&#160;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 20pt; text-align: justify;">Educational programs and services consist of vocational training and language training courses. The course fee is generally paid in advance and is initially recorded as deferred revenue. Revenue for regular courses is recognized proportionately as the classes are attended, and is reported net of scholarships and course fee refunds. Students are entitled to <font>one</font> trial class of the purchased course and course fee is fully refundable if a student decides not to take the remaining course after the trial class. No refund will be provided to a student who withdraws from a course after the trial period, and revenue is recognized for the amount collected. Course fee refunds were insignificant over the period presented.</p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 20pt; text-align: justify;">In addition to regular courses, the Company also provides a package of several regular courses to students, which has individual fair value in the market. Pursuant to the applicable accounting guidance, the Company has accounted for these course packages as a multiple-element arrangement because each individual course qualifies as a single unit of accounting, and allocated the course fee from the course package to each individual course in the package based on its relative fair value. The Company recognizes revenue equal to the fair value allocated to individual courses proportionately as the classes are attended.</p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 20pt; text-align: justify;">Students are granted a right to retake the courses at a substantial discount in the circumstances where the students fail to achieve certain score targets for some specific courses. The discount arrangement has a stand-alone value and qualifies as a separate unit of accounting under U.S GAAP. Therefore, the Company has accounted for those courses as a multiple-element arrangement and allocated a portion of the initial course fee to the substantial discount based on a breakage rate. The breakage rate is determined based on our historical data. The amount allocated to the substantial discount is deferred and recognized as revenue upon the expiration of the retaking right, which is generally<font> six</font> months after the end of the initial course term.</p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 20pt; text-align: justify;">The Company also sells pre-paid cards primarily to distributors. Pre-paid card sales represent prepaid service fees received from students for online courses. The prepaid service fee is recorded as deferred revenue upon receiving the upfront cash payment. Revenue is recognised on a gross basis based on the selling price of the distributors to the students and is recognized over the period the online course is available to the students, which generally is from the enrolment date to the completion of the relevant professional examination date.</p>

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<td style="padding-right: 0.8pt; font-family: 'times new roman'; width: 96%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b>Advertising revenues</b></font></td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
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<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
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<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><i>Transactions with third party advertising agencies</i></font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">For contracts entered into with third party advertising agencies, the third party advertising agencies will in turn sell the advertising services to advertisers. Revenue is recognized ratably over the contract period of display based on the following criteria:&#160;</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px; text-align: justify; text-indent: 0.5in; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
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<td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; vertical-align: top; width: 3%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#149;</font></td>
<td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; vertical-align: top; width: 0%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; vertical-align: top; width: 91%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">There is persuasive evidence that an arrangement exists&#151;the Group will enter into framework and execution agreements with the advertising agencies, specifying price, advertising content, format and timing.</font></td>
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<td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; vertical-align: top; width: 3%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#149;</font></td>
<td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; vertical-align: top; width: 0%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; vertical-align: top; width: 91%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Price is fixed or determinable&#151;price charged to the advertising agencies are specified in the agreements, including relevant discount and rebate rates.</font></td>
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<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px; text-align: justify; text-indent: 0.5in; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;&#160;</font></p>
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<td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; vertical-align: top; width: 3%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#149;</font></td>
<td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; vertical-align: top; width: 0%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; vertical-align: top; width: 91%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Services are rendered&#151;the Group recognizes revenue ratably as the element are delivered over the contract period of display.</font></td>
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<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px; text-align: justify; text-indent: 0.5in; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;&#160;</font></p>
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<td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; vertical-align: top; width: 3%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#149;</font></td>
<td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; vertical-align: top; width: 0%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; vertical-align: top; width: 91%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Collectability is reasonably assured&#151;the Group assesses credit history of each advertising agency before entering into any framework and execution agreements. If the collectability from the agencies is assessed as not reasonably assured, the Group recognizes revenue only when the cash is received and all the other revenue criteria are met.</font></td>
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<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">The Group provides sales incentives in the forms of discounts and rebates to third party advertising agencies based on purchase volume. As the advertising agencies are viewed as the customers in these transactions, revenue is recognized based on the price charged to the agencies, net of sales incentives provided to the agencies. Sales incentives are estimated and recorded at the time of revenue recognition based on the contracted rebate rates and estimated sales volume based on historical experience.</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><i>Transactions with advertisers</i></font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">The Group also enters into advertisement contracts directly with advertisers. Similar to transactions with third party advertising agencies, the Group recognizes revenue ratably as the elements are delivered over the contract period of display. The terms and conditions, including price, are fixed according to the contract between the Group and the advertisers. The Group also performs a credit assessment of all advertisers prior to entering into contracts. Revenue is recognized based on the amount charged to the advertisers, net of discounts.</font></p>
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<td style="padding-right: 0.8pt; font-family: 'times new roman'; width: 4%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b>(v)</b></font></td>
<td style="padding-right: 0.8pt; font-family: 'times new roman'; width: 96%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b>Advances from customers and deferred revenue</b></font></td>
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<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
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<td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; width: 4%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b>(w)</b></font></td>
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<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">The Group is subject to surcharges of business taxes and VAT, which are calculated based on <font>12</font>% of the business taxes and VAT paid&#160;for the years ended December 31, 2013, 2014 and 2015.</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">The Group reported business taxes and surcharges, and cultural development fees in cost of revenues.</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Based on the Group's corporate structure and the contractual arrangements among the Group's PRC subsidiaries, the Group's VIEs and their shareholders, the Group is effectively subject to <font>6</font>% or <font>17</font>% VAT and related surcharges on revenues generated by the Group's subsidiaries based on the Group's contractual arrangements entered into with the Group's VIEs.</font></p>
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<td style="padding-right: 0.8pt; font-family: 'times new roman'; width: 96%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b>Research and development expenses</b></font></td>
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<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Research and development expenses consist primarily of (i)&#160;salary and welfare for research and development personnel, (ii) share-based compensation for research and development personnel, (iii)&#160;rental expenses and (iv) depreciation of office premise and servers utilized by research and development personnel. Costs incurred during the research stage are expensed as incurred. Costs incurred in the development stage, prior to the establishment of technological feasibility, which is when a working model is available, are expensed when incurred.</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">The Company recognizes internal use software development costs in accordance with guidance on intangible assets and internal use software. This requires capitalization of qualifying costs incurred during the software's application development stage and to expense costs as they are incurred during the preliminary project and post implementation/operation stages. The Company has not capitalized any costs related to internal use software during the years ended December 31, 2013, 2014 and 2015, respectively.&#160;</font></p>
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<td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; width: 96%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b>Sales and marketing expenses</b></font></td>
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<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Sales and marketing expenses consist primarily of (i) advertising and market promotion expenses, (ii) salary and welfare for sales and marketing personnel, and (iii) <font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none;">rental expenses</font>. The advertising and market promotion expenses amounted to approximately RMB<font>8,054</font>, RMB<font>76,192</font>&#160;and RMB<font>253,210</font>&#160;during the years ended December 31, 2013, 2014 and 2015, respectively.&#160;</font></p>
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<td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; width: 96%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b>General and administrative expenses</b></font></td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;">General and administrative expenses consist primarily of (i)&#160;salary and welfare for general and administrative personnel, (ii) share based compensation for management and administrative personnel, and (iii) impairment charges of intangibles in relation to acquisitions.</p>
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<td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; width: 96%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b>Employee social security and welfare benefits</b></font></td>
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<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Employees of the Group in the PRC are entitled to staff welfare benefits including pension, work-related injury benefits, maternity insurance, medical insurance, unemployment benefit and housing fund plans through a PRC government-mandated multi-employer defined contribution plan. The Group is required to accrue for these benefits based on certain percentages of the employees' salaries, up to a maximum amount specified by the local government. The Group is required to make contributions to the plans out of the amounts accrued. The PRC government is responsible for the medical benefits and the pension liability to be paid to these employees and the Group's obligations are limited to the amounts contributed and no legal obligation beyond the contributions made. Employee social security and welfare benefits included as expenses in the accompanying statements of operations amounted to RMB<font>68,334</font>, RMB<font>115,012</font>&#160;and RMB<font>171,349</font>&#160;for the years ended December 31, 2013, 2014 and 2015, respectively.&#160;</font></p>
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<td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; width: 4%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b>(bb)</b></font></td>
<td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; width: 96%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b>Share based compensation</b></font></td>
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<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">The Company grants stock-based award, such as, but not limited to, share options, restricted shares, and restricted share units to eligible employees, officers, directors, and non-employee consultants.</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Awards granted to employees, officers, and directors are initially accounted for as equity-classified awards. The related share based compensation expenses are measured at the grant date fair value of the award and are recognized using the graded vesting method, net of estimated forfeiture rates, over the requisite service period, which is generally the vesting period. Forfeitures are estimated at the time of grant based on historical forfeiture rates and will be revised in the subsequent periods if actual forfeitures differ from those estimates. Duowan BVI also granted share options, restricted shares and restricted share units to non-employees, which are also initially accounted for as equity-classified awards. Awards granted to non-employees are initially measured at fair value on the grant date and periodically re-measured thereafter until the earlier of the performance commitment date or the date the service is completed and recognized over the period the service is provided. Awards are re-measured at each reporting date using the fair value as at each period end until the measurement date, generally when the services are completed and share-based awards are vested. Changes in fair value between the interim reporting dates are recorded in&#160;consistent with the method used in recognizing the original compensation costs.</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;&#160;</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Following the listing of the Company, the grant date fair value of share-based awards is based on stock price of the Company in the NASDAQ Global Market.</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;">&#160;<br/><font style="font-family: 'times new roman', times; font-size: 10pt;"></font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;">For an award with a performance and/or service condition that affects vesting, the performance and/or service condition is not considered in determining the award's fair value on the grant date. Performance and service conditions should be considered when the Company is estimating the quantity of awards that will vest. Compensation cost will reflect the number of awards that are expected to vest and will be adjusted to reflect those awards that do ultimately vest. The Group recognizes compensation cost for awards with performance conditions if and when the Group concludes that it is probable that the performance condition will be achieved, net of an estimate of pre-vesting forfeitures over the requisite service period. The Group reassesses the probability of vesting at each reporting period for awards with performance conditions and adjusts compensation cost based on its probability assessment, unless on certain situations, the Group may not be able to determine that it is probable that a performance condition will be satisfied until the event occurs.</p>
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<td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; width: 96%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b>Other income</b></font></td>
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<td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; width: 4%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b>(dd)</b></font></td>
<td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; width: 96%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b>Income taxes</b></font></td>
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<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
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<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><i>Uncertain tax positions</i></font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
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<td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; width: 4%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b>(ee)</b></font></td>
<td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; width: 96%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b>Statutory reserves</b></font></td>
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<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">The Group's subsidiaries, VIEs and VIE's subsidiaries established in the PRC are required to make appropriations to certain non-distributable reserve funds.</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">In accordance with the laws applicable to China's Foreign Investment Enterprises, the Group's subsidiaries registered as wholly-owned foreign enterprises have to make appropriations from its after-tax profit (as determined under the Accounting Standards for Business Enterprises as promulgated by the Ministry of Finance of the People's Republic of China (&#147;PRC GAAP&#148;)) to reserve funds including general reserve fund, and staff bonus and welfare fund. The appropriation to the general reserve fund must be at least <font>10</font>% of the after-tax profits calculated in accordance with PRC GAAP. Appropriation is not required if the reserve fund has reached <font>50</font>% of the registered capital of the company. Appropriation to the staff bonus and welfare fund is at the company's discretion.</font></p>
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<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">The use of the general reserve fund, statutory surplus fund and discretionary surplus fund are restricted to the off-setting of losses or increasing capital of the respective company. The staff bonus and welfare fund is a liability in nature and is restricted to fund payments of special bonus to staff and for the collective welfare of employees. All these reserves are not allowed to be transferred to the company in terms of cash dividends, loans or advances, nor can they be distributed except under liquidation.</font></p>
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<td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; width: 96%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b>Related parties</b></font></td>
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<td style="padding-right: 0.8pt; font-family: 'times new roman'; width: 4%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b>(jj)</b></font></td>
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<p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0pt 0px 0pt 23pt; text-align: justify;">&#160;</p>
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Certain risks and concentration<br></strong></div></th>
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<td style="padding-right: 0.8pt; text-align: justify; font-family: 'times new roman'; width: 4%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b>(a)</b></font></td>
<td style="padding-right: 0.8pt; text-align: justify; font-family: 'times new roman'; width: 96%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b>PRC regulations</b></font></td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Foreign ownership of internet-based businesses is subject to significant restrictions under the current PRC laws and regulations. The PRC government regulates internet access, the distribution of online information and the conduct of online commerce through strict business licensing requirements and other government regulations. These laws and regulations also limit foreign ownership in PRC companies that provide internet information distribution services. Specifically, foreign ownership in an internet information provider or other value-added telecommunication service providers may not exceed <font>50</font>%. Foreigners or foreign invested enterprises are currently not able to apply for the required licenses for operating online games in the PRC. The Company is incorporated in the Cayman Islands and accordingly, the Company is considered as a foreign invested enterprise under PRC law.</font></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">As mentioned in Note 1(e), in order to comply with the PRC laws restricting foreign ownership in the online business in China, the Group operates the online business in China through contractual arrangements with its principal VIE, namely Guangzhou Huaduo. As of December 31, 2015, Mr.&#160;David Xueling Li, CEO, Mr.&#160;Jun Lei, Chairman of the Company, Mr.&#160;Tony Bin Zhao, Mr. Jin Cao and Beijing Tuda own approximately <font>0.5</font>%, <font>0.44</font>%, <font>0.04</font>%, <font>0.02</font>% and <font>99</font>% of Guangzhou Huaduo's equity interests, respectively.&#160;</font></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Guangzhou Huaduo holds the licenses and permits necessary to conduct its internet value-added services and online advertising in the PRC. If the Company had direct ownership of the VIE, it would be able to exercise its rights as a shareholder to effect changes in the board of directors, which in turn could affect changes at the management level, subject to any applicable fiduciary obligations. However, under the current contractual arrangements, it relies on the VIE&#160;and its shareholders' performance of their contractual obligations to exercise effective control. In addition, the Group's contractual agreements have terms range from <font>10</font> to <font>30</font> years, which are subject to Beijing Huanju Shidai's unilateral termination right. Under the respective service agreements, Beijing Huanju Shidai will provide services including technology support, technology services, business support and consulting services to Guangzhou Huaduo in exchange for service fees. The amount of service fees payable is determined by various factors, including (a)&#160;a percentage of Guangzhou Huaduo's revenues or earnings, and (b)&#160;the expenses that Beijing Huanju Shidai incurs for providing such services. Beijing Huanju Shidai may charge up to <font>100</font>% of the income in Guangzhou Huaduo and a multiple of the expenses incurred for providing such services, as determined by Beijing Huanju Shidai from time to time. The service fees payable by Guangzhou Huaduo to Beijing Huanju Shidai are determined to be up to <font>100</font>% of the profits of Guangzhou Huaduo, with the timing of such payment to be determined at the sole discretion of Beijing Huanju Shidai. If fees were incurred, it would be significant to the Company and the operating companies' economic performance because it will be incurred and paid at up to 100% of the earnings of the VIE. Fees incurred would be remitted, subject to further PRC restrictions. None of the VIEs or their shareholders are entitled to terminate the contracts prior to the expiration date, unless under remote circumstances such as a material breach of agreement or bankruptcy as it pertains to the service and business operation agreements and their amendment. For the years ended December 31,2013, 2014 and 2015, Guangzhou Huanju Shidai and Beijing Huanju Shidai determined that service fees of RMB<font>31,153</font>, RMB<font>363,117</font>&#160;and RMB<font>274,285</font>&#160;were charged to Guangzhou Huaduo. The service fees are typically determined based on the costs and expenses that WOFEs incurs for providing relevant technology support to Guangzhou Huaduo, as well as the consideration of Guangzhou Huaduo's future business development plan and its increasingly growing and diverse operational needs.</font></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">As of Decmber 31, 2015, Beijing Tuda and Bilin Online, as the Group's VIEs, still have no substantial business operation. Therefore no service fees were charged by Beijing Huanju Shidai and Bilin Changxiang respectively for the periods presented as both of the <font>two</font> VIEs have accumulated losses since inception.</font></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Further, the Group believes that the contractual arrangements among Beijing Huanju Shidai&#160;and Bilin Changxiang, the VIEs, and their shareholders are in compliance with PRC law and are legally enforceable. However, the PRC government may issue from time to time new laws or new interpretations on existing laws to regulate this industry. Regulatory risk also encompasses the interpretation by the tax authorities of current tax laws, and the Group's legal structure and scope of operations in the PRC, which could be subject to further restrictions resulting in limitations on the Company's ability to conduct business in the PRC. The PRC government may also require the Group&#160;to restructure the Group's operations entirely if it finds that its contractual arrangements do not comply with applicable laws and regulations. Furthermore, it could revoke the Group's business and operating licenses, require it to discontinue or restrict its operations, restrict its right to collect revenues, block its website, require it to restructure its operations, impose additional conditions or requirements with which the Group may not be able to comply, or take other regulatory or enforcement actions against the Group that could be harmful to its business. The imposition of any of these penalties may result in a material and adverse effect on the Group's ability to conduct the Group's business. In addition, if the imposition of any of these penalties causes the Group to lose the rights to direct the activities of the VIEs or the right to receive their economic benefits, the Group would no longer be able to consolidate the VIEs and VIE's subsidiaries. The Group does not believe that any penalties imposed or actions taken by the PRC government would result in the liquidation of the Company, Beijing Huanju Shidai&#160;and Bilin Changxiang, and the VIEs.&#160;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font><br/></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">On January 19, 2015, the Ministry of Commerce of the PRC, or (the &#147;MOFCOM&#148;) released on its Website for public comment a proposed PRC law (the &#147;Draft FIE Law&#148;) that appears to include VIEs within the scope of entities that could be considered to be foreign invested enterprises (or &#147;FIEs&#148;) that would be subject to restrictions under existing PRC law on foreign investment in certain categories of industry. Specifically, the Draft FIE Law introduces the concept of &#147;actual control&#148; for determining whether an entity is considered to be an FIE. In addition to control through direct or indirect ownership or equity, the Draft FIE Law includes control through contractual arrangements within the definition of &#147;actual control.&#148; If the Draft FIE Law is passed by the People's Congress of the PRC and goes into effect in its current form, these provisions regarding control through contractual arrangements could be construed to reach the Group's VIE arrangements, and as a result the Group's VIEs could become explicitly subject to the current restrictions on foreign investment in certain categories of industry. The Draft FIE Law includes provisions that would exempt from the definition of foreign invested enterprises entities where the ultimate controlling shareholders are either entities organized under PRC law or individuals who are PRC citizens. The Draft FIE Law does not make clear how &#147;control&#148; would be determined for such purpose, and is silent as to what type of enforcement action might be taken against existing VIEs that operate in restricted industries and are not controlled by entities organized under PRC law or individuals who are PRC citizens. If a finding were made by PRC authorities, under existing law and regulations or under the Draft FIE Law if it becomes effective, that the Group's operation of certain of its businesses through VIEs violates the Draft FIE Law, regulatory authorities with jurisdiction over the licensing and operation of such operations and businesses may require the Group to take various actions as discussed in the paragraph above.</font> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">The Group's management considers the possibility of such a finding by PRC regulatory authorities under the Draft VIE law, if it becomes effective, to be remote.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">The following consolidated financial information of the Group's VIEs and VIE's subsidiaries excluding the intercompany items with the Group's subsidiaries was included in the accompanying consolidated financial statements as of and for the years ended:&#160;</font></p>
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<td style="font: 10pt times new roman, times, serif; text-align: center; vertical-align: bottom; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: right; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">Current assets</font></td>
<td style="font-size: 10pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<td style="font-size: 10pt; text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: right; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman'; width: 70%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Cash and cash equivalents</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; width: 1%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; width: 1%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; width: 12%; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">305,405</font></font></td>
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<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px; width: 1%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; width: 12%; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">403,722</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px; width: 1%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">1,002,020</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">250,000</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">100,000</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">110,000</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">Accounts receivable, net</font></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">243,529</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">127,365</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; padding: 0px; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Inventory</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">1,445</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">14,385</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">Amounts due&#160;from related&#160;parties</font></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">43,816</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">5,164</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Prepayments&#160;and&#160;other&#160;current&#160;assets</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">113,939</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">117,536</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; padding: 0px; text-indent: 0px; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">Deferred tax assets</font></td>
<td style="font: 10pt times new roman, times, serif; padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">85,004</font></font></td>
<td style="padding: 0px; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding: 0px; font-family: 'times new roman'; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">87,492</font></font></td>
<td style="padding: 0px; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; padding: 0px; text-indent: 0px; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Total current assets</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding-bottom: 1pt; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">1,895,158</font></font></td>
<td style="padding: 0px; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding: 0px; font-family: 'times new roman'; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">1,115,664</font></font></td>
<td style="padding: 0px; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-size: 10pt; text-indent: 0px; padding: 0px; font-family: 'times new roman'; vertical-align: top; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left; white-space: nowrap; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; padding: 0px; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Non-current assets</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: right; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; white-space: nowrap; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: right; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">Deferred tax assets</font></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">1,392</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">3,363</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; padding: 0px; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Investments</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">63,220</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">285,292</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">Property and equipment, net</font></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">227,372</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">292,340</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Intangible assets, net</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">133,888</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">110,214</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; padding: 0px; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">Goodwill</font></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">298,802</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">136,066</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; padding: 0px; text-indent: 0px; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Other non-current assets</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding-bottom: 1pt; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">31,520</font></font></td>
<td style="padding: 0px; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding: 0px; font-family: 'times new roman'; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">1,932,356</font></font></td>
<td style="padding: 0px; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; padding: 0px; text-indent: 0px; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">Total non-current assets</font></td>
<td style="font: 10pt times new roman, times, serif; padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">756,194</font></font></td>
<td style="padding: 0px; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding: 0px; font-family: 'times new roman'; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">2,759,631</font></font></td>
<td style="padding: 0px; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; padding: 0px; text-indent: 0px; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding-bottom: 1pt; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"></font></td>
<td style="padding: 0px; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding: 0px; font-family: 'times new roman'; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"></font></td>
<td style="padding: 0px; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"></font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; padding: 0px; text-indent: 0px; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">Total assets</font></td>
<td style="font: bold 10pt times new roman, times, serif; padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"><strong><font><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: normal;">2,651,352</font></font></strong></td>
<td style="padding: 0px; font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap;"><strong><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></strong></td>
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding: 0px; font-family: 'times new roman'; white-space: nowrap;"><strong><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></strong></td>
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"><strong><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></strong></td>
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"><strong><font><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: normal;">3,875,295</font></font></strong></td>
<td style="padding: 0px; font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap;"><strong><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></strong></td>
</tr>

</table>
</div>
</div>

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<table style="border-collapse: collapse; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; width: 95%; /* margin-left: 23pt;" cellpadding="0" cellspacing="0">

<tr style="vertical-align: bottom; background-color: white;">
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="color: #000000; font-style: normal; font-variant: normal; font-weight: bold; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;"></font></font></td>
<td style="font-size: 10pt; font-family: 'times new roman';"></td>
<td style="font-size: 10pt; font-family: 'times new roman'; text-align: center; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" colspan="6"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="color: #000000; font-style: normal; font-variant: normal; font-weight: bold; letter-spacing: normal; line-height: normal; orphans: auto; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;">December&#160;31,</font><font style="color: #000000; font-style: normal; font-variant: normal; font-weight: bold; letter-spacing: normal; line-height: normal; orphans: auto; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;">&#160;</font><font style="color: #000000; font-style: normal; font-variant: normal; font-weight: bold; letter-spacing: normal; line-height: normal; orphans: auto; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;">&#160;</font><font style="color: #000000; font-style: normal; font-variant: normal; font-weight: bold; letter-spacing: normal; line-height: normal; orphans: auto; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;">&#160;</font><font style="color: #000000; font-style: normal; font-variant: normal; font-weight: bold; letter-spacing: normal; line-height: normal; orphans: auto; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;">&#160;</font></font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman';"></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="color: #000000; font-style: normal; font-variant: normal; font-weight: bold; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;"></font></font></td>
<td style="font-size: 10pt; font-family: 'times new roman';"></td>
<td style="font-size: 10pt; font-family: 'times new roman'; text-align: right;" colspan="2"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: bold; letter-spacing: normal; line-height: normal; orphans: auto; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;">2014</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; text-align: center;"></td>
<td style="font-size: 10pt; font-family: 'times new roman'; text-align: center;"></td>
<td style="font-size: 10pt; font-family: 'times new roman'; text-align: right;" colspan="2"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: bold; letter-spacing: normal; line-height: normal; orphans: auto; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;">2015</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; text-align: center;"></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; padding: 0px; font-family: 'times new roman'; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="color: #000000; font-style: normal; font-variant: normal; font-weight: bold; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;"></font></font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; text-align: center;"></td>
<td style="font-size: 10pt; font-family: 'times new roman'; text-align: right;" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">RMB</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman';"></td>
<td style="font-size: 10pt; font-family: 'times new roman';"></td>
<td style="font-size: 10pt; font-family: 'times new roman'; text-align: right;" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">RMB</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman';"></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; padding: 0px; font-family: 'times new roman'; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; text-align: right;" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; text-align: right;" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="color: #000000; font-style: normal; font-variant: normal; font-weight: bold; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;">Liabilities</font></font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"></font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"></font></td>
<td style="font-size: 10pt; text-align: right; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"></font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"></font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"></font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"></font></td>
<td style="font-size: 10pt; text-align: right; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"></font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"></font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">Current liabilities</font></td>
<td style="font-size: 10pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: right; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: right; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman'; width: 70%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Accounts payable</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; width: 1%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; width: 1%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; width: 12%; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">101,160</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; width: 1%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; width: 1%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; width: 1%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; width: 12%; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">108,500</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; width: 1%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">Deferred revenue</font></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman';"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">354,987</font></font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman';"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">385,300</font></font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Advances from customers</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">25,897</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">45,189</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">Income taxes payable</font></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman';"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">65,162</font></font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman';"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">80,978</font></font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Accrued liabilities and other current liabilities</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">357,464</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">579,760</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; padding: 0px; text-indent: 0px; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">Amounts due to related parties</font></td>
<td style="font: 10pt times new roman, times, serif; padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman';"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">30,892</font></font></td>
<td style="padding-bottom: 1pt; font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman';"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">23,684</font></font></td>
<td style="padding-bottom: 1pt; font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-size: 10pt; text-indent: 0px; padding: 0px; font-family: 'times new roman'; vertical-align: top; text-align: left; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; padding: 0px; text-indent: 0px; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">Total current liabilities</font></td>
<td style="font: 10pt times new roman, times, serif; padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman';"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">935,562</font></font></td>
<td style="padding-bottom: 1pt; font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman';"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">1,223,411</font></font></td>
<td style="padding-bottom: 1pt; font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-size: 10pt; text-indent: 0px; padding: 0px; font-family: 'times new roman'; vertical-align: top; text-align: left; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; padding: 0px; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">Non-current liabilities</font></td>
<td style="font-size: 10pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: right; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: right; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; padding: 0px; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Long-term payable</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">183,000</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">-</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; padding: 0px; text-indent: 0px; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">Deferred revenue</font></td>
<td style="font: 10pt times new roman, times, serif; padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman';"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">24,383</font></font></td>
<td style="padding-bottom: 1pt; font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman';"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">20,752</font></font></td>
<td style="padding-bottom: 1pt; font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Deferred&#160;tax liabilities</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; background-color: #cceeff; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; background-color: #cceeff; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">26,709</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; background-color: #cceeff; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; background-color: #cceeff; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">12,592</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-size: 10pt; text-indent: 0px; padding: 0px; font-family: 'times new roman'; vertical-align: top; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; padding: 0px; text-indent: 0px; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Total non-current liabilities</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding-bottom: 1pt; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">234,092</font></font></td>
<td style="padding-bottom: 1pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding-bottom: 1pt; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">33,344</font></font></td>
<td style="padding-bottom: 1pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-size: 10pt; text-indent: 0px; padding: 0px; font-family: 'times new roman'; vertical-align: top; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; padding: 0px; text-indent: 0px; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Total liabilities</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding-bottom: 1pt; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; background-color: #cceeff; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; background-color: #cceeff; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">1,169,654</font></font></td>
<td style="padding-bottom: 1pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding-bottom: 1pt; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; background-color: #cceeff; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; background-color: #cceeff; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">1,256,755</font></font></td>
<td style="padding-bottom: 1pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>

</table>
</div>
</div>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<div style="margin-left: 23pt;">
<div class="CursorPointer">
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; width: 95%; /* margin-left: 30.6666660308838px;">

<tr style="vertical-align: bottom;">
<td style="font-size: 10pt; text-align: center; font-family: 'times new roman';"></td>
<td style="font: bold 10pt times new roman, times, serif; padding-bottom: 1pt; font-family: 'times new roman';"></td>
<td style="font: bold 10pt times new roman, times, serif; text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important;" colspan="10"><font style="font-family: 'times new roman', times; font-size: 10pt;">For&#160;the&#160;year&#160;ended&#160;December&#160;31,</font></td>
<td style="padding-bottom: 1pt; font: bold 10pt times new roman, times, serif; font-family: 'times new roman';"></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-size: 10pt; text-align: center; font-family: 'times new roman';"></td>
<td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman';"></td>
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-align: right;" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;">2013</font></td>
<td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman';"></td>
<td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman';"></td>
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-align: right;" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;">2014</font></td>
<td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-align: right;" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;">2015</font></td>
<td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-size: 10pt; text-align: center; font-family: 'times new roman';"></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman';"></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-align: right;" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;">RMB</font></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman';"></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman';"></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-align: right;" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;">RMB</font></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-align: right;" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;">RMB</font></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top;"></td>
<td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top;" colspan="2"></td>
<td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"></td>
<td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top;" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top;" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman'; width: 55%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Net revenues</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; width: 12%;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">1,669,852</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; padding: 0px; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; width: 12%;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">3,543,994</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; padding: 0px; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; width: 12%;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">5,821,305</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">Net income</font></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">486,095</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">1,136,570</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">1,267,111</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>

</table>
</div>
</div>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"><br/></p>
<div>
<div class="CursorPointer">
<div style="margin-left: 23pt;">
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; width: 95%; /* margin-left: 23pt;">

<tr style="vertical-align: bottom;">
<td style="font-size: 10pt; text-align: center; font-family: 'times new roman'; padding: 0px;"></td>
<td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"></td>
<td style="font: bold 10pt times new roman, times, serif; text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;" colspan="10"><font style="font-family: 'times new roman', times; font-size: 10pt;">For&#160;the&#160;year&#160;ended&#160;December&#160;31,</font></td>
<td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-size: 10pt; text-align: center; font-family: 'times new roman'; padding: 0px;"></td>
<td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"></td>
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right;" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;">2013</font></td>
<td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"></td>
<td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"></td>
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right;" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;">2014</font></td>
<td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right;" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;">2015</font></td>
<td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-size: 10pt; text-align: center; font-family: 'times new roman'; padding: 0px;"></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right;" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;">RMB</font></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right;" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;">RMB</font></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right;" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;">RMB</font></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;"></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;" colspan="2"></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px; width: 55%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Net&#160;cash&#160;provided&#160;by&#160;operating&#160;activities</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; width: 1%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; width: 1%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 12%; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">845,198</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; width: 1%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; white-space: nowrap; width: 1%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; width: 1%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 12%; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">1,313,521</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; width: 1%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; white-space: nowrap; width: 1%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; width: 1%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 12%; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">2,164,953</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; width: 1%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Net cash used in investing activities</font></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(592,390</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">)</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(994,574</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">)</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(2,251,207</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;">)</td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px; width: 20px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Net&#160;cash&#160;provided&#160;by&#160;financing&#160;activities</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; width: 20px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; width: 20px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; width: 20px; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>-</font></font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 20px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; white-space: nowrap; width: 20px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; width: 20px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; width: 20px; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>-</font></font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 20px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; white-space: nowrap; width: 20px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; width: 20px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; width: 20px; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>704,298</font></font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 20px; background-color: #cceeff;">&#160;</td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-size: 10pt; text-indent: 0px; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">252,808</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">318,947</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><br/></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">618,044</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><br/></td>
</tr>

</table>
</div>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</div>
</div>
</div>

<div class="CursorPointer">
<table cellspacing="0" cellpadding="0" style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; border-collapse: collapse; width: 100%;">

<tr style="vertical-align: top;">
<td style="padding-right: 0.8pt; font-family: 'times new roman'; width: 4%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b>(b)</b></font></td>
<td style="padding-right: 0.8pt; font-family: 'times new roman'; width: 96%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b>Foreign exchange risk</b></font></td>
</tr>

</table>
</div>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">The revenues and expenses of the Group's subsidiaries, VIEs and VIE's subsidiaries in the PRC are generally denominated in RMB and their assets and liabilities are denominated in RMB. The Group's financing activities are denominated in U.S. dollars. The RMB is not freely convertible into foreign currencies. Remittances of foreign currencies into the PRC and exchange of foreign currencies into RMB require approval by foreign exchange administrative authorities and certain supporting documentation. The State Administration for Foreign Exchange, under the authority of the People's Bank of China, controls the conversion of RMB into other currencies.&#160;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<div class="CursorPointer">
<table cellspacing="0" cellpadding="0" style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; border-collapse: collapse; width: 100%;">

<tr style="vertical-align: top;">
<td style="padding-right: 0.8pt; text-align: justify; font-family: 'times new roman'; width: 4%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b>(c)</b></font></td>
<td style="padding-right: 0.8pt; text-align: justify; font-family: 'times new roman'; width: 96%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b>Concentration risk</b></font></td>
</tr>

</table>
</div>
<p style="margin: 0; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<div class="CursorPointer">
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<tr style="vertical-align: top;">
<td style="text-align: justify; font-family: 'times new roman'; width: 4%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b>(i)</b></font></td>
<td style="text-align: justify; width: 96%;">
<p style="margin: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b>Concentration of revenue</b></font></p>
</td>
</tr>

</table>
</div>
<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; /* margin-top: 0pt; *//* margin-bottom: 0pt; */margin: 0pt 0 0pt 4%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">No individual customer accounted for more than 10% of net revenues for the years ended December 31, 2013, 2014 and 2015. &#160;&#160;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<div class="CursorPointer">
<table cellspacing="0" cellpadding="0" style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; border-collapse: collapse; width: 100%;">

<tr style="vertical-align: top;">
<td style="padding-right: 0.8pt; font-family: 'times new roman'; width: 4%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b>(ii)</b></font></td>
<td style="padding-right: 0.8pt; font-family: 'times new roman'; width: 96%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b>Concentration of accounts receivable</b></font></td>
</tr>

</table>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
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<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: right; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; white-space: nowrap; text-align: right; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; white-space: nowrap; text-align: right; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><br/></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; text-align: right; background-color: #cceeff;"><font>12</font></td>
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<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;">*</td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; text-align: right;"><font><font>11</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 0px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">%&#160;</font></td>
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<td style="width: 2%; padding-right: 0.8pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">*</font></td>
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<div><font style="font-size: 10pt; font-family: 'times new roman', times;">Less than 10%</font></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
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<td style="padding-right: 0.8pt; font-family: 'times new roman'; width: 4%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b>(d)</b></font></td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">As of December 31, 2014 and 2015, substantially all of the Group's cash and cash equivalents and short-term deposits were placed with the PRC and international financial institutions. Management chooses these institutions because of their reputations and track records for stability, and their known large cash reserves, and management periodically reviews these institutions' reputations, track records, and reported reserves. Management expects that any additional institutions that the Group uses for its cash and bank deposits will be chosen with similar criteria for soundness. Nevertheless under the PRC law, it is required that a commercial bank in the PRC that holds third party cash deposits should maintain a certain percentage of total customer deposits taken in a statutory reserve fund for protecting the depositors' rights over their interests in deposited money. PRC banks are subject to a series of risk control regulatory standards; PRC bank regulatory authorities are empowered to take over the operation and management of any PRC bank that faces a material credit crisis. The Group believes that it is not exposed to unusual risks as these financial institutions are either PRC banks or international banks with high credit quality. The Group had not experienced any losses on its deposits of cash and cash equivalents and term deposits during the years ended December 31, 2013, 2014 and 2015 and believes that its credit risk to be minimal.</font></p>
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Business combination<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2015</div></th></tr>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_BusinessCombinationsAbstract', window );"><strong>Business combination [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_BusinessCombinationDisclosureTextBlock', window );">Business combination</a></td>
<td class="text"><div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';">
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<td style="padding-right: 0.8pt; font-family: 'times new roman'; width: 4%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b>4.</b></font></td>
<td style="padding-right: 0.8pt; font-family: 'times new roman'; width: 96%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b>Business combination</b></font></td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="text-align: justify; margin: 0pt 0px 0pt 0.25in; font: 10pt Times New Roman, Times, Serif;"><i>Acquisition of 100 Online and Beijing DuBooker Culture Communication Co., Ltd. (&#147;DuBooker")</i></p>
<p style="text-align: justify; margin: 0pt 0px 0pt 23pt; font: 10pt Times New Roman, Times, Serif;">&#160;</p>
<p style="text-align: justify; margin: 0pt 0px 0pt 0.25in; font: 10pt Times New Roman, Times, Serif;">On December 2, 2014, the Group acquired <font>100</font>% of the equity interests of 100 Online and DuBooker for a fixed cash consideration of RMB<font>60</font> million, plus additional variable cash consideration that is contingent upon the achievement of pre-established performance metrics. 100 Online is primarily engaged in providing a variety of online English courses specialising in the preparation of International English Language Testing System ("IELTS") to registered students through online education platforms, and DuBooker is primarily engaged in the publishing of a variety of teaching materials relevant to language education. The purpose of the acquisition was to strengthen the Group's competitive advantages in China's online education business. On the acquisition date, the allocation of the consideration of the assets acquired and liabilities assumed based on their fair value was as follows:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;"></font><br/></p>
<p style="text-align: justify; margin: 0pt 0px 0pt 0.25in; font: 10pt Times New Roman, Times, Serif;"><i>Acquisition of 100 Online and DuBooker (continued)</i></p>
<p style="text-align: justify; margin: 0pt 0px 0pt 23pt; font: 10pt Times New Roman, Times, Serif;"><i>&#160;</i></p>
<div>
<div style="/* margin-left: 0.25in;">
<p style="text-align: justify; margin: 0pt 0px 0pt 23pt; font: 10pt Times New Roman, Times, Serif;"><i></i><br/></p>
<div style="margin-left: 0.25in;">
<table style="width: 96%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; /* margin-left: 0.25in;" cellspacing="0" cellpadding="0">

<tr style="vertical-align: bottom;">
<td>&#160;</td>
<td style="font-weight: bold;">&#160;</td>
<td style="text-align: right; font-weight: bold;" colspan="2">RMB</td>
<td style="font-weight: bold;">&#160;</td>
</tr>
<tr style="vertical-align: bottom;">
<td>&#160;</td>
<td>&#160;</td>
<td colspan="2">&#160;</td>
<td>&#160;</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="text-align: left; text-indent: -10pt; padding-left: 10pt; width: 85%;">Cash consideration</td>
<td style="width: 1%;">&#160;</td>
<td style="text-align: left; width: 1%;">&#160;</td>
<td style="text-align: right; width: 12%;"><font>60,000</font></td>
<td style="text-align: left; width: 1%;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt;">Contingent consideration</td>
<td style="padding-bottom: 1pt;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;"><font>183,000</font></td>
<td style="text-align: left; padding-bottom: 1pt;">&#160;</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="text-align: left; padding-bottom: 2.5pt; text-indent: -10pt; padding-left: 10pt; font-weight: bold;">Total consideration</td>
<td style="padding-bottom: 2.5pt;">&#160;</td>
<td style="border-bottom: black 2.5pt double; text-align: left;">&#160;</td>
<td style="border-bottom: black 2.5pt double; text-align: right;"><font>243,000</font></td>
<td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-indent: -10pt; padding-left: 10pt;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="text-align: left; text-indent: -10pt; padding-left: 10pt;">Net assets acquired</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;"><font>1,882</font></td>
<td style="text-align: left;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -10pt; padding-left: 10pt;">Identifiable&#160;intangible&#160;assets&#160;acquired</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="text-align: left; text-indent: -0.25in; padding-left: 41pt;"><font style="font-family: Times New Roman, Times, Serif;">-&#160;&#160;&#160;<font style="font-size: 10pt;">Brand names</font></font></td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;"><font>42,000</font></td>
<td style="text-align: left;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-indent: -0.25in; padding-left: 41pt;">-&#160;&#160;&#160;Others</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;"><font>18,300</font></td>
<td style="text-align: left;">&#160;</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="text-indent: -10pt; padding-left: 10pt;">Goodwill</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;"><font>195,893</font></td>
<td style="text-align: left;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt;">Deferred tax liabilities</td>
<td style="padding-bottom: 1pt;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;"><font>(15,075</font></td>
<td style="text-align: left; padding-bottom: 1pt;">)</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="padding-bottom: 2.5pt; text-indent: -10pt; padding-left: 10pt; font-weight: bold;">Total</td>
<td style="padding-bottom: 2.5pt;">&#160;</td>
<td style="border-bottom: black 2.5pt double; text-align: left;">&#160;</td>
<td style="border-bottom: black 2.5pt double; text-align: right;"><font>243,000</font></td>
<td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td>
</tr>

</table>
</div>
</div>
</div>
<p style="text-align: justify; margin: 0pt 0px 0pt 23pt; font: 10pt Times New Roman, Times, Serif;">&#160;</p>
<p style="text-align: justify; margin: 0pt 0px 0pt 0.25in; font: 10pt Times New Roman, Times, Serif;">The agreements for the acquisition of 100 Online included a contingent consideration arrangement that required additional consideration to be paid by the Group based on the actual net profit of 100 Online for years 2015 through 2017 as compared to the pre-established performance metrics as stipulated in the agreements. The undiscounted amounts the Company shall pay when the net profit of 100 Online from 2015 through 2017 equals to <font>100</font>% of the performance metrics is RMB<font>240</font> million. The actual contingent payments would be adjusted based on the degree of how the actual net profit is higher or lower than the performance metrics from 2015 through 2017. The fair value of the contingent consideration recognized on the acquisition date of RMB<font>183</font> million was determined by the Company using the Trinomial Tree model. Under this model, the Company performs scenario analysis by assuming different scenarios under which 100 Online achieves different actual net profit for years 2015 through 2017. Under different scenarios, the amount of contingent consideration differs according to the stipulation in the agreements. The Company then calculated the fair value of the contingent consideration based on the net present value of the total contingent consideration under different scenarios and the expected probability of each scenario. Please refer to note 25 for the key parameters adopted in the valuation.</p>
<p style="text-align: justify; margin: 0pt 0px 0pt 23pt; font: 10pt Times New Roman, Times, Serif;">&#160;</p>
<p style="text-align: justify; margin: 0pt 0px 0pt 0.25in; font: 10pt Times New Roman, Times, Serif;">The business combination was completed on December 2, 2014. The excess of the purchase price over tangible assets, identifiable intangible assets acquired, and liabilities assumed was recorded as goodwill. The acquired identifiable intangible assets were valued by various approaches, including the income approach and the replacement cost approach, as appropriate. As of December 31, 2014 and 2015, no measurement period adjustment had been recorded. Acquisition related costs were immaterial and were included in general and administrative expenses for the year ended December&#160;31, 2014.</p>
<p style="text-align: justify; margin: 0pt 0px 0pt 23pt; font: 10pt Times New Roman, Times, Serif;">&#160;</p>
<p style="text-align: justify; margin: 0pt 0px 0pt 0.25in; font: 10pt Times New Roman, Times, Serif;">Pro forma results of operations related to the acquisition have not been presented because they are not material to the Group's consolidated statements of operations and comprehensive income.</p>
<p style="text-align: justify; margin: 0pt 0px 0pt 23pt; font: 10pt Times New Roman, Times, Serif;">&#160;</p>
<p style="text-align: justify; margin: 0pt 0px 0pt 0.25in; font: 10pt Times New Roman, Times, Serif;">There were no indemnification assets involved. Total identifiable intangible assets acquired upon acquisition mainly included brand names, cooperation agreements, copyrights of teaching materials and non-compete agreements, which have an estimated useful life of <font>nine</font>, <font>three</font>, <font>five</font> and <font>five </font>years, respectively. Total goodwill of RMB<font>196</font> million primarily represents the expected synergies from combining operations of 100 Online and Dubooker with those of the Group, which were expected to be complementary to each other. In accordance with ASC350, goodwill is not amortized but is tested for impairment and is not deductible for tax purposes.</p>
<p style="text-align: justify; margin: 0pt 0px 0pt 0.25in; font: 10pt Times New Roman, Times, Serif;"><br/></p>
<p style="text-align: justify; margin: 0pt 0px 0pt 0.25in; font: 10pt Times New Roman, Times, Serif;"><i>Acquisition of Xingxue and Beijing Huanqiu Chuangzhi Software Co., Ltd. (&#147;Chuangzhi&#148;)</i></p>
<p style="text-align: justify; margin: 0pt 0px 0pt 23pt; font: 10pt Times New Roman, Times, Serif;">&#160;</p>
<p style="text-align: justify; margin: 0pt 0px 0pt 0.25in; font: 10pt Times New Roman, Times, Serif;">On December 23, 2014, the Group acquired <font>100</font>% of the equity interests of Xingxue and Chuangzhi for a fixed cash consideration of RMB<font>128</font> million. The principal business of Xingxue and Chuangzhi is the operation of online vocational training platform. The purpose of the acquisition was to expand the Group's own educational service offerings from online English courses to a variety of online vocational training courses. On the acquisition date, the allocation of the consideration of the assets acquired and liabilities assumed based on their fair value was as follows:</p>
<div>
<div style="/* margin-left: 0.25in;">
<p style="text-align: justify; margin: 0pt 0px 0pt 23pt; font: 10pt Times New Roman, Times, Serif;">&#160;</p>
<div style="margin-left: 0.25in;">
<table style="width: 96%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; /* margin-left: 0.25in;" cellspacing="0" cellpadding="0">

<tr style="vertical-align: bottom;">
<td>&#160;</td>
<td style="font-weight: bold;">&#160;</td>
<td style="text-align: right; font-weight: bold;" colspan="2">RMB</td>
<td style="font-weight: bold;">&#160;</td>
</tr>
<tr style="vertical-align: bottom;">
<td>&#160;</td>
<td>&#160;</td>
<td colspan="2">&#160;</td>
<td>&#160;</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="text-align: left; text-indent: -10pt; padding-left: 10pt; width: 85%;">Net liabilities assumed</td>
<td style="width: 1%;">&#160;</td>
<td style="text-align: left; width: 1%;">&#160;</td>
<td style="text-align: right; width: 12%;"><font>(8,549</font></td>
<td style="text-align: left; width: 1%;">)</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -10pt; padding-left: 10pt;">Identifiable&#160;intangible&#160;assets&#160;acquired</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="text-align: left; text-indent: -0.25in; padding-left: 41pt;">-&#160;&#160;&#160;Brand names</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;"><font>43,620</font></td>
<td style="text-align: left;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-indent: -0.25in; padding-left: 41pt;">-&#160;&#160;&#160;Other</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;"><font>4,792</font></td>
<td style="text-align: left;">&#160;</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td>Goodwill</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;"><font>100,382</font></td>
<td style="text-align: left;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; padding-bottom: 1pt;">Deferred tax liabilities</td>
<td style="padding-bottom: 1pt;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;"><font>(12,103</font></td>
<td style="text-align: left; padding-bottom: 1pt;">)</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="padding-bottom: 2.5pt; text-indent: -10pt; padding-left: 10pt; font-weight: bold;">Total</td>
<td style="padding-bottom: 2.5pt;">&#160;</td>
<td style="border-bottom: black 2.5pt double; text-align: left;">&#160;</td>
<td style="border-bottom: black 2.5pt double; text-align: right;"><font>128,142</font></td>
<td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td>
</tr>

</table>
</div>
</div>
</div>
<p style="text-align: justify; margin: 0pt 0px 0pt 22.95pt; font: 10pt Times New Roman, Times, Serif;">&#160;</p>
<p style="text-align: justify; margin: 0pt 0px 0pt 0.25in; font: 10pt Times New Roman, Times, Serif;">The business combination was completed on December 23, 2014. The excess of the purchase price over tangible assets, identifiable intangible assets acquired, and liabilities assumed was recorded as goodwill. The acquired identifiable intangible assets were valued by various approaches, including the income approach and the replacement cost approach, as appropriate. As of December 31, 2014 and 2015, no measurement period adjustment had been recorded. Acquisition related costs were immaterial and were included in general and administrative expenses for the year ended December&#160;31, 2014.</p>
<p style="text-align: justify; margin: 0pt 0px 0pt 23pt; font: 10pt Times New Roman, Times, Serif;">&#160;</p>
<p style="text-align: justify; margin: 0pt 0px 0pt 0.25in; font: 10pt Times New Roman, Times, Serif;">Pro forma results of operations related to the acquisition have not been presented because they are not material to the Group's consolidated statements of operations and comprehensive income.</p>
<p style="text-align: justify; margin: 0pt 0px 0pt 23pt; font: 10pt Times New Roman, Times, Serif;">&#160;</p>
<p style="text-align: justify; margin: 0pt 0px 0pt 0.25in; font: 10pt Times New Roman, Times, Serif;">There were no indemnification assets involved. Total identifiable intangible assets acquired upon acquisition mainly included brand names, and software, which have an estimated useful life of <font>fifteen</font> and <font>five</font> years, respectively. Total goodwill of RMB<font>100</font> million primarily represents the expected synergies from combining operations of Xingxue and Chuangzhi with those of the Group, which were expected to be complementary to each other. In accordance with ASC350, goodwill is not amortized but is tested for impairment and is not deductible for tax purposes.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><br/><i>Acquisition of Beifu</i><font style="font-weight: normal; font-style: normal;"></font><br/><br/></font></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
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<div align="center">
<div style="/* margin-left: 20pt; */margin-left: 0.25in;" class="CursorPointer" align="left">
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; width: 96%; /* margin-left: 0.25in;">

<tr style="vertical-align: bottom;">
<td style="font-size: 10pt; text-align: center; font-family: 'times new roman'; padding: 0px;"></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right;" colspan="2"><strong><font style="font-family: 'times new roman', times; font-size: 10pt;">RMB</font></strong></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;"></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;" colspan="2"></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px; width: 85%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Cash consideration</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; width: 1%; background-color: #cceeff;"></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; width: 1%; background-color: #cceeff;"></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 12%; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">39,200</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; width: 1%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Contingent consideration</font></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"></td>
<td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">107,306</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><strong><font style="font-family: 'times new roman', times; font-size: 10pt;">Total consideration</font></strong></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">146,506</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<td style="font-size: 10pt; text-indent: 0px; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;">Net assets acquired</td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">31,994</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px;">Identifiable&#160;intangible&#160;assets&#160;acquired</td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 0px; white-space: nowrap; text-align: right;"><font>12,900</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Goodwill</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">147,388</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<tr style="vertical-align: bottom;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px;">Deferred tax liabilities</td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; /* border-bottom: #000000 1pt solid !important; */padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; /* border-bottom: #000000 1pt solid !important; */padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(3,225</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">)</font></td>
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<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;">Non-controlling interest</td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>(42,551</font></font></font></td>
<td style="text-align: left; width: 1%;">)</td>
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<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; font-family: 'times new roman'; padding: 0px;"><strong><font style="font-family: 'times new roman', times; font-size: 10pt;">Total</font></strong></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">146,506</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>The agreements for the acquisition of Beifu included a contingent consideration arrangement that required additional consideration to be paid by the Group based on the achievement of pre-established performance metrics as stipulated in the agreements for years 2015 through 2017. The undiscounted amounts the Company shall pay when Beifu achieves <font>100</font>% of the performance metrics from 2015 through 2017 is&#160;</font>RMB<font>219</font>&#160;million. The actual contingent payments would be adjusted based on the degree of how the actual revenue and net profit are&#160;higher or lower than the performance metrics&#160;from 2015 through 2017. The fair value of the contingent consideration recognized on the acquisition date of RMB<font>107</font>&#160;million&#160;was determined by the Company using the Trinomial Tree model. Under this model, the Company performs scenario analysis by assuming different scenarios under which Beifu achieves different performance for years 2015 through 2017. Under different scenarios, the amount of contingent consideration differs according to the stipulation in the agreements. The Company then calculated the fair value of the contingent consideration based on the net present value of the total contingent consideration under different scenarios and the expected probability of each scenario. Please refer to note 25 for the key parameters adopted in the valuation.<br/></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;"></font>&#160; &#160; &#160; &#160; &#160;&#160;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;">The fair value of non-controlling interest in Beifu was determined mainly based on the number of shares held by non-controlling shareholders and the equity value close to the acquisition date, taking into consideration of other factors, as appropriate. If Beifu achieved specified performance metrics and did not complete an initial public offering, and the founders of Beifu remained being employed by the Company, the non-controlling shareholders had the right to put their equity interests in Beifu to the Company at the fair value (&#147;the put option&#148;). The Company considered the probability of the exercise of the put option and believed that the exercise of the put option is not probable upon the acquisition date and as of December 31, 2015.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 20pt; text-align: justify;"><br/></p>
<p style="text-align: justify; margin: 0pt 0 0pt 0.25in; font: 10pt Times New Roman, Times, Serif;">Pursuant to ASC 480-10-S99-3A, considering the non-controlling interests are redeemable upon the occurrence of an event that is not solely within the control of the Company, the Company classified the non-controlling interests with the written put option as mezzanine equity in the Company's consolidated financial statements.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in;">&#160;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;">The business combination was completed on February 3, 2015. The excess of the purchase price over tangible assets, identifiable intangible assets acquired, and liabilities assumed and fair value of the non-controlling interest was recorded as goodwill. The acquired identifiable intangible assets were valued by various approaches, including the income approach and the replacement cost approach, as appropriate. Acquisition related costs were immaterial and were included in general and administrative expenses for the year ended December 31, 2015.<br/><font style="font-family: 'times new roman', times; font-size: 10pt;"></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> &#160; &#160; &#160;<br/></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;">Pro forma results of operations related to the acquisition have not been presented because they are not material to the Group's consolidated statements of operations and comprehensive income.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><br/>There were no indemnification assets involved. Total identifiable intangible assets acquired upon acquisition mainly included relationship with online game hosts and non-compete agreements, which have an estimated useful life of&#160;<font>three</font>&#160;and <font>seven</font> years, respectively. Total goodwill of RMB<font>147</font>&#160;million primarily represents the expected synergies from combining operations of Beifu with those of the Group, which were expected to be complementary to each other. In accordance with ASC350, goodwill is not amortized but is tested for impairment and is not deductible for tax purposes.&#160;<br/></font></p>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable).</p></div>
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<span style="display: none;">v3.4.0.3</span><table class="report" border="0" cellspacing="2" id="idp6968198912">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Cash and cash equivalents<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2015</div></th></tr>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashAndCashEquivalentsAbstract', window );"><strong>Cash and cash equivalents [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashAndCashEquivalentsDisclosureTextBlock', window );">Cash and cash equivalents</a></td>
<td class="text"><div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';">
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<td style="padding-right: 0.8pt;font-family: 'times new roman';width: 23pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b>5.</b></font></td>
<td style="padding-right: 0.8pt;font-family: 'times new roman';/* width: 95%; */"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b>Cash and cash equivalents</b></font></td>
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</table>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Cash and cash equivalents represent cash on hand and demand deposits placed with banks or other financial institutions. Cash and cash equivalents balance as of December 31, 2014 and 2015 primarily consist of the following currencies: </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
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<div style="margin-left: 23pt;">
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; /* margin-left: 23pt;" width="95%">

<tr style="vertical-align: bottom;">
<td style="font-size: 10pt; text-align: center; font-family: 'times new roman';"></td>
<td style="font: bold 10pt times new roman, times, serif; padding-bottom: 1pt; font-family: 'times new roman';"></td>
<td style="font: bold 10pt times new roman, times, serif; text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important;" colspan="6"><font style="font-family: 'times new roman', times; font-size: 10pt;">December&#160;31,&#160;2014</font></td>
<td style="padding-bottom: 1pt; font: bold 10pt times new roman, times, serif; font-family: 'times new roman';"></td>
<td style="font: bold 10pt times new roman, times, serif; padding-bottom: 1pt; font-family: 'times new roman';"></td>
<td style="font: bold 10pt times new roman, times, serif; text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important;" colspan="6"><font style="font-family: 'times new roman', times; font-size: 10pt;">December&#160;31,&#160;2015</font></td>
<td style="padding-bottom: 1pt; font: bold 10pt times new roman, times, serif; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-size: 10pt; text-align: center; font-family: 'times new roman';"></td>
<td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman';"></td>
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-align: right;" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;">Amount</font></td>
<td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman';"></td>
<td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman';"></td>
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; text-align: right;" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;">RMB </font><br/><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;equivalent</font></td>
<td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-align: right;" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;">Amount</font></td>
<td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; text-align: right;" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;">RMB </font><br/><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;equivalent</font></td>
<td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top;"></td>
<td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top;" colspan="2"></td>
<td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"></td>
<td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top;" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top;" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top;" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; padding: 0px; font-family: 'times new roman'; width: 40%; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">RMB</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; width: 12%; background-color: rgb(204, 238, 255);"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">394,214</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; width: 12%; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>394,214</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; width: 12%; background-color: rgb(204, 238, 255);"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">450,802</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; width: 12%; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>450,802</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding: 0px; text-indent: 0px; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">US$</font></td>
<td style="font: 10pt times new roman, times, serif; padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">13,205</font></font></td>
<td style="padding-bottom: 1pt; font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; padding-bottom: 1pt; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">80,814</font></font></td>
<td style="padding-bottom: 1pt; font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; padding-bottom: 1pt; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">73,632</font></font></td>
<td style="padding-bottom: 1pt; font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; padding-bottom: 1pt; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">478,132</font></font></td>
<td style="padding-bottom: 1pt; font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding: 0px; text-indent: 0px; font-family: 'times new roman'; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>Total</strong></font></td>
<td style="font-size: 10pt; padding-bottom: 1pt; font-family: 'times new roman'; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: right; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="padding-bottom: 1pt; font-size: 10pt; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding-bottom: 1pt; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">475,028</font></font></td>
<td style="padding-bottom: 1pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; padding-bottom: 1pt; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: right; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Short-term deposits<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<td style="padding-right: 0.8pt; font-family: 'times new roman'; width: 23pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b>6.</b></font></td>
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<td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding: 0px; text-indent: 0px; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">US$</font></td>
<td style="font: 10pt times new roman, times, serif; padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">374,685</font></font></td>
<td style="padding-bottom: 1pt; font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; padding-bottom: 1pt; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">2,293,056</font></font></td>
<td style="padding-bottom: 1pt; font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; padding-bottom: 1pt; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">253,322</font></font></td>
<td style="padding-bottom: 1pt; font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; padding-bottom: 1pt; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">1,644,946</font></font></td>
<td style="padding-bottom: 1pt; font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<td style="font-size: 10pt; padding-bottom: 1pt; font-family: 'times new roman'; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="background-color: rgb(204, 238, 255);">&#160;</td>
<td style="background-color: rgb(204, 238, 255);">&#160;</td>
<td style="background-color: rgb(204, 238, 255);">&#160;</td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding-bottom: 1pt; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<td style="font-size: 10pt; padding-bottom: 1pt; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="background-color: rgb(204, 238, 255);">&#160;</td>
<td style="background-color: rgb(204, 238, 255);">&#160;</td>
<td style="background-color: rgb(204, 238, 255);">&#160;</td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding-bottom: 1pt; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">1,894,946</font></font></td>
<td style="padding-bottom: 1pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for short-term deposits.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Restricted short-term deposits<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2015</div></th></tr>
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<td style="padding-right: 0.8pt; font-family: 'times new roman'; width: 23pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b>7.</b></font></td>
<td style="padding-right: 0.8pt; font-family: 'times new roman'; /* width: 95%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b>Restricted short-term deposits</b></font></td>
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<td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="6">December&#160;31,</td>
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<td style="text-align: right;" colspan="2">RMB</td>
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<td>&#160;</td>
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<td style="text-align: left; text-indent: -10pt; padding-left: 10pt; width: 70%;">Pledge short-term deposits for one pending litigation (i)</td>
<td style="width: 1%;">&#160;</td>
<td style="text-align: left; width: 1%;">&#160;</td>
<td style="text-align: right; width: 12%;"><font>100,000</font></td>
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<td style="width: 1%;">&#160;</td>
<td style="text-align: left; width: 1%;">&#160;</td>
<td style="text-align: right; width: 12%;"><font>110,000</font></td>
<td style="text-align: left; width: 1%;">&#160;</td>
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<td style="text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt;">Pledge short-term deposits for bank borrowing facilities (ii)</td>
<td style="padding-bottom: 1pt;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;"><font>-</font></td>
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<td style="padding-bottom: 1pt;">&#160;</td>
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<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
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<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
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<td style="padding-bottom: 2.5pt; text-indent: -10pt; padding-left: 10pt; font-weight: bold;">Total</td>
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<td style="border-bottom: black 2.5pt double; text-align: left;">&#160;</td>
<td style="border-bottom: black 2.5pt double; text-align: right;"><font>100,000</font></td>
<td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td>
<td style="padding-bottom: 2.5pt;">&#160;</td>
<td style="border-bottom: black 2.5pt double; text-align: left;">&#160;</td>
<td style="border-bottom: black 2.5pt double; text-align: right;"><font>389,221</font></td>
<td style="text-align: left; padding-bottom: 1pt;">&#160;</td>
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<div><font style="font-size: 10pt;"><font style="font-family: 'times new roman', times;">As of December 31, 2014 and 2015, the Group had restricted short-term deposits balance of RMB100 million and RMB 110 million representing pledged deposit for one pending litigation in which the Group is the claimant and has applied to the court to freeze the assets of the defendant. Pursuant to relevant PRC laws and regulations, the Group had to deposit a certain amount of cash as pledged deposit in order to submit the application to the court requesting to freeze the defendant's assets.</font></font></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in;">&#160;</p>
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<div><font style="font-size: 10pt;">As of December 31, 2015, the Company had offshore restricted short-term deposits balance set aside for a period of 12 months or less of approximately RMB279 million for bank borrowing facilities.</font></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in;">&#160;</p>
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<tr>
<td style="vertical-align: top; width: 2%;" valign="top"><font style="font-size: 10pt; font-family: 'times new roman', times;">(iii)&#160;</font></td>
<td style="width: 98%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">In 2015, the Company had short-term deposits of RMB<font>700</font>&#160;million,&#160;<font style="color: #000000; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;">and a short term borrowing of&#160;</font>RMB<font>697</font>&#160;million with the same domestic bank in the PRC, and the Company paid off the short term borrowing with the short-term deposits.</font></td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;"></font><br/></p>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents entire disclosure of restricted short-term deposits.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Accounts receivable, net<br></strong></div></th>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
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<td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"></td>
<td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"></td>
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<td style="font: bold 10pt times new roman, times, serif; text-align: center; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"></font></td>
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<td style="font-size: 10pt; text-align: center; font-family: 'times new roman'; padding: 0px;"></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"></td>
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<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"></td>
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<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 12%;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">191,144</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">)</font></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap;">)</td>
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<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Accounts receivable, net</font></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">257,436</font></font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; /* border-bottom: #000000 1pt solid !important; */ white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">132,353</font></font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; /* border-bottom: #000000 1pt solid !important; */ white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;&#160;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">The following table summarized the details of the Company's allowance for doubtful accounts:</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
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<td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"></td>
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<td style="font-size: 10pt; text-align: center; font-family: 'times new roman'; padding: 0px;"></td>
<td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"></td>
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<td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"></td>
<td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"></td>
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right;" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;">2014</font></td>
<td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right;" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;">2015</font></td>
<td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<tr style="vertical-align: bottom;">
<td style="font-size: 10pt; text-align: center; font-family: 'times new roman'; padding: 0px;"></td>
<td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"></td>
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right;" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;">RMB</font></td>
<td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"></td>
<td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"></td>
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right;" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;">RMB</font></td>
<td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"></td>
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<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px; width: 55%; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">Balance at beginning of the year</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">)</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 12%; background-color: rgb(204, 238, 255);"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(31,214</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">)</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 12%; background-color: rgb(204, 238, 255);"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(57,342</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap; width: 1%; background-color: rgb(204, 238, 255);">)</td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Additions&#160;charged&#160;to&#160;general&#160;and&#160;administrative&#160;expenses&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(31,987</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">)</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(26,246</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">)</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(1,449</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap;">)</td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">Write-off during the year</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">6,489</font></font></td>
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<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">118</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">-</font></font></td>
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</tr>
<tr style="vertical-align: bottom;">
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<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; text-align: left; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; text-align: left; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">Balance at end of the year</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(31,214</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: middle; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">)</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(57,342</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: middle; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">)</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Prepayments and other current assets<br></strong></div></th>
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<td style="padding-right: 0.8pt;font-family: 'times new roman';width: 23pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b>9.</b></font></td>
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<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Loans receivable</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">34,502</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">1,338</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding: 0px; text-indent: 0px; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">Others</font></td>
<td style="font: 10pt times new roman, times, serif; padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">5,715</font></font></td>
<td style="padding-bottom: 1pt; font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; padding-bottom: 1pt; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">9,316</font></font></td>
<td style="padding-bottom: 1pt; font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-size: 10pt; padding: 0px; font-family: 'times new roman'; vertical-align: top; text-align: left; text-indent: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<tr style="vertical-align: bottom;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding: 0px; text-indent: 0px; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>Total</strong></font></td>
<td style="font: 10pt times new roman, times, serif; padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">204,139</font></font></td>
<td style="padding-bottom: 1pt; font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; padding-bottom: 1pt; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">147,823</font></font></td>
<td style="padding-bottom: 1pt; font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<td style="padding-right: 0.8pt; font-family: 'times new roman'; width: 23pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b>10.</b></font></td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;&#160;</font></p>
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<td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman';"></td>
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<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top;" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; width: 1%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; width: 12%; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">516,446</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<tr style="vertical-align: bottom;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; padding: 0px; text-indent: 0px; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">Equity&#160;investments</font></td>
<td style="font: 10pt times new roman, times, serif; padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">33,630</font></font></td>
<td style="padding-bottom: 1pt; font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; padding-bottom: 1pt; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">44,994</font></font></td>
<td style="padding-bottom: 1pt; font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-size: 10pt; padding-left: 1.4pt; font-family: 'times new roman'; vertical-align: top; text-align: left; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Available-for-sale debt security (ii)</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding: 0px; text-align: right; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;<font>-</font></font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding: 0px; text-align: right; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;<font>6,117</font></font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding: 0px; text-indent: 0px; font-family: 'times new roman'; width: 20px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding-bottom: 1pt; font-family: 'times new roman'; width: 20px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; width: 20px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; width: 20px;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></font></td>
<td style="padding-bottom: 1pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 20px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding-bottom: 1pt; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 20px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 20px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; width: 20px;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></font></td>
<td style="padding-bottom: 1pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 20px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding: 0px; text-indent: 0px; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Total</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding-bottom: 1pt; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">186,654</font></font></td>
<td style="padding-bottom: 1pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding-bottom: 1pt; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">567,557</font></font></td>
<td style="padding-bottom: 1pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<div style="text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">In 2015, the Group entered into agreements to acquire minority stake of <font>16</font> entities with total consideration of RMB<font>351,800</font>. The investments were not investment in common stock or in-substance common stock and therefore were precluded from applying the equity method of accounting. They have been accounted for as investments under cost method, since all of these equity securities do not have a readily determinable fair value.</font></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
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<div><font style="font-size: 10pt;">In September 2015, the Group entered into share purchase agreements to acquire <font>4.25</font>% equity stake of a company with a total consideration of RMB<font>6,117</font>. The Group recorded this investment as an available-for-sale debt security since the preferred shares purchased by the Group are redeemable at the option of the Group. Subsequent to initial recognition, the available-for-sale debt security is measured at fair value at every period end. There was no significant change in fair value of the investment from the investment date to December 31, 2015.</font></div>
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<td style="width: 3%; vertical-align: top;" valign="top"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important; /* background-color: #fffff0;">(iii)</font></td>
<td style="width: 97%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">The Group monitors its investments for other-than-temporary impairment by considering factors including, but not limited to, current economic and market conditions, the operating performance of the companies including current earnings trends and other company-specific information. In 2015, based on the Group's assessment, an impairment charge of RMB<font>6,000</font> was recorded in relation to the carrying value of one of its investments under cost method due to the significant deterioration in the earnings performance and business prospects of the investee.</font><br/></td>
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Property and equipment, net<br></strong></div></th>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Property and equipment consists of the following:</font></p>
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<tr style="vertical-align: bottom;">
<td style="font-size: 10pt; text-align: center; font-family: 'times new roman'; padding: 0px;"></td>
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px;"></td>
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right;" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;">2014</font></td>
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px;"></td>
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px;"></td>
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right;" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;">2015</font></td>
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: center; font-family: 'times new roman'; padding: 0px;"></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-size: 10pt; text-align: center; font-family: 'times new roman'; padding: 0px;"></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right;" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;">RMB</font></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right;" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;">RMB</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: center; font-family: 'times new roman'; padding: 0px;"></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;"></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;" colspan="2"></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;" colspan="2"></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Gross carrying amount</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: right; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: right; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="/* font-weight: bold; */font-style: normal;font-variant: normal;font-stretch: normal;font-size: 10pt;line-height: normal;text-align: left;text-indent: 0px;font-family: 'times new roman';padding: 0px;width: 70%;">Building</td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: right; font-family: 'times new roman'; padding: 0px; width: 12%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>-</font></font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: right; font-family: 'times new roman'; padding: 0px; width: 12%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>482,387</font></font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-align: left; text-indent: 0px; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">Servers,&#160;computers&#160;and&#160;equipment</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">304,117</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">453,441</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-align: left; text-indent: 0px; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Leasehold improvements&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">32,392</font></font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">69,929</font></font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-align: left; text-indent: 0px; padding: 0px; background-color: #cceeff;">Decoration<br/></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;<font>-</font></font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;<font>66,140</font></font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-align: left; text-indent: 0px; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Furniture,&#160;fixture&#160;and&#160;office&#160;equipment&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">13,879</font></font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">26,098</font></font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-align: left; text-indent: 0px; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Motor vehicles</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">10,815</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">12,835</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-align: left; text-indent: 0px; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Construction in progress</font></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">31,786</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">1,937</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
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<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; text-align: left; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-indent: 0px; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Total</font></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">392,989</font></font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-align: left; text-indent: 0px; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Less: accumulated depreciation</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(158,761</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">)</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;">)</td>
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<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-align: left; text-indent: 0px; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Property and equipment, net</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">234,228</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">843,449</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">The following table summarizes the Group's intangible assets:&#160;</font></p>
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<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right;" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;">2015</font></td>
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: center; font-family: 'times new roman'; padding: 0px;"></td>
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<tr style="vertical-align: bottom;">
<td style="font-size: 10pt; text-align: center; font-family: 'times new roman'; padding: 0px;"></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right;" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;">RMB</font></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right;" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;">RMB</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: center; font-family: 'times new roman'; padding: 0px;"></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;"></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;" colspan="2"></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;" colspan="2"></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td style="font-style: normal; font-variant: normal; font-weight: bold; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">Gross carrying amount</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: right; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: right; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; font-family: 'times new roman'; padding: 0px; width: 74%;">Brand names</td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 10%;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;<font>94,120</font></font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 10%;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;<font>102,654</font></font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);">Operating rights for licensed games</td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;<font>11,721</font></font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;<font>46,879</font></font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Software</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">17,304</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">38,307</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);">Operating&#160;rights&#160;for&#160;game&#160;broadcasting&#160;</td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"><font><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>-</font></font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;<font>35,071</font></font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; font-family: 'times new roman'; padding: 0px;">Domain names</td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>24,686</font></font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>25,902</font></font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">Technology</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">17,145</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">17,621</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Others</font></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">18,300</font></font></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px; white-space: nowrap; /* padding-right: 5px; */ /* padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"><font></font></td>
<td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>31,200</font></font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td style="font-size: 10pt; text-indent: 0px; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; text-align: left; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Total of gross carrying amount</font></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">183,276</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">297,634</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td style="font-size: 10pt; text-indent: 0px; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; text-align: left; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Less:&#160;accumulated&#160;amortization</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">Brand names&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"><font><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>(1,728</font></font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">)&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"><font><font><font>&#160;<font>(20,294</font></font></font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);">)</td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; font-family: 'times new roman'; padding: 0px;">Operating rights for licensed games</td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;<font>(4,249</font></font></font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; padding-right: 10px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">)&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font><font>&#160;<font>(15,010</font></font></font></font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; padding-right: 10px; white-space: nowrap;">)&#160;</td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">Software</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(5,944</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">)</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"><font><font><font>(9,464</font></font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);">)</td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; font-family: 'times new roman'; padding: 0px;">Operating rights for game broadcasting</td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;<font>-</font></font></font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; padding-right: 10px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font><font><font>(23,278</font></font></font></font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; padding-right: 10px; white-space: nowrap;">)&#160;</td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">Domain names</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(4,278</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">)</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"><font><font><font>(6,249</font></font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);">)</td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px;">Technology</td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;<font>(6,035</font></font></font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; padding-right: 10px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">)</font></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font><font>&#160;<font>(7,712</font></font></font></font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; padding-right: 10px; white-space: nowrap;">)</td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">Others</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>(774</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">)</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>(5,478</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);">)</td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-size: 10pt; text-indent: 0px; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">Total accumulated amortization</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(23,008</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">)</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"><font>(87,485</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);">)</td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-size: 10pt; text-indent: 0px; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><strong><font style="font-family: 'times new roman', times; font-size: 10pt;">Less: accumulated impairment&#160;</font></strong></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"><font><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>&#160;<font>(6,234</font></font></font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">)&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"><font><font>&#160;<font>(63,712</font></font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);">)&#160;</td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; text-align: left; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">Intangible assets, net</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">154,034</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">146,437</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><br/></td>
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</table>
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</div>
</div>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-indent: 22.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'Times New Roman', Times, serif; margin: 0pt 0px 0pt 23pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">In 2015, the Group recognized impairment loss of intangible assets of&#160;RMB<font>57,199</font>,&#160;primary related to the 100 Online English training business and Beifu E-commerce business. In the second quarter of 2015 and on October 1, 2015, the Group performed interim and annual goodwill impairment test for the goodwill generated from the acquisition of 100 Online and Beifu, due to the poor financial performance of these two VIE's subsidiaries (Note 13), and recognized impairment loss of intangible assets of RMB<font>48,814</font> and RMB<font>8,385</font>, respectively, which was mainly made against the carrying amount of the brand names.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; /* text-indent: 22.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;"></font><br/></p>
<p style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'Times New Roman', Times, serif; margin: 0pt 0px 0pt 23pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">In 2014, the Group recognized impairment of intangible assets of RMB<font>5,697</font>, which was made against the carrying amount of the technology acquired in a business combination in 2012. The Group ceased to use this technology in its business in 2014 and believed the technology cannot bring future economic benefits to the Group. As a result, an impairment loss equal to the carrying amount of the technology was recognized.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-indent: 22.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Amortization expense for the years ended December 31, 2013, 2014 and 2015 were RMB<font>4,707</font>, RMB<font>12,598</font>&#160;and RMB<font>64,201</font>, respectively. &#160; &#160; &#160;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">The estimated amortization expenses for each of the following five years are as follows:</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
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<table style="border-collapse: collapse; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'Times New Roman', Times, serif; width: 93%; margin-left: 30.72px;" cellpadding="0" cellspacing="0">

<tr style="vertical-align: bottom;">
<td style="text-align: left;" nowrap="nowrap" colspan="16"><font style="font-family: 'times new roman', times; font-size: 10pt;"></font><br/></td>
<td style="font-weight: bold;" nowrap="nowrap"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td colspan="2" style="/* font-weight: bold; */ text-align: right;" nowrap="nowrap"><font style="font-family: 'times new roman', times; font-size: 10pt;">Amortization expense</font></td>
<td style="font-weight: bold;" nowrap="nowrap"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left;" colspan="16"><font style="font-family: 'times new roman', times;"><font style="font-size: 10pt;">&#160;</font><font style="font-size: 10pt;">&#160;</font>&#160;&#160;&#160;&#160;&#160;</font></td>
<td><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td colspan="2" style="text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">of intangible assets</font></td>
<td><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left;" colspan="16"><font style="font-family: 'times new roman', times;"><font style="font-size: 10pt;">&#160;</font><font style="font-size: 10pt;">&#160;</font>&#160;&#160;&#160;&#160;&#160;</font></td>
<td><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td colspan="2" style="text-align: right;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; text-indent: -10pt; padding-left: 10pt; width: 87%; background-color: #cceeff;" colspan="16"><font style="font-family: 'times new roman', times;"><font style="font-size: 10pt;">2016</font></font></td>
<td style="text-align: left; width: 1%; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; width: 1%; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; width: 10%; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>44,269</font></font></td>
<td style="text-align: left; width: 1%; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; text-indent: -10pt; padding-left: 10pt;" colspan="16"><font style="font-family: 'times new roman', times;"><font style="font-size: 10pt;">2017</font></font></td>
<td style="text-align: left;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>23,052</font></font></td>
<td style="text-align: left;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; text-indent: -10pt; padding-left: 10pt; background-color: #cceeff;" colspan="16"><font style="font-family: 'times new roman', times;"><font style="font-size: 10pt;">2018</font></font></td>
<td style="text-align: left; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>19,076</font></font></td>
<td style="text-align: left; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; text-indent: -10pt; padding-left: 10pt;" colspan="16"><font style="font-family: 'times new roman', times;"><font style="font-size: 10pt;">2019</font></font></td>
<td style="text-align: left;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>11,070</font></font></td>
<td style="text-align: left;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; text-indent: -10pt; padding-left: 10pt; background-color: #cceeff;" colspan="16"><font style="font-family: 'times new roman', times;"><font style="font-size: 10pt;">2020</font></font></td>
<td style="text-align: left; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>8,744</font></font></td>
<td style="text-align: left; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
</tr>

</table>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;&#160;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">The weighted average amortization periods of intangible assets as of December 31, 2014 and 2015 are as below: </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
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<div style="/* margin-left: 23pt;">
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<tr style="text-align: center; vertical-align: bottom;">
<td style="font-size: 10pt; padding-bottom: 1pt; padding-left: 1.4pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding-left: 1.4pt; font-family: 'times new roman'; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" colspan="4"><font style="font-family: 'times new roman', times; font-size: 10pt;">December&#160;31,</font></td>
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding-left: 1.4pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<tr style="text-align: center; vertical-align: bottom;">
<td style="font-size: 10pt; padding-left: 1.4pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding-left: 1.4pt; font-family: 'times new roman'; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">2014</font></td>
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding-left: 1.4pt; font-family: 'times new roman'; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">2015</font></td>
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding-left: 1.4pt; font-family: 'times new roman'; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr>
<td style="font-size: 10pt; padding-left: 1.4pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; padding-left: 1.4pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; padding-left: 1.4pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; padding-left: 1.4pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; padding: 0px; font-family: 'times new roman'; text-align: left; width: 68%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Domain names</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; width: 1%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; padding-left: 1.4pt; font-family: 'times new roman'; width: 14%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>15</font> years</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; width: 1%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; width: 1%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; padding-left: 1.4pt; font-family: 'times new roman'; width: 14%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>15</font>&#160;years</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; padding-left: 1.4pt; font-family: 'times new roman'; width: 1%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>&#160;</font></font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; padding: 0px; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">Technology</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; padding-left: 1.4pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>5</font> years</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; padding-left: 1.4pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>5</font>&#160;years</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; padding-left: 1.4pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>&#160;</font></font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; padding: 0px; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Software</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; padding-left: 1.4pt; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>4</font>&#160;years</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; padding-left: 1.4pt; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>5</font>&#160;years</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-align: right; padding-left: 1.4pt; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>&#160;</font></font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; padding: 0px; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">Brand names</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; padding-left: 1.4pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>11</font>&#160;years</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; padding-left: 1.4pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>&#160;</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; padding-left: 1.4pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>10</font>&#160;years</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; padding-left: 1.4pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>&#160;</font></font></td>
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<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Operating rights for licensed games</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; padding-left: 1.4pt; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>2</font>&#160;years</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-align: right; padding-left: 1.4pt; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>&#160;</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; padding-left: 1.4pt; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font><font>3</font></font>&#160;years</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-align: right; padding-left: 1.4pt; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>&#160;</font></font></td>
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<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman';">Operating rights for game broadcasting</td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; padding-left: 1.4pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font><font>-</font></font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-align: right; padding-left: 1.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>&#160;</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; /* padding-left: 1.4pt; */font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font><font><font>1</font> year</font></font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-align: right; padding-left: 1.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>&#160;</font></font></td>
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<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Others</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; padding-left: 1.4pt; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>3</font>-<font>5</font>&#160;years</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; padding-left: 1.4pt; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>&#160;</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; padding-left: 1.4pt; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font><font>3</font></font><font style="/* background-color: #ffffff;">-<font>5</font>&#160;years</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; padding-left: 1.4pt; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>&#160;</font></font></td>
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<td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">The changes in the carrying amount of goodwill for the years ended December 31, 2014 and 2015 were as follows:</font></td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;&#160;</font></p>
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<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px; width: 60px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; width: 20px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 20px;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 10px; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 20px; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 10px; text-align: center;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 20px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px; width: 60px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; width: 20px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; width: 20px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 10px; text-align: center;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: bold; letter-spacing: normal; line-height: normal; orphans: auto; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none;">others&#160;</font></font></font></td>
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<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 20px;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 10px; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;<font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: bold; letter-spacing: normal; line-height: normal; orphans: auto; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none;">100&#160;Education</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 20px; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 10px; text-align: center;"><strong><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;">Total</font></font></strong></td>
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<tr style="vertical-align: bottom;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px; width: 60px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; width: 20px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; width: 20px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 10px; text-align: center; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: bold; letter-spacing: normal; line-height: normal; orphans: auto; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none;"><font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none;">RMB</font>&#160;</font></font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 20px;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 20px;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 10px; text-align: center; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;<font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none;">RMB</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 20px; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 10px; text-align: center; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none;">RMB</font>&#160;</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 20px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px; width: 60px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; width: 20px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; width: 20px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 10px;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 20px;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 20px;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 10px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 20px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 10px;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 20px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px; width: 55%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;Balance as of December 31, 2013</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; width: 1%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; width: 1%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; width: 12%; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">1,577</font></font></font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 1%; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 1%; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; white-space: nowrap; text-align: right; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; width: 12%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;<font>-</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 2%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; width: 12%; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">1,577</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 10px; font-family: 'times new roman'; padding: 0px;">Increase in goodwill related to acquisition (i)<br/></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">2,527</font></font></font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; white-space: nowrap; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;<font>296,275</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">298,802</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 10px; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Foreign&#160;currency translation adjustment</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal;font-variant: normal;font-weight: normal;font-stretch: normal;font-size: 10pt;line-height: normal;text-align: left;font-family: 'times new roman';padding: 0px;border-bo;t;-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">3</font></font></font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; white-space: nowrap; text-align: right; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;<font>-</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">3</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; line-height: normal; text-indent: 0px; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times;"><font style="font-size: 13.3333px;">Balance&#160;as of December 31,2014</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>4,107</font></font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; white-space: nowrap; text-align: right; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> <font>296,275</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">300,382</font></font></font></font></font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 10px; font-family: 'times new roman'; padding: 0px;">Increase&#160;in&#160;goodwill&#160;related&#160;to&#160;acquisition&#160;(i)</td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>161,326</font></font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; white-space: nowrap; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;<font>-</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>161,326</font></font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 10px; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Impairment charges (ii)<br/><font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: left; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important; /* background-color: #cceeff;"></font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>(128,035</font></font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; text-align: left; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">)&#160;</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; white-space: nowrap; text-align: right; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;<font>(182,089</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">)&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>(310,124</font></font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px 0px 0px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">)&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 10px; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: left; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important; /* background-color: #ffffff;">Foreign&#160;currency translation adjustment</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>54</font></font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; white-space: nowrap; text-align: right; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;<font>-</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>54</font></font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;<font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important; /* background-color: #ffffff;">Balance as of December 31, 2015</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>37,452</font></font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; white-space: nowrap; text-align: right; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> <font>114,186</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>151,638</font></font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>

</table>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(i) In December 2014, the Company purchased <font>100</font>% equity interest of 100 Online and Dubooker. Goodwill of RMB<font>195,893</font>&#160;was recognized in the segment of 100 Education from this business acquisition (Note 4).<br/></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">In December 2014, the Company purchased <font>100</font>% equity interest of <font style="color: #000000; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important; /* background-color: #ffffff;">Xingxue and Chuangzhi</font>. Goodwill of RMB<font>100,382</font>&#160;was recognized in the segment of 100 Education from this business acquisition (Note 4).<br/></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"><br/></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"><font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none;">In February 2015, the Company purchased <font>70</font>% equity interest of Beifu. Goodwill of RMB<font>147,388</font>&#160;was recognized in the segment of YY IVAS and others from this business acquisition (Note 4).<br/></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"><font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none;"></font><br/></p>
<p style="text-align: justify; margin: 0pt 0px 0pt 0.25in; font: 10pt Times New Roman, Times, Serif;">Goodwill represents the synergy effects of the business combination</p>
<p style="text-align: justify; margin: 0pt 0px 0pt 0.25in; font: 10pt Times New Roman, Times, Serif;"><br/></p>
<p style="text-align: justify; margin: 0pt 0px 0pt 0.25in; font: 10pt Times New Roman, Times, Serif;">(ii) The Group performs its annual goodwill impairment test of each reporting unit as of October 1, or more frequently, if certain events or circumstances warrant. Events or changes in circumstances which might indicate potential impairment in goodwill include the company-specific factors, including, but not limited to, stock price volatility, market capitalization relative to net book value, and projected revenue, market growth and operating results.</p>
<p style="margin: 0pt 0px 0pt 0.25in; font: 10pt Times New Roman, Times, Serif;">&#160;</p>
<p style="text-align: justify; margin: 0pt 0px 0pt 0.25in; font: 10pt Times New Roman, Times, Serif;">The Company performed goodwill impairment tests to determine if goodwill impairment indicators existed as of 2014 year end, and the results of these tests indicated that the Company's goodwill was not impaired.</p>
<p style="margin: 0pt 0px 0pt 0.25in; font: 10pt Times New Roman, Times, Serif;">&#160;</p>
<p style="text-align: justify; margin: 0pt 0px 0pt 0.25in; font: 10pt Times New Roman, Times, Serif;">In June 2015, it was noted that 100 Online's financial and operational performance in the first half year of 2015 was behind the original budget resulting from unexpected fierce market competition and the resignation of a number of key personnel in 100 Online. Accordingly, the Group performed an interim assessment on the goodwill impairment related to 100 Online and recognized an estimated goodwill impairment charge of RMB<font>110,699</font>. Correspondingly, long-term payable amounting to RMB<font>111,547</font> in relation to the contingent consideration was reversed.</p>
<p style="margin: 0pt 0px 0pt 0.25in; font: 10pt Times New Roman, Times, Serif;">&#160;</p>
<p style="text-align: justify; margin: 0pt 0px 0pt 0.25in; font: 10pt Times New Roman, Times, Serif;">In the annual goodwill impairment assessment, the Group has noted further impairment indicator for 100 Online as well as impairment indicator for Beifu as certain key personnel of 100 Online and Beifu resigned in the third quarter of 2015. Based on the result of the annual impairment assessment, for 100 Online, an impairment charge of RMB<font>71,390</font> was recognised and correspondingly, long-term payable amounting to RMB<font>73,618</font> in relation to the contingent consideration was reversed; For Beifu, an impairment charge of RMB<font>128,035</font> was recognised and correspondingly, long-term payable amounting to RMB <font>107,306</font> in relation to the contingent consideration was reversed.</p>
<p style="margin: 0pt 0px 0pt 0.25in; font: 10pt Times New Roman, Times, Serif;">&#160;</p>
<p style="text-align: justify; margin: 0pt 0px 0pt 0.25in; font: 10pt Times New Roman, Times, Serif;">The above goodwill impairment assessments on 100 Online and Beifu weighted the results from the income approach and considered a combination of factors, including, but not limited to, market conditions, expected future cash flows, growth rates and discount rates, which require the Group to make certain estimates and assumptions regarding industry economic factors and future profitability of the business.</p>
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Other non-current assets<br></strong></div></th>
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<td style="padding-right: 0.8pt; font-family: 'times new roman'; width: 23pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b>14.</b></font></td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
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<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman';"></td>
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<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman';"></td>
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<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman';"></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman';"></td>
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<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top;"></td>
<td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"></td>
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<td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"></td>
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<td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; width: 10%; background-color: rgb(204, 238, 255);"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">-</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; width: 10%; background-color: rgb(204, 238, 255);"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">1,860,525</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman';"><font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;">Prepayments of exclusive license fees<br/></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"><font>31,189</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"><font>69,983</font><br/></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Unamortized&#160;convertible&#160;bonds&#160;issuance&#160;cost</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">42,275</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">25,284</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<tr style="vertical-align: bottom;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">Prepayment for acquiring an office building<br/></font></td>
<td style="font-size: 10pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; white-space: nowrap; padding: 0px; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;<font>481,047</font></font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">20,000</font></font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding: 0px; text-indent: 0px; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Others</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding-bottom: 1pt; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">6,460</font></font></td>
<td style="padding-bottom: 1pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding-bottom: 1pt; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">9,922</font></font></td>
<td style="padding-bottom: 1pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<td style="font-size: 10pt; padding: 0px; font-family: 'times new roman'; vertical-align: top; text-align: left; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding: 0px; text-indent: 0px; font-family: 'times new roman'; background-color: #cceeff;"><strong><font style="font-family: 'times new roman', times; font-size: 10pt;">Total</font></strong></td>
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<td style="padding-bottom: 1pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding-bottom: 1pt; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<td style="padding-right: 0.8pt; font-family: 'times new roman'; width: 23pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b>15.</b></font></td>
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<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<td style="font-size: 10pt; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<td style="font-size: 10pt; text-align: right; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; width: 10%;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">331,555</font></font></td>
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<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"><font>21,577</font><br/></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; padding: 0px; text-indent: 0px; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">Government grants</font></td>
<td style="font: 10pt times new roman, times, serif; padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">1,696</font></font></td>
<td style="padding-bottom: 1pt; font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; padding-bottom: 1pt; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">2,700</font></font></td>
<td style="padding-bottom: 1pt; font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; padding: 0px; text-indent: 0px; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Total&#160;current&#160;deferred&#160;revenue</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding-bottom: 1pt; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">356,150</font></font></td>
<td style="padding-bottom: 1pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding-bottom: 1pt; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">385,300</font></font></td>
<td style="padding-bottom: 1pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-size: 10pt; text-indent: 0px; padding: 0px; font-family: 'times new roman'; vertical-align: top; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Deferred revenue, non-current:</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: right; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: right; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">IVAS revenues</font></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">23,850</font></font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">20,085</font></font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; padding: 0px; text-indent: 0px; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Government grants</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding-bottom: 1pt; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">533</font></font></td>
<td style="padding-bottom: 1pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding-bottom: 1pt; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">667</font></font></td>
<td style="padding-bottom: 1pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; padding: 0px; text-indent: 0px; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">Total&#160;non-current&#160;deferred&#160;revenue</font></td>
<td style="font: 10pt times new roman, times, serif; padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">24,383</font></font></td>
<td style="padding-bottom: 1pt; font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; padding-bottom: 1pt; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">20,752</font></font></td>
<td style="padding-bottom: 1pt; font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>

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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for deferred revenues at the end of the reporting period, and description and amounts of significant changes that occurred during the reporting period. Deferred revenue is a liability as of the balance sheet date related to a revenue producing activity for which revenue has not yet been recognized. Generally, an entity records deferred revenue when it receives consideration from a customer before achieving certain criteria that must be met for revenue to be recognized in conformity with GAAP.</p></div>
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Accrued liabilities and other current liabilities<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<td style="padding-right: 0.8pt; font-family: 'times new roman'; width: 23pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b>16.</b></font></td>
<td style="padding-right: 0.8pt; font-family: 'times new roman'; /* width: 95%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b>Accrued liabilities and other current liabilities</b></font></td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
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<td style="font: bold 10pt times new roman, times, serif; text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important;" colspan="6"><font style="font-family: 'times new roman', times; font-size: 10pt;">December&#160;31,</font></td>
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<td style="font-size: 10pt; text-align: center; font-family: 'times new roman';"></td>
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman';"></td>
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-align: right;" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;">2014</font></td>
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman';"></td>
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-align: right;" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;">2015</font></td>
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<td style="font-size: 10pt; text-align: center; font-family: 'times new roman';"></td>
<td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman';"></td>
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<td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman';"></td>
<td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman';"></td>
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-align: right;" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: normal;">RMB</font></td>
<td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman';"></td>
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<tr style="vertical-align: bottom;">
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top;"></td>
<td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top;" colspan="2"></td>
<td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"></td>
<td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top;" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Accrued revenue sharing fees</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">160,248</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">298,805</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman'; width: 74%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Accrued salaries and welfare</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; width: 1%;"></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; width: 1%;"></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; width: 10%;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">168,300</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; width: 10%;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">169,041</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Accrued bandwidth costs</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">53,399</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">71,507</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<tr style="vertical-align: bottom;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman';"><font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: left; text-indent: -13.3333px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;">Market promotion expenses</font><br/></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"><font>5,944</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"><font>29,358</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Business and other taxes payable</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">15,220</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">14,370</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman';"><font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: left; text-indent: -13.3333px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;">Value added taxes payable</font><br/></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"><font><font>2,734</font></font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"><font>16,010</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Interests payable</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>13,944</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>14,795</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<tr style="vertical-align: bottom;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding: 0px; text-indent: 0px; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">Others</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">58,914</font></font></td>
<td style="padding-bottom: 1pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding-bottom: 1pt; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">68,003</font></font></td>
<td style="padding-bottom: 1pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding: 0px; text-indent: 0px; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding-bottom: 1pt; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="padding-bottom: 1pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding-bottom: 1pt; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="padding-bottom: 1pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<tr style="vertical-align: bottom;">
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding: 0px; text-indent: 0px; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">Total</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">478,703</font></font></td>
<td style="padding-bottom: 1pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding-bottom: 1pt; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">681,889</font></font></td>
<td style="padding-bottom: 1pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<td style="width: 23pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b>17.</b></font></td>
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<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-weight: bold; padding-bottom: 1pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<td style="padding-bottom: 1pt; font-weight: bold;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-weight: bold;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td colspan="2" style="font-weight: bold; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">2014</font></td>
<td style="font-weight: bold;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-weight: bold;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td colspan="2" style="font-weight: bold; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">2015</font></td>
<td style="font-weight: bold;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td colspan="2" style="text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">RMB</font></td>
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td colspan="2" style="text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td colspan="2" style="text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; padding-bottom: 2.5pt; text-indent: -10pt; padding-left: 10pt; width: 74%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">2019&#160;Convertible&#160;Senior&#160;Notes</font></td>
<td style="padding-bottom: 2.5pt; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: right; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: right; width: 10%;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>2,447,980</font></font></font></td>
<td style="padding-bottom: 2.5pt; text-align: left; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="padding-bottom: 2.5pt; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: right; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: right; width: 10%;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">2,597,403</font></font></td>
<td style="padding-bottom: 2.5pt; text-align: left; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>

</table>
</div>
</div>
<p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0pt 0px 0pt 23pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b><i>&#160;</i></b></font></p>
<p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0pt 0px 0pt 23pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">On March 18, 2014, the Company issued&#160;Convertible Senior Notes due 2019 with principal amount of US$<font>400,000,000</font>(the "Notes"). The Notes bear interest at a rate of <font>2.25</font>% per year, payable semi-annually in arrears on April 1 and October 1 of each year, beginning on October 1, 2014. The Notes will mature on <font>April 1, 2019</font>. Holders may convert their Notes at their option at any time prior to the close of business on the second business day immediately preceding the maturity date.</font></p>
<p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0pt 0px 0pt 23pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0pt 0px 0pt 23pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Upon conversion, the Company will deliver, for each US$1,000 principal amount of converted Notes, a number of ADSs, each representing&#160;<font>twenty</font> Class A common shares of YY Inc., par value of US$<font>0.00001</font> per share, equal to the conversion rate.</font></p>
<p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0pt 0px 0pt 23pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0pt 0px 0pt 23pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">The conversion rate will initially be <font>9.0334</font> ADSs per US$1,000 principal amount of Notes (equivalent to an initial conversion price of approximately US$<font>110.70</font> per ADS).</font></p>
<p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0pt 0px 0pt 23pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0pt 0px 0pt 23pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">The net proceeds to the Company from the issuance of the Notes were US$<font>390.8</font> million. Debt issuance costs were US$<font>9.2</font> million which&#160;are being deferred and amortized to interest expense from the issuance date (<font>March 18, 2014</font>) to the first put date of the Notes (April 1, 2017).</font></p>
<p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0pt 0px 0pt 23pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0pt 0px 0pt 23pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">The Notes are general senior unsecured obligations and rank (1) senior in right of payment to any of the Company's future indebtedness that is expressly subordinated in right of payment to the Notes, (2) equal in right of payment to any of the Company's future unsecured indebtedness of the Company that is&#160;not so subordinated, (3) junior in right of payment to any of the Company's secured indebtedness to the extent of the value of the assets securing such indebtedness and (4) structurally junior to all indebtedness and other liabilities (including trade payables) of the Company's subsidiaries, VIEs and VIE's subsidiaries.</font></p>
<p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0pt 0px 0pt 23pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0pt 0px 0pt 23pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">The value of the Notes is initially measured by the cash received and is subsequently stated at amortized cost. As of December 31, 2014 and 2015, <font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none;">RMB<font>2.4</font> billion (US$<font>400</font> million) and RMB<font>2.6</font> billion </font>(US$<font>400</font> million) has been&#160;accounted for as the value of the Notes in non-current liabilities.</font></p>
<p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0pt 0px 0pt 23pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0pt 0px 0pt 23pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">The key terms of the Notes are as follows:</font></p>
<p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0pt 0px 0pt 23pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><i>&#160;</i></font></p>
<p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0pt 0px 0pt 23pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><i>Redemption</i></font></p>
<p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0pt 0px 0pt 23pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><i>&#160;</i></font></p>
<p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0pt 0px 0pt 23pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><i>Contingent redemption option</i></font></p>
<p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0pt 0px 0pt 23pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0pt 0px 0pt 23pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">The Notes are not redeemable prior to the maturity date of <font>April 1, 2019</font>, except as described below. The holders of the Notes (the &#147;Holders&#148;) have a non-contingent option to require the Company to repurchase for cash all or any portion of their Notes on April 1, 2017. The repurchase price will equal 100% of the principal amount of the Notes to be repurchased plus accrued and unpaid interest, if any, to, but excluding, the repurchase date. If a fundamental change (as defined in the Indenture of the 2019 Convertible Senior Notes) occurs prior to the maturity date, the Holders may require the Company to purchase for cash all or any portion of the Notes at a purchase price equal to 100% of the principal amount of the Notes to be purchased plus accrued and unpaid interest, if any, to, but excluding, the fundamental change purchase date. The Holders have the option to require the Company to repurchase the Notes, in whole or in part, in the event of a fundamental change for an amount equal to the <font>100</font>% of the principal amount and any accrued and unpaid interest in the event of fundamental changes. The Company believes that the likelihood of occurrence of events of a fundamental change is remote.</font></p>

<p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0pt 0px 0pt 23pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0pt 0px 0pt 23pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">The contingent redemption option is assessed in accordance with ASC 815-15-25-42. The contingent redemption option is considered clearly and closely related to its debt host and does not meet the requirement for bifurcation as the Notes were issued at par and the repurchase feature requires the issuer to settle the option by delivering par plus accrued and unpaid interest, the Notes holder would recover all of their initial investment. Additionally, since the Notes holder can only recover its initial investment upon exercise of its option, there are no interest rate scenarios under which the embedded derivative would at least double the investor's initial rate of return.</font></p>
<p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0pt 0px 0pt 23pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><i>&#160;</i></font></p>
<p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0pt 0px 0pt 23pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><i>Non-contingent redemption option</i></font></p>
<p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0pt 0px 0pt 23pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0pt 0px 0pt 23pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">On or after <font>April 1, 2017</font>, the Holders have the right to require the issuer to redeem, at <font>100</font>% of the loan's principal amount plus accrued and unpaid interest, in which circumstance the Holders would recover substantially all of their initial investment.</font></p>
<p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0pt 0px 0pt 23pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><i>&#160;</i></font></p>
<p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0pt 0px 0pt 23pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><i>Conversion&#160;&#160;</i></font></p>
<p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0pt 0px 0pt 23pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0pt 0px 0pt 23pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">The Holders may convert their Notes in integral multiples of US$1,000 principle amount at an initial conversion rate of 9.0334 ADS, at any time prior to the maturity date of April 1, 2019. Upon conversion of the Notes, the Company will deliver shares of the Company's ADS. The conversion rate is subject to adjustment in certain events, including, but not limited to, the issuance of certain share dividends on the Class A common shares, the issuance of certain rights or warrants, subdivisions, combinations, distributions of capital stock, indebtedness, or assets, cash dividends and certain issuer tender or exchange offers (as defined in the Indenture of the 2019 Convertible Senior Notes). In addition, upon a make-whole fundamental change (as defined in the Indenture of the 2019 Convertible Senior Notes), the Company will, under certain circumstances, increase the applicable conversion rate for a holder that elects to convert its Notes in connection with such make-whole fundamental change.</font></p>
<p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0pt 0px 0pt 23pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0pt 0px 0pt 23pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">In accordance with ASC 815-10-15-83, the conversion option meets the definition of a derivative. However, bifurcation of conversion option from the Notes is not required as the scope exception prescribed in ASC 815-10-15-74 is met as the conversion option is considered indexed to the entity's own stock and classified in shareholders' equity.</font></p>
<p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0pt 0px 0pt 23pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><i>&#160;</i></font></p>
<p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0pt 0px 0pt 23pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><i>Assessment of Beneficial Conversion Feature and Contingent Beneficial Conversion Feature:</i></font></p>
<p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0pt 0px 0pt 23pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0pt 0px 0pt 23pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">As the conversion options are not bifurcated, the Company has assessed the beneficial conversion feature (&#147;BCF&#148;), as of commitment date as defined in ASC 470-20. There was no BCF attributed to the Notes as the set conversion price for the Notes was greater than the fair value of the common share price on the&#160;date of issuance.</font></p>
<p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0pt 0px 0pt 23pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0pt 0px 0pt 23pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">The Holders have the option to convert upon a fundamental change, if Holders decide to convert in connection with a fundamental change; the number of shares issuable upon conversion will be increased. Upon occurrence of such adjustment, the Company will have to assess the contingent BCF using a measurement date upon issuance of the Notes. The settlement of the conversion is based on a make-whole provision resulting from a fundamental change, this feature is consistent with ASC 815-40-55-46, and therefore the Company concludes that this feature is also considered indexed to its own shares.</font></p>
<p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0pt 0px 0pt 23pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><i>&#160;</i></font></p>
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<p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0pt 0px 0pt 23pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">The debt issuance costs were recorded as deferred issuance costs and are amortized as interest expense, using the effective interest method, over the term of the Notes pursuant to ASC 835-30-35-2.</font></p>
<p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0pt 0px 0pt 23pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;"></font><br/></p>
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<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top; background-color: #ffffff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left; background-color: #ffffff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top; background-color: #ffffff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top; background-color: #ffffff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; width: 10%; background-color: rgb(204, 238, 255);"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">2,343,224</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">Bandwidth costs</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">203,238</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">345,913</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">570,169</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Salary and welfare</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">88,456</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">131,773</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">198,153</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">Depreciation&#160;and&#160;amortization</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">37,084</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">59,817</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">145,135</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Payment handling costs</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">24,955</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">55,101</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">104,849</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">Business&#160;tax&#160;and&#160;surcharges</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">47,755</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">49,233</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">27,794</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; padding: 0px; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Share based&#160;compensation</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">9,860</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">18,037</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">23,963</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<tr style="vertical-align: bottom;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; padding: 0px; text-indent: 0px; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">Other costs</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">26,586</font></font></td>
<td style="padding-bottom: 1pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding-bottom: 1pt; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">55,291</font></font></td>
<td style="padding-bottom: 1pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding-bottom: 1pt; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">166,457</font></font></td>
<td style="padding-bottom: 1pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; padding: 0px; text-indent: 0px; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding-bottom: 1pt; font-family: 'times new roman'; background-color: #cceeff;"></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"></font></td>
<td style="padding-bottom: 1pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding-bottom: 1pt; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"></font></td>
<td style="padding-bottom: 1pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding-bottom: 1pt; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"></font></td>
<td style="padding-bottom: 1pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"></td>
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<tr style="vertical-align: bottom;">
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding: 0px; text-indent: 0px; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">Total</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">881,999</font></font></td>
<td style="padding-bottom: 1pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding-bottom: 1pt; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">1,849,149</font></font></td>
<td style="padding-bottom: 1pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding-bottom: 1pt; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">3,579,744</font></font></td>
<td style="padding-bottom: 1pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;&#160;</font></p>
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<font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font>
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<td style="font: bold 10pt times new roman, times, serif; text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important;" colspan="10"><font style="font-family: 'times new roman', times; font-size: 10pt;">For&#160;the&#160;year&#160;ended&#160;December&#160;31,</font></td>
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<td style="font-size: 10pt; text-align: center; font-family: 'times new roman';"></td>
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman';"></td>
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-align: right;" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;">2013</font></td>
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman';"></td>
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman';"></td>
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-align: right;" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;">2014</font></td>
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-align: right;" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;">2015</font></td>
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-size: 10pt; text-align: center; font-family: 'times new roman';"></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman';"></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-align: right;" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;">RMB</font></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman';"></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman';"></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-align: right;" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;">RMB</font></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-align: right;" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;">RMB</font></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top;"></td>
<td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top;" colspan="2"></td>
<td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"></td>
<td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top;" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top;" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman'; width: 61%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Government&#160;grants</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; width: 1%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; width: 1%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; width: 10%; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">25,356</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; width: 10%; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">5,570</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; width: 10%; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">79,541</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding: 0px; text-indent: 0px; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">Others</font></td>
<td style="font: 10pt times new roman, times, serif; padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">1,722</font></font></td>
<td style="padding-bottom: 1pt; font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; padding-bottom: 1pt; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">749</font></font></td>
<td style="padding-bottom: 1pt; font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; padding-bottom: 1pt; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">2,759</font></font></td>
<td style="padding-bottom: 1pt; font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding: 0px; text-indent: 0px; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding-bottom: 1pt; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"></font></td>
<td style="padding-bottom: 1pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding-bottom: 1pt; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"></font></td>
<td style="padding-bottom: 1pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding-bottom: 1pt; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"></font></td>
<td style="padding-bottom: 1pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"></font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding: 0px; text-indent: 0px; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">Total</font></td>
<td style="font: 10pt times new roman, times, serif; padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">27,078</font></font></td>
<td style="padding-bottom: 1pt; font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; padding-bottom: 1pt; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">6,319</font></font></td>
<td style="padding-bottom: 1pt; font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; padding-bottom: 1pt; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">82,300</font></font></td>
<td style="padding-bottom: 1pt; font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>

</table>
</div>
</div>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;&#160;</font></p>
</div><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherIncomeAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OtherIncomeAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<span style="display: none;">v3.4.0.3</span><table class="report" border="0" cellspacing="2" id="idp6968435008">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Income tax<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2015</div></th></tr>
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<td style="padding-right: 0.8pt; text-align: justify; font-family: 'times new roman'; width: 23pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b>20.</b></font></td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(i) Cayman Islands (&#147;Cayman&#148;)</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Under the current tax laws of Cayman Islands, the Company and its subsidiaries are not subject to tax on income or capital gains. Besides, upon payment of dividends by the Company to its shareholders, no Cayman Islands withholding tax will be imposed.</font></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 23pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(ii) BVI</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 23pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Duowan BVI is exempt from income tax on its foreign-derived income in the BVI. There are no withholding taxes in the BVI.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 23pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(iii) Hong Kong profits tax</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 23pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Entities incorporated in Hong Kong are subject to Hong Kong profits tax at a rate of <font>16.5</font>% on the estimated assessable profit for the years ended December 31, 2013, 2014 and 2015.</font></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(iv) PRC Enterprise Income Tax (&#147;EIT&#148;)</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">The Company's subsidiaries, VIEs and VIE's subsidiaries in China are governed by the Enterprise Income Tax Law (&#147;EIT Law&#148;), which became effective on January 1, 2008. Pursuant to the EIT Law and its implementation rules, enterprises in China are generally subject to tax at a statutory rate of <font>25</font>%. Certified High and New Technology Enterprises (&#147;HNTE&#148;) are entitled to a favorable statutory tax rate of <font>15</font>%, and qualified software enterprises can enjoy an income tax exemption for <font>two</font> years beginning with their first profitable year and a <font>50</font>% tax reduction to the applicable tax rate for the subsequent <font>three</font> years.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">The Group's PRC entities provided for enterprise income tax as follows:</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
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<td style="text-align: justify; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">From 2013 to 2015, Guangzhou Huaduo accrued the EIT at a tax rate of <font>15</font>% as a result of HNTE status.</font></td>
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<td style="text-align: justify; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">Guangzhou Huanju Shidai reported tax loss from 2010 to 2013. On December 31, 2013, Guangzhou Huanju Shidai was granted the qualification as a software enterprise and started to enjoy the <font>zero</font>&#160;preferential tax rate beginning from 2014.</font></td>
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<td style="width: 18pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#149;</font></td>
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<td style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px;"><font style="font-family: 'Times New Roman', Times, serif;">Other PRC subsidiaries, VIEs and VIE's subsidiaries were subject to 25% EIT for the periods reported.</font></td>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">According to a policy promulgated by the State Tax Bureau of the PRC and effective from 2008 onwards, enterprises engaged in research and development activities are entitled to claim <font>150</font>% of the research and development expenses so incurred in a year as tax deductible expenses in determining its tax assessable profits for that year (&#147;Super Deduction&#148;). Certain subsidiaries and VIEs of the Group successfully claimed the Super Deduction in ascertaining the tax assessable profits for the periods reported.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">In addition, according to the New EIT Law and its implementation rules, foreign enterprises, which have no establishment or place in the PRC but derive dividends, interest, rents, royalties and other income (including capital gains) from sources in the PRC shall be subject to PRC withholding tax (&#147;WHT&#148;) at <font>10</font>% (a further reduced WHT rate may be available according to the applicable double tax treaty or arrangement). The <font>10</font>% WHT is applicable to any dividends to be distributed from the Group's PRC subsidiaries, VIEs and VIE's subsidiaries to the Group's oversea companies.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none;">Aggregate undistributed earnings and reserves of the Group entities located in the PRC that are available for distribution to the Company as of December 31, 2014 and 2015 are approximately</font>&#160;RMB<font>1,819,004</font>&#160;and RMB<font><font>3,090,721</font></font>, respectively.&#160;<font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none;">The undistributed earnings and reserves of the Group entities located in the PRC are considered to be indefinitely reinvested, because the Group does not have any present plan to pay any cash dividends on its common shares in the foreseeable future and intends to retain most of its available funds and any future earnings for use in the operation and expansion of its business. Accordingly, no deferred tax liability on 10% WHT of aggregate undistributed earnings and reserves of the Company's subsidiaries located in the PRC has been accrued that would be payable upon the distribution of those amounts to the Company as of December 31, 2014 and 2015.</font></font></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
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<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 10%;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(125,365</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">)</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 10%;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(200,034</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">)</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 10%;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(203,366</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">)</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Deferred income tax benefits</font></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">35,414</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">45,751</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">25,039</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Income&#160;tax&#160;expense&#160;for&#160;the&#160;year</font></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(89,951</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 10px 1px 0px; vertical-align: bottom; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">)</font></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(154,283</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 10px 1px 0px; vertical-align: bottom; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">)</font></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(178,327</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 10px 1px 0px; vertical-align: bottom; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">)</font></td>
</tr>

</table>
</div>
</div>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><i>Reconciliation of the differences between statutory tax rate and the effective tax rate&#160;</i></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">The reconciliation of total tax expense computed by applying the respective statutory income tax rate to pre-tax income is as follows:&#160;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<div>
<div class="CursorPointer" style="/* margin-left: 23pt;">
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; width: 95%; margin-left: 0.32in;">

<tr style="vertical-align: bottom;">
<td style="font-size: 10pt; text-align: center; font-family: 'times new roman'; padding: 0px;"></td>
<td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"></td>
<td style="font: bold 10pt times new roman, times, serif; text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;" colspan="10"><font style="font-family: 'times new roman', times; font-size: 10pt;">For&#160;the&#160;year&#160;ended&#160;December 31,</font></td>
<td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-size: 10pt; text-align: center; font-family: 'times new roman'; padding: 0px;"></td>
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px;"></td>
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right;" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;">2013</font></td>
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px;"></td>
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px;"></td>
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right;" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;">2014</font></td>
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right;" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;">2015</font></td>
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-size: 10pt; text-align: center; font-family: 'times new roman'; padding: 0px;"></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right;" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;">RMB</font></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right;" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;">RMB</font></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right;" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;">RMB</font></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;"></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;" colspan="2"></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px; width: 61%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">PRC Statutory income tax rate</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; width: 1%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; width: 1%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 10%; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(25.0</font></font></td>
<td style="font-style: normal;font-variant: normal;font-weight: normal;font-stretch: normal;font-size: 10pt;line-height: normal;text-align: left;font-family: 'times new roman';/* padding: 0px 10px 0px 0px; */vertical-align: bottom;white-space: nowrap;width: 1%;background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">)%</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 10%; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(25.0</font></font></td>
<td style="font-style: normal;font-variant: normal;font-weight: normal;font-stretch: normal;font-size: 10pt;line-height: normal;text-align: left;font-family: 'times new roman';/* padding: 0px 10px 0px 0px; */vertical-align: bottom;white-space: nowrap;width: 1%;background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">)%</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 10%; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(25.0</font></font></td>
<td style="font-style: normal;font-variant: normal;font-weight: normal;font-stretch: normal;font-size: 10pt;line-height: normal;text-align: left;font-family: 'times new roman';/* padding: 0px 10px 0px 0px; */vertical-align: bottom;white-space: nowrap;width: 1%;background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">)%</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Effect of preferential tax rate</font></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">10.5</font></font></td>
<td style="font: 10pt times new roman, times, serif;text-align: left;font-family: 'times new roman';padding: 0px;vertical-align: bottom;/* padding-right: 10px; */white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">%</font></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">13.1</font></font></td>
<td style="font: 10pt times new roman, times, serif;text-align: left;font-family: 'times new roman';padding: 0px;vertical-align: bottom;/* padding-right: 10px; */white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">%</font></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">14.0</font></font></td>
<td style="font: 10pt times new roman, times, serif;text-align: left;font-family: 'times new roman';padding: 0px;vertical-align: bottom;/* padding-right: 10px; */white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">%</font></td>
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<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Effect of tax-exempt entities</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">2.2</font></font></td>
<td style="font-style: normal;font-variant: normal;font-weight: normal;font-stretch: normal;font-size: 10pt;line-height: normal;text-align: left;font-family: 'times new roman';/* padding: 0px 10px 0px 0px; */vertical-align: bottom;white-space: nowrap;background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">%</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">1.1</font></font></td>
<td style="font-style: normal;font-variant: normal;font-weight: normal;font-stretch: normal;font-size: 10pt;line-height: normal;text-align: left;font-family: 'times new roman';/* padding: 0px 10px 0px 0px; */vertical-align: bottom;white-space: nowrap;background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">%</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(1.6</font></font></td>
<td style="font-style: normal;font-variant: normal;font-weight: normal;font-stretch: normal;font-size: 10pt;line-height: normal;text-align: left;font-family: 'times new roman';/* padding: 0px 10px 0px 0px; */vertical-align: bottom;white-space: nowrap;background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">)%</font></td>
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<tr style="vertical-align: bottom;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Effect of change in tax rate</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>-</font></font></font></td>
<td style="font-style: normal;font-variant: normal;font-weight: normal;font-stretch: normal;font-size: 10pt;line-height: normal;text-align: left;font-family: 'times new roman';/* padding: 0px 10px 0px 0px; */vertical-align: bottom;white-space: nowrap;"><br/></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>-</font></font></font></td>
<td style="font-style: normal;font-variant: normal;font-weight: normal;font-stretch: normal;font-size: 10pt;line-height: normal;text-align: left;font-family: 'times new roman';/* padding: 0px 10px 0px 0px; */vertical-align: bottom;white-space: nowrap;"><br/></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>0.5</font></font></font></td>
<td style="font-style: normal;font-variant: normal;font-weight: normal;font-stretch: normal;font-size: 10pt;line-height: normal;text-align: left;font-family: 'times new roman';/* padding: 0px 10px 0px 0px; */vertical-align: bottom;white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">%&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Permanent differences (i)</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(4.0</font></font></td>
<td style="font-style: normal;font-variant: normal;font-weight: normal;font-stretch: normal;font-size: 10pt;line-height: normal;text-align: left;font-family: 'times new roman';/* padding: 0px 10px 0px 0px; */vertical-align: bottom;white-space: nowrap;background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">)%</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(3.5</font></font></td>
<td style="font-style: normal;font-variant: normal;font-weight: normal;font-stretch: normal;font-size: 10pt;line-height: normal;text-align: left;font-family: 'times new roman';/* padding: 0px 10px 0px 0px; */vertical-align: bottom;white-space: nowrap;background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">)%</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(3.8</font></font></td>
<td style="font-style: normal;font-variant: normal;font-weight: normal;font-stretch: normal;font-size: 10pt;line-height: normal;text-align: left;font-family: 'times new roman';/* padding: 0px 10px 0px 0px; */vertical-align: bottom;white-space: nowrap;background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">)%</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Change in valuation allowance</font></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(3.0</font></font></td>
<td style="font: 10pt times new roman, times, serif;text-align: left;font-family: 'times new roman';padding: 0px;vertical-align: bottom;/* padding-right: 10px; */white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">)%</font></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(0.4</font></font></td>
<td style="font: 10pt times new roman, times, serif;text-align: left;font-family: 'times new roman';padding: 0px;vertical-align: bottom;/* padding-right: 10px; */white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">)%</font></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(1.7</font></font></td>
<td style="font: 10pt times new roman, times, serif;text-align: left;font-family: 'times new roman';padding: 0px;vertical-align: bottom;/* padding-right: 10px; */white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">)%</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Effect&#160;of&#160;Super&#160;Deduction&#160;available&#160;to&#160;the&#160;Group</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">3.4</font></font></td>
<td style="font-style: normal;font-variant: normal;font-weight: normal;font-stretch: normal;font-size: 10pt;line-height: normal;text-align: left;font-family: 'times new roman';/* padding: 0px 10px 0px 0px; */vertical-align: bottom;white-space: nowrap;background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">%</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">2.0</font></font></td>
<td style="font-style: normal;font-variant: normal;font-weight: normal;font-stretch: normal;font-size: 10pt;line-height: normal;text-align: left;font-family: 'times new roman';/* padding: 0px 10px 0px 0px; */vertical-align: bottom;white-space: nowrap;background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">%</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">2.3</font></font></td>
<td style="font-style: normal;font-variant: normal;font-weight: normal;font-stretch: normal;font-size: 10pt;line-height: normal;text-align: left;font-family: 'times new roman';/* padding: 0px 10px 0px 0px; */vertical-align: bottom;white-space: nowrap;background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">%</font></td>
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<tr style="vertical-align: bottom;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Effective income tax rate</font></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(15.9</font></font></td>
<td style="font-style: normal;font-variant: normal;font-weight: normal;font-stretch: normal;font-size: 10pt;line-height: normal;text-align: left;font-family: 'times new roman';vertical-align: bottom;white-space: nowrap;padding-bottom: 1pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">)%</font></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(12.7</font></font></td>
<td style="font-style: normal;font-variant: normal;font-weight: normal;font-stretch: normal;font-size: 10pt;line-height: normal;text-align: left;font-family: 'times new roman';vertical-align: bottom;white-space: nowrap;padding-bottom: 1pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">)%</font></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(15.3</font></font></td>
<td style="font-style: normal;font-variant: normal;font-weight: normal;font-stretch: normal;font-size: 10pt;line-height: normal;text-align: left;font-family: 'times new roman';padding-bottom: 1pt;vertical-align: bottom;white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">)%</font></td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;&#160;</font></p>
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<td style="width: 3%; padding-right: 0.8pt; text-align: justify; font-family: 'times new roman'; vertical-align: top;" valign="top"><font style="font-family: 'times new roman', times; font-size: 10pt;">(i)</font></td>
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<div><font style="font-family: 'times new roman', times; font-size: 10pt;">Permanent differences mainly arise from expenses not deductible for tax purposes including primarily share-based compensation costs and expenses incurred by subsidiaries and VIEs.</font></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><i>Deferred tax assets and liabilities</i></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Deferred taxes were measured using the enacted tax rates for the periods in which they are expected to be reversed. The tax effects of temporary differences that give rise to the deferred tax asset balances as of December 31, 2014 and 2015 are as follows:</font></p>
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<td style="font-size: 10pt; text-align: center; font-family: 'times new roman'; padding: 0px;"></td>
<td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"></td>
<td style="font: bold 10pt times new roman, times, serif; text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;" colspan="6"><font style="font-family: 'times new roman', times; font-size: 10pt;">December 31,</font></td>
<td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"></td>
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<td style="font-size: 10pt; text-align: center; font-family: 'times new roman'; padding: 0px;"></td>
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px;"></td>
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right;" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;">2014</font></td>
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px;"></td>
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px;"></td>
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right;" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;">2015</font></td>
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: center; font-family: 'times new roman'; padding: 0px;"></td>
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<td style="font-size: 10pt; text-align: center; font-family: 'times new roman'; padding: 0px;"></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right;" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;">RMB</font></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right;" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;">RMB</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: center; font-family: 'times new roman'; padding: 0px;"></td>
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<tr style="vertical-align: bottom;">
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;"></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;" colspan="2"></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;" colspan="2"></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Deferred tax assets, current:</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: right; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: right; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<tr style="vertical-align: bottom; background-color: white;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px; width: 74%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Deferred revenue</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 10%;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">37,796</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 10%;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">46,830</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Allowance&#160;for&#160;doubtful&#160;accounts&#160;receivable,&#160;accrued&#160;expense&#160;and&#160;others&#160;not&#160;currently&#160;deductible&#160;for&#160;tax&#160;purposes</font></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">82,957</font></font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">83,503</font></font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Valuation allowance</font></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(9,317</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">)</font></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(13,412</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">)</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Total current deferred tax assets, net</font></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">111,436</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">116,921</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="font-size: 10pt; text-indent: 0px; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Deferred tax assets, non-current:</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Tax loss carried forward</font></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">14,654</font></font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">39,904</font></font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Deferred revenue</font></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">343</font></font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">1,414</font></font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Impairment of investment</font></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">798</font></font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">1,698</font></font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Others</font></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">705</font></font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; padding-right: 10px; white-space: nowrap;"><br/></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">251</font></font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; padding-right: 10px; white-space: nowrap;"><br/></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px;">Valuation allowance (i)</td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(15,108</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 0px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">)&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(39,904</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">)&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Total non-current deferred tax assets, net</font></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">1,392</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">3,363</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="font-size: 10pt; text-indent: 0px; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Deferred tax liabilities, non-current:</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Related to acquired intangible assets</font></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">26,709</font></font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">16,817</font></font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<div class="CursorPointer">
<table style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; border-collapse: collapse; width: 100%; margin-left: 0.1px;" cellspacing="0" cellpadding="0">

<tr style="vertical-align: top;">
<td style="padding-right: 0.8pt; text-align: justify; font-family: 'times new roman'; width: 3%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(i)</font></td>
<td style="padding-right: 2.1pt; text-align: justify; font-family: 'times new roman'; width: 97%;">
<div><font style="font-family: 'times new roman', times; font-size: 10pt;">Valuation allowance is provided against deferred tax assets when the Group determines that it is more likely than not that the deferred tax assets will not be utilized in the future. In making such determination, the Group considered factors including future taxable income exclusive of reversing temporary differences and tax loss carry forwards. Valuation allowance was provided for net operating loss carry forward because it was more likely than not that such deferred tax assets will not be realized based on the Group's estimate of its future taxable income. If events occur in the future that allow the Group to realize more of its deferred income tax than the presently recorded amounts, an adjustment to the valuation allowances will result in a decrease in tax expense when those events occur.</font></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 23.1pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><i>Tax loss carry forwards</i></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 23.1pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">As of December 31, 2015, the Group had tax loss carry forwards of approximately RMB<font>159,616</font>, which can be carried forward to offset future taxable income. The net operating tax loss carry forwards will begin to expire as follows:&#160;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
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<tr style="vertical-align: bottom;">
<td style="font-size: 10pt; text-align: left; vertical-align: top; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-align: right;" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;">Amount</font></td>
<td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-size: 10pt; text-align: left; vertical-align: top; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-align: right;" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;">RMB</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-size: 10pt; text-align: left; vertical-align: top; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top;" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; vertical-align: top; font-family: 'times new roman'; width: 87%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">2016</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; width: 10%;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">-</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; vertical-align: top; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">2017</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman';"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">-</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-align: left; text-indent: 0px; padding: 0px; vertical-align: top;"><font style="font-family: 'times new roman', times; font-size: 10pt;">2018</font></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman';"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">9,440</font></font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-align: left; text-indent: 0px; padding: 0px; vertical-align: top;"><font style="font-family: 'times new roman', times; font-size: 10pt;">2019</font></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman';"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">46,932</font></font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-align: left; padding: 0px; text-indent: 0px; vertical-align: top;"><font style="font-family: 'times new roman', times; font-size: 10pt;">2020</font></td>
<td style="font: 10pt times new roman, times, serif; padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">103,244</font></font></td>
<td style="padding-bottom: 1pt; font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-indent: 0px; text-align: left; vertical-align: top;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Total</font></td>
<td style="font: 10pt times new roman, times, serif; padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">159,616</font></font></td>
<td style="padding-bottom: 1pt; font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>

</table>
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</div>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">In accordance with PRC Tax Administration Law on the Levying and Collection of Taxes, the PRC tax authorities generally have up to <font>five</font> years to claw back underpaid tax plus penalties and interest for PRC entities' tax filings. In the case of tax evasion, which is not clearly defined in the law, there is no limitation on the tax years open for investigation. Accordingly, the PRC entities' tax years from 2010 to 2015 remain subject to examination by the tax authorities. There were no ongoing examinations by tax authorities as of December 31, 2015.&#160;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.</p></div>
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<span style="display: none;">v3.4.0.3</span><table class="report" border="0" cellspacing="2" id="idp6968434144">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Common shares<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2015</div></th></tr>
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<td style="padding-right: 0.8pt;font-family: 'times new roman';width: 23pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b>21.</b></font></td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">During the year ended December 31, 2013, <font>21,256,900</font> Class A common shares were issued for the exercised share options, vested restricted shares and restricted share units, <font>422,001,838</font> Class B common shares were converted to Class A common shares.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font><br/><font style="font-family: 'times new roman', times; font-size: 10pt;"></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">As of December 31, 2013, <font>10,000,000,000</font> Class&#160;A common shares and <font>1,000,000,000</font> Class B common shares had been authorized,&#160;<font>622,658,738</font> Class A common shares and <font>485,831,386</font> Class B common shares had been issued and outstanding, respectively.</font></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">During the year ended December 31, 2014, <font>25,036,140</font> Class A common shares were issued for the exercised share options, vested restricted shares and restricted share units and&#160;<font>58,478,690</font> Class B common shares were converted to Class A common shares.</font></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">As of December 31, 2014, <font>10,000,000,000</font> Class A common shares and <font>1,000,000,000</font> Class B common shares had been authorized, <font>706,173,568</font> Class&#160;A common shares and <font>427,352,696</font> Class B common shares had been issued and outstanding, respectively.&#160;</font></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none;">On May 4, 2014 and March 5, 2015, the Company's board of directors approved <font>two</font> share repurchase programs (the &#147;Share Repurchase Program&#148;) respectively, pursuant to which the Company may repurchase from time to time at management's discretion, at prevailing market prices in the open market in accordance with Rule 10b-18 under the Securities Exchange Act of 1934, up to US$<font>200</font> million in total of the Company's outstanding ADSs for a period not to exceed twelve (12) months from the date of approval by board of directors. For the year ended December 31, 2015, the Company had repurchased under the Share Repurchase Program an aggregate&#160;of <font>3,092,556</font> ADSs, representing <font>61,851,120</font> Class A common shares at an average price of US$<font>54.82</font> per ADS, or US$<font>2.74</font> per Class A common&#160;share, for aggregate consideration of US$<font>169.5</font> million. Pursuant to ASC 505-30-30-8, since the shares were repurchased for constructive retirement, the excess of repurchase price over par value was recorded as deduction of additional paid-in capital upon the repurchase date.</font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none;">&#160;</font></font><br/></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none;">During the year ended December 31, 2015, <font>26,110,680 </font>Class A common shares were issued for the exercised share options, vested restricted shares and restricted share units and <font>57,794,720</font> Class B common shares were converted to Class A common shares.</font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font><br/></p>
<p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px 0px 0px 23pt; text-align: justify;">As of December&#160;31, 2015, <font>10,000,000,000</font> Class&#160;A common shares and <font>1,000,000,000</font> Class B common shares had been authorized, <font>728,227,848</font>&#160;Class&#160;A common shares and <font>369,557,976</font>&#160;Class B common shares had been issued and outstanding, respectively.<br/></p>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.</p></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><i>Grant of options</i></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Before the adoption of the Employee Equity Incentive Scheme (the &#147;2009 Incentive Scheme&#148;), <font>12,705,700</font> and <font>8,499,050</font> share options were granted to employees through individually signed share option agreements, to acquire common shares of Duowan BVI on a one-to-one basis on January 1, 2008 and 2009 respectively. In addition, on January 1, 2008, <font>3,832,290</font> share options were granted to <font>one</font> non-employee for the provision of consulting services to the Group (collectively defined as &#147;Pre-2009 Scheme Options&#148;).</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><i>Vesting of options</i></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">These Pre-2009 Scheme Options will vest over a <font>four</font> years' service period, with <font>25</font>% of the options vesting after the first anniversary of the vesting inception date and the remaining <font>75</font>% in <font>six</font> equal installments over the following <font>36</font> months. The options may be exercised provided that both the service conditions and a performance condition are met. The performance condition is defined to be i) an initial public offering, ii)&#160;completion of a financing meeting certain criteria, iii) an internal reorganization, or iv) a voluntary winding up of Duowan BVI. The performance condition that is tied to completion of a financing fulfilling certain criteria was met in June 2008 or November 2009.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">The following table summarizes the activities of the Pre-2009 Scheme Options for employees and non-employee for the years ended December 31, 2013, 2014 and 2015:&#160;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
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<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; margin-left: 0.32in;" width="95%">

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<td style="font-size: 10pt; text-align: center; font-family: 'times new roman'; padding: 0px;"></td>
<td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"></td>
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; padding: 0px; text-align: right;" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;">Number of</font><br/><font style="font-family: 'times new roman', times; font-size: 10pt;"> options</font></td>
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right;"></td>
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; padding: 0px; text-align: right;" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;">Weighted</font><br/><font style="font-family: 'times new roman', times; font-size: 10pt;"> average</font><br/><font style="font-family: 'times new roman', times; font-size: 10pt;"> exercise</font><br/><font style="font-family: 'times new roman', times; font-size: 10pt;"> price&#160;(US$)</font></td>
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right;"></td>
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; padding: 0px; text-align: right;" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;">Weighted</font><br/><font style="font-family: 'times new roman', times; font-size: 10pt;"> average</font><br/><font style="font-family: 'times new roman', times; font-size: 10pt;"> remaining</font><br/><font style="font-family: 'times new roman', times; font-size: 10pt;"> contractual&#160;life</font><br/><font style="font-family: 'times new roman', times; font-size: 10pt;"> (years)</font></td>
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right;"></td>
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; padding: 0px; text-align: right;" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;">Aggregate</font><br/><font style="font-family: 'times new roman', times; font-size: 10pt;"> intrinsic</font><br/><font style="font-family: 'times new roman', times; font-size: 10pt;"> value</font><br/><font style="font-family: 'times new roman', times; font-size: 10pt;"> (US$)</font></td>
<td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<tr style="vertical-align: bottom;">
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;"></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;" colspan="2"></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; font-family: 'times new roman'; padding: 0px; width: 48%;"><font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: -13.3333px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none; background-color: #cceeff;">Outstanding, January 1, 2013</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; width: 1%;"></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; width: 1%;"></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 10%;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">17,870,425</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 10%;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">0.0055</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 10%;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">5.37</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 10%;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">12,642</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Exercised</font></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"></td>
<td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(4,648,420</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">)</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap;"></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">0.0045</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">4.30</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: right; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<td style="font-size: 10pt; text-indent: 0px; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<tr style="vertical-align: bottom; background-color: white;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Outstanding, December 31, 2013</font></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">13,222,005</font></font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">0.0059</font></font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">4.40</font></font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">33,162</font></font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Exercised</font></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(5,841,660</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">)</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap;"></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">0.0057</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">3.24</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: right; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="font-size: 10pt; text-indent: 0px; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px;">Outstanding, vested and exercisable, December 31, 2014</td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font>7,380,345</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">0.0061</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font>3.52</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font>22,959</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; /* border-bottom: #000000 1pt solid !important; */ white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Exercised</font></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(6,611,970</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">)</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap;"></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">0.0061</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">2.46</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: right; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-size: 10pt; text-indent: 0px; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Outstanding,&#160;vested&#160;and&#160;exercisable,&#160;December&#160;31,&#160;2015</font></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">768,375</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">0.0067</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">2.99</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">2,395</font></font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; /* border-bottom: #000000 1pt solid !important; */ white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>

</table>
</div>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</div>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Forfeitures are estimated at the time of grant. If necessary, forfeitures are revised in subsequent periods if actual forfeitures differ from those estimates.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">The aggregate intrinsic value in the table above represents the difference between the Company's common shares as of December 31, 2013, 2014 and 2015 and the exercise price.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Prior to the completion of the IPO, the Binomial option pricing model is used to determine the fair value of the share options granted to employees and the non-employee.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Upon the completion of the IPO, the fair value of share options granted to a non-employee with <font>nil</font> exercise price was assessed to be equivalent to the fair value of the Company's common share. These share options were remeasured at the stock price of the Company's common share as of December 31, 2014 and 2015.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">The total intrinsic value of options exercised during the year ended December 31, 2013, 2014 and 2015 amounted to <font>64,195</font>, RMB<font><font>134,844</font></font> and RMB<font>122,956</font>, respectively. For the years ended December 31, 2013, 2014 and 2015, the Company recorded share based compensation&#160;of RMB<font><font>14,004</font></font>, <font><font>nil</font></font>&#160;and <font>nil</font>, respectively, using the graded-vesting attribution method for employees and non-employee.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">As of December 31, 2015, there was <font>no</font> unrecognized compensation cost and expense related to Pre-2009 Scheme Options granted to employees and non-employee.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Since January 1, 2010, Duowan BVI granted <font>61,250,677</font> restricted shares to employees and <font>100,000</font> restricted shares to a non-employee pursuant to the 2009 Incentive Scheme. As of December 31, 2015, the restricted shares granted to employees and the non-employee were fully vested.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;&#160;</font></p>
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<td style="padding-right: 0.8pt; font-family: 'times new roman'; width: 23pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b>(b)</b></font></td>
<td style="padding-right: 0.8pt; font-family: 'times new roman'; /* width: 95%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b>Restricted shares</b></font></td>
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</table>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><i>Vesting of restricted shares</i></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">The restricted shares have vesting conditions and will vest <font>50</font>% after <font>24</font> months of the grant date and the remaining <font>50</font>% will vest in <font>two</font> equal installments over the next <font>24</font> months. Under the restricted shares agreement, <font>no</font> shares may be sold or transferred prior to the occurrence of an exit event, as defined in the respective restricted share agreements as: i) a listing on any recognized stock exchange, ii) a sale by Duowan BVI of all or substantially all of its assets, iii) a sale of all of the issued capital of Duowan BVI, or iv) passing for court order of winding up of Duowan BVI.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">If the employee terminates employment, the service vested portion of the restricted shares may be subject to: (i)&#160;repurchase (subject to Company's sole discretion) by Duowan BVI at fair value of common shares of Duowan BVI which is assessed by the Company with the assistance of an independent valuation firm; or (ii)&#160;be held by a person who is an existing employee of the Group and is designated by the leaving restricted share holder according to a properly signed escrow agreement to hold such shares for and on his/her behalf. If the leaving employee fails to deliver a properly signed agreement to Duowan BVI within <font>30</font> days from receipt of the notification from Duowan BVI, such service vested shares shall automatically lapse and expire.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
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<tr style="vertical-align: bottom;">
<td style="font-size: 10pt; text-align: center; font-family: 'times new roman'; padding: 0px;"></td>
<td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"></td>
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; padding: 0px; text-align: right;" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;">Number of</font><br/><font style="font-family: 'times new roman', times; font-size: 10pt;"> restricted</font><br/><font style="font-family: 'times new roman', times; font-size: 10pt;"> shares</font></td>
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; padding: 0px; text-align: right;" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;">Weighted</font><br/><font style="font-family: 'times new roman', times; font-size: 10pt;"> average</font><br/><font style="font-family: 'times new roman', times; font-size: 10pt;">grant-date</font><br/><font style="font-family: 'times new roman', times; font-size: 10pt;"> fair&#160;value&#160;(US$)</font></td>
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; padding: 0px; text-align: right;" colspan="4"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;&#160;&#160;&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;"></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;" colspan="2"></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; font-family: 'times new roman'; padding: 0px; width: 74%; background-color: #cceeff;"><font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: -13.3333px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;">Outstanding, January 1, 2013</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; width: 1%; background-color: #cceeff;"></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; width: 1%; background-color: #cceeff;"></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 10%; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">18,230,801</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 10%; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">0.4898</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Forfeited</font></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(1,581,789</font></font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; padding-right: 10px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">)</font></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">0.8726</font></font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Vested</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(11,975,287</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">)</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">0.3906</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-size: 10pt; text-indent: 0px; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Outstanding, December 31, 2013</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">4,673,725</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">0.6144</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Forfeited</font></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(159,410</font></font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; padding-right: 10px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">)</font></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">0.9362</font></font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Vested</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(4,514,315</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">)</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">0.6030</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-size: 10pt; text-indent: 0px; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Outstanding, December 31, 2014 and 2015</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">-</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">-</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>

</table>
</div>
</div>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Forfeitures are estimated at the time of grant. If necessary, forfeitures are revised in subsequent periods if actual forfeitures differ from those estimates.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">For the years ended December 31, 2013, 2014 and 2015, the Company recorded share based compensation of RMB<font><font>7,300</font></font> , RMB<font><font>3,771</font></font> and <font>nil</font>, respectively, using the graded-vesting method for employees and non-employee.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>

<table style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse;" cellpadding="0" cellspacing="0">

<tr style="vertical-align: top;">
<td style="width: 23pt; text-align: justify;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><b>(c)</b></font></td>
<td style="/* width: 95%; */text-align: justify;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><b>Restricted Share Units</b></font></td>
</tr>

</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">On September 16, 2011, the board of the directors of the Company approved the 2011 Share Incentive Plan, which permits the grant of share options, restricted shares and restricted share units of up to <font>43,000,000</font> shares, to any qualified persons, as determined by the board of the directors of the Company. On the same date, the Company granted <font>9,097,000</font> restricted share units to employees pursuant to the 2011 Share Incentive Plan, that are subject to vesting over a <font>four</font> to <font>five</font> years' period. During the year ended December 31, 2012, the Company granted <font>18,295,221</font> restricted share units to employees pursuant to the 2011 Share Incentive Plan, which are subject to vesting over a <font>two</font> to <font>four</font> years' period. No restricted share units were granted to non-employees up to December 31, 2012.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">In October 2012, the board of directors of the Company resolved that the maximum aggregate number of Class&#160;A common shares which may be issued pursuant to all awards under the 2011 Incentive Scheme shall be 43,000,000 plus an annual increase of <font>20,000,000</font> on the first day of each fiscal year, beginning from 2013, or such lesser amount of Class&#160;A common shares as determined by the board of directors of the Company.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none;">During the year ended December&#160;31, 2013, the Company granted <font>29,917,989</font> restricted share units to employees and <font>48,000</font> restricted share units to non-employee pursuant to the 2011 Share Incentive Plan, which are subject to vesting over a <font>three</font> to <font>five</font> years' period.</font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;"></font><br/></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">During the year ended December 31, 2014, the Company granted <font>9,912,595</font>&#160;restricted share units to employees pursuant to the 2011 Share Incentive Plan, which are subject to vesting over a <font>18</font>&#160;months to <font>five</font> years' period.&#160;<font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none;">No restricted share units were granted to non-employees during the year ended December 31, 2014.</font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">During the year ended December 31, 2015, the Company granted <font>16,012,644</font>&#160;restricted share units to employees pursuant to the 2011 Share Incentive Plan, which are subject to vesting over a <font>three</font>&#160;years to <font>five</font>&#160;years' period.&#160;No restricted share units were granted to non-employees during the year ended December 31, 2015.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">The following table summarizes the restricted share units activity for the years ended December 31, 2013, 2014 and 2015:&#160;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<div>
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<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; width: 95%; margin-left: 0.32in;">

<tr style="vertical-align: bottom;">
<td style="font-size: 10pt; text-align: center; font-family: 'times new roman'; padding: 0px;"></td>
<td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"></td>
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; padding: 0px; text-align: right;" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;">Number of</font><br/><font style="font-family: 'times new roman', times; font-size: 10pt;"> restricted</font><br/><font style="font-family: 'times new roman', times; font-size: 10pt;"> shares</font></td>
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; padding: 0px; text-align: right;" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;">Weighted</font><br/><font style="font-family: 'times new roman', times; font-size: 10pt;"> average</font><br/><font style="font-family: 'times new roman', times; font-size: 10pt;">grant-date</font><br/><font style="font-family: 'times new roman', times; font-size: 10pt;"> fair&#160;value&#160;(US$)&#160;</font></td>
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; padding: 0px; text-align: right;" colspan="4"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;&#160;&#160;&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;"></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;" colspan="2"></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; font-family: 'times new roman'; padding: 0px; width: 74%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Outstanding, January 1, 2013</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; width: 1%; background-color: #cceeff;"></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; width: 1%; background-color: #cceeff;"></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 10%; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">26,695,621</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%; background-color: #cceeff;"><br/></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 10%; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">1.0415</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Granted</font></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px;"></td>
<td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">29,965,989</font></font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><br/></td>
<td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">0.9338</font></font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Forfeited</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(3,522,992</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">)</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><br/></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">1.0699</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Vested</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>(8,836,018</font></font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">)&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>1.0429</font></font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-size: 10pt; text-indent: 0px; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; text-align: left; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Outstanding, December 31, 2013</font></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>44,302,600</font></font></font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><br/></td>
<td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>0.9639</font></font></font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>&#160;</font></font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;">&#160;</td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>&#160;</font></font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Granted</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">9,912,595</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><br/></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">3.5805</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Forfeited</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(3,125,430</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px 0px 0px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">)&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><br/></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">1.1859</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Vested</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(12,283,670</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">)</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><br/></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">1.0144</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-size: 10pt; text-indent: 0px; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; text-align: left; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"><br/></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Outstanding, December 31, 2014</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>38,806,095</font></font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><br/></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>1.5984</font></font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-size: 10pt; text-indent: 0px; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; text-align: left; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"><br/></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Granted</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">16,012,644</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><br/></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">3.3358</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Forfeited</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(7,312,548</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px 0px 0px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">)&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><br/></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">1.8920</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<tr style="vertical-align: bottom;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Vested</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(11,222,589</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">)</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><br/></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">1.4374</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-size: 10pt; text-indent: 0px; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; text-align: left; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"><br/></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Outstanding, December 31, 2015</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"><font>36,283,602</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">2.3535</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-size: 10pt; text-indent: 0px; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; text-align: left; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"><br/></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<tr style="vertical-align: bottom;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Expected to vest at December 31, 2015</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"><font>34,548,581</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">2.3356</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">For the years ended December 31, 2013, 2014 and 2015, the Company recorded share based compensation of RMB<font><font>95,792</font></font>, RMB<font><font>130,718</font></font> and RMB<font>152,205</font>, using the graded-vesting attribution method.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">As of December 31, 2015, total unrecognized compensation expense relating to the restricted share units was RMB&#160;<font>294,041</font>. The expense is expected to be recognized over a weighted average period of <font>1.16</font>&#160;years using the graded-vesting attribution method.&#160;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
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<tr style="vertical-align: top;">
<td style="width: 23pt; text-align: justify;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><b>(d)</b></font></td>
<td style="/* width: 95%; */text-align: justify;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><b>Share based awards granted to an employee of a subsidiary</b></font></td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23.05pt; text-align: justify;"><br/><font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none;">The Company completed a business combination in 2014</font>&#160;by acquiring <font>100</font>% of&#160;<font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none;">equity interests in <font>two</font> vocational training companies, Xingxue and Chuangzhi (Note 4). In the third quarter of 2015, the Company granted share based awards of Xingxue to one of Xingxue's key employee (the &#147;Employee&#148;).</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23.05pt; text-align: justify;"><br/></p>
<p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0pt 0pt 0pt 23pt; text-align: justify;">Under the arrangements entered into by the Company and the Employee, the Employee has been granted <font>20</font>% of Xingxue's equity interests with immediate effect and will be entitled to purchase additional equity interests of Xingxue subject to the achievement of certain financial performance metrics of Xingxue (&#147;call option&#148;). These awards should be regarded as share based awards with performance conditions. The Company should recognize compensation cost for awards with performance conditions if and when the Company concludes that it is probable that the performance condition will be achieved. For the year ended December 31, 2015, based on the Company's assessment on the probability of performance condition affiliated in this equity-classified award under ASC 718, the Company has recognised share based compensation of&#160;RMB<font>32,593</font>&#160;for the share based awards granted to the Employee including the initial 20% of shares and the additional shares to be granted under the call option.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Pursuant to the terms of the arrangements entered into by the Company and the Employee, if Xingxue does not successfully complete an IPO at a future date while certain financial performance metrics have been met, the Employee will be entitled to sell all the equity interests held by the Employee on Xingxue to the Company at the then fair value (&#147;put option&#148;), based on the Company's assessment, as of December 31, 2015, the Company considered that the exercise of the put option is not probable. Accordingly, no accretion charge has been recorded for the year ended December 31, 2015.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
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<tr style="vertical-align: top;">
<td style="width: 23pt; text-align: justify;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><b>(e)</b></font></td>
<td style="/* width: 95%; */text-align: justify;"><b style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px;">Other share based compensation</b></td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.</p></div>
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Basic and diluted net income per share<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<td style="padding-right: 0.8pt; font-family: 'times new roman'; width: 23pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b>23.</b></font></td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Basic and diluted net income per share for the years ended December 31, 2013, 2014 and 2015 are calculated as follows:&#160;</font></p>
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<td style="font-size: 10pt; text-align: center; font-family: 'times new roman'; padding: 0px;"></td>
<td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"></td>
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right;" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;">2013</font></td>
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right;"></td>
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right;"></td>
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right;" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;">2014</font></td>
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right;" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;">2015</font></td>
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<td style="font-size: 10pt; text-align: center; font-family: 'times new roman'; padding: 0px;"></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right;" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;">RMB</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right;"></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right;"></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right;" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;">RMB</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right;" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;">RMB</font></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;" colspan="2"></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;" colspan="2"></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: right; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: right; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: right; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px; width: 61%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Net income attributable to the Company</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; width: 10%;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">477,727</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; width: 10%;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">1,064,472</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; width: 10%;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">1,033,243</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-size: 10pt; text-indent: 0px; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; text-align: left; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; text-align: left; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<tr style="vertical-align: bottom;">
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; font-family: 'times new roman'; padding: 0px;"><font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: bold; letter-spacing: normal; line-height: normal; orphans: auto; text-align: left; text-indent: -13.3333px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;">Numerator for basic net income per share</font></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px;border-bottom-width: 1pt !important;border-bottom-style: solid !important;border-bottom-color: rgb(0, 0, 0) !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;border-bottom-width: 1pt !important;border-bottom-style: solid !important;border-bottom-color: rgb(0, 0, 0) !important;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">477,727</font></font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;border-bottom-width: 1pt !important;border-bottom-style: solid !important;border-bottom-color: rgb(0, 0, 0) !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;border-bottom-width: 1pt !important;border-bottom-style: solid !important;border-bottom-color: rgb(0, 0, 0) !important;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">1,064,472</font></font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;border-bottom-width: 1pt !important;border-bottom-style: solid !important;border-bottom-color: rgb(0, 0, 0) !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;border-bottom-width: 1pt !important;border-bottom-style: solid !important;border-bottom-color: rgb(0, 0, 0) !important;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">1,033,243</font></font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: bold; letter-spacing: normal; line-height: normal; orphans: auto; text-align: left; text-indent: -13.3333px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;">Numerator for diluted income per share</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);border-bottom-width: 1pt !important;border-bottom-style: solid !important;border-bottom-color: rgb(0, 0, 0) !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);border-bottom-width: 1pt !important;border-bottom-style: solid !important;border-bottom-color: rgb(0, 0, 0) !important;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">477,727</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);border-bottom-width: 1pt !important;border-bottom-style: solid !important;border-bottom-color: rgb(0, 0, 0) !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);border-bottom-width: 1pt !important;border-bottom-style: solid !important;border-bottom-color: rgb(0, 0, 0) !important;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">1,064,472</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);border-bottom-width: 1pt !important;border-bottom-style: solid !important;border-bottom-color: rgb(0, 0, 0) !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);border-bottom-width: 1pt !important;border-bottom-style: solid !important;border-bottom-color: rgb(0, 0, 0) !important;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">1,033,243</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-size: 10pt; text-indent: 0px; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; text-align: left; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; text-align: left; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Denominator:</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: right; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: right; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: right; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Denominator for basic calculation&#151;weighted&#160;average number of Class A and Class B common shares outstanding</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">1,122,475,688</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">1,153,140,699</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">1,125,189,978</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Dilutive effect of share options</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">16,362,048</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">10,372,442</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">2,711,486</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Dilutive effect of restricted shares</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">14,400,670</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">2,604,789</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">-</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Dilutive effect of restricted share units</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">27,882,891</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">32,425,543</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">22,929,699</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Denominator for diluted calculation</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">1,181,121,297</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">1,198,543,473</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">1,150,831,163</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-size: 10pt; text-indent: 0px; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; text-align: left; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; text-align: left; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Basic net income per Class&#160;A and Class B common share</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">0.43</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">0.92</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">0.92</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Diluted net income per Class&#160;A and Class B common share</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">0.40</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">0.89</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">0.90</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Basic net income per ADS*</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">8.51</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">18.46</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">18.37</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Diluted net income per ADS*</font></td>
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<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">8.09</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">17.76</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">17.96</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
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<div><font style="font-size: 10pt; font-family: 'times new roman', times;">Each ADS represents <font>20</font> Class&#160;A common shares.</font></div>
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Related party transactions<br></strong></div></th>
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<tr style="vertical-align: bottom;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-align: left; text-indent: 0px; padding: 0px;"><font style="font-size: 10pt;"><font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;">Bigo&#160;Inc ("Bigo")</font><sup style="color: #000000; font-family: 'Times New Roman', Times, serif; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px;">&#160;(1)</sup></font></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman';"><font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: -13.3333px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;">Significant influence exercised by the CEO</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman';"><font style="font-size: 10pt;"><font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: -13.3333px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;">Guangzhou Kuyou Information Technology Co., Ltd.(&#147;Guangzhou Kuyou&#148;) </font><sup style="color: #000000; font-family: 'Times New Roman', Times, serif; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: -13.3333px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px;">(2)</sup></font></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman';"><font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: -13.3333px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;">Equity investment</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman';"><font style="font-size: 10pt;"><font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: -13.3333px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;">Zhuhai Daren Computer Technology Co., Ltd. (&#147;Zhuhai Daren&#148;) </font><sup style="color: #000000; font-family: 'Times New Roman', Times, serif; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: -13.3333px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px;">(3)</sup></font></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman';"><font style="font-size: 10pt;">Equity investment</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; text-indent: 0px; padding: 0px;"><font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: -13.3333px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;">Shenzhen Qingdou Network Technology Co., Ltd.(&#147;Shenzhen Qingdou&#148;)</font></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman';"><font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: -13.3333px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;">Cost investment with significant influence</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; text-indent: 0px; padding: 0px;"><font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: -13.3333px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;">Beijing Xianqu Network Technology Co., Ltd.(&#147;Beijing Xianqu&#148;)</font></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman';"><font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: -13.3333px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;">Cost investment with significant influence</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; text-indent: 0px; padding: 0px;"><font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: -13.3333px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;">Shanghai YaoYu Culture Media Co., Ltd.(&#147;Shanghai Yaoyu&#148;)</font></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman';"><font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: -13.3333px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;">Cost investment with significant influence</font></td>
</tr>

</table>
</div>
<p style="margin: 0; font-family: 'times new roman';"><font style="font-size: 10pt;">&#160;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; margin-left: 0.32in;"><font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;">(1) In October 2014, the Group entered into an agreement with its CEO to inject Weihui into Bigo, a company set up and which was then controlled by the CEO. In May 2015, the Group made a further capital injection of RMB<font>122,249</font> to Bigo and owned an aggregate of <font>350</font> Million shares of Bigo, representing approximately <font>25</font>% of Bigo's total outstanding shares as of December 31, 2015.</font></p>
<p style="margin: 0; font-family: 'times new roman';"><font style="font-size: 10pt;">&#160;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify; margin-left: 0.32in;"><font style="font-size: 10pt;"><font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;">(2) In March 2014, the Group made a further capital injection</font>&#160;of RMB<font>15,000</font>&#160;to Guangzhou Kuyou and owned<font> 20%</font> of the equity interests in the company.</font></p>
<p style="margin: 0; font-family: 'times new roman';"><font style="font-size: 10pt;">&#160;</font></p>
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</div>
</div>
</div>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;"><font style="font-size: 10pt;">&#160; &#160; &#160;</font></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in;"><font style="font-size: 10pt;">&#160;</font></p>
<div>
<div class="CursorPointer">
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 95%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.32in;">

<tr style="vertical-align: bottom;">
<td nowrap="nowrap"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt;"><font style="font-size: 10pt;">&#160;</font></td>
<td colspan="10" nowrap="nowrap" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid;"><font style="font-size: 10pt;">For&#160;the&#160;year&#160;ended&#160;December 31,</font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold;"><font style="font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td nowrap="nowrap"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" style="font-weight: bold;"><font style="font-size: 10pt;">&#160;</font></td>
<td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: right;"><font style="font-size: 10pt;">2013</font></td>
<td nowrap="nowrap" style="font-weight: bold;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" style="font-weight: bold;"><font style="font-size: 10pt;">&#160;</font></td>
<td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: right;"><font style="font-size: 10pt;">2014</font></td>
<td nowrap="nowrap" style="font-weight: bold;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" style="font-weight: bold;"><font style="font-size: 10pt;">&#160;</font></td>
<td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: right;"><font style="font-size: 10pt;">2015</font></td>
<td nowrap="nowrap" style="font-weight: bold;"><font style="font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td nowrap="nowrap"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap"><font style="font-size: 10pt;">&#160;</font></td>
<td colspan="2" nowrap="nowrap" style="text-align: right;"><font style="font-size: 10pt;">RMB</font></td>
<td nowrap="nowrap"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap"><font style="font-size: 10pt;">&#160;</font></td>
<td colspan="2" nowrap="nowrap" style="text-align: right;"><font style="font-size: 10pt;">RMB</font></td>
<td nowrap="nowrap"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap"><font style="font-size: 10pt;">&#160;</font></td>
<td colspan="2" nowrap="nowrap" style="text-align: right;"><font style="font-size: 10pt;">RMB</font></td>
<td nowrap="nowrap"><font style="font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td><font style="font-size: 10pt;">&#160;</font></td>
<td><font style="font-size: 10pt;">&#160;</font></td>
<td colspan="2" style="text-align: right;"><font style="font-size: 10pt;">&#160;</font></td>
<td><font style="font-size: 10pt;">&#160;</font></td>
<td><font style="font-size: 10pt;">&#160;</font></td>
<td colspan="2" style="text-align: right;"><font style="font-size: 10pt;">&#160;</font></td>
<td><font style="font-size: 10pt;">&#160;</font></td>
<td><font style="font-size: 10pt;">&#160;</font></td>
<td colspan="2" style="text-align: right;"><font style="font-size: 10pt;">&#160;</font></td>
<td><font style="font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; width: 61%; background-color: #cceeff;"><font style="font-size: 10pt;">Repayment from related parties</font></td>
<td style="width: 1%; background-color: #cceeff;"><font style="font-size: 10pt;">&#160;</font></td>
<td style="text-align: left; width: 1%; background-color: #cceeff;"><font style="font-size: 10pt;">&#160;</font></td>
<td style="text-align: right; width: 10%; background-color: #cceeff;"><font style="font-size: 10pt;"><font>1,000</font></font></td>
<td style="text-align: left; width: 1%; background-color: #cceeff;"><font style="font-size: 10pt;">&#160;</font></td>
<td style="width: 1%; background-color: #cceeff;"><font style="font-size: 10pt;">&#160;</font></td>
<td style="text-align: left; width: 1%; background-color: #cceeff;"><font style="font-size: 10pt;">&#160;</font></td>
<td style="text-align: right; width: 10%; background-color: #cceeff;"><font style="font-size: 10pt;"><font>1,500</font></font></td>
<td style="text-align: left; width: 1%; background-color: #cceeff;"><font style="font-size: 10pt;">&#160;</font></td>
<td style="width: 1%; background-color: #cceeff;"><font style="font-size: 10pt;">&#160;</font></td>
<td style="text-align: left; width: 1%; background-color: #cceeff;"><font style="font-size: 10pt;">&#160;</font></td>
<td style="text-align: right; width: 10%; background-color: #cceeff;"><font style="font-size: 10pt;"><font>316,181</font></font></td>
<td style="text-align: left; width: 1%; background-color: #cceeff;"><font style="font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left;"><font style="font-size: 10pt;">Online games revenue shared from related parties</font></td>
<td><font style="font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 10pt;"><font>29,528</font></font></td>
<td style="text-align: left;"><font style="font-size: 10pt;">&#160;</font></td>
<td><font style="font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 10pt;"><font>65,247</font></font></td>
<td style="text-align: left;"><font style="font-size: 10pt;">&#160;</font></td>
<td><font style="font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 10pt;"><font>163,912</font></font></td>
<td style="text-align: left;"><font style="font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; background-color: #cceeff;"><font style="font-size: 10pt;">Interest-free loan to related parties</font></td>
<td style="background-color: #cceeff;"><font style="font-size: 10pt;">&#160;</font></td>
<td style="text-align: left; background-color: #cceeff;"><font style="font-size: 10pt;">&#160;</font></td>
<td style="text-align: right; background-color: #cceeff;"><font style="font-size: 10pt;"><font>-</font></font></td>
<td style="text-align: left; background-color: #cceeff;"><font style="font-size: 10pt;">&#160;</font></td>
<td style="background-color: #cceeff;"><font style="font-size: 10pt;">&#160;</font></td>
<td style="text-align: left; background-color: #cceeff;"><font style="font-size: 10pt;">&#160;</font></td>
<td style="text-align: right; background-color: #cceeff;"><font style="font-size: 10pt;"><font>1,500</font></font></td>
<td style="text-align: left; background-color: #cceeff;"><font style="font-size: 10pt;">&#160;</font></td>
<td style="background-color: #cceeff;"><font style="font-size: 10pt;">&#160;</font></td>
<td style="text-align: left; background-color: #cceeff;"><font style="font-size: 10pt;">&#160;</font></td>
<td style="text-align: right; background-color: #cceeff;"><font style="font-size: 10pt;"><font>159,000</font></font></td>
<td style="text-align: left; background-color: #cceeff;"><font style="font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left;"><font style="font-size: 10pt;">Payment on behalf of&#160;related parties</font></td>
<td><font style="font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 10pt;"><font>-</font></font></td>
<td style="text-align: left;"><font style="font-size: 10pt;">&#160;</font></td>
<td><font style="font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 10pt;"><font>61,000</font></font></td>
<td style="text-align: left;"><font style="font-size: 10pt;">&#160;</font></td>
<td><font style="font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 10pt;"><font>95,311</font></font></td>
<td style="text-align: left;"><font style="font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; background-color: #cceeff;"><font style="font-size: 10pt;">Bandwidth service provided by Shanghang</font></td>
<td style="background-color: #cceeff;"><font style="font-size: 10pt;">&#160;</font></td>
<td style="text-align: left; background-color: #cceeff;"><font style="font-size: 10pt;">&#160;</font></td>
<td style="text-align: right; background-color: #cceeff;"><font style="font-size: 10pt;"><font>21,272</font></font></td>
<td style="text-align: left; background-color: #cceeff;"><font style="font-size: 10pt;">&#160;</font></td>
<td style="background-color: #cceeff;"><font style="font-size: 10pt;">&#160;</font></td>
<td style="text-align: left; background-color: #cceeff;"><font style="font-size: 10pt;">&#160;</font></td>
<td style="text-align: right; background-color: #cceeff;"><font style="font-size: 10pt;"><font>42,470</font></font></td>
<td style="text-align: left; background-color: #cceeff;"><font style="font-size: 10pt;">&#160;</font></td>
<td style="background-color: #cceeff;"><font style="font-size: 10pt;">&#160;</font></td>
<td style="text-align: left; background-color: #cceeff;"><font style="font-size: 10pt;">&#160;</font></td>
<td style="text-align: right; background-color: #cceeff;"><font style="font-size: 10pt;"><font>74,661</font></font></td>
<td style="text-align: left; background-color: #cceeff;"><font style="font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; text-indent: -10pt; padding-left: 10pt;"><font style="font-size: 10pt;">Sales of equipment to Bigo</font></td>
<td><font style="font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 10pt;"><font>-</font></font></td>
<td style="text-align: left;"><font style="font-size: 10pt;">&#160;</font></td>
<td><font style="font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 10pt;"><font>-</font></font></td>
<td style="text-align: left;"><font style="font-size: 10pt;">&#160;</font></td>
<td><font style="font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 10pt;"><font>12,058</font></font></td>
<td style="text-align: left;"><font style="font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; text-indent: -10pt; padding-left: 10pt; background-color: #cceeff;"><font style="font-size: 10pt;">Purchase of operating rights for game broadcasting from Shanghai Yaoyu</font><br/></td>
<td style="background-color: #cceeff;"><font style="font-size: 10pt;">&#160;</font></td>
<td style="text-align: left; background-color: #cceeff;"><font style="font-size: 10pt;">&#160;</font></td>
<td style="text-align: right; background-color: #cceeff;"><font style="font-size: 10pt;"><font>&#160;<font>-</font></font></font></td>
<td style="text-align: left; background-color: #cceeff;"><font style="font-size: 10pt;">&#160;</font></td>
<td style="background-color: #cceeff;"><font style="font-size: 10pt;">&#160;</font></td>
<td style="text-align: left; background-color: #cceeff;"><font style="font-size: 10pt;">&#160;</font></td>
<td style="text-align: right; background-color: #cceeff;"><font style="font-size: 10pt;"><font>&#160;<font>-</font></font></font></td>
<td style="text-align: left; background-color: #cceeff;"><font style="font-size: 10pt;">&#160;</font></td>
<td style="background-color: #cceeff;"><font style="font-size: 10pt;">&#160;</font></td>
<td style="text-align: left; background-color: #cceeff;"><font style="font-size: 10pt;">&#160;</font></td>
<td style="text-align: right; background-color: #cceeff;"><font style="font-size: 10pt;"><font>&#160;<font>11,486</font></font></font></td>
<td style="text-align: left; background-color: #cceeff;"><font style="font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; text-indent: -10pt; padding-left: 10pt;"><font style="font-size: 10pt;">Purchase of operating rights for licensed games from related parties</font><br/></td>
<td><font style="font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 10pt;"><font>&#160;<font>-</font></font></font></td>
<td style="text-align: left;"><font style="font-size: 10pt;">&#160;</font></td>
<td><font style="font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 10pt;"><font>&#160;<font>6,836</font></font></font></td>
<td style="text-align: left;"><font style="font-size: 10pt;">&#160;</font></td>
<td><font style="font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 10pt;"><font>&#160;<font>10,022</font></font></font></td>
<td style="text-align: left;"><font style="font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-indent: -10pt; padding-left: 10pt; background-color: #cceeff;"><font style="font-size: 10pt;">Others</font></td>
<td style="background-color: #cceeff;"><font style="font-size: 10pt;">&#160;</font></td>
<td style="text-align: left; background-color: #cceeff;"><font style="font-size: 10pt;">&#160;</font></td>
<td style="text-align: right; background-color: #cceeff;"><font style="font-size: 10pt;"><font>7,164</font></font></td>
<td style="text-align: left; background-color: #cceeff;"><font style="font-size: 10pt;">&#160;</font></td>
<td style="background-color: #cceeff;"><font style="font-size: 10pt;">&#160;</font></td>
<td style="text-align: left; background-color: #cceeff;"><font style="font-size: 10pt;">&#160;</font></td>
<td style="text-align: right; background-color: #cceeff;"><font style="font-size: 10pt;"><font>1,563</font></font></td>
<td style="text-align: left; background-color: #cceeff;"><font style="font-size: 10pt;">&#160;</font></td>
<td style="background-color: #cceeff;"><font style="font-size: 10pt;">&#160;</font></td>
<td style="text-align: left; background-color: #cceeff;"><font style="font-size: 10pt;">&#160;</font></td>
<td style="text-align: right; background-color: #cceeff;"><font style="font-size: 10pt;"><font>9,095</font></font></td>
<td style="text-align: left; background-color: #cceeff;"><font style="font-size: 10pt;">&#160;</font></td>
</tr>

</table>
</div>
</div>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in;"><font style="font-size: 10pt;">&#160;&#160;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; margin-left: 0.32in;"><font style="font-size: 10pt;">As of December 31, 2014 and 2015, the amounts due from/to related parties were as follows: </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in;"><font style="font-size: 10pt;">&#160;</font></p>
<div>
<div class="CursorPointer">
<div align="left">
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; margin-left: 0.32in;" width="95%">

<tr style="vertical-align: bottom;">
<td style="font-size: 10pt; text-align: center; font-family: 'times new roman';"></td>
<td style="font: bold 10pt times new roman, times, serif; padding-bottom: 1pt; font-family: 'times new roman';"></td>
<td style="font: bold 10pt times new roman, times, serif; text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important;" colspan="6"><font style="font-size: 10pt;">December 31,</font></td>
<td style="padding-bottom: 1pt; font: bold 10pt times new roman, times, serif; font-family: 'times new roman';"></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-size: 10pt; text-align: center; font-family: 'times new roman';"></td>
<td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman';"></td>
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-align: right;" colspan="2"><font style="font-size: 10pt;">2014</font></td>
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-align: right;"></td>
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-align: right;"></td>
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-align: right;" colspan="2"><font style="font-size: 10pt;">2015</font></td>
<td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman';"><font style="font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-size: 10pt; text-align: center; font-family: 'times new roman';"></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman';"></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-align: right;" colspan="2"><font style="font-size: 10pt;">RMB</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-align: right;"></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-align: right;"></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-align: right;" colspan="2"><font style="font-size: 10pt;">RMB</font></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman';"><font style="font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top;"></td>
<td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"></td>
<td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: right;" colspan="2"></td>
<td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: right;"></td>
<td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: right;"></td>
<td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: right;" colspan="2"></td>
<td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"><font style="font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman'; width: 74%; background-color: #cceeff;"><font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: bold; letter-spacing: normal; line-height: normal; orphans: auto; text-align: left; text-indent: -13.3333px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;">Amounts due from related parties</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; width: 1%; background-color: #cceeff;"><font style="font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; width: 1%; background-color: #cceeff;"><font style="font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; width: 10%; background-color: #cceeff;"><font><font style="font-size: 10pt;">&#160;</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; /* padding-right: 5px; *//* padding-left: 5px; */width: 1%; text-align: right; background-color: #cceeff;"><br/></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: #cceeff;"><font style="font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; /* padding-right: 5px; *//* padding-left: 5px; */width: 1%; background-color: #cceeff;"><font style="font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; width: 10%; background-color: #cceeff;"><font><font style="font-size: 10pt;">&#160;</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: #cceeff;"><font style="font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman';"><font style="font-size: 10pt;">Other receivables from Bigo</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt;">61,000</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; text-align: right;"><br/></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; /* padding-right: 5px; *//* padding-left: 5px;"><font style="font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; /* padding-right: 5px; *//* padding-left: 5px;"><font style="font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt;">-</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; padding: 0px; text-indent: 0px; font-family: 'times new roman'; background-color: #cceeff;"><font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: left; text-indent: -13.3333px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;"><font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: -13.3333px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;">Others</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding-bottom: 1pt; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: #cceeff;"><font style="font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: #cceeff;"><font style="font-size: 10pt;"><font>73</font></font></td>
<td style="padding-bottom: 1pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; /* padding-right: 5px; *//* padding-left: 5px; */text-align: right; background-color: #cceeff;"><br/></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding-bottom: 1pt; font-family: 'times new roman'; white-space: nowrap; /* padding-right: 5px; *//* padding-left: 5px; */background-color: #cceeff;"><font style="font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; /* padding-right: 5px; *//* padding-left: 5px; */border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: #cceeff;"><font style="font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: #cceeff;"><font style="font-size: 10pt;"><font>5,297</font></font></td>
<td style="padding-bottom: 1pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; padding: 0px; text-indent: 0px; font-family: 'times new roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt;"></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt;"></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"><font style="font-size: 10pt;"></font></td>
<td style="padding-bottom: 1pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; /* padding-right: 5px; *//* padding-left: 5px; */text-align: right;"><font style="font-size: 10pt;"></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding-bottom: 1pt; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt;"></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt;"></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"><font style="font-size: 10pt;"></font></td>
<td style="padding-bottom: 1pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt;"></font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding: 0px; text-indent: 0px; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-size: 10pt;">Total</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding-bottom: 1pt; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #cceeff;"><font style="font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #cceeff;"><font><font style="font-size: 10pt;">61,073</font></font></td>
<td style="padding-bottom: 1pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; /* padding-right: 5px; *//* padding-left: 5px; */text-align: right; background-color: #cceeff;"><font style="font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding-bottom: 1pt; font-family: 'times new roman'; white-space: nowrap; /* padding-right: 5px; *//* padding-left: 5px; */background-color: #cceeff;"><font style="font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; /* padding-right: 5px; *//* padding-left: 5px; */border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #cceeff;"><font style="font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #cceeff;"><font><font style="font-size: 10pt;">5,297</font></font></td>
<td style="padding-bottom: 1pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-size: 10pt; text-indent: 0px; padding: 0px; font-family: 'times new roman'; vertical-align: top; text-align: left;"><font style="font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"><font style="font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; /* padding-right: 5px; *//* padding-left: 5px;"><font style="font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; /* padding-right: 5px; *//* padding-left: 5px; */text-align: right;"><br/></td>
<td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left; white-space: nowrap; /* padding-right: 5px; *//* padding-left: 5px;"><font style="font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; /* padding-right: 5px; *//* padding-left: 5px;"><font style="font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-size: 10pt;">Amounts due to related parties</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: right; font-family: 'times new roman'; white-space: nowrap; /* padding-right: 5px; *//* padding-left: 5px; */background-color: #cceeff;"><font style="font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; /* padding-left: 5px; *//* text-align: right; */background-color: #cceeff;"><font style="font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; white-space: nowrap; /* padding-right: 5px; *//* padding-left: 5px; */background-color: #cceeff;"><font style="font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; white-space: nowrap; /* padding-right: 5px; *//* padding-left: 5px; */background-color: #cceeff;"><font style="font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: right; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman';"><font style="font-size: 10pt;"><font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: left; text-indent: -13.3333px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;">Other payables to Shanghang</font>&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: right; font-family: 'times new roman'; white-space: nowrap; /* padding: 0px 0px 0px 5px;"><font style="font-size: 10pt;">&#160;<font>4,342</font></font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; white-space: nowrap; /* padding-right: 5px; *//* padding-left: 5px; */text-align: right;"><font style="font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; white-space: nowrap; /* padding-right: 5px; *//* padding-left: 5px;"><font style="font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; white-space: nowrap; /* padding-right: 5px; *//* padding-left: 5px;"><font style="font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: right; font-family: 'times new roman'; white-space: nowrap; padding: 0px 0px 0px 5px;"><font style="font-size: 10pt;"><font>10,167</font></font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-size: 10pt;">Accounts payable to Guangzhou Kuyou</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-size: 10pt;">24,454</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; /* padding-right: 5px; *//* padding-left: 5px; */text-align: right; background-color: #cceeff;"><font style="font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; /* padding-right: 5px; *//* padding-left: 5px; */background-color: #cceeff;"><font style="font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; /* padding-right: 5px; *//* padding-left: 5px; */background-color: #cceeff;"><font style="font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-size: 10pt;">9,017</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman';"><font style="font-size: 10pt;">Accounts payable to Zhuhai Daren</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt;">2,020</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; /* padding-right: 5px; *//* padding-left: 5px; */text-align: right;"><font style="font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; /* padding-right: 5px; *//* padding-left: 5px;"><font style="font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; /* padding-right: 5px; *//* padding-left: 5px;"><font style="font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt;">4,127</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-size: 10pt;"><font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: -13.3333px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;">Others</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #cceeff;"><font style="font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #cceeff;"><font style="font-size: 10pt;"><font>76</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; /* padding-right: 5px; *//* padding-left: 5px; */text-align: right; background-color: #cceeff;"><font style="font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; /* padding-right: 5px; *//* padding-left: 5px; */background-color: #cceeff;"><font style="font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; /* padding-right: 5px; *//* padding-left: 5px; */border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #cceeff;"><font style="font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #cceeff;"><font style="font-size: 10pt;"><font>1,606</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; padding: 0px; text-indent: 0px; font-family: 'times new roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding-bottom: 1pt; font-family: 'times new roman';">&#160;</td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman';">&#160;</td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;">&#160;</td>
<td style="padding-bottom: 1pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; /* padding-right: 5px; *//* padding-left: 5px; */text-align: right;"><br/></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding-bottom: 1pt; font-family: 'times new roman'; white-space: nowrap; /* padding-right: 5px; *//* padding-left: 5px;">&#160;</td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; /* padding-right: 5px; *//* padding-left: 5px;">&#160;</td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;">&#160;</td>
<td style="padding-bottom: 1pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;">&#160;</td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding: 0px; text-indent: 0px; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-size: 10pt;">Total</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding-bottom: 1pt; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #cceeff;"><font style="font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #cceeff;"><font><font style="font-size: 10pt;">30,892</font></font></td>
<td style="padding-bottom: 1pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; /* padding-right: 5px; *//* padding-left: 5px; */text-align: right; background-color: #cceeff;"><br/></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding-bottom: 1pt; font-family: 'times new roman'; white-space: nowrap; /* padding-right: 5px; *//* padding-left: 5px; */background-color: #cceeff;"><font style="font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; /* padding-right: 5px; *//* padding-left: 5px; */border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #cceeff;"><font style="font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #cceeff;"><font><font style="font-size: 10pt;">24,917</font></font></td>
<td style="padding-bottom: 1pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-size: 10pt;">&#160;</font></td>
</tr>

</table>
</div>
</div>
</div>
<div><br/></div>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify; margin-left: 0.32in;"><font style="font-size: 10pt;">The other receivables/payables from/to related parties are unsecured, interest-free and payable on demand.&#160;</font></p>
</div>
</div>
</div><span></span>
</td>
</tr>
</table>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<td><strong> Name:</strong></td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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<span style="display: none;">v3.4.0.3</span><table class="report" border="0" cellspacing="2" id="idp6797962928">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Fair value measurements<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2015</div></th></tr>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueDisclosuresTextBlock', window );">Fair value measurements</a></td>
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<td style="width: 0.25in; text-align: left;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><b>25.</b></font></td>
<td style="text-align: justify;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><b>Fair value measurements</b></font></td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Fair value reflects the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Group considers the principal or most advantageous market in which it would transact and considers assumptions that market participants would use when pricing the assets or liabilities.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">The Group applies a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument's categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. This guidance specifies a hierarchy of valuation techniques, which is based on whether the inputs into the valuation technique are observable or unobservable. The hierarchy is as follows:</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
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<td style="text-align: right; width: 10%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left; width: 1%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="width: 1%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left; width: 1%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: right; width: 10%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left; width: 1%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<td style="text-align: right; width: 10%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left; width: 1%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="width: 1%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left; width: 1%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: right; width: 10%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<td style="padding-bottom: 1pt; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: left; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: right; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">183,000</font></font></td>
<td style="padding-bottom: 1pt; text-align: left; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="padding-bottom: 1pt; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: left; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: right; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">183,000</font></font></td>
<td style="padding-bottom: 1pt; text-align: left; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>

</table>
</div>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</div>
<div align="left">
<table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman', Times, serif; letter-spacing: normal; orphans: auto; text-indent: 0px; text-transform: none; widows: 1; word-spacing: 0px; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; border-collapse: collapse; width: 96%; margin-left: 0.25in;">

<tr style="vertical-align: bottom; background-color: white;">
<td style="padding-bottom: 1pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-weight: bold; padding-bottom: 1pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-weight: bold; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td colspan="13" style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-weight: bold; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b>As of December 31, 2015</b></font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="padding-bottom: 1pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-weight: bold; padding-bottom: 1pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-weight: bold; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-weight: bold; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b>Level&#160;1</b></font></td>
<td style="padding-bottom: 1pt; font-weight: bold; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-weight: bold; padding-bottom: 1pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-weight: bold; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-weight: bold; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b>Level&#160;2</b></font></td>
<td style="padding-bottom: 1pt; font-weight: bold; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-weight: bold; padding-bottom: 1pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-weight: bold; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-weight: bold; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b>Level&#160;3</b></font></td>
<td style="padding-bottom: 1pt; font-weight: bold; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-weight: bold; padding-bottom: 1pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-weight: bold; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-weight: bold; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b>Total</b></font></td>
<td style="padding-bottom: 1pt; font-weight: bold; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-weight: bold; text-align: justify; width: 48%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Liabilities</font></td>
<td style="width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: right; width: 10%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: right; width: 10%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: right; width: 10%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: right; width: 10%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Long-term payable:</font></td>
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; padding-bottom: 1pt; padding-left: 0.125in; text-indent: -0.125in;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Contingent&#160;consideration&#160;in&#160;relation&#160;to&#160;business&#160;acquisitions</font></td>
<td style="padding-bottom: 1pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>-</font></font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="padding-bottom: 1pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>-</font></font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="padding-bottom: 1pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>-</font></font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="padding-bottom: 1pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>-</font></font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>

</table>
</div>
</div>
<p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0pt 0px 0pt 23pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0pt 0 0pt 0.25in; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">The following table presents the changes in level 3 instruments for the years ended 31 December, 2014 and 2015.</font></p>
<p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0pt 0px 0pt 23pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<div align="center">
<div>
<div style="display: block;" align="left">
<table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman', Times, serif; letter-spacing: normal; orphans: auto; text-indent: 0px; text-transform: none; widows: 1; word-spacing: 0px; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; border-collapse: collapse; width: 96%; margin-left: 0.25in;">

<tr style="vertical-align: bottom;">
<td nowrap="nowrap"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" style="font-weight: bold;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Contingent&#160;consideration&#160;in</font><br/><font style="font-family: 'times new roman', times; font-size: 10pt;">relation&#160;to&#160;business</font><br/><font style="font-family: 'times new roman', times; font-size: 10pt;">acquisitions</font></td>
<td nowrap="nowrap" style="font-weight: bold;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-weight: bold;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td colspan="2" style="font-weight: bold; text-align: center;">RMB</td>
<td style="font-weight: bold;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td colspan="2" style="text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="padding-bottom: 2.5pt; text-indent: -10pt; padding-left: 10pt; width: 87%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Balance as of December 31, 2013</font></td>
<td style="padding-bottom: 2.5pt; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: left; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: right; width: 10%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>-</font></font></td>
<td style="padding-bottom: 2.5pt; text-align: left; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; padding-bottom: 1pt; text-indent: -3.55pt; padding-left: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Acquisition of 100 Online in 2014 (Note 4)</font></td>
<td style="padding-bottom: 1pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>183,000</font></font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="padding-bottom: 2.5pt; text-indent: -10pt; padding-left: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Balance as of December 31, 2014</font></td>
<td style="padding-bottom: 2.5pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>183,000</font></font></td>
<td style="padding-bottom: 2.5pt; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; text-indent: -3.55pt; padding-left: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Acquisition of Beifu in 2015 (Note 4)</font></td>
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>107,306</font></font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; padding-bottom: 1pt; text-indent: -3.55pt; padding-left: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Fair&#160;value&#160;change&#160;of&#160;contingent&#160;consideration&#160;in&#160;2015</font></td>
<td style="padding-bottom: 1pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>(290,306</font></font></td>
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<td nowrap="nowrap" style="padding-bottom: 1pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<td style="text-align: left; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<td style="width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: right; width: 10%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>16</font></font></td>
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<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>3.81</font></font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">%</font></td>
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<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>18</font></font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">%</font></td>
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Commitments and contingencies<br></strong></div></th>
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<td style="font-size: 10pt; text-align: left; vertical-align: top; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<td style="font-size: 10pt; text-align: left; vertical-align: top; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<td style="font: 10pt times new roman, times, serif; text-align: left; padding-left: 1.4pt; vertical-align: top; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">2017</font></td>
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<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<td style="font-size: 10pt; padding-bottom: 1pt; padding-left: 1.4pt; text-align: left; vertical-align: top; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding-bottom: 1pt; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for commitments and contingencies.</p></div>
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<td style="text-align: justify;"><font style="font-size: 10pt; font-family: 'times new roman', times;">The Group has performed an evaluation of subsequent events through the date of this report, which is the date the financial statements were issued, with no other material events or transactions needing recognition or disclosure found.</font></td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.</p></div>
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<span style="display: none;">v3.4.0.3</span><table class="report" border="0" cellspacing="2" id="idp6968075888">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Restricted net assets<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2015</div></th></tr>
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<td class="text">&#160;<span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RestrictedAssetsDisclosureTextBlock', window );">Restricted net assets</a></td>
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    <td style="width: 0.32in; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>28.</b></font></td>
    <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Restricted net assets</b></font></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif;margin: 0pt 0 0pt 0.25in;text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif;margin: 0pt 0 0pt 0.32in;text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Relevant PRC laws and regulations permit payments of dividends by the Group's subsidiaries and the VIEs and VIE's subsidiaries incorporated in the PRC only out of their retained earnings, if any, as determined in accordance with PRC accounting standards and regulations. In addition, the Company's subsidiaries and the VIEs and VIE's subsidiaries in the PRC are required to annually appropriate <font>10</font>% of their net after-tax income to the statutory general reserve fund prior to payment of any dividends, unless such reserve funds have reached <font>50</font>% of their respective registered capital. As a result of these and other restrictions under PRC laws and regulations, the Group's subsidiaries and the VIEs and VIE's subsidiaries incorporated in the PRC are restricted in their ability to transfer a portion of their net assets to the Company either in the form of dividends, loans or advances, which restricted portion as calculated under U.S.&#160;GAAP amounted to approximately RMB<font><font>343,090</font></font> and RMB<font>2,685,373</font>&#160;as of December 31, 2014 and 2015, respectively. There are no differences between U.S.&#160;GAAP and PRC accounting standards in connection with the reported net assets of the legally owned subsidiaries in the PRC and the VIEs and VIE's subsidiaries. Even though the Company currently does not require any such dividends, loans or advances from the PRC entities for working capital and other funding purposes, the Company may in the future require additional cash resources from them due to changes in business conditions, to fund future acquisitions and development, or merely to declare and pay dividends or distributions to our shareholders. Except for the above, there is no other restriction on use of proceeds generated by the Group's subsidiaries and the VIEs and VIE's subsidiaries to satisfy any obligations of the Company.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif;margin: 0pt 0 0pt 0.32in;text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">The Company performed a test on the restricted net assets of consolidated subsidiaries and VIEs in accordance with Securities and Exchange Commission Regulation S-X Rule 4-08 (e) (3), &#147;General Notes to Financial Statements&#148; and concluded that the restricted net assets exceeded 25% of the consolidated net assets of the Company as of December 31, 2015 and the condensed financial information of the Company are required to be presented&#160;(Note 30).</font></p>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for assets that are restricted in their use, generally by contractual agreements or regulatory requirements. This would include, but not limited to, a description of the restricted assets and the terms of the restriction.</p></div>
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<span style="display: none;">v3.4.0.3</span><table class="report" border="0" cellspacing="2" id="idp6969129616">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Segment Reporting<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<td style="width: 0.32in;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><b>29.</b></font></td>
<td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><b>Segment Reporting </b></font></td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.32in; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="color: #000000; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;">Prior to 2015, the Group's internal reporting to the CODM does not distinguish cost and expenses among segments. Hence, the Group had only</font>&#160;<font>one</font>&#160;<font style="color: #000000; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;">operating segment prior to 2015.</font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.32in; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Starting from the first quarter of 2015, in order to better evaluate the Group's business performance and better allocate resources the CODM began to review YY IVAS and others, Huya broadcasting, and 100 Education separately.&#160;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;"></font><br/></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.32in; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">The CODM assesses the performance of the operating segments mainly based on net revenues, gross profit / (loss), operating income / (loss) of each reporting segment. Net revenues of YY IVAS and others are presented for the CODM's review separately. Gross profit and operating income of YY IVAS and others are presented for the CODM's review on a combined basis as the cost of revenues and operating expenses of others cannot be distinguished from those of YY IVAS. Net revenues, gross loss and operating loss of Huya broadcasting and 100 education are presented for the CODM's review separately. Segmental information for prior periods was prepared and presented on the same basis as 2015 for comparative information purpose.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.32in; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">The Group currently does not allocate assets to all of its segments, as its CODM does not use such information to allocate resources or evaluate the performance of the operating segments.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.32in; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">As the Group's long-lived assets and revenue are substantially located in and derived from the PRC, no geographical segments are presented.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.32in; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">The Group currently does not allocate assets to all of its segments, as its CODM does not use such information to allocate resources or evaluate the performance of the operating segments.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.32in; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">The following table presents summary information by segment:</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
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<td style="font-weight: bold; font-family: 'times new roman'; padding: 0px;" nowrap="nowrap"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-weight: bold; text-align: center; padding: 0px;" colspan="2" nowrap="nowrap"><font style="font-size: 10pt; font-family: 'times new roman', times;">YY&#160;IVAS</font><br/><font style="font-size: 10pt; font-family: 'times new roman', times;"> and</font><br/><font style="font-size: 10pt; font-family: 'times new roman', times;"> others</font></td>
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<td style="font-weight: bold; font-family: 'times new roman'; padding: 0px;" nowrap="nowrap"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-weight: bold; text-align: center; padding: 0px;" colspan="2" nowrap="nowrap"><font style="font-family: 'times new roman', times; font-size: 10pt;">Huya</font><br/><font style="font-size: 10pt; font-family: 'times new roman', times;"> broadcasting</font></td>
<td style="font-weight: bold; font-family: 'times new roman'; padding: 0px;" nowrap="nowrap"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-weight: bold; font-family: 'times new roman'; padding: 0px;" nowrap="nowrap"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-weight: bold; text-align: center; padding: 0px;" colspan="2" nowrap="nowrap"><font style="font-size: 10pt; font-family: 'times new roman', times;">100</font><br/><font style="font-size: 10pt; font-family: 'times new roman', times;"> Education</font></td>
<td style="font-weight: bold; font-family: 'times new roman'; padding: 0px;" nowrap="nowrap"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-weight: bold; font-family: 'times new roman'; padding: 0px;" nowrap="nowrap"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-weight: bold; text-align: center; font-family: 'times new roman'; padding: 0px;" colspan="2" nowrap="nowrap"><font style="font-size: 10pt; font-family: 'times new roman', times;">Total</font></td>
<td style="font-weight: bold; font-family: 'times new roman'; padding: 0px;" nowrap="nowrap"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
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<td style="font-weight: bold; font-family: 'times new roman'; padding: 0px;" nowrap="nowrap"></td>
<td style="font-weight: bold; text-align: center; font-family: 'times new roman'; padding: 0px;" colspan="2" nowrap="nowrap"><font style="font-family: 'times new roman', times; font-size: 10pt;">RMB</font></td>
<td style="font-weight: bold; font-family: 'times new roman'; padding: 0px;" nowrap="nowrap"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-weight: bold; font-family: 'times new roman'; padding: 0px;" nowrap="nowrap"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
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<td style="font-weight: bold; font-family: 'times new roman'; padding: 0px;" nowrap="nowrap"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-weight: bold; font-family: 'times new roman'; padding: 0px;" nowrap="nowrap"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
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<td style="font-weight: bold; font-family: 'times new roman'; padding: 0px;" nowrap="nowrap"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-weight: bold; font-family: 'times new roman'; padding: 0px;" nowrap="nowrap"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
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<td style="font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
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<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
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<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
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<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
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<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
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<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
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<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">771,882</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
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<td style="text-align: right; font-family: 'times new roman'; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>-</font></font></td>
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<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">771,882</font></font></td>
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<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
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<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
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<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
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<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
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<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
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<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
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<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
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<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
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<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">-</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
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<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
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<td style="text-indent: 0.1in; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#151;Other IVAS</font></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">561,682</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman'; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>-</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">561,682</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">356,324</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">-</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">918,006</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">Other revenues</font></td>
<td style="font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">-</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">112,516</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">112,516</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">-</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">123,774</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">236,290</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td style="font-weight: bold; text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">Total net revenues</font></td>
<td style="font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">5,304,635</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">112,516</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">5,417,151</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">356,324</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">123,774</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">5,897,249</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
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<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
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<td style="text-align: right; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(2,798,064</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">)</font></td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(655,066</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">)</font></td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(126,614</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">)</font></td>
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<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(3,579,744</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">)</font></td>
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<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
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<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
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<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td style="font-weight: bold; text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">Gross profit / (loss)</font></td>
<td style="font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
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<td style="text-align: right; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
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<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
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<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
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<td style="text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">)</font></td>
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<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(2,840</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">)</font></td>
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<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
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<tr style="vertical-align: bottom;">
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<td style="font-weight: bold; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"><b>Operating expenses<sup style="font-style: normal;">(1)</sup></b></font></td>
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<td style="text-align: right; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Research and development expenses</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
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<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
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<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(445,411</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">)</font></td>
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<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(66,538</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">)</font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(36,850</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">)</font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(548,799</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">)</font></td>
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<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">Sales and marketing expenses</font></td>
<td style="font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(253,129</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">)</font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(24,469</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">)</font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(35,272</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">)</font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(312,870</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">)</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">General and administrative expenses</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
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<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
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<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
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<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
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<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
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</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
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<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
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<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
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<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
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<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Other income</font></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">82,300</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">-</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">-</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">82,300</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-weight: bold; text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Operating income / (loss)</font></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">1,741,583</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(415,618</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">)</font></td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(163,956</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">)</font></td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">1,162,009</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
</tr>

</table>
</div>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.32in; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(1) Share based compensation was allocated in cost of revenues and operating expenses as follows:</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<div align="left">
<table style="border-collapse: collapse; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; margin-left: 0.32in;" cellpadding="0" cellspacing="0" width="96%">

<tr style="vertical-align: bottom;">
<td style="font-family: 'Times New Roman';" nowrap="nowrap"></td>
<td style="font-weight: bold; font-family: 'times new roman';" nowrap="nowrap"></td>
<td style="font-weight: bold; text-align: center; font-family: 'times new roman';" colspan="2" nowrap="nowrap"><font style="font-size: 10pt; font-family: 'times new roman', times;">YY IVAS and others</font></td>
<td style="font-weight: bold; font-family: 'times new roman';" nowrap="nowrap"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-weight: bold; font-family: 'times new roman';" nowrap="nowrap"></td>
<td style="font-weight: bold; text-align: center; font-family: 'times new roman';" colspan="2" nowrap="nowrap"><font style="font-size: 10pt; font-family: 'times new roman', times;">Huya broadcasting</font></td>
<td style="font-weight: bold; font-family: 'times new roman';" nowrap="nowrap"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-weight: bold; font-family: 'times new roman';" nowrap="nowrap"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: center;" colspan="2" nowrap="nowrap">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b>100&#160;</b><b>Education</b></font></p>
</td>
<td style="font-family: 'Times New Roman';" nowrap="nowrap"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-family: 'Times New Roman';" nowrap="nowrap"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-weight: bold; text-align: center; font-family: 'times new roman';" colspan="2" nowrap="nowrap"><font style="font-size: 10pt; font-family: 'times new roman', times;">Total</font></td>
<td style="font-weight: bold; font-family: 'times new roman';" nowrap="nowrap"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-family: 'Times New Roman';" nowrap="nowrap"></td>
<td style="font-weight: bold; font-family: 'times new roman';" nowrap="nowrap"></td>
<td style="font-weight: bold; text-align: center; font-family: 'times new roman';" colspan="2" nowrap="nowrap"><font style="font-family: 'times new roman', times; font-size: 10pt;">RMB</font></td>
<td style="font-weight: bold; font-family: 'times new roman';" nowrap="nowrap"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-weight: bold; font-family: 'times new roman';" nowrap="nowrap"></td>
<td style="font-weight: bold; text-align: center; font-family: 'times new roman';" colspan="2" nowrap="nowrap"><font style="font-family: 'times new roman', times; font-size: 10pt;">RMB</font></td>
<td style="font-weight: bold; font-family: 'times new roman';" nowrap="nowrap"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-weight: bold; font-family: 'times new roman';" nowrap="nowrap"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-weight: bold; text-align: center; font-family: 'times new roman';" colspan="2" nowrap="nowrap"><font style="font-family: 'times new roman', times; font-size: 10pt;">RMB</font></td>
<td style="font-weight: bold; font-family: 'times new roman';" nowrap="nowrap"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-weight: bold; font-family: 'times new roman';" nowrap="nowrap"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-weight: bold; text-align: center; font-family: 'times new roman';" colspan="2" nowrap="nowrap"><font style="font-family: 'times new roman', times; font-size: 10pt;">RMB</font></td>
<td style="font-weight: bold; font-family: 'times new roman';" nowrap="nowrap"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';" colspan="2"></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';" colspan="2"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';" colspan="2"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';" colspan="2"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">Cost of revenues</font></td>
<td style="font-family: 'Times New Roman';"></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;" colspan="2"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">22,077</font></font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;" colspan="2"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">1,497</font></font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;" colspan="2"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">389</font></font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;" colspan="2"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">23,963</font></font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; font-family: 'times new roman'; width: 48%;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Research and development expenses</font></td>
<td style="font-family: 'times new roman'; width: 1%;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; width: 10%;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">59,400</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; width: 10%;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">4,754</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; width: 10%;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">6,797</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; width: 10%;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">70,951</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; /* text-indent: 0.1in; *//* padding-left: 0.1in; */font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">Sales and marketing expenses</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">3,119</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">164</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">-</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">3,283</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; padding-bottom: 1pt; /* text-indent: 0.1in; *//* padding-left: 0.1in; */font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">General and administrative expenses</font></td>
<td style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">51,260</font></font></td>
<td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">3,302</font></font></td>
<td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">32,613</font></font></td>
<td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">87,175</font></font></td>
<td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-indent: 0.1in; padding-left: 0.1in; font-family: 'times new roman'; vertical-align: top; text-align: left;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; padding-bottom: 1pt; /* text-indent: 0.1in; *//* padding-left: 0.1in; */font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">Share-based compensation expenses</font></td>
<td style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">135,856</font></font></td>
<td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">9,717</font></font></td>
<td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">39,799</font></font></td>
<td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">185,372</font></font></td>
<td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
</tr>

</table>
</div>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.32in; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">For the year ended December 31, 2014:</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<div align="left">
<table style="border-collapse: collapse; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; width: 96%; margin-left: 0.32in;" cellpadding="0" cellspacing="0">

<tr style="vertical-align: bottom;">
<td style="font-family: 'Times New Roman';" nowrap="nowrap"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-weight: bold; font-family: 'times new roman';" nowrap="nowrap"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-weight: bold; text-align: center; font-family: 'times new roman';" colspan="2" nowrap="nowrap"><font style="font-size: 10pt; font-family: 'times new roman', times;">YY&#160;IVAS</font></td>
<td style="font-weight: bold; font-family: 'times new roman';" nowrap="nowrap"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-weight: bold; font-family: 'times new roman';" nowrap="nowrap"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-weight: bold; text-align: center; font-family: 'times new roman';" colspan="2" nowrap="nowrap"><font style="font-size: 10pt; font-family: 'times new roman', times;">Others</font></td>
<td style="font-weight: bold; font-family: 'times new roman';" nowrap="nowrap"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-weight: bold; font-family: 'times new roman';" nowrap="nowrap"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-weight: bold; text-align: center;" colspan="2" nowrap="nowrap"><font style="font-size: 10pt; font-family: 'times new roman', times;">YY&#160;IVAS</font><br/><font style="font-size: 10pt; font-family: 'times new roman', times;"> and</font><br/><font style="font-size: 10pt; font-family: 'times new roman', times;"> others</font></td>
<td style="font-weight: bold; font-family: 'times new roman';" nowrap="nowrap"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-weight: bold; font-family: 'times new roman';" nowrap="nowrap"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-weight: bold; text-align: center;" colspan="2" nowrap="nowrap"><font style="font-family: 'times new roman', times; font-size: 10pt;">Huya</font><br/><font style="font-size: 10pt; font-family: 'times new roman', times;"> broadcasting</font></td>
<td style="font-weight: bold; font-family: 'times new roman';" nowrap="nowrap"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-weight: bold; font-family: 'times new roman';" nowrap="nowrap"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-weight: bold; text-align: center;" colspan="2" nowrap="nowrap"><font style="font-size: 10pt; font-family: 'times new roman', times;">100</font><br/><font style="font-size: 10pt; font-family: 'times new roman', times;"> Education</font></td>
<td style="font-weight: bold; font-family: 'times new roman';" nowrap="nowrap"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-weight: bold; font-family: 'times new roman';" nowrap="nowrap"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-weight: bold; text-align: center; font-family: 'times new roman';" colspan="2" nowrap="nowrap"><font style="font-size: 10pt; font-family: 'times new roman', times;">Total</font></td>
<td style="font-weight: bold; font-family: 'times new roman';" nowrap="nowrap"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-family: 'Times New Roman';" nowrap="nowrap"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-weight: bold; font-family: 'times new roman';" nowrap="nowrap"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-weight: bold; text-align: center; font-family: 'times new roman';" colspan="2" nowrap="nowrap"><font style="font-family: 'times new roman', times; font-size: 10pt;">RMB</font></td>
<td style="font-weight: bold; font-family: 'times new roman';" nowrap="nowrap"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-weight: bold; font-family: 'times new roman';" nowrap="nowrap"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-weight: bold; text-align: center; font-family: 'times new roman';" colspan="2" nowrap="nowrap"><font style="font-family: 'times new roman', times; font-size: 10pt;">RMB</font></td>
<td style="font-weight: bold; font-family: 'times new roman';" nowrap="nowrap"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-weight: bold; font-family: 'times new roman';" nowrap="nowrap"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-weight: bold; text-align: center; font-family: 'times new roman';" colspan="2" nowrap="nowrap"><font style="font-family: 'times new roman', times; font-size: 10pt;">RMB</font></td>
<td style="font-weight: bold; font-family: 'times new roman';" nowrap="nowrap"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-weight: bold; font-family: 'times new roman';" nowrap="nowrap"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-weight: bold; text-align: center; font-family: 'times new roman';" colspan="2" nowrap="nowrap"><font style="font-family: 'times new roman', times; font-size: 10pt;">RMB</font></td>
<td style="font-weight: bold; font-family: 'times new roman';" nowrap="nowrap"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-weight: bold; font-family: 'times new roman';" nowrap="nowrap"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-weight: bold; text-align: center; font-family: 'times new roman';" colspan="2" nowrap="nowrap"><font style="font-family: 'times new roman', times; font-size: 10pt;">RMB</font></td>
<td style="font-weight: bold; font-family: 'times new roman';" nowrap="nowrap"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-weight: bold; font-family: 'times new roman';" nowrap="nowrap"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-weight: bold; text-align: center; font-family: 'times new roman';" colspan="2" nowrap="nowrap"><font style="font-family: 'times new roman', times; font-size: 10pt;">RMB</font></td>
<td style="font-weight: bold; font-family: 'times new roman';" nowrap="nowrap"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-weight: bold; text-align: left; /* text-indent: 0.1in; *//* padding-left: 0.1in; */font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">Net revenues</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; padding-bottom: 1pt; /* text-indent: 0.1in; *//* padding-left: 0.1in; */font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">Internet value-added service</font></td>
<td style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="padding-bottom: 1pt; text-align: right; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="padding-bottom: 1pt; text-align: right; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="padding-bottom: 1pt; text-align: right; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="padding-bottom: 1pt; text-align: right; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; /* padding-left: 16.2pt; */font-family: 'times new roman'; width: 22%; text-indent: 0.1in;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#151;Online music and entertainment</font></td>
<td style="font-family: 'times new roman'; width: 1%;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; width: 1%;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman'; width: 10%;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>2,109,503</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; width: 1%;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-family: 'times new roman'; width: 1%;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; width: 1%;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman'; width: 10%;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>-</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; width: 1%;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-family: 'times new roman'; width: 1%;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; width: 1%;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman'; width: 10%;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>2,109,503</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; width: 1%;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-family: 'times new roman'; width: 1%;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; width: 1%;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman'; width: 10%;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>-</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; width: 1%;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-family: 'times new roman'; width: 1%;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; width: 1%;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman'; width: 10%;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>-</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; width: 1%;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-family: 'times new roman'; width: 1%;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; width: 1%;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman'; width: 10%;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>2,109,503</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; width: 1%;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="/* padding-left: 16.2pt; */font-family: 'times new roman'; text-indent: 0.1in;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#151;Online games</font></td>
<td style="font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>811,699</font></font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>-</font></font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>811,699</font></font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>-</font></font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>-</font></font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>811,699</font></font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-indent: 0.1in; /* padding-left: 16.2pt; */font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#151;Online dating</font></td>
<td style="font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>194,134</font></font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>-</font></font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>194,134</font></font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>-</font></font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>-</font></font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>194,134</font></font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-indent: 0.1in; /* padding-left: 16.2pt; */font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#151;Other IVAS</font></td>
<td style="font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>262,318</font></font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>-</font></font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>262,318</font></font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>153,371</font></font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>-</font></font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>415,689</font></font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; padding-bottom: 1pt; /* text-indent: 0.1in; *//* padding-left: 0.1in; */font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">Other revenues</font></td>
<td style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: right; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>-</font></font></td>
<td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>146,393</font></font></td>
<td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: right; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>146,393</font></font></td>
<td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: right; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>-</font></font></td>
<td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: right; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>950</font></font></td>
<td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: right; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>147,343</font></font></td>
<td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-family: 'times new roman'; vertical-align: top; text-align: left;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-weight: bold; text-align: left; padding-bottom: 1pt; /* text-indent: 0.1in; *//* padding-left: 0.1in; */font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">Total net revenues</font></td>
<td style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: right; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>3,377,654</font></font></td>
<td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>146,393</font></font></td>
<td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: right; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>3,524,047</font></font></td>
<td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: right; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>153,371</font></font></td>
<td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: right; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>950</font></font></td>
<td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: right; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>3,678,368</font></font></td>
<td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="padding-bottom: 1pt; /* text-indent: 0.1in; *//* padding-left: 0.1in; */font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">Cost of revenues<sup style="font-style: normal;">(1)</sup></font></td>
<td style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="padding-bottom: 1pt; text-align: right; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="padding-bottom: 1pt; text-align: right; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: right; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>(1,586,933</font></font></td>
<td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">)</font></td>
<td style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: right; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>(248,154</font></font></td>
<td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">)&#160;</font></td>
<td style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: right; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>(14,062</font></font></td>
<td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">)</font></td>
<td style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: right; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>(1,849,149</font></font></td>
<td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">)&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-weight: bold; text-align: left; padding-bottom: 1pt; /* text-indent: 0.1in; *//* padding-left: 0.1in; */font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">Gross profit / (loss)</font></td>
<td style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="padding-bottom: 1pt; text-align: right; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="padding-bottom: 1pt; text-align: right; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: right; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>1,937,114</font></font></td>
<td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: right; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>(94,783</font></font></td>
<td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">)</font></td>
<td style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: right; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>(13,112</font></font></td>
<td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">)</font></td>
<td style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: right; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>1,829,219</font></font></td>
<td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-weight: bold; /* text-indent: 0.1in; *//* padding-left: 0.1in; */font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><b>Operating expenses<sup style="font-style: normal;">(1)</sup></b></font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; /* text-indent: 0.1in; *//* padding-left: 0.1in; */font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">Research and development expenses</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>(362,352</font></font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">)</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>(47,765</font></font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">)</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>(21,071</font></font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">)&#160;</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>(431,188</font></font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">)</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; /* text-indent: 0.1in; *//* padding-left: 0.1in; */font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">Sales and marketing expenses</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>(97,983</font></font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">)</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>(4,399</font></font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">)</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>(145</font></font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">)</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>(102,527</font></font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">)</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; padding-bottom: 1pt; /* text-indent: 0.1in; *//* padding-left: 0.1in; */font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">General&#160;and&#160;administrative&#160;expenses&#160;</font></td>
<td style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="padding-bottom: 1pt; text-align: right; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="padding-bottom: 1pt; text-align: right; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: right; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>(200,535</font></font></td>
<td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">)</font></td>
<td style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: right; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>(20,954</font></font></td>
<td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">)</font></td>
<td style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: right; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>(1,530</font></font></td>
<td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">)</font></td>
<td style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: right; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>(223,019</font></font></td>
<td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">)</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="font-weight: bold; text-align: left; padding-bottom: 1pt; /* text-indent: 0.1in; *//* padding-left: 0.1in; */font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">Total operating expenses</font></td>
<td style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="padding-bottom: 1pt; text-align: right; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="padding-bottom: 1pt; text-align: right; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: right; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>(660,870</font></font></td>
<td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">)</font></td>
<td style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: right; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>(73,118</font></font></td>
<td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">)</font></td>
<td style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: right; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>(22,746</font></font></td>
<td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">)</font></td>
<td style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: right; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>(756,734</font></font></td>
<td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">)</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; padding-bottom: 1pt; /* text-indent: 0.1in; *//* padding-left: 0.1in; */font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">Other income</font></td>
<td style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="padding-bottom: 1pt; text-align: right; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="padding-bottom: 1pt; text-align: right; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: right; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>6,319</font></font></td>
<td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: right; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>-</font></font></td>
<td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: right; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>-</font></font></td>
<td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: right; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>6,319</font></font></td>
<td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="font-weight: bold; text-align: left; padding-bottom: 1pt; /* text-indent: 0.1in; *//* padding-left: 0.1in; */font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">Operating income / (loss)</font></td>
<td style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="padding-bottom: 1pt; text-align: right; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="padding-bottom: 1pt; text-align: right; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: right; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>1,282,563</font></font></td>
<td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: right; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>(167,901</font></font></td>
<td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">)</font></td>
<td style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: right; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>(35,858</font></font></td>
<td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">)</font></td>
<td style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: right; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>1,078,804</font></font></td>
<td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
</tr>

</table>
</div>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.32in; text-align: justify;">(1) Share based compensation was allocated in cost of revenues and operating expenses as follows:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<div align="left">
<table style="border-collapse: collapse; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; width: 96%; margin-left: 0.32in;" cellpadding="0" cellspacing="0">

<tr style="vertical-align: bottom;">
<td style="font-family: 'Times New Roman';" nowrap="nowrap"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-weight: bold; font-family: 'times new roman';" nowrap="nowrap"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-weight: bold; text-align: center; font-family: 'times new roman';" colspan="2" nowrap="nowrap"><font style="font-size: 10pt; font-family: 'times new roman', times;">YY IVAS and others</font></td>
<td style="font-weight: bold; font-family: 'times new roman';" nowrap="nowrap"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-weight: bold; font-family: 'times new roman';" nowrap="nowrap"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-weight: bold; text-align: center; font-family: 'times new roman';" colspan="2" nowrap="nowrap"><font style="font-size: 10pt; font-family: 'times new roman', times;">Huya broadcasting</font></td>
<td style="font-weight: bold; font-family: 'times new roman';" nowrap="nowrap"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-family: 'Times New Roman';" nowrap="nowrap"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: center;" colspan="2" nowrap="nowrap">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b>100&#160;</b><b>Education</b></font></p>
</td>
<td style="font-family: 'Times New Roman';" nowrap="nowrap"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-weight: bold; font-family: 'times new roman';" nowrap="nowrap"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-weight: bold; text-align: center; font-family: 'times new roman';" colspan="2" nowrap="nowrap"><font style="font-size: 10pt; font-family: 'times new roman', times;">Total</font></td>
<td style="font-weight: bold; font-family: 'times new roman';" nowrap="nowrap"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-family: 'Times New Roman';" nowrap="nowrap"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-weight: bold; font-family: 'times new roman';" nowrap="nowrap"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-weight: bold; text-align: center; font-family: 'times new roman';" colspan="2" nowrap="nowrap"><font style="font-size: 10pt; font-family: 'times new roman', times;">RMB</font></td>
<td style="font-weight: bold; font-family: 'times new roman';" nowrap="nowrap"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-weight: bold; font-family: 'times new roman';" nowrap="nowrap"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-weight: bold; text-align: center; font-family: 'times new roman';" colspan="2" nowrap="nowrap"><font style="font-size: 10pt; font-family: 'times new roman', times;">RMB</font></td>
<td style="font-weight: bold; font-family: 'times new roman';" nowrap="nowrap"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-weight: bold; font-family: 'times new roman';" nowrap="nowrap"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-weight: bold; text-align: center; font-family: 'times new roman';" colspan="2" nowrap="nowrap"><font style="font-size: 10pt; font-family: 'times new roman', times;">RMB</font></td>
<td style="font-weight: bold; font-family: 'times new roman';" nowrap="nowrap"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-weight: bold; font-family: 'times new roman';" nowrap="nowrap"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-weight: bold; text-align: center; font-family: 'times new roman';" colspan="2" nowrap="nowrap"><font style="font-size: 10pt; font-family: 'times new roman', times;">RMB</font></td>
<td style="font-weight: bold; font-family: 'times new roman';" nowrap="nowrap"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';" colspan="2"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';" colspan="2"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';" colspan="2"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';" colspan="2"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-family: 'times new roman'; width: 48%;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Cost of revenues</font></td>
<td style="font-family: 'Times New Roman'; width: 1%;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; width: 1%;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman'; width: 10%;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>16,552</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; width: 1%;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-family: 'Times New Roman'; width: 1%;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; width: 1%;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman'; width: 10%;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>1,185</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; width: 1%;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-family: 'Times New Roman'; width: 1%;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; width: 1%;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman'; width: 10%;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>300</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; width: 1%;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-family: 'Times New Roman'; width: 1%;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; width: 1%;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman'; width: 10%;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>18,037</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; width: 1%;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">Research and development expenses</font></td>
<td style="font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>47,315</font></font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>1,895</font></font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>4,931</font></font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>54,141</font></font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; /* text-indent: 0.1in; *//* padding-left: 0.1in; */font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">Sales and marketing expenses</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>2,803</font></font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>4</font></font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>-</font></font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>2,807</font></font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; padding-bottom: 1pt; /* text-indent: 0.1in; *//* padding-left: 0.1in; */font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">General and administrative expenses</font></td>
<td style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: right; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>57,938</font></font></td>
<td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: right; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>1,660</font></font></td>
<td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: right; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>49</font></font></td>
<td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: right; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>59,647</font></font></td>
<td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-indent: 0.1in; padding-left: 0.1in; font-family: 'times new roman'; vertical-align: top; text-align: left;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; padding-bottom: 1pt; /* text-indent: 0.1in; *//* padding-left: 0.1in; */font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">Share-based compensation expenses</font></td>
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Additional information: condensed financial statements of the Company<br></strong></div></th>
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<td style="width: 0.25in; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b>30.</b></font></td>
<td style="text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b>Additional information &#150; condensed financial statements</b></font></td>
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<p style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'Times New Roman', Times, serif; margin: 0pt 0px 0pt 23pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
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<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="font-weight: bold; text-align: left; text-indent: -10pt; padding-left: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Current assets</font></td>
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; padding-bottom: 2.5pt; padding-left: 0.25in; width: 55%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Amounts due from a subsidiary</font></td>
<td style="padding-bottom: 2.5pt; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: left; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: right; width: 12%;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">2,866,431</font></font></td>
<td style="padding-bottom: 2.5pt; text-align: left; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="padding-bottom: 2.5pt; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: left; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: right; width: 12%;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">1,881,616</font></font></td>
<td style="padding-bottom: 2.5pt; text-align: left; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="padding-bottom: 2.5pt; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: left; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: right; width: 12%;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">290,472</font></font></td>
<td style="padding-bottom: 2.5pt; text-align: left; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-weight: bold; text-align: left; text-indent: -10pt; padding-left: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Non-current assets</font></td>
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; padding-left: 0.25in;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Interests in subsidiaries, VIEs and VIE's subsidiaries</font></td>
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: right;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">2,643,382</font></font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: right;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">3,944,457</font></font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: right;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">608,919</font></font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; padding-bottom: 1pt; padding-left: 0.25in;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Other non-current assets</font></td>
<td style="padding-bottom: 1pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: right;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">42,275</font></font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="padding-bottom: 1pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: right;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">25,284</font></font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="padding-bottom: 1pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: right;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">3,903</font></font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt; text-indent: -10pt; padding-left: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Total non-current assets</font></td>
<td style="padding-bottom: 2.5pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: right;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">2,685,657</font></font></td>
<td style="padding-bottom: 2.5pt; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="padding-bottom: 2.5pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: right;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">3,969,741</font></font></td>
<td style="padding-bottom: 2.5pt; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="padding-bottom: 2.5pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: right;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">612,822</font></font></td>
<td style="padding-bottom: 2.5pt; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt; text-indent: -10pt; padding-left: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Total assets</font></td>
<td style="padding-bottom: 2.5pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: right;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">5,552,088</font></font></td>
<td style="padding-bottom: 2.5pt; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="padding-bottom: 2.5pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: right;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">5,851,357</font></font></td>
<td style="padding-bottom: 2.5pt; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="padding-bottom: 2.5pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: right;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">903,294</font></font></td>
<td style="padding-bottom: 2.5pt; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="font-weight: bold; text-align: left; text-indent: -10pt; padding-left: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Liabilities and shareholders' equity</font></td>
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-weight: bold; text-align: left; text-indent: -10pt; padding-left: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Current liabilities</font></td>
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; padding-bottom: 2.5pt; padding-left: 0.25in;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Interests payable</font></td>
<td style="padding-bottom: 2.5pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: right;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">13,944</font></font></td>
<td style="padding-bottom: 2.5pt; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="padding-bottom: 2.5pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: right;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">14,795</font></font></td>
<td style="padding-bottom: 2.5pt; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="padding-bottom: 2.5pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: right;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">2,284</font></font></td>
<td style="padding-bottom: 2.5pt; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="font-weight: bold; text-align: left; text-indent: -10pt; padding-left: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Non-current liabilities</font></td>
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; padding-bottom: 2.5pt; padding-left: 0.25in;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Convertible bonds</font></td>
<td style="padding-bottom: 2.5pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: right;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">2,447,980</font></font></td>
<td style="padding-bottom: 2.5pt; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="padding-bottom: 2.5pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: right;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">2,597,403</font></font></td>
<td style="padding-bottom: 2.5pt; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="padding-bottom: 2.5pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: right;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">400,970</font></font></td>
<td style="padding-bottom: 2.5pt; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt; text-indent: -10pt; padding-left: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Total liabilities</font></td>
<td style="padding-bottom: 2.5pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: right;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">2,461,924</font></font></td>
<td style="padding-bottom: 2.5pt; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="padding-bottom: 2.5pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: right;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">2,612,198</font></font></td>
<td style="padding-bottom: 2.5pt; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="padding-bottom: 2.5pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: right;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">403,254</font></font></td>
<td style="padding-bottom: 2.5pt; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-indent: -10pt; padding-left: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="font-weight: bold; text-align: left; text-indent: -10pt; padding-left: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Shareholders' equity</font></td>
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-indent: -10pt; padding-left: 10pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Class&#160;A common shares (US$<font>0.00001</font> par value; <font>10,000,000,000</font> shares authorized, <font>706,173,568</font> shares issued and outstanding as of December 31, 2014 and <font>728,227,848</font> shares issued and outstanding as of December 31, 2015)</font></td>
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: right;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">43</font></font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: right;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">43</font></font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: right;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">7</font></font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-indent: -10pt; padding-left: 10pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Class B common shares (US$<font>0.00001</font> par value; <font>1,000,000,000</font> shares authorized, <font>427,352,696</font> shares issued and outstanding as of December 31, 2014 and <font>369,557,976</font> shares issued and outstanding as of December 31, 2015)</font></td>
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: right;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">30</font></font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: right;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">27</font></font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: right;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">4</font></font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; text-indent: -10pt; padding-left: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Additional paid-in capital</font></td>
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: right;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">2,900,458</font></font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: right;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">2,011,799</font></font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: right;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">310,568</font></font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; text-indent: -10pt; padding-left: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Retained earnings</font></td>
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: right;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">230,432</font></font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: right;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">1,263,675</font></font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: right;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">195,078</font></font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Accumulated other comprehensive loss</font></td>
<td style="padding-bottom: 1pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: right;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(40,799</font></font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">)</font></td>
<td style="padding-bottom: 1pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: right;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(36,385</font></font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">)</font></td>
<td style="padding-bottom: 1pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: right;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(5,617</font></font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">)</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-indent: -10pt; padding-left: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt; text-indent: -10pt; padding-left: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Total shareholders' equity</font></td>
<td style="padding-bottom: 2.5pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: right;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">3,090,164</font></font></td>
<td style="padding-bottom: 2.5pt; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="padding-bottom: 2.5pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: right;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">3,239,159</font></font></td>
<td style="padding-bottom: 2.5pt; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="padding-bottom: 2.5pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: right;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">500,040</font></font></td>
<td style="padding-bottom: 2.5pt; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-indent: -10pt; padding-left: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt; text-indent: -10pt; padding-left: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Total liabilities and shareholders' equity</font></td>
<td style="padding-bottom: 2.5pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: right;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">5,552,088</font></font></td>
<td style="padding-bottom: 2.5pt; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="padding-bottom: 2.5pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: right;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">5,851,357</font></font></td>
<td style="padding-bottom: 2.5pt; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="padding-bottom: 2.5pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: right;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">903,294</font></font></td>
<td style="padding-bottom: 2.5pt; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>

</table>
</div>
</div>
</div>

<p style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'Times New Roman', Times, serif; margin: 0pt 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'Times New Roman', Times, serif; margin: 0pt 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b>(b) Condensed statements of operations and comprehensive income of YY Inc. for the years ended December 31, 2013, 2014 and 2015</b></font></p>
<p style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'Times New Roman', Times, serif; margin: 0pt 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<div align="center">
<div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'Times New Roman', Times, serif; width: 100%; margin-left: 0.1px;" width="100%">

<tr style="vertical-align: bottom;">
<td nowrap="nowrap"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td colspan="14" nowrap="nowrap" style="text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">For the year ended December 31,</font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td nowrap="nowrap"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td colspan="2" nowrap="nowrap" style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">2013</font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td colspan="2" nowrap="nowrap" style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">2014</font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td colspan="2" nowrap="nowrap" style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">2015</font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td colspan="2" nowrap="nowrap" style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">2015</font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td nowrap="nowrap"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td colspan="2" nowrap="nowrap" style="text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">RMB</font></td>
<td nowrap="nowrap"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td colspan="2" nowrap="nowrap" style="text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">RMB</font></td>
<td nowrap="nowrap"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td colspan="2" nowrap="nowrap" style="text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">RMB</font></td>
<td nowrap="nowrap"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td colspan="2" nowrap="nowrap" style="text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">US$</font></td>
<td nowrap="nowrap"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td colspan="2" style="text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td colspan="2" style="text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td colspan="2" style="text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td colspan="2" style="text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(Note2(e))</font></td>
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; width: 48%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Share of profit of subsidiaries, VIEs and VIE's subsidiaries</font></td>
<td style="width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: right; width: 10%;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">477,727</font></font></td>
<td style="text-align: left; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: right; width: 10%;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">1,121,079</font></font></td>
<td style="text-align: left; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: right; width: 10%;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">1,108,029</font></font></td>
<td style="text-align: left; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: right; width: 10%;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">171,051</font></font></td>
<td style="text-align: left; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; padding-bottom: 1pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Interest expense</font></td>
<td style="padding-bottom: 1pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: right;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">-</font></font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="padding-bottom: 1pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: right;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(56,607</font></font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">)</font></td>
<td style="padding-bottom: 1pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: right;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(74,786</font></font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">)</font></td>
<td style="padding-bottom: 1pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: right;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(11,545</font></font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">)</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="font-weight: bold; text-align: left; padding-bottom: 1pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Income before income tax expenses</font></td>
<td style="padding-bottom: 1pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: right;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">477,727</font></font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="padding-bottom: 1pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: right;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">1,064,472</font></font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="padding-bottom: 1pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: right;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">1,033,243</font></font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="padding-bottom: 1pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: right;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">159,506</font></font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="font-weight: bold; text-align: left; padding-bottom: 1pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Net income</font></td>
<td style="padding-bottom: 1pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: right;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">477,727</font></font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="padding-bottom: 1pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: right;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">1,064,472</font></font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="padding-bottom: 1pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: right;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">1,033,243</font></font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="padding-bottom: 1pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: right;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">159,506</font></font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Other comprehensive (loss) / income:</font></td>
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; padding-bottom: 1pt; padding-left: 9pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Foreign currency translation adjustments, net of nil tax</font></td>
<td style="padding-bottom: 1pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: right;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(31,014</font></font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">)</font></td>
<td style="padding-bottom: 1pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: right;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">3,638</font></font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="padding-bottom: 1pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: right;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">4,414</font></font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="padding-bottom: 1pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: right;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">681</font></font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Comprehensive income</font></td>
<td style="padding-bottom: 2.5pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: right;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">446,713</font></font></td>
<td style="padding-bottom: 2.5pt; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="padding-bottom: 2.5pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: right;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">1,068,110</font></font></td>
<td style="padding-bottom: 2.5pt; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="padding-bottom: 2.5pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: right;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">1,037,657</font></font></td>
<td style="padding-bottom: 2.5pt; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="padding-bottom: 2.5pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: right;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">160,187</font></font></td>
<td style="padding-bottom: 2.5pt; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>

</table>
</div>
</div>
<p style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'Times New Roman', Times, serif; margin: 0pt 0px; text-indent: 0.5in;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'Times New Roman', Times, serif; margin: 0pt 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b>(c) Condensed statements of cash flows of YY Inc. for the years ended December 31, 2013, 2014 and 2015</b></font></p>
<p style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'Times New Roman', Times, serif; margin: 0pt 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<div align="center">
<div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'Times New Roman', Times, serif; width: 100%; margin-left: 0.1px;" width="100%">

<tr style="vertical-align: bottom;">
<td nowrap="nowrap"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td colspan="14" nowrap="nowrap" style="text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">For the year ended December 31,</font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td nowrap="nowrap"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td colspan="2" nowrap="nowrap" style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">2013</font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td colspan="2" nowrap="nowrap" style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">2014</font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td colspan="2" nowrap="nowrap" style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">2015</font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td colspan="2" nowrap="nowrap" style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">2015</font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
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<td nowrap="nowrap"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<td nowrap="nowrap"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<td colspan="2" nowrap="nowrap" style="text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">US$</font></td>
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<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<td colspan="2" style="text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<td colspan="2" style="text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<td colspan="2" style="text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(Note2(e))</font></td>
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<td style="background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: right; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;<font>-</font></font></td>
<td style="text-align: left; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: right; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;<font>-</font></font></td>
<td style="text-align: left; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: right; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;<font>-</font></font></td>
<td style="text-align: left; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: right; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;<font>-</font></font></td>
<td style="text-align: left; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<td style="text-align: left; width: 48%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Net cash used in investing activities</font></td>
<td style="width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: right; width: 10%;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">-</font></font></td>
<td style="text-align: left; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: right; width: 10%;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(2,412,290</font></font></td>
<td style="text-align: left; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">)</font></td>
<td style="width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: right; width: 10%;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">-</font></font></td>
<td style="text-align: left; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: right; width: 10%;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">-</font></font></td>
<td style="text-align: left; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
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<td style="color: rgb(0, 0, 0); font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="color: rgb(0, 0, 0); font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-align: left; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="color: rgb(0, 0, 0); font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-align: right; background-color: rgb(204, 238, 255);"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">-</font></font></td>
<td style="color: rgb(0, 0, 0); font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-align: left; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="color: rgb(0, 0, 0); font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="color: rgb(0, 0, 0); font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-align: left; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="color: rgb(0, 0, 0); font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-align: right; background-color: rgb(204, 238, 255);"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">2,412,290</font></font></td>
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<td style="color: rgb(0, 0, 0); font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="color: rgb(0, 0, 0); font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-align: left; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="color: rgb(0, 0, 0); font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-align: right; background-color: rgb(204, 238, 255);"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">-</font></font></td>
<td style="color: rgb(0, 0, 0); font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-align: left; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="color: rgb(0, 0, 0); font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="color: rgb(0, 0, 0); font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-align: left; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="color: rgb(0, 0, 0); font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-align: right; background-color: rgb(204, 238, 255);"><font>-</font></td>
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<span style="display: none;">v3.4.0.3</span><table class="report" border="0" cellspacing="2" id="idp6802398816">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Principal accounting policies (Policies)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2015</div></th></tr>
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<td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; width: 4%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b>(a)</b></font></td>
<td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; width: 96%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b>Basis of presentation</b></font></td>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ConsolidationPolicyTextBlock', window );">Consolidation</a></td>
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<td style="padding-right: 0.8pt; font-family: 'times new roman'; text-align: justify; width: 96%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b>Consolidation</b></font></td>
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<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">The Group's consolidated financial statements include the financial statements of the Company, its subsidiaries, and its VIEs and VIE's subsidiaries for which the Company or its subsidiary is the primary beneficiary. All transactions and balances among the Company, its subsidiaries, its VIEs and VIE's subsidiaries have been eliminated upon consolidation.</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px; text-indent: 0.5in; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">A subsidiary is an entity in which the Company, directly or indirectly, controls more than one half of the voting powers; or has the power to appoint or remove the majority of the members of the board of directors; or to cast a majority of votes at the meeting of directors; or has the power to govern the financial and operating policies of the investee under a statute or agreement among the shareholders or equity holders.</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">A VIE is an entity in which the Company, or its subsidiary, through contractual agreements, bears the risks of, and enjoys the rewards normally associated with ownership of the entity, and therefore the Company or its subsidiary is the primary beneficiary of the entity. In determining whether the Company or its subsidiaries are the primary beneficiary, the Company considered whether it has the power to direct activities that are significant to the VIEs economic performance, and also the Company's obligation to absorb losses of the VIE that could potentially be significant to the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE. Beijing Huanju Shidai,&#160;Bilin Changxiang and ultimately the Company hold all the variable interests of the VIEs and VIE's subsidiaries and has been determined to be the primary beneficiary of the VIEs and VIE's subsidiaries.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;">&#160;<br/><font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none;">The Company established two funds entities, namely Engage L.P. and Shanghai Yilian, (collectively, the &#147;Funds&#148;), in March and June 2015, respectively.The Company holds 93.5% of interests in the Funds. The Company assesses that the Company exercises controls and is entitled to the various returns of the Fund and therefore the Funds have been accounted for as subsidiaries of and has been consolidated by the Company in accordance with ASC 810.</font></p>
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<td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; width: 96%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b>Use of estimates</b></font></td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;">The preparation of the Company's consolidated financial statements in conformity with U.S.&#160;GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, mezzanine equity and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ materially from such estimates. The Company believes that the user relationship period related to online games revenue, assessment of whether the Group acts as a principal or an agent in different revenue streams, classification of perpetual items versus consumable items under item-based model, the determination of estimated selling prices of multiple element revenue contracts, income taxes, allowances for doubtful accounts, determination of share based compensation expenses, impairment assessment of goodwill, long-lived assets and intangible assets, tax considerations for earnings retained in the Group's VIEs, fair value determination related to the accounting for business combinations and subsequent measurement of contingent consideration following business combinations, assessment on the probability of exercisability of the put option related to business combinations, assessment on the probability of performance condition affiliated in equity-classified award under ASC&#160;718 that affect vesting, represent critical accounting policies that reflect more significant judgments and estimates used in the preparation of its consolidated financial statements.</p>
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<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Management bases the estimates on historical experience and on various other assumptions that are believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Actual results could differ from these estimates.&#160;</font></p>
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<td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; width: 4%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b>(d)</b></font></td>
<td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; width: 96%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b>Foreign currency translation</b></font></td>
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<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">The Group uses Renminbi (&#147;RMB&#148;) as its reporting currency. The functional currency of the Company and its subsidiaries incorporated in the Cayman Islands, British Virgin Islands, and Hong Kong is United States dollar (&#147;US$&#148;), while the functional currency of the other entities, VIEs and VIE's subsidiaries in the Group is RMB, which is their respective local currency. In the consolidated financial statements, the financial information of the Company and its subsidiaries, which use US$ as their functional currency, have been translated into RMB. Assets and liabilities are translated at the exchange rates on the balance sheet date, equity amounts are translated at historical exchange rates, and revenues, expenses, gains, and losses are translated using the average exchange rate for the period. Translation adjustments arising from these are reported as foreign currency translation adjustments and are shown as a component of other comprehensive income or loss in the statement of operations and comprehensive income.</font></p>
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<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Foreign currency transactions denominated in currencies other than functional currency are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are remeasured at the applicable rates of exchange in effect at that date. Foreign exchange gains and losses resulting from the settlement of such transactions and from remeasurement at year-end are recognized in foreign currency exchange gains (losses), net in the consolidated statement of operations.</font></p>
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<td style="padding-right: 0.8pt; font-family: 'times new roman'; width: 4%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b>(e)</b></font></td>
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<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Translations of amounts from RMB into US$ for the convenience of the reader were calculated at the noon buying rate of US$1.00 = RMB&#160;<font>6.4778</font>&#160;on December 31, 2015 as set forth in the H.10 statistical release of the U.S. Federal Reserve Board. No representation is made that the RMB amounts could have been, or could be, converted into US$ at such rate.</font></p>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueOfFinancialInstrumentsPolicy', window );">Fair value of financial instruments</a></td>
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<td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; width: 96%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b>Fair value of financial instruments</b></font></td>
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<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;<br/>U.S. GAAP establishes a three-tier hierarchy to prioritize the inputs used in the valuation methodologies in measuring the fair value of financial instruments. This hierarchy also requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The three-tier fair value hierarchy is:<br/><br/>Level 1&#151;observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets.<br/>Level 2&#151;other inputs that are directly or indirectly observable in the marketplace.<br/>Level 3&#151;unobservable inputs which are supported by little or no market activity.<br/><br/></font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">The carrying values of cash and cash equivalents, short-term deposits, restricted short-term deposits, accounts receivable, other receivables, amounts due from (to) related parties, accounts payable, and other payables approximate their fair values because of their generally short maturities, and the carrying value of convertible bonds also approximates their fair value, as they bear interest at rates determined based on prevailing interest rates in the market.<br/><br/>The fair value of the contingent consideration recognized on the acquisition date was measured using unobservable input (level 3). Trinomial&#160;Tree model was applied in determining the fair value of the contingent consideration. Under this model, the Group performs scenario analysis and calculates the fair value of the contingent consideration based on the net present value of the total contingent payments under each scenario and the expected probability of each scenario.&#160;Contingent consideration is remeasured at fair value at each reporting date since initial recognition.</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;"></font><br/></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">The Group recorded one of its investment as an available-for-sale debt security and subsequently measured at its fair value (Note 10). The available-for-sale investment is classified within Level 3 and it is valued based on a model utilizing unobservable inputs which require significant management judgment and estimation. However, there is no significant change in fair value of the investment from the initial investment date to December 31, 2015.</font></p>
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<td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; width: 96%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b>Cash and cash equivalents</b></font></td>
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<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Cash includes currency on hand and deposits held by financial institutions that can be added to or withdrawn without limitation. Cash equivalents represent short-term and highly liquid investments placed with banks, which have both of the following characteristics:</font></p>
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<td style="width: 13.4pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">i)</font></td>
<td style="text-align: justify; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">Readily convertible to known amounts of cash throughout the maturity period;</font></td>
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<td style="width: 13.3pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">ii)</font></td>
<td style="text-align: justify; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">So near their maturity that they present insignificant risk of changes in value because of changes in interest rates.</font></td>
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<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Short-term deposits represent time deposits placed with banks with original maturities of less than <font>one</font> year. Interest earned is recorded as interest income in the consolidated statements of operations during the periods presented.&#160;</font></p>
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<td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; width: 96%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b>Accounts receivable, net</b></font></td>
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<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Accounts receivable are presented net of allowance for doubtful accounts. The Group uses specific identification in providing for bad debts when facts and circumstances indicate that collection is doubtful and a loss is probable and estimable. If the financial conditions of its customers were to deteriorate, resulting in an impairment of their ability to make payments, additional allowance may be required.</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">The Company maintains an allowance for doubtful accounts which reflects its best estimate of amounts that potentially will not be collected. The Company determines the allowance for doubtful accounts on an individual basis taking into consideration various factors including but not limited to&#160;historical&#160;collection&#160;experience and credit-worthiness of the debtors as well&#160;as the age of the individual receivables balance. Additionally, the Company makes specific bad debt provisions based on any specific knowledge the Company has acquired that might indicate that an account is uncollectible. The facts and circumstances of each account may require the Company to use substantial judgment in assessing its collectability.</font></p>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EquityMethodInvestmentsPolicy', window );">Equity investment</a></td>
<td class="text"><div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';">
<div class="CursorPointer">
<table style="font: 10pt/normal 'times new roman', times, serif; width: 100%; border-collapse: collapse; font-size-adjust: none; font-stretch: normal;" cellspacing="0" cellpadding="0">

<tr style="vertical-align: top;">
<td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; width: 4%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b>(j)</b></font></td>
<td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; width: 96%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b>Equity investment</b></font></td>
</tr>

</table>
</div>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">The equity investment is comprised of investments in privately-held companies. The Group accounts for its equity investment over which it has significant influence but does not own a majority equity interest or otherwise control using the equity method. The Group adjusts the carrying amount of the investment and recognizes investment income or loss for share of the earnings or loss of the investee after the date of investment. The Group assesses its equity investment for other-than-temporary impairment by considering factors including, but not limited to, current economic and market conditions, operating performance of the companies, including current earnings trends and undiscounted cash flows, and other company-specific information. The fair value determination, particularly for investment in privately-held companies, requires judgment to determine appropriate estimates and assumptions. Changes in these estimates and assumptions could affect the calculation of the fair value of the investment and determination of whether any identified impairment is other-than-temporary.</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><br/></p>
</div><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CostMethodInvestmentsPolicy', window );">Cost investment</a></td>
<td class="text"><div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';">
<div class="CursorPointer">
<table style="font: 10pt/normal 'times new roman', times, serif; width: 100%; border-collapse: collapse; font-size-adjust: none; font-stretch: normal;" cellspacing="0" cellpadding="0">

<tr style="vertical-align: top;">
<td style="padding-right: 0.8pt; font-family: 'times new roman'; width: 4%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b>(k)</b></font></td>
<td style="padding-right: 0.8pt; font-family: 'times new roman'; width: 96%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b>Cost investment</b></font></td>
</tr>

</table>
</div>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">The cost investment is comprised of investments in privately-held companies. The Group accounts for cost investment which has no readily determinable fair value using the cost method. Under the cost method, the investment is measured initially at cost. The investment carried at cost should recognize income when dividends are received from the distribution of the investee's earnings. The Group periodically evaluates the carrying value of investments accounted for under the cost method of accounting and any impairment is included in the consolidated statements of operations.</font></p>
</div><span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MarketableSecuritiesAvailableForSaleSecuritiesPolicy', window );">Available-for-sale investment</a></td>
<td class="text"><div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';">
<table style="font: 10pt/normal 'times new roman', times, serif; width: 100%; border-collapse: collapse; font-size-adjust: none; font-stretch: normal;" cellspacing="0" cellpadding="0">

<tr style="vertical-align: top;">
<td style="padding-right: 0.8pt; font-family: 'times new roman'; width: 4%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b>(l)</b></font></td>
<td style="padding-right: 0.8pt; font-family: 'times new roman'; width: 96%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b>Available-for-sale investment</b></font></td>
</tr>

</table>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;"></font><br/></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">The Group classifies its investments in debt and equity securities into one of three categories and accounts for these as follows: (i) debt securities that the Group has the positive intent and the ability to hold to maturity are classified as &#147;held to maturity&#148; and reported at amortized cost; (ii) debt and equity securities that are bought and held principally for the purpose of selling them in the near term are classified as &#147;trading securities&#148; with unrealized holding gains and losses included in earnings; (iii) debt and equity securities not classified as held to maturity or as trading securities are classified as &#147;available-for-sale&#148; and reported at fair value. The Group has designated its investment in redeemable preferred shares of one company as available-for-sale debt security in accordance with ASC 320-10 (Note 10). Unrealized gains and losses on available-for-sale securities are excluded from earnings and reported as accumulated other comprehensive income (loss), net of tax. Realized gains or losses upon disposal are charged to earnings during the period in which the gains or losses are realized. An impairment loss on the available-for-sale securities is recognized in the consolidated statements of operations and comprehensive income when the decline in value is determined to be other-than-temporary.</font></p>
</div><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentPolicyTextBlock', window );">Property and equipment</a></td>
<td class="text"><div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';">
<div class="CursorPointer">
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<td style="padding-right: 0.8pt; font-family: 'times new roman'; width: 4%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b>(m)</b></font></td>
<td style="padding-right: 0.8pt; font-family: 'times new roman'; width: 96%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b>Property and equipment</b></font></td>
</tr>

</table>
</div>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Property and equipment are stated at historical cost less accumulated depreciation and impairment loss, if any. Depreciation is calculated using the straight-line method over their estimated useful lives. Residual rate is determined based on the economic value of the property and equipment at the end of the estimated useful lives as a percentage of the original cost.&#160;</font></p>
<div>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px; text-indent: 0.5in; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<div style="margin-left: 23pt;" class="CursorPointer">
<table style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; border-collapse: collapse; width: 96%; margin-left: 0px;" cellspacing="0" cellpadding="0">

<tr style="vertical-align: bottom;">
<td align="center" style="padding: 0px; font-family: 'times new roman'; font-size: 10pt;"></td>
<td style="font: bold 10pt/normal 'times new roman'; padding: 0px; font-size-adjust: none; font-stretch: normal;"></td>
<td align="center" style="font: bold 10pt/normal 'times new roman'; padding: 0px; text-align: right; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Estimated&#160;useful&#160;lives</font></td>
<td align="center" style="font: bold 10pt/normal 'times new roman'; padding: 0px; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td align="center" style="font: bold 10pt/normal 'Times New Roman'; padding: 0px 5px; text-align: center; white-space: nowrap; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td align="center" style="font: bold 10pt/normal 'times new roman', times, serif; padding: 0px; text-align: right; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Residual<br/></font><font style="font-family: 'times new roman', times; font-size: 10pt;">rate</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td align="center" style="padding: 0px; font-family: 'times new roman'; font-size: 10pt;">&#160;</td>
<td style="font: bold 10pt/normal 'times new roman'; padding: 0px; font-size-adjust: none; font-stretch: normal;">&#160;</td>
<td align="center" style="font: bold 10pt/normal 'times new roman'; padding: 0px; text-align: right; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td align="center" style="font: bold 10pt/normal 'times new roman'; padding: 0px; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td align="center" style="font: bold 10pt/normal 'Times New Roman'; padding: 0px 5px; text-align: center; white-space: nowrap; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td align="center" style="font: bold 10pt/normal 'times new roman', times, serif; padding: 0px; text-align: right; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: left; text-indent: 0px; font-stretch: normal; width: 71%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;Buildings</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; font-stretch: normal; width: 1%; background-color: #cceeff;">&#160;</td>
<td align="right" style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; font-stretch: normal; width: 12%; background-color: #cceeff;"><font style="font-family: 'times new roman', times;"><font>40</font> years</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; font-stretch: normal; width: 1%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; text-align: center; white-space: nowrap; font-stretch: normal; width: 1%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td align="right" style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right; vertical-align: bottom; white-space: nowrap; font-stretch: normal; width: 14%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font><font>0</font>%&#160;</font></font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: left; text-indent: 0px; font-stretch: normal; width: 67px;">Decoration of buildings<br/></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; font-stretch: normal; width: 1px;">&#160;</td>
<td align="right" style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; font-stretch: normal; width: 11px;"><font style="font-family: 'times new roman', times;"><font>&#160;<font>10</font> years</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; font-stretch: normal; width: 1px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; text-align: center; white-space: nowrap; font-stretch: normal; width: 1px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td align="right" style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right; vertical-align: bottom; white-space: nowrap; font-stretch: normal; width: 9px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font><font>&#160;<font>0</font> %</font></font></font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: left; text-indent: 0px; font-stretch: normal; width: 67%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Servers, computers and equipment</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; font-stretch: normal; width: 1%; background-color: #cceeff;"></td>
<td align="right" style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; font-stretch: normal; width: 11%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>3</font>&#160;years</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; font-stretch: normal; width: 1%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; text-align: center; white-space: nowrap; font-stretch: normal; width: 1%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td align="right" style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right; vertical-align: bottom; white-space: nowrap; font-stretch: normal; width: 9%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>0</font>%-<font>5</font>%</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: left; text-indent: 0px; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Furniture,&#160;fixture&#160;and&#160;office&#160;equipment&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; font-stretch: normal;"></td>
<td align="right" style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>5</font>&#160;years</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; text-align: center; white-space: nowrap; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td align="right" style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right; vertical-align: bottom; white-space: nowrap; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>0</font>%-<font>5</font>%</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: left; text-indent: 0px; font-stretch: normal; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Motor vehicles</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; font-stretch: normal; background-color: #cceeff;"></td>
<td align="right" style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; font-stretch: normal; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>4</font>&#160;years</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; font-stretch: normal; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; text-align: center; white-space: nowrap; font-stretch: normal; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td align="right" style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right; vertical-align: bottom; white-space: nowrap; font-stretch: normal; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>5</font>%</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: left; text-indent: 0px; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Leasehold improvements</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td align="center" style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right; vertical-align: bottom; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Shorter&#160;of&#160;lease&#160;term&#160;or&#160;<font>5</font>&#160;years</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; text-align: center; white-space: nowrap; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td align="right" style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 12px 0px 0px; text-align: right; vertical-align: bottom; white-space: nowrap; font-stretch: normal;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">-</font></font></td>
</tr>

</table>
</div>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</div>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Expenditures for maintenance and repairs are expensed as incurred. The gain or loss on the disposal of property and equipment is the difference between the net sales proceeds and the carrying amount of the relevant assets and is recognized in the consolidated statements of operations.</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">All direct and indirect costs that are related to the construction of property and equipment and incurred before the assets are ready for their intended use are capitalized as construction in progress. Construction in progress is transferred to specific property and equipment items and depreciation of these assets commences when they are ready for their intended use.&#160;</font></p>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_BusinessCombinationsPolicy', window );">Business combinations</a></td>
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<td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; width: 4%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b>(n)</b></font></td>
<td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; width: 96%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b>Business combinations</b></font></td>
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<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Business combinations are recorded using the purchase method of accounting, and the cost of an acquisition is measured as the aggregate of the fair values at the date of exchange of the assets given, liabilities incurred, and equity instruments issued as well as the contingent considerations and all contractual contingencies as of the acquisition date. The costs directly attributable to the acquisition are expensed as incurred. Identifiable assets, liabilities and contingent liabilities acquired or assumed are measured separately at their fair value as of the acquisition date, irrespective of the extent of any non-controlling interests. The excess of (i) the total of consideration of acquisition, fair value of the non-controlling interests and acquisition date fair value of any previously held equity interest in the subsidiary acquired over (ii) the fair value of the identifiable net assets of the subsidiary acquired is recorded as goodwill. If the consideration of acquisition is less than the fair value of the net assets of the subsidiary acquired, the difference is recognized directly in the consolidated statements of operations and comprehensive income.</font></p>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GoodwillAndIntangibleAssetsIntangibleAssetsPolicy', window );">Intangible assets, net</a></td>
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<td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; width: 4%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b>(o)</b></font></td>
<td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; width: 96%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b>Intangible assets, net</b></font></td>
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<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;">Intangible assets mainly consist of brand names, operating rights for licensed games, software, operating rights for game broadcasting, domain names and technology. Identifiable intangible assets are carried at acquisition cost less accumulated amortization and impairment loss, if any. Finite-lived intangible assets are tested for impairment if impairment indicators arise. Amortization of finite-lived intangible assets is computed using the straight-line method over their estimated useful lives, which are as follows:<br/></p>
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<td style="text-indent: 10pt; padding-left: 10pt; font-family: 'times new roman'; font-size: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-family: 'times new roman'; font-size: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>&#160;</strong></font></td>
<td style="text-align: right; font-family: 'times new roman'; font-size: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>Estimated useful lives</strong></font></td>
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<td style="text-align: left; text-indent: 10pt; padding-left: 10pt; font-family: 'times new roman'; font-size: 10pt; vertical-align: top;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; font-size: 10pt; vertical-align: top;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; font-size: 10pt; vertical-align: top;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; width: 49%; text-indent: 0px; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Brand names</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; width: 2%; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; width: 49%; text-align: right; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font><font>1</font>-<font>15</font> years</font></font></td>
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<td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; width: 49%; text-indent: 0px; font-stretch: normal;">Operating rights for licensed games<br/></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; width: 2%; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; width: 49%; text-align: right; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>&#160;Shorter&#160;of&#160;the&#160;economic&#160;life&#160;or&#160;license&#160;period&#160;of&#160;relevant&#160;online&#160;game</font></font></td>
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<td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; width: 49%; text-indent: 0px; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Software</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; width: 2%; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; width: 49%; text-align: right; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>3</font>&#160;-<font>5</font>&#160;years</font></td>
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<td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; width: 49%; text-indent: 0px; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Operating&#160;rights&#160;for&#160;game&#160;broadcasting</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; width: 2%; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; width: 49%; text-align: right; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>&#160;Over the contract terms</font></font></td>
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<td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; width: 49%; text-indent: 0px; font-stretch: normal;">Domain names</td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; width: 2%; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; width: 49%; text-align: right; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font><font>15</font> years&#160;</font></font></td>
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<td style="font: 10pt/normal 'times new roman'; padding: 0px; text-indent: 0px; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Technology</font></td>
<td style="font: 10pt/normal 'times new roman'; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt/normal 'times new roman'; text-align: right; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>5</font>&#160;years</font></td>
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<td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: left; text-indent: 0px; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Others</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-align: right; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>&#160;<font>3</font>-<font>5</font> years</font></font></td>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ImpairmentOrDisposalOfLongLivedAssetsIncludingIntangibleAssetsPolicyPolicyTextBlock', window );">Impairment of long-lived assets</a></td>
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<td style="padding-right: 0.8pt; font-family: 'times new roman'; width: 4%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b>(p)</b></font></td>
<td style="padding-right: 0.8pt; font-family: 'times new roman'; width: 96%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b>Impairment of long-lived assets</b></font></td>
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<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;">For long-lived assets other than investments and goodwill whose impairment is discussed elsewhere in the financial statements, the Group evaluates for impairment whenever events or changes (triggering events) indicate that the carrying amount of an asset may no longer be recoverable. The Group assesses the recoverability of the long-lived assets by comparing the carrying value of the long-lived assets to the estimated undiscounted future cash flows expected to receive from use of the assets and their eventual disposition. Such assets are considered to be impaired if the sum of the expected undiscounted cash flows is less than the carrying amount of the assets. The impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets. The Group tests impairment of long-lived assets at the reporting unit level when impairment indicator appeared and recognizes impairment in the event that the carrying value exceeds the fair value of each reporting unit.</p>
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<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;">The impairment charges of intangible assets recorded in general and administrative expenses for the years ended December 31, 2013, 2014 and 2015 were amounting to <font>nil</font>, RMB<font>5,697</font> and RMB<font>57,199</font>, respectively (Note 12).<br/></p>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GoodwillAndIntangibleAssetsGoodwillPolicy', window );">Goodwill</a></td>
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<td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; width: 4%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b>(q)</b></font></td>
<td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; width: 96%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b>Goodwill</b></font></td>
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<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Goodwill represents the excess of the purchase price over the amounts assigned to the fair value of the assets acquired and the liabilities assumed of an acquired business.&#160;</font></p>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_yy_AnnualGoodwillImpairmentTestPolicyTextBlock', window );">Annual test for impairment of goodwill</a></td>
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<td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; width: 4%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b>(r)</b></font></td>
<td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; width: 96%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b>Annual test for impairment of goodwill</b></font></td>
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<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Goodwill assessment for impairment is performed on at least an annual basis on October 1 or whenever events or changes in circumstances indicate that the carrying value of the asset may not be recoverable. The Group performs a two-step goodwill impairment test. The first step compares the fair values of each reporting unit to its carrying amount, including goodwill. If the fair value of a reporting unit exceeds its carrying amount, goodwill is not considered impaired and the second step will not be required. If the carrying amount of a reporting unit exceeds its fair value, the second step compares the implied fair value of the affected reporting unit's goodwill to the carrying value of that goodwill. The implied fair value of goodwill is determined in a manner similar to accounting for a business combination with the allocation of the assessed fair value determined in the first step to the assets and liabilities of the reporting unit. The excess of the fair value of the reporting unit over the amounts assigned to the assets and liabilities is the implied fair value of goodwill. This allocation process is only performed for purposes of evaluating goodwill impairment and does not result in an entry to adjust the value of any assets or liabilities. An impairment loss is recognized for any excess in the carrying value of goodwill over the implied fair value of goodwill. The judgment in estimating the fair value of reporting units includes estimating future cash flows, determining appropriate discount rates and making other assumptions. Changes in these estimates and assumptions could materially affect the determination of the fair value of each reporting unit.</font></p>
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<td style="text-align: justify; padding-right: 0.8pt; font-size: 10pt; width: 4%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b>(s)</b></font></td>
<td style="text-align: justify; padding-right: 0.8pt; font-size: 10pt; width: 96%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b>Convertible bonds </b></font></td>
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<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 22.95pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0px 0px 0px 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">The Group determines the appropriate accounting treatment of its convertible bonds in accordance with the terms in relation to the conversion feature, call and put options, and beneficial conversion feature. After considering the impact of such features, the Group may account for such instrument as a liability in its entirety, or separate the instrument into debt and equity components following the respective guidance described under ASC 815 Derivatives and Hedging and ASC 470 Debt. The debt discount, if any, together with related issuance cost are subsequently amortized as interest expense, using the effective interest method, from the issuance date to the earliest conversion date.</font></p>
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<td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; width: 4%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b>(t)</b></font></td>
<td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; width: 96%;"><font style="font-size: 10pt;"><strong>Mezzanine equity and non-controlling interest</strong></font></td>
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<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Mezzanine equity</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;"></font><br/></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Mezzanine equity consists of non-controlling interests in certain subsidiaries with put option pursuant to which the non-controlling shareholders had the right to put their equity interests in certain subsidiaries to the Group at fair value if certain subsidiaries achieved specified performance milestones and met other pre-determined conditions before the expiry of the put option. Since the occurrence of the put was not solely within the Group's control, the Group classifies the non-controlling interests as mezzanine equity instead of permanent equity in the Group's consolidated financial statements.<br/> <br/>In accordance with ASC subtopic 480-10, the Group calculated, on an accumulative basis from the acquisition date, (i) the amount of accretion that would increase the balance of non-controlling interests to their estimated redemption value over the period from the date of acquisition to the earliest redemption date of the non-controlling interests and (ii) the amount of net (loss) / profit attributable to non-controlling shareholders of certain subsidiaries based on their ownership percentage. The carrying value of the non-controlling interests as mezzanine equity was adjusted by an accumulative amount equal to the higher of (i) and (ii).<br/> <br/>Non-controlling interest <br/> <br/>Non-controlling interests are recognized to reflect the portion of the equity of majority-owned subsidiaries and VIE's subsidiaries which is not attributable, directly or indirectly, to the controlling shareholder. Currently, the non-controlling interests in the Group's consolidated financial statements consist primarily of non-controlling interests for Engage L.P. and Shanghai Yilian.</font></p>
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<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;">The Group generates revenues from internet value-added services (&#147;IVAS&#148;), online education, online advertising and others. Revenues from IVAS are generated from online music and entertainment, online games, online dating, Huya broadcasting, membership subscription fees and other IVAS. Online education services consist of vocational training and language training courses. Online advertising revenues are primarily generated from sales of different forms of advertising on the Group's platform. Revenue is recognized when persuasive evidence of an arrangement exists, service has been rendered, the price is fixed or determinable and collection is reasonably assured.</p>
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<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;">The Group operates a virtual currency system, under which, the users can directly purchase virtual currency on YY Client's online community channels or pay membership subscription fees via online payment systems provided by third parties including payments using mobile phone, internet debit/credit card payment and other third party payment systems. The virtual currency can be converted into game tokens that can be used to purchase virtual items in online games (both developed by third parties and self-developed), or used directly to purchase virtual items on YY Client's online community channels or used to pay membership subscription fees. Virtual currency sold but not yet consumed by the purchasers is recorded as &#147;Advances from customers&#148; and upon conversion or being used, is recognized as revenue according to the respective prescribed revenue recognition policies addressed below:</p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"><b>(1) Online music and entertainment revenue</b></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><br/></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">The Group creates and offers virtual items to be used by users on online music and entertainment channels, which the Group operates and maintains. The virtual items are offered free of charge or sold to users at different specified prices as pre-determined by the Company. Online music and entertainment revenue consists of sales of virtual items. Users purchase consumable virtual items from the Group and present them to performers to show support for their favorite performers or time-based virtual items, which provide users with recognized status, such as priority speaking rights or special symbols on the music channels for a specific period of time. In order to attract user traffic, the Group shares with certain popular performers and channel owners, who have entered into revenue sharing arrangements with the Group, a portion of the revenues the Group derives from such in-channel virtual item sales on online music and entertainment channels, which the Group accounts for as cost of revenues. Performers and channel owners, who do not have revenue sharing arrangements with the Group, are not entitled to share any revenue derived from the virtual items sold. The Group does not recognize any revenue from offering free virtual items nor share any revenue with performers or channel owners when free virtual items are presented to performers by the users. Accordingly, online music and entertainment revenue is recognized for the sale of virtual items in online music and entertainment channels immediately if the virtual item is a consumable or, in the case of time-based virtual items, recognized ratably over the period when the virtual item is made available to the user, which does not exceed <font>one</font> year. The Group does not have further obligations to the user after the virtual items are consumed. Virtual items may be sold individually or bundled into <font>one</font> arrangement. When the Group's users purchase multiple virtual items bundled within the same arrangement, the Group evaluates such arrangements under ASC 605-25 Multiple-Element Arrangements. The Group identifies individual elements under the arrangement and determines if such elements meet the criteria to be accounted for as separate units of accounting. The Group allocates the arrangement consideration to the separate units of accounting based on their relative selling price.<br/></font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
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<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">These estimates are generally determined based on pricing strategies, market factors and strategic objectives. The Group recognizes revenue for each virtual item element in accordance with the applicable revenue recognition method.</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px; text-align: justify; text-indent: 0.5in; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b>(2)&#160;&#160;Online games revenue</b></font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">The Group generates revenues from offering virtual items in online games developed by third parties or the Group itself to gaming players. Historically, the majority of online games revenues for the three years ended December 31, 2013, 2014 and 2015 were derived from third parties developed games.</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Users play games through the Group's platform free of charge and are charged for purchases of virtual items including consumable and perpetual items, which can be utilized in the online games to enhance their game-playing experience. Consumable items represent virtual items that can be consumed by a specific user within a specified period of time. Perpetual items represent virtual items that are accessible to the users' account over the life of the online games.</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">The Group recognizes revenue when recognition criteria defined under U.S&#160;GAAP are satisfied. For purposes of determining when the service has been provided to the paying player, the Group has determined that an implied obligation exists to the paying player to continue providing access to the games such that the users can utilize the virtual items purchased. Game players need to log on and access the games through the Group's platform because their game tokens, virtual items, and game history are specific to the Group's game accounts and non-transferable to other platforms. To purchase in-game virtual items, players can either charge their game accounts by purchasing game tokens or virtual currency from the Group's platform, which is&#160;convertible into game tokens based on a predetermined exchange rate agreed among the Group and the relevant game developers.</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">The proceeds from the sales&#160;of the Group's virtual currency is recorded as &#147;advances from customers&#148;, representing prepayments received from users in the form of the Group's virtual currency not yet converted into game specific tokens. Upon the conversion into a game token from the Group's virtual currency or upon the direct purchase of a game token, whichever is applicable, the proceeds will be shared between the Group and the relevant game developer based on a predetermined contractual ratio. Game tokens are non-refundable and non-exchangeable among different games. The Group's portion, net of the game developer's entitled consideration, is recorded as deferred revenue and amortized according to the prescribed revenue recognition policies described below. Users typically do not convert the virtual currency into game tokens or purchase the game tokens unless they plan to purchase in-game virtual items soon.</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;<br/>There are <font>two</font> types of third party developed online games:<br/><br/>-<font style="white-space: pre;" class="Apple-tab-span"> </font>&#160; &#160; &#160;Non-exclusive third party developed games<br/>-<font style="white-space: pre;" class="Apple-tab-span"> </font>&#160; &#160; &#160;Exclusive third party developed games<br/><br/>Under the non-exclusive arrangement, game developers license the games to various platforms and the Group&#160;is only one of the platforms. Game developers will receive only revenue shared&#160;from the Group&#160;pursuant to the mutually agreed sharing percentage.<br/><br/>Under the exclusive arrangement, game developers only license the game to the Group as the&#160;exclusive licensee. The Group can sub-license the games to other platforms and receive a portion of revenue sharing from sub-licensees. In addition to the revenue shared to the game developers, the Group should also pay an exclusive license fee to the game developers.<br/><br/></font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><i>- &#160; &#160; &#160;Non-exclusive third party developed games</i></font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Pursuant to contracts signed between the Group and the respective game developers, revenues from the sale or conversion of game tokens for the purchase of in-game virtual items from online games developed by third parties are shared between the Group and the game developers based on a pre-agreed ratio for each game. These revenue-sharing contracts typically last for&#160;<font>one</font> to <font>two</font> years.</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">The third party developed games under non-exclusive licensing contracts are maintained and updated by the game developers. The Group views the game developers to be the Group's customers and considers the Group's responsibilities under the agreements with the game developers to offer certain standard promotions that include providing access to the platform, announcing the new games to users on the platform, and occasional advertising on the YY platform. The determination of whether to record these revenues using gross or net method is based on an assessment of various factors. The primary factors are whether the Group is acting as the principal in offering services to the game players or as agent in the transaction, and the specific requirement of each contract. The Group determined that for third party developed games, the third party game developers are the principals given the game developers design and develop the online game services offered, have reasonable latitude to establish prices of game tokens, and are responsible for maintaining and upgrading the game contents and virtual items. Accordingly, the Group records online games revenue, net of the pre-agreed portion of sharing of the revenues with the game developers.</font></p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Given that third party developed games under non-exclusive licensing contracts are managed&#160;and administered by the third party game developers, the Group does not have access to the data on the consumption details such as when the game token is spent on the virtual items or the types of virtual items (consumable or perpetual items) purchased by each individual game player. However, the Group maintains historical data on timing of the conversion of its virtual currency into game specific tokens and the amount of purchases of game tokens. The Group believes that its performance for, and obligation to, the game developers correspond to the game developers' services to the users. The Group has adopted a policy to recognize revenues relating to game tokens for third party developed games over the estimated user relationship period with the Group on a game-by-game basis, which is&#160;approximately <font>one</font> to <font>six</font> months for the periods presented. Future usage patterns may differ from historical usage patterns and therefore the estimated user relationship period with the Group may change in the future.</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">When the Group launches a new game, it estimates the user relationship period based on other similar types of games in the market until the new game establishes its own history. The Group considers the game's profile, attributes, target audience, and its appeal to players of different demographics groups in estimating the user relationship period.</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">The estimated user relationship period is based on data collected from those users who have acquired game tokens. To estimate the user relationship period, the Group maintains a system that captures the following information for each user: (a)&#160;the frequency that users log into each game via the Group's platform, and (b)&#160;the amount and the timing of when the users convert or charge his or her game tokens. The Group estimates the user relationship period for a particular game to be the date a player purchases or converts from virtual currency to a game token through the date the Group estimates the user plays the game for the last time. This computation is performed&#160;on a user by user basis. Then, the results for all analyzed users are averaged to determine an estimated end user relationship period for each game. Revenues from in-game payments of each month are recognized over the user relationship period estimated for that game.</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">The consideration of user relationship period with each online game is based on the Group's best estimate that takes into account all known and relevant information at the time of assessment. The Group assesses the estimated user relationship period for each game on a quarterly basis. Any adjustments arising from changes in the user relationship period as a result of new information will be accounted as a change in accounting estimate in accordance with ASC 250 Accounting Changes and Error Corrections.</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic;">&#160;<br/>-<font style="white-space: pre;" class="Apple-tab-span"> </font>&#160; &#160; &#160;Exclusive third party developed games<br/></font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><br/>Under certain exclusive arrangements, the Group&#160;pays additional license fees to the game developers as the Group is entitled to an exclusive right to operate third party developed games in specified geographic areas. Based on ASC 350-30-35-6, the Group has adopted an accounting policy to recognize the exclusive license fee as an intangible asset upon the commercial launch of the related online games. This intangible asset is&#160;amortized on a straight-line basis over the shorter of the economic life or license period of the relevant online game.<br/><br/>Pursuant to the exclusive licensing contracts signed between the Group and the third party game developers, the Group's responsibilities in operating the licensed games vary for each game. The determination of whether to record these revenues using gross or net method is based on an assessment of various factors, including but not limited to whether the Group (i) is&#160;the primary obligor in the arrangement; (ii) has latitude in establishing the selling price; (iii) changes the product or performs part of the service, (iv) has involvement in the determination of product and service specifications.<br/><br/>For the game license arrangements under which the Group takes primary responsibilities of game operation, including determining distribution and payment channels, providing customer services, hosting game servers, if needed, and controlling game and services specifications and pricing, the Group considered itself to be the principal in these arrangements. Accordingly, the Group records online games revenues from these third party licensed games on a gross basis. Commission fees paid to distribution channels and payment channels and content fees paid to third party game developers are recorded as cost of revenues.<br/><br/>For the game license arrangements under which the Group's responsibilities are limited to publishing, providing payment solutions and game operating advice, the Group views the game developers to be its customers and considers itself to be the agent in the arrangements. Accordingly, the Group records online games revenues from these third party licensed games, net of fees paid to third parties upon the provision of service.<br/><br/>Pursuant to the terms and conditions of certain online game exclusive license agreements entered into between game developers and the Group, the Group, as the exclusive licensee, could sublicense a non-exclusive, non-transferable and limited license to any third party without the prior formal consent of game developers. Under the non-exclusive and non-transferable limited license, the sub-licensee cannot further license the game to other platforms. The Group received monthly revenue-based royalty payments from all sub-licensees. The Group views the third-party sub-licensees operators as its customers and recognizes revenues on a net basis, as the Group does not have the primary responsibility for fulfillment and acceptability of the game services.<br/><br/>Similar to other online games, the exclusive third party developed games are free to play and players can pay for virtual items for better in-game experience. For exclusive third party games, the consumption details can be provided by third party developers or the Group has access to such data. Therefore, the Group recognizes revenues based on item-based model: (1) for consumable items, the revenue is recognized immediately upon consumption; (2) for perpetual items, the revenue is recognized ratably over the user relationship period of a specific game as described.&#160;The determination of user relationship period is the same as what is described in &#147;<em>Non-exclusive third party developed games</em>&#148; above.<br/><br/></font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><i>- Self-developed games</i></font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Revenues derived from self-developed games are recorded on a gross basis as the Group acts as a principal to fulfill all obligations.&#160;<font style="color: #000000; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;">Considering that revenues derived from self-developed games were immaterial to the Group for the years presented, the Group does not maintain information on consumption details of in-game virtual items, and only maintains limited information related to the frequency of log-ons for its self-developed games.&#160;</font>Given that certain historical data is not available, the Group uses the user relationship period of third party games with similar popularity, gaming experience and sales to determine the estimated period of user relationship for its self-developed games.&#160;</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b>(3)&#160;&#160;Other IVAS revenue</b></font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none;">Other IVAS revenue mainly represents revenue from sales of virtual items in various channels in YY platform, such as online dating and Huya broadcasting channels etc., membership subscription revenue, and other miscellaneous sales in YY platform</font>.</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none;">Revenue from sales of virtual items in various channels, including online dating and Huya broadcasting, is recognized on item basis, which is consistent with the revenue recognition policies for online music and entertainment revenue stream.&#160;</font>The Group operates a membership subscription program where subscription members can have enhanced user privileges when using YY Client. The membership fee is collected up-front from subscribers. The receipt of the revenue is initially recorded as deferred revenue and revenue is recognized ratably over the period of the subscription when&#160;services are rendered. Unrecognized portion beyond 12 months from balance sheet date is classified as long-term deferred revenue.</font></p>
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<td style="font-size: 10pt; width: 96%;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><b>Online education revenues</b></font></td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 20pt; text-align: justify;">Educational programs and services consist of vocational training and language training courses. The course fee is generally paid in advance and is initially recorded as deferred revenue. Revenue for regular courses is recognized proportionately as the classes are attended, and is reported net of scholarships and course fee refunds. Students are entitled to <font>one</font> trial class of the purchased course and course fee is fully refundable if a student decides not to take the remaining course after the trial class. No refund will be provided to a student who withdraws from a course after the trial period, and revenue is recognized for the amount collected. Course fee refunds were insignificant over the period presented.</p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 20pt; text-align: justify;">In addition to regular courses, the Company also provides a package of several regular courses to students, which has individual fair value in the market. Pursuant to the applicable accounting guidance, the Company has accounted for these course packages as a multiple-element arrangement because each individual course qualifies as a single unit of accounting, and allocated the course fee from the course package to each individual course in the package based on its relative fair value. The Company recognizes revenue equal to the fair value allocated to individual courses proportionately as the classes are attended.</p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 20pt; text-align: justify;">Students are granted a right to retake the courses at a substantial discount in the circumstances where the students fail to achieve certain score targets for some specific courses. The discount arrangement has a stand-alone value and qualifies as a separate unit of accounting under U.S GAAP. Therefore, the Company has accounted for those courses as a multiple-element arrangement and allocated a portion of the initial course fee to the substantial discount based on a breakage rate. The breakage rate is determined based on our historical data. The amount allocated to the substantial discount is deferred and recognized as revenue upon the expiration of the retaking right, which is generally<font> six</font> months after the end of the initial course term.</p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 20pt; text-align: justify;">The Company also sells pre-paid cards primarily to distributors. Pre-paid card sales represent prepaid service fees received from students for online courses. The prepaid service fee is recorded as deferred revenue upon receiving the upfront cash payment. Revenue is recognised on a gross basis based on the selling price of the distributors to the students and is recognized over the period the online course is available to the students, which generally is from the enrolment date to the completion of the relevant professional examination date.</p>

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<td style="padding-right: 0.8pt; font-family: 'times new roman'; width: 96%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b>Advertising revenues</b></font></td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
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<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">The Group enters into advertising contracts directly with advertisers or third party advertising agencies that represent advertisers. Contract terms generally range from <font>1</font> to <font>3</font> months. Both third party advertising agencies and direct advertisers are generally billed at the end of the display period and payments are due usually within <font>6</font> months.</font></p>
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<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><i>Transactions with third party advertising agencies</i></font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">For contracts entered into with third party advertising agencies, the third party advertising agencies will in turn sell the advertising services to advertisers. Revenue is recognized ratably over the contract period of display based on the following criteria:&#160;</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px; text-align: justify; text-indent: 0.5in; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
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<td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; vertical-align: top; width: 3%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#149;</font></td>
<td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; vertical-align: top; width: 0%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; vertical-align: top; width: 91%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">There is persuasive evidence that an arrangement exists&#151;the Group will enter into framework and execution agreements with the advertising agencies, specifying price, advertising content, format and timing.</font></td>
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<td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; vertical-align: top; width: 3%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#149;</font></td>
<td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; vertical-align: top; width: 0%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; vertical-align: top; width: 91%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Price is fixed or determinable&#151;price charged to the advertising agencies are specified in the agreements, including relevant discount and rebate rates.</font></td>
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<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px; text-align: justify; text-indent: 0.5in; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;&#160;</font></p>
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<td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; vertical-align: top; width: 3%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#149;</font></td>
<td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; vertical-align: top; width: 0%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; vertical-align: top; width: 91%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Services are rendered&#151;the Group recognizes revenue ratably as the element are delivered over the contract period of display.</font></td>
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<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px; text-align: justify; text-indent: 0.5in; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;&#160;</font></p>
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<td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; vertical-align: top; width: 3%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#149;</font></td>
<td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; vertical-align: top; width: 0%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; vertical-align: top; width: 91%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Collectability is reasonably assured&#151;the Group assesses credit history of each advertising agency before entering into any framework and execution agreements. If the collectability from the agencies is assessed as not reasonably assured, the Group recognizes revenue only when the cash is received and all the other revenue criteria are met.</font></td>
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<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">The Group provides sales incentives in the forms of discounts and rebates to third party advertising agencies based on purchase volume. As the advertising agencies are viewed as the customers in these transactions, revenue is recognized based on the price charged to the agencies, net of sales incentives provided to the agencies. Sales incentives are estimated and recorded at the time of revenue recognition based on the contracted rebate rates and estimated sales volume based on historical experience.</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><i>Transactions with advertisers</i></font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">The Group also enters into advertisement contracts directly with advertisers. Similar to transactions with third party advertising agencies, the Group recognizes revenue ratably as the elements are delivered over the contract period of display. The terms and conditions, including price, are fixed according to the contract between the Group and the advertisers. The Group also performs a credit assessment of all advertisers prior to entering into contracts. Revenue is recognized based on the amount charged to the advertisers, net of discounts.</font></p>
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<td style="padding-right: 0.8pt; font-family: 'times new roman'; width: 4%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b>(v)</b></font></td>
<td style="padding-right: 0.8pt; font-family: 'times new roman'; width: 96%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b>Advances from customers and deferred revenue</b></font></td>
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<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Advances from customers primarily consist of (i) prepayments from users in the form of the Group's virtual currency that are not yet consumed or converted into game tokens, and upon the consumption or conversion, are recognized as revenue according to the prescribed revenue recognition policies described above, (ii) prepayments from sub-licensees for obtaining operation rights of certain online games over a period of time, and (iii) prepayments from advertising agencies and advertisers.</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Deferred revenue primarily consists of the unamortized game tokens, prepaid subscriptions under the membership program and unamortized revenue from virtual items in various channels in YY platform, where there is still an implied obligation to be provided by the Group, which will be recognized as revenue when all of the revenue recognition criteria are met.&#160;</font></p>
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<td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; width: 4%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b>(w)</b></font></td>
<td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; width: 96%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b>Cost of revenues</b></font></td>
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<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
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<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">In the PRC, business taxes are imposed by the government on revenues reported by any selling entity for the provision of taxable services in the PRC. The business tax rate varies depending on the nature of the revenues. The Group is also subject to cultural development fee at a tax rate of <font>3</font>% on service income from provision of advertising services in the PRC.</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Except for online games revenues, the Group's IVAS revenues became subject to VAT from June 1, 2014, at a rate of <font>6</font>%, while they were subject to business taxes at a rate of<font> 3</font>% prior to June 1, 2014. Other revenues of the Group, including online games revenues, is subject to VAT for all the periods&#160;presented.</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">The Group is subject to surcharges of business taxes and VAT, which are calculated based on <font>12</font>% of the business taxes and VAT paid&#160;for the years ended December 31, 2013, 2014 and 2015.</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">The Group reported business taxes and surcharges, and cultural development fees in cost of revenues.</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Based on the Group's corporate structure and the contractual arrangements among the Group's PRC subsidiaries, the Group's VIEs and their shareholders, the Group is effectively subject to <font>6</font>% or <font>17</font>% VAT and related surcharges on revenues generated by the Group's subsidiaries based on the Group's contractual arrangements entered into with the Group's VIEs.</font></p>
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<td style="padding-right: 0.8pt; font-family: 'times new roman'; width: 4%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b>(x)</b></font></td>
<td style="padding-right: 0.8pt; font-family: 'times new roman'; width: 96%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b>Research and development expenses</b></font></td>
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<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Research and development expenses consist primarily of (i)&#160;salary and welfare for research and development personnel, (ii) share-based compensation for research and development personnel, (iii)&#160;rental expenses and (iv) depreciation of office premise and servers utilized by research and development personnel. Costs incurred during the research stage are expensed as incurred. Costs incurred in the development stage, prior to the establishment of technological feasibility, which is when a working model is available, are expensed when incurred.</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">The Company recognizes internal use software development costs in accordance with guidance on intangible assets and internal use software. This requires capitalization of qualifying costs incurred during the software's application development stage and to expense costs as they are incurred during the preliminary project and post implementation/operation stages. The Company has not capitalized any costs related to internal use software during the years ended December 31, 2013, 2014 and 2015, respectively.&#160;</font></p>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AdvertisingCostsPolicyTextBlock', window );">Sales and marketing expenses</a></td>
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<td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; width: 4%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b>(y)</b></font></td>
<td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; width: 96%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b>Sales and marketing expenses</b></font></td>
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<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Sales and marketing expenses consist primarily of (i) advertising and market promotion expenses, (ii) salary and welfare for sales and marketing personnel, and (iii) <font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none;">rental expenses</font>. The advertising and market promotion expenses amounted to approximately RMB<font>8,054</font>, RMB<font>76,192</font>&#160;and RMB<font>253,210</font>&#160;during the years ended December 31, 2013, 2014 and 2015, respectively.&#160;</font></p>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SellingGeneralAndAdministrativeExpensesPolicyTextBlock', window );">General and administrative expenses</a></td>
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<td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; width: 4%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b>(z)</b></font></td>
<td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; width: 96%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b>General and administrative expenses</b></font></td>
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<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;">General and administrative expenses consist primarily of (i)&#160;salary and welfare for general and administrative personnel, (ii) share based compensation for management and administrative personnel, and (iii) impairment charges of intangibles in relation to acquisitions.</p>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_yy_EmployeeSocialSecurityAndWelfareBenefitsPolicyTextBlock', window );">Employee social security and welfare benefits</a></td>
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<td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; width: 4%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b>(aa)</b></font></td>
<td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; width: 96%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b>Employee social security and welfare benefits</b></font></td>
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<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Employees of the Group in the PRC are entitled to staff welfare benefits including pension, work-related injury benefits, maternity insurance, medical insurance, unemployment benefit and housing fund plans through a PRC government-mandated multi-employer defined contribution plan. The Group is required to accrue for these benefits based on certain percentages of the employees' salaries, up to a maximum amount specified by the local government. The Group is required to make contributions to the plans out of the amounts accrued. The PRC government is responsible for the medical benefits and the pension liability to be paid to these employees and the Group's obligations are limited to the amounts contributed and no legal obligation beyond the contributions made. Employee social security and welfare benefits included as expenses in the accompanying statements of operations amounted to RMB<font>68,334</font>, RMB<font>115,012</font>&#160;and RMB<font>171,349</font>&#160;for the years ended December 31, 2013, 2014 and 2015, respectively.&#160;</font></p>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationOptionAndIncentivePlansPolicy', window );">Share based compensation</a></td>
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<td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; width: 4%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b>(bb)</b></font></td>
<td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; width: 96%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b>Share based compensation</b></font></td>
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<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">The Company grants stock-based award, such as, but not limited to, share options, restricted shares, and restricted share units to eligible employees, officers, directors, and non-employee consultants.</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Awards granted to employees, officers, and directors are initially accounted for as equity-classified awards. The related share based compensation expenses are measured at the grant date fair value of the award and are recognized using the graded vesting method, net of estimated forfeiture rates, over the requisite service period, which is generally the vesting period. Forfeitures are estimated at the time of grant based on historical forfeiture rates and will be revised in the subsequent periods if actual forfeitures differ from those estimates. Duowan BVI also granted share options, restricted shares and restricted share units to non-employees, which are also initially accounted for as equity-classified awards. Awards granted to non-employees are initially measured at fair value on the grant date and periodically re-measured thereafter until the earlier of the performance commitment date or the date the service is completed and recognized over the period the service is provided. Awards are re-measured at each reporting date using the fair value as at each period end until the measurement date, generally when the services are completed and share-based awards are vested. Changes in fair value between the interim reporting dates are recorded in&#160;consistent with the method used in recognizing the original compensation costs.</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;&#160;</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Following the listing of the Company, the grant date fair value of share-based awards is based on stock price of the Company in the NASDAQ Global Market.</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;">&#160;<br/><font style="font-family: 'times new roman', times; font-size: 10pt;"></font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;">For an award with a performance and/or service condition that affects vesting, the performance and/or service condition is not considered in determining the award's fair value on the grant date. Performance and service conditions should be considered when the Company is estimating the quantity of awards that will vest. Compensation cost will reflect the number of awards that are expected to vest and will be adjusted to reflect those awards that do ultimately vest. The Group recognizes compensation cost for awards with performance conditions if and when the Group concludes that it is probable that the performance condition will be achieved, net of an estimate of pre-vesting forfeitures over the requisite service period. The Group reassesses the probability of vesting at each reporting period for awards with performance conditions and adjusts compensation cost based on its probability assessment, unless on certain situations, the Group may not be able to determine that it is probable that a performance condition will be satisfied until the event occurs.</p>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_yy_GovernmentGrantsPolicyTextBlock', window );">Other income</a></td>
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<td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; width: 4%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b>(cc)</b></font></td>
<td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; width: 96%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b>Other income</b></font></td>
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<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Other income primarily consists of government grants which represent cash subsidies received from the PRC government by the Group entities. Government grants are originally recorded as deferred revenue when received upfront. After all of the conditions specified in the grants have been met, the grants are recognized as operating income.</font></p>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeTaxPolicyTextBlock', window );">Income taxes</a></td>
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<td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; width: 4%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b>(dd)</b></font></td>
<td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; width: 96%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b>Income taxes</b></font></td>
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<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Current income taxes are provided on the basis of net income for financial reporting purposes, adjusted for income and expense items which are not assessable or deductible for income tax purposes, in accordance with the regulations of the relevant tax jurisdictions. Deferred income taxes are accounted for using an asset and liability method. Under this method, deferred income taxes are recognized for the tax consequences of temporary differences by applying enacted statutory rates applicable to future years to differences between the financial statement carrying amounts and the tax bases of existing assets and liabilities. The tax base of an asset or liability is the amount attributed to that asset or liability for tax purpose. The effect on deferred taxes of a change in tax rates is recognized in statement of operations and comprehensive income in the period of change. A valuation allowance is provided to reduce the amount of deferred tax assets if it is considered more likely than not that some portion of, or all of the deferred tax assets will not be realized.</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><i>Uncertain tax positions</i></font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">The guidance on accounting for uncertainties in income taxes prescribes a more likely than not threshold for financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. Guidance was also provided on derecognition of income tax assets and liabilities, classification of current and deferred income tax assets and liabilities, accounting for interest and penalties associated with tax positions, accounting for income taxes in interim periods, and income tax disclosures. Significant judgment is required in evaluating the Group's uncertain tax positions and determining its provision for income taxes. The Group recognizes interests and penalties, if any, under accrued expenses and other current liabilities on its balance sheet and under other expenses in its statements of operations. The Group did not recognize any significant interest and penalties associated with uncertain tax positions for the years ended December 31, 2013, 2014 and 2015. As of December 31, 2014 and 2015, the Group did not have any significant unrecognized uncertain tax positions. </font></p>
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<td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; width: 4%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b>(ee)</b></font></td>
<td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; width: 96%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b>Statutory reserves</b></font></td>
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<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">The Group's subsidiaries, VIEs and VIE's subsidiaries established in the PRC are required to make appropriations to certain non-distributable reserve funds.</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">In accordance with the laws applicable to China's Foreign Investment Enterprises, the Group's subsidiaries registered as wholly-owned foreign enterprises have to make appropriations from its after-tax profit (as determined under the Accounting Standards for Business Enterprises as promulgated by the Ministry of Finance of the People's Republic of China (&#147;PRC GAAP&#148;)) to reserve funds including general reserve fund, and staff bonus and welfare fund. The appropriation to the general reserve fund must be at least <font>10</font>% of the after-tax profits calculated in accordance with PRC GAAP. Appropriation is not required if the reserve fund has reached <font>50</font>% of the registered capital of the company. Appropriation to the staff bonus and welfare fund is at the company's discretion.</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">In addition, in accordance with the Company Laws of the PRC, the VIEs and VIE's subsidiaries of the Company registered as PRC domestic companies must make appropriations from its after-tax profit as determined under the PRC GAAP to non-distributable reserve funds including a statutory surplus fund and a discretionary surplus fund. The appropriation to the statutory surplus fund must be at least <font>10</font>% of the after-tax profits as determined under the PRC GAAP. Appropriation is not required if the surplus fund has reached <font>50</font>% of the registered capital of the company. Appropriation to the discretionary surplus fund is made at the discretion of the company.</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">The use of the general reserve fund, statutory surplus fund and discretionary surplus fund are restricted to the off-setting of losses or increasing capital of the respective company. The staff bonus and welfare fund is a liability in nature and is restricted to fund payments of special bonus to staff and for the collective welfare of employees. All these reserves are not allowed to be transferred to the company in terms of cash dividends, loans or advances, nor can they be distributed except under liquidation.</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">During the year ended December 31, 2013, 2014 and 2015, appropriations to general reserve fund and statutory surplus fund amounted to RMB<font>40,657</font>,&#160;RMB<font>15,812</font>&#160;and RMB<font>38</font>, respectively.</font></p>
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<td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; width: 4%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b>(ff)</b></font></td>
<td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; width: 96%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b>Related parties</b></font></td>
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<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Parties are considered to be related if one party has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Parties are also considered to be related if they are subject to common control or significant influence, such as a family member or relative, shareholder, or a related corporation.&#160;</font></p>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_yy_DividendsPolicyTextBlock', window );">Dividends</a></td>
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<td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; width: 4%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b>(gg)</b></font></td>
<td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; width: 96%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b>Dividends</b></font></td>
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<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Dividends are recognized when declared. No dividends were declared for the years ended December 31, 2013, 2014 and 2015, respectively. The Group does not have any present plan to pay any dividends on common shares in the foreseeable future. The Group currently intends to retain the available funds and any future earnings to operate and expand its business.&#160;</font></p>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EarningsPerSharePolicyTextBlock', window );">Income per share</a></td>
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<td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; width: 4%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b>(hh)</b></font></td>
<td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; width: 96%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b>Income per share</b></font></td>
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<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Basic income per share is computed on the basis of the weighted-average number of common shares outstanding during the period under measurement. Diluted income per share is based on the weighted-average number of common shares outstanding and potential common shares. Potential common shares result from the assumed exercise of outstanding share options, RSs and RSUs or other potentially dilutive equity instruments, when they are dilutive under the treasury stock method or the if-converted method.</font></p>
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<td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; width: 4%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b>(ii)</b></font></td>
<td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; width: 96%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b>Comprehensive income</b></font></td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;">Comprehensive income is defined as the change in equity of the Company during a period arising from transactions and other events and circumstances excluding transactions resulting from investments by shareholders and distributions to shareholders. Comprehensive income is reported in the consolidated statements of operations and comprehensive income. Accumulated other comprehensive (loss)/income of the Group includes the foreign currency translation adjustments.</p>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SegmentReportingPolicyPolicyTextBlock', window );">Segment reporting</a></td>
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<td style="padding-right: 0.8pt; font-family: 'times new roman'; width: 4%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b>(jj)</b></font></td>
<td style="padding-right: 0.8pt; font-family: 'times new roman'; width: 96%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b>Segment reporting</b></font></td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;">Operating segments are defined as components of an enterprise engaging in businesses activities for which separate financial information is available that is regularly evaluated by the Group's chief operating decision makers ("CODM") in deciding how to allocate resources and assess performance. The Group's chief operating decision maker has been identified as the Chief Executive Officer, who reviews consolidated results when making decisions about allocating resources and assessing performance of the Group.</p>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock', window );">Recently issued accounting pronouncements</a></td>
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<td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; width: 4%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b>(kk)</b></font></td>
<td style="text-align: justify; padding-right: 0.8pt; font-family: 'times new roman'; width: 96%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b>Recently issued accounting pronouncements</b></font></td>
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<p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0pt 0px 0pt 23pt; text-align: justify;"><font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none;">In May 2014, the FASB issued ASU 2014-09 Revenue from Contracts with Customers (Topic 606) which will replace requirements in U.S. GAAP. The core principle of the new standard is that a company should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. The new standard will be effective for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period. The standard will be effective for the first quarter of 2018.The Company is in the process of evaluating the impact of the standard on its consolidated financial statements.<br/><br/></font>In February 2015, the FASB issued Consolidation (Topic 810) &#151;Amendments to the Consolidation Analysis. The amendments in Topic 810 respond to stakeholders' concerns about the current accounting for consolidation of variable interest entities, by changing aspects of the analysis that a reporting entity must perform to determine whether it should consolidate such entities. Under the amendments, all reporting entities are within the scope of Subtopic 810-10, Consolidation&#151;Overall, including limited partnerships and similar legal entities, unless a scope exception applies. The amendments are intended to be an improvement to current U.S. GAAP, as they simplify the codification of FASB Statement No. 167, Amendments to FASB Interpretation No. 46(R), with changes including reducing the number of consolidation models through the elimination of the indefinite deferral of Statement 167 and placing more emphasis on risk of loss when determining a controlling financial interest. The amendments are effective for publicly-traded companies for fiscal years beginning after December 15, 2015, and for interim periods within those fiscal years. Earlier adoption is permitted. The Company is in the process of evaluating the impact of the standard on its consolidated financial statements.</p>
<p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0pt 0px 0pt 23pt; text-align: justify;">&#160;</p>
<p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0pt 0px 0pt 23pt; text-align: justify;">In January 2016, the FASB issued ASU 2016-01: Recognition and Measurement of Financial Assets and Financial Liabilities. The amendments in this Update make targeted improvements to generally accepted accounting principles (GAAP) as follows: 1) Require equity investments (except those accounted for under the equity method of accounting or those that result in consolidation of the investee) to be measured at fair value with changes in fair value recognized in net income. However, an entity may choose to measure equity investments that do not have readily determinable fair values at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. 2) Simplify the impairment assessment of equity investments without readily determinable fair values by requiring a qualitative assessment to identify impairment. When a qualitative assessment indicates that impairment exists, an entity is required to measure the investment at fair value. 3) Eliminate the requirement to disclose the fair value of financial instruments measured at amortized cost for entities that are not public business entities. 4) Eliminate the requirement for public business entities to disclose the method(s) and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet. 5) Require public business entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes. 6) Require an entity to present separately in other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments. 7) Require separate presentation of financial assets and financial liabilities by measurement category and form of financial asset (that is, securities or loans and receivables) on the balance sheet or the accompanying notes to the financial statements. 8) Clarify that an entity should evaluate the need for a valuation allowance on a deferred tax asset related to available-for-sale securities in combination with the entity's other deferred tax assets. For public business entities, the amendments in this Update are effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. The Company is in the process of evaluating the impact of the standard on its consolidated financial statements.</p>
<p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0pt 0px 0pt 23pt; text-align: justify;">&#160;</p>
<p style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0pt 0px 0pt 23pt; text-align: justify;">In February 2016, the FASB issued ASU 2016-02: Leases (Topic 842). The core principle of Topic 842 is that a lessee should recognize the assets and liabilities that arise from leases. All leases create an asset and a liability for the lessee in accordance with FASB Concepts Statement No. 6, Elements of Financial Statements, and, therefore, recognition of those lease assets and lease liabilities represents an improvement over previous GAAP, which did not require lease assets and lease liabilities to be recognized for most leases. For public business entities, the amendments in this Update are effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The Company is in the process of evaluating the impact of the standard on its consolidated financial statements.<br/></p>
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<td style="width: 96%; padding-left: 1.25pt; text-align: justify;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">In March 2016, the FASB issued ASU 2016-03: Intangibles&#151;Goodwill and Other (Topic 350), Business Combinations (Topic 805), Consolidation (Topic 810), Derivatives and Hedging(Topic 815): Effective Date and Transition Guidance (PCC 15-01). The amendments in this Update make the guidance in Updates 2014-02, 2014-03, 2014-07, and 2014-18 effective immediately by removing their effective dates. The amendments also include transition provisions that provide that private companies are able to forgo a preferability assessment the first time they elect the accounting alternatives within the scope of this Update. Any subsequent change to an accounting policy election requires justification that the change is preferable under Topic 250, Accounting Changes and Error Corrections. The amendments in this Update also extend the transition guidance in Updates 2014-02, 2014-03, 2014-07, and 2014-18 indefinitely. While this Update extends transition guidance for Updates 2014-07 and 2014-18, there is no intention to change how transition is applied for those two Updates. The amendments in this Update are effective immediately. The Company is in the process of evaluating the impact of the standard on its consolidated financial statements.</font></td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for advertising costs. For those costs that cannot be capitalized, discloses whether such costs are expensed as incurred or the first period in which the advertising takes place. For direct response advertising costs that are capitalized, describes those assets and the accounting policy used, including a description of the qualifying activity, the types of costs capitalized and the related amortization period. An entity also may disclose its accounting policy for cooperative advertising arrangements.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 340<br> -SubTopic 20<br> -Section 55<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=51677389&amp;loc=d3e8384-108330<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=51655414&amp;loc=d3e18780-107790<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 340<br> -SubTopic 20<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=51662920&amp;loc=d3e8275-108329<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AdvertisingCostsPolicyTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for basis of accounting, or basis of presentation, used to prepare the financial statements (for example, US Generally Accepted Accounting Principles, Other Comprehensive Basis of Accounting, IFRS).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_BusinessCombinationsPolicy">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for completed business combinations (purchase method, acquisition method or combination of entities under common control). This accounting policy may include a general discussion of the purchase method or acquisition method of accounting (including for example, the treatment accorded contingent consideration, the identification of assets and liabilities, the purchase price allocation process, how the fair values of acquired assets and liabilities are determined) and the entity's specific application thereof. An entity that acquires another entity in a leveraged buyout transaction generally discloses the accounting policy followed by the acquiring entity in determining the basis used to value its interest in the acquired entity, and the rationale for that accounting policy.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=51655414&amp;loc=d3e18780-107790<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 805<br> -SubTopic 10<br> -Section 05<br> -Paragraph 4<br> -Subparagraph (a)-(d)<br> -URI http://asc.fasb.org/extlink&amp;oid=6909625&amp;loc=d3e227-128457<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_BusinessCombinationsPolicy</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<tr>
<td><strong> Period Type:</strong></td>
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</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CashAndCashEquivalentsPolicyTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for cash and cash equivalents, including the policy for determining which items are treated as cash equivalents. Other information that may be disclosed includes (1) the nature of any restrictions on the entity's use of its cash and cash equivalents, (2) whether the entity's cash and cash equivalents are insured or expose the entity to credit risk, (3) the classification of any negative balance accounts (overdrafts), and (4) the carrying basis of cash equivalents (for example, at cost) and whether the carrying amount of cash equivalents approximates fair value.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 305<br> -SubTopic 10<br> -Section 05<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6375392&amp;loc=d3e26790-107797<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6367179&amp;loc=d3e4273-108586<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Cash<br> -URI http://asc.fasb.org/extlink&amp;oid=6506951<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=51655414&amp;loc=d3e18780-107790<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Cash Equivalents<br> -URI http://asc.fasb.org/extlink&amp;oid=6507016<br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Financial Reporting Release (FRR)<br> -Number 203<br> -Paragraph 02-03<br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 02<br> -Paragraph 1<br> -Article 5<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CashAndCashEquivalentsPolicyTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr>
<td><strong> Data Type:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<tr>
<td><strong> Period Type:</strong></td>
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</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ComprehensiveIncomePolicyPolicyTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for comprehensive income.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ComprehensiveIncomePolicyPolicyTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<tr>
<td><strong> Data Type:</strong></td>
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<tr>
<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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</table></div>
</div></td></tr>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy regarding (1) the principles it follows in consolidating or combining the separate financial statements, including the principles followed in determining the inclusion or exclusion of subsidiaries or other entities in the consolidated or combined financial statements and (2) its treatment of interests (for example, common stock, a partnership interest or other means of exerting influence) in other entities, for example consolidation or use of the equity or cost methods of accounting.  The accounting policy may also address the accounting treatment for intercompany accounts and transactions, noncontrolling interest, and the income statement treatment in consolidation for issuances of stock by a subsidiary.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=51655414&amp;loc=d3e18780-107790<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=18733093&amp;loc=d3e5614-111684<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.3A-02)<br> -URI http://asc.fasb.org/extlink&amp;oid=27015204&amp;loc=d3e355033-122828<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 02<br> -Paragraph k<br> -Article 1<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 02, 03<br> -Article 3A<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ConsolidationPolicyTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr>
<td><strong> Data Type:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<tr>
<td><strong> Period Type:</strong></td>
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</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CostMethodInvestmentsPolicy">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for the cost method of accounting for investments in common stock or other interests including unconsolidated subsidiaries, corporate joint ventures, noncontrolling interests in real estate ventures, limited partnerships, and limited liability companies. An entity also may describe how such investments are assessed for impairment.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 325<br> -SubTopic 20<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=6872867&amp;loc=d3e40691-111596<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.12)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=51655414&amp;loc=d3e18780-107790<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 320<br> -SubTopic 10<br> -Section 05<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6379859&amp;loc=d3e20599-111556<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CostMethodInvestmentsPolicy</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr>
<td><strong> Data Type:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<tr>
<td><strong> Period Type:</strong></td>
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</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CostOfSalesPolicyTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for recognition of costs in the period which correspond to the sales and revenue categories presented in the statement of operations. The accounting policy may include the amount and nature of costs incurred, provisions associated with inventories, purchase discounts, freight and other costs included in cost of sales incurred and recorded in the period. This disclosure also includes the nature of costs of sales incurred and recorded in the statement of operations for the period relating to transactions with related parties.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03.2)<br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 605<br> -SubTopic 50<br> -Section 45<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=51666513&amp;loc=d3e63676-111659<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=51655414&amp;loc=d3e18780-107790<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CostOfSalesPolicyTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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</tr>
<tr>
<td><strong> Data Type:</strong></td>
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<tr>
<td><strong> Balance Type:</strong></td>
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<tr>
<td><strong> Period Type:</strong></td>
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</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DebtPolicyTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for costs incurred to obtain or issue debt, the effects of refinancings, method of amortizing deferred financing costs and original issue discount, and classifications of debt on the balance sheet.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 470<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6802200&amp;loc=d3e1835-112601<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=51655414&amp;loc=d3e18780-107790<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DebtPolicyTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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</tr>
<tr>
<td><strong> Data Type:</strong></td>
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</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EarningsPerSharePolicyTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for computing basic and diluted earnings or loss per share for each class of common stock and participating security. Addresses all significant policy factors, including any antidilutive items that have been excluded from the computation and takes into account stock dividends, splits and reverse splits that occur after the balance sheet date of the latest reporting period but before the issuance of the financial statements.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3630-109257<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=51655414&amp;loc=d3e18780-107790<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for the equity method of accounting for investments in common stock or other interests including unconsolidated subsidiaries, corporate joint ventures, noncontrolling interests in real estate ventures, limited partnerships, and limited liability companies. The accounting policy may include information such as: (1) initially recording an investment in the stock of an investee at cost; (2) adjusting the carrying amount of the investment to recognize the investor's share of the earnings or losses of the investee after the date of acquisition; and (3) adjustments to reflect the investor's share of changes in the investee's capital (dividends). This disclosure may also include a detailed description of the policy for determining the amount of equity method losses recognized after an investment has been reduced to zero as a result of previous losses, reasons for not using the equity method when the investor company owns 20 percent or more of the voting stock of the investee's company (including identification of the significant investee), reasons for using the equity method when the ownership percentage is less than 20 percent, and discussion of recognition of equity method losses when an investor's total investment in an investee includes, in addition to an investment in common stock, other investments such as preferred stock and loans to the investee. An entity also may describe how such investments are assessed for impairment.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.12)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 825<br> -SubTopic 10<br> -Section 50<br> -Paragraph 28<br> -Subparagraph (f)<br> -URI http://asc.fasb.org/extlink&amp;oid=6957238&amp;loc=d3e14064-108612<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 323<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (a)(2)<br> -URI http://asc.fasb.org/extlink&amp;oid=6382943&amp;loc=d3e33918-111571<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=51655414&amp;loc=d3e18780-107790<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FairValueOfFinancialInstrumentsPolicy">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for determining the fair value of financial instruments.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=51655414&amp;loc=d3e18780-107790<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 825<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=49121117&amp;loc=d3e13279-108611<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 820<br> -SubTopic 10<br> -Section 60<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=7493716&amp;loc=d3e21868-110260<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FairValueOfFinancialInstrumentsPolicy</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for (1) transactions denominated in a currency other than the reporting enterprise's functional currency, (2) translating foreign currency financial statements that are incorporated into the financial statements of the reporting enterprise by consolidation, combination, or the equity method of accounting, and (3) remeasurement of the financial statements of a foreign reporting enterprise in a hyperinflationary economy.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=51655414&amp;loc=d3e18780-107790<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 830<br> -SubTopic 30<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6450520&amp;loc=d3e32583-110901<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 830<br> -SubTopic 20<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6450222&amp;loc=d3e30840-110895<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for goodwill. This accounting policy also may address how an entity assesses and measures impairment of goodwill, how reporting units are determined, how goodwill is allocated to such units, and how the fair values of the reporting units are determined.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=51655414&amp;loc=d3e18780-107790<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 350<br> -SubTopic 20<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=35741047&amp;loc=d3e13816-109267<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_GoodwillAndIntangibleAssetsGoodwillPolicy</td>
</tr>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for intangible assets. This accounting policy may address both intangible assets subject to amortization and those that are not. The following also may be disclosed: (1) a description of intangible assets (2) the estimated useful lives of those assets (3) the amortization method used (4) how the entity assesses and measures impairment of such assets (5) how future cash flows are estimated (6) how the fair values of such asset are determined.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 350<br> -SubTopic 30<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=26713463&amp;loc=d3e16265-109275<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=51655414&amp;loc=d3e18780-107790<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<td><strong> Period Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for the impairment and disposal of long-lived assets including goodwill and other intangible assets.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for income taxes, which may include its accounting policies for recognizing and measuring deferred tax assets and liabilities and related valuation allowances, recognizing investment tax credits, operating loss carryforwards, tax credit carryforwards, and other carryforwards, methodologies for determining its effective income tax rate and the characterization of interest and penalties in the financial statements.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=51655414&amp;loc=d3e18780-107790<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 19<br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32840-109319<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 30<br> -Section 05<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6423966&amp;loc=d3e40913-109327<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 954<br> -SubTopic 740<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6491622&amp;loc=d3e9504-115650<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 17<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32809-109319<br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 45<br> -Paragraph 25<br> -URI http://asc.fasb.org/extlink&amp;oid=37586315&amp;loc=d3e32247-109318<br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -URI http://asc.fasb.org/extlink&amp;oid=37586315&amp;loc=d3e32280-109318<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<tr>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for investments in debt and equity securities that are classified as available-for-sale. This policy also may describe the entity's accounting treatment for transfers between investment categories, how the entity determines whether impairments of available-for-sale securities are other than temporary, and how the fair values of such securities are determined.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=51655414&amp;loc=d3e18780-107790<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 320<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=27724398&amp;loc=d3e27161-111563<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Staff Accounting Bulletin (SAB)<br> -Number Topic 5<br> -Section M<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 02<br> -Paragraph 2, 12<br> -Article 5<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_MarketableSecuritiesAvailableForSaleSecuritiesPolicy</td>
</tr>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy pertaining to new accounting pronouncements that may impact the entity's financial reporting. Includes, but is not limited to, quantification of the expected or actual impact.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for long-lived, physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, basis of assets, depreciation and depletion methods used, including composite deprecation, estimated useful lives, capitalization policy, accounting treatment for costs incurred for repairs and maintenance, capitalized interest and the method it is calculated, disposals and impairments.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 360<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6391035&amp;loc=d3e2868-110229<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=51655414&amp;loc=d3e18780-107790<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.13(a))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentPolicyTextBlock</td>
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<tr>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for trade and other accounts receivable, and finance, loan and lease receivables, including those classified as held for investment and held for sale. This disclosure may include (1) the basis at which such receivables are carried in the entity's statements of financial position (2) how the level of the valuation allowance for receivables is determined (3) when impairments, charge-offs or recoveries are recognized for such receivables (4) the treatment of origination fees and costs, including the amortization method for net deferred fees or costs (5) the treatment of any premiums or discounts or unearned income (6) the entity's income recognition policies for such receivables, including those that are impaired, past due or placed on nonaccrual status and (7) the treatment of foreclosures or repossessions (8) the nature and amount of any guarantees to repurchase receivables.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=51655414&amp;loc=d3e18780-107790<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 310<br> -SubTopic 20<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6378556&amp;loc=d3e10133-111534<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 310<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=49124121&amp;loc=d3e4975-111524<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 02<br> -Paragraph 3-5<br> -Article 5<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ReceivablesPolicyTextBlock</td>
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<tr>
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<td><strong> Period Type:</strong></td>
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</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ResearchAndDevelopmentExpensePolicy">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for costs it has incurred (1) in a planned search or critical investigation aimed at discovery of new knowledge with the hope that such knowledge will be useful in developing a new product or service, a new process or technique, or in bringing about a significant improvement to an existing product or process; or (2) to translate research findings or other knowledge into a plan or design for a new product or process or for a significant improvement to an existing product or process.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 730<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6420194&amp;loc=d3e21568-108373<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=51655414&amp;loc=d3e18780-107790<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Research and Development<br> -URI http://asc.fasb.org/extlink&amp;oid=6523717<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ResearchAndDevelopmentExpensePolicy</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr>
<td><strong> Period Type:</strong></td>
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</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RevenueRecognitionDeferredRevenue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for recognizing unearned income or deferred revenue related to transactions involving the sale of a product or performance of services.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 605<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SAB TOPIC 13.B.Q1)<br> -URI http://asc.fasb.org/extlink&amp;oid=27012821&amp;loc=d3e214044-122780<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=51655414&amp;loc=d3e18780-107790<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Staff Accounting Bulletin (SAB)<br> -Number Topic 13<br> -Section B<br> -Paragraph Question 1<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RevenueRecognitionDeferredRevenue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<td><strong> Data Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RevenueRecognitionPolicyTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for revenue recognition. If the entity has different policies for different types of revenue transactions, the policy for each material type of transaction is generally disclosed. If a sales transaction has multiple element arrangements (for example, delivery of multiple products, services or the rights to use assets) the disclosure may indicate the accounting policy for each unit of accounting as well as how units of accounting are determined and valued. The disclosure may encompass important judgment as to appropriateness of principles related to recognition of revenue. The disclosure also may indicate the entity's treatment of any unearned or deferred revenue that arises from the transaction.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section 50<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=51655414&amp;loc=d3e18823-107790<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=51655414&amp;loc=d3e18780-107790<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=51655414&amp;loc=d3e18726-107790<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 605<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SAB TOPIC 13.B.Q1)<br> -URI http://asc.fasb.org/extlink&amp;oid=27012821&amp;loc=d3e214044-122780<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Staff Accounting Bulletin (SAB)<br> -Number Topic 13<br> -Section B<br> -Paragraph Question 1<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RevenueRecognitionPolicyTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Period Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SegmentReportingPolicyPolicyTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for segment reporting.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=51655414&amp;loc=d3e18780-107790<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_SegmentReportingPolicyPolicyTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
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</tr>
<tr>
<td><strong> Period Type:</strong></td>
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</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SellingGeneralAndAdministrativeExpensesPolicyTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for inclusion of significant items in the selling, general and administrative (or similar) expense report caption.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=51655414&amp;loc=d3e18780-107790<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 720<br> -SubTopic 35<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=6420018&amp;loc=d3e36677-107848<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_SellingGeneralAndAdministrativeExpensesPolicyTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Balance Type:</strong></td>
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</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationOptionAndIncentivePlansPolicy">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for stock option and stock incentive plans. This disclosure may include (1) the types of stock option or incentive plans sponsored by the entity (2) the groups that participate in (or are covered by) each plan (3) significant plan provisions and (4) how stock compensation is measured, and the methodologies and significant assumptions used to determine that measurement.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5047-113901<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=51655414&amp;loc=d3e18780-107790<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (b),(f)<br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShareBasedCompensationOptionAndIncentivePlansPolicy</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr>
<td><strong> Data Type:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_UseOfEstimates">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for the use of estimates in the preparation of financial statements in conformity with generally accepted accounting principles.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 275<br> -SubTopic 10<br> -Section 50<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=51801978&amp;loc=d3e6061-108592<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 275<br> -SubTopic 10<br> -Section 50<br> -Paragraph 9<br> -URI http://asc.fasb.org/extlink&amp;oid=51801978&amp;loc=d3e6143-108592<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 275<br> -SubTopic 10<br> -Section 50<br> -Paragraph 8<br> -URI http://asc.fasb.org/extlink&amp;oid=51801978&amp;loc=d3e6132-108592<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_UseOfEstimates</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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</tr>
<tr>
<td><strong> Data Type:</strong></td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for the annual goodwill impairment test.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for convenience translation of financial statements from reporting currency into another currency.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for dividends.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy relating to employee social security and welfare benefits.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for government grants.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for mezzanine equity and non-controlling interest.</p></div>
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<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top; width: 1%; background-color: #cceeff;" valign="top"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; padding: 0px; text-align: left; vertical-align: top; width: 16%; background-color: #cceeff;" valign="top"><font style="font-family: 'times new roman', times; font-size: 10pt;">November 6,&#160;2007</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top; width: 1%; background-color: #cceeff;" valign="top"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; white-space: nowrap; vertical-align: top; width: 10%; text-align: right; background-color: #cceeff;" colspan="2" valign="top"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">100</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 8px 0px 0px; white-space: nowrap; vertical-align: top; width: 1%; background-color: #cceeff;" valign="top"><font style="font-family: 'times new roman', times; font-size: 10pt;">%&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; width: 20%; background-color: #cceeff;" valign="top"><font style="font-family: 'times new roman', times; font-size: 10pt;">Investment&#160;holding</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-size: 10pt; text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top;" valign="top"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top;" valign="top"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; text-align: left; vertical-align: top;" valign="top"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top;" valign="top"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top; text-align: right;" colspan="2" valign="top"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 8px 0px 0px; white-space: nowrap; vertical-align: top;" valign="top"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top;" valign="top"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: -10pt; vertical-align: top; font-family: 'times new roman'; padding-left: 10pt; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Huanju Shidai Technology (Beijing) Co., Ltd. (&#147;Beijing Huanju Shidai&#148; or &#147;Duowan Entertainment&#148;)</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; background-color: #cceeff;" valign="top"><font style="font-family: 'times new roman', times; font-size: 10pt;">PRC</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top; background-color: #cceeff;" valign="top"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; padding: 0px; text-align: left; vertical-align: top; background-color: #cceeff;" valign="top"><font style="font-family: 'times new roman', times; font-size: 10pt;">March&#160;19,&#160;2008</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top; background-color: #cceeff;" valign="top"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; white-space: nowrap; vertical-align: top; text-align: right; background-color: #cceeff;" colspan="2" valign="top"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">100</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 8px 0px 0px; white-space: nowrap; vertical-align: top; background-color: #cceeff;" valign="top"><font style="font-family: 'times new roman', times; font-size: 10pt;">%&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; background-color: #cceeff;" valign="top"><font style="font-family: 'times new roman', times; font-size: 10pt;">Investment holding</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-size: 10pt; text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top;" valign="top"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top;" valign="top"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; text-align: left; vertical-align: top;" valign="top"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top;" valign="top"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top; text-align: right;" colspan="2" valign="top"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 8px 0px 0px; white-space: nowrap; vertical-align: top;" valign="top"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top;" valign="top"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: -10pt; vertical-align: top; font-family: 'times new roman'; padding-left: 10pt; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Zhuhai Duowan Information Technology Co., Ltd. (&#147;Zhuhai Duowan&#148; or &#147;Guangzhou Duowan&#148;)</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; background-color: #cceeff;" valign="top"><font style="font-family: 'times new roman', times; font-size: 10pt;">PRC</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top; background-color: #cceeff;" valign="top"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: left; vertical-align: top; background-color: #cceeff;" valign="top"><font style="font-family: 'times new roman', times; font-size: 10pt;">April 9, 2007</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top; background-color: #cceeff;" valign="top"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; white-space: nowrap; vertical-align: top; text-align: right; background-color: #cceeff;" colspan="2" valign="top"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">100</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 8px 0px 0px; white-space: nowrap; vertical-align: top; background-color: #cceeff;" valign="top"><font style="font-family: 'times new roman', times; font-size: 10pt;">%&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; text-align: left; padding: 0px; vertical-align: top; background-color: #cceeff;" valign="top"><font style="font-family: 'times new roman', times; font-size: 10pt;">Online&#160;advertising&#160;and&#160;software<br/>development</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-size: 10pt; text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top;" valign="top"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top;" valign="top"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; text-align: left; vertical-align: top;" valign="top"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top;" valign="top"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top; text-align: right;" colspan="2" valign="top"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 8px 0px 0px; white-space: nowrap; vertical-align: top;" valign="top"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top;" valign="top"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: -10pt; vertical-align: top; font-family: 'times new roman'; padding-left: 10pt; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Guangzhou Huanju Shidai Information Technology Co., Ltd. (&#147;Guangzhou Huanju Shidai&#148;)</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; background-color: #cceeff;" valign="top"><font style="font-family: 'times new roman', times; font-size: 10pt;">PRC</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top; background-color: #cceeff;" valign="top"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; padding: 0px; text-align: left; vertical-align: top; background-color: #cceeff;" valign="top"><font style="font-family: 'times new roman', times; font-size: 10pt;">December 2,&#160;2010</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top; background-color: #cceeff;" valign="top"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; white-space: nowrap; vertical-align: top; text-align: right; background-color: #cceeff;" colspan="2" valign="top"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">100</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 8px 0px 0px; white-space: nowrap; vertical-align: top; background-color: #cceeff;" valign="top"><font style="font-family: 'times new roman', times; font-size: 10pt;">%&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; text-align: left; padding: 0px; vertical-align: top; background-color: #cceeff;" valign="top"><font style="font-family: 'times new roman', times; font-size: 10pt;">Software&#160;development</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-size: 10pt; text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top;" valign="top"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top;" valign="top"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; text-align: left; vertical-align: top;" valign="top"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top;" valign="top"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top; text-align: right;" colspan="2" valign="top"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 8px 0px 0px; white-space: nowrap; vertical-align: top;" valign="top"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top;" valign="top"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-size: 10pt; text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px; text-indent: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Engage Capital Partners I, L.P.(&#147;Engage L.P.&#148;)</font></td>
<td style="font-size: 10pt; text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px 0px 0px; white-space: nowrap; vertical-align: top; background-color: #cceeff;" valign="top"><font style="font-family: 'times new roman', times; font-size: 10pt;">Cayman&#160;Islands</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top; background-color: #cceeff;" valign="top"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px 0px 0px; white-space: nowrap; text-align: left; vertical-align: top; background-color: #cceeff;" valign="top"><font style="font-size: 10pt; line-height: 115%; font-family: 'times new roman', times; color: black;"> March 23, 2015 </font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top; background-color: #cceeff;" valign="top"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 0px 0px 5px; white-space: nowrap; width: 20px; vertical-align: top; text-align: right; background-color: #cceeff;" colspan="2" valign="top"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>93.5</font></font><br/></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 8px 0px 0px; white-space: nowrap; vertical-align: top; background-color: #cceeff;" valign="top"><font style="font-family: 'times new roman', times; font-size: 10pt;">%&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; vertical-align: top; background-color: #cceeff;" valign="top">Investment</td>
</tr>
<tr style="vertical-align: bottom;">
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<tr style="vertical-align: bottom; background-color: #cceeff;">
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<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; background-color: #cceeff;" valign="top"><font style="font-family: 'times new roman', times; font-size: 10pt;">PRC</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top; background-color: #cceeff;" valign="top"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: left; vertical-align: top; background-color: #cceeff;" valign="top"><font style="font-family: 'times new roman', times; font-size: 10pt;">April 11, 2005</font></td>
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</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
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<tr style="vertical-align: bottom;">
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<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-size: 10pt; text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;">
<p style="margin: 0px;">*100 Online Education Technology (Beijing) Co.,Ltd.<br/></p>
<p style="margin: 0px;">&#160; &#160; &#160;&#160;(&#147;100 Online&#148;)</p>
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<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top; background-color: #cceeff;" valign="top"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: -10pt; vertical-align: top; font-family: 'times new roman'; padding-left: 10pt; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Beijing Huanqiu Xingxue Technology Development Co., Ltd (&#147;Xingxue&#148;)</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top; background-color: #cceeff;" valign="top"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; background-color: #cceeff;" valign="top"><font style="font-family: 'times new roman', times; font-size: 10pt;">Online education service</font></td>
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<td style="font-size: 10pt; text-indent: 0px; text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top;" valign="top"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; white-space: nowrap; text-align: left; vertical-align: top;" valign="top"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top;" valign="top"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top; text-align: right;" colspan="2" valign="top"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 8px 0px 0px; white-space: nowrap; vertical-align: top;" valign="top"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; background-color: #cceeff;" valign="top"><font style="font-size: 10pt;"><font style="color: #000000; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;">PRC</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top; background-color: #cceeff;" valign="top"><font style="font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: left; vertical-align: top; background-color: #cceeff;" valign="top"><font style="font-size: 10pt;"><font style="line-height: 115%;">February 3, 2015</font> </font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top; background-color: #cceeff;" valign="top"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;" valign="top"><font style="font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top;" valign="top"><font style="font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: left; vertical-align: top;" valign="top"><font style="font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top;" valign="top"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; white-space: nowrap; vertical-align: top; text-align: right;" colspan="2" valign="top"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></font><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 8px 0px 0px; white-space: nowrap; vertical-align: top;" valign="top"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;" valign="top"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; vertical-align: top; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; background-color: #cceeff;" valign="top"><font style="font-size: 10pt;"><font style="color: #000000; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;">PRC</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top; background-color: #cceeff;" valign="top"><font style="font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: left; vertical-align: top; background-color: #cceeff;" valign="top"><font style="font-size: 10pt;"> <font style="line-height: 115%;">June 23, 2015</font> &#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; vertical-align: top; background-color: #cceeff;" valign="top"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; white-space: nowrap; vertical-align: top; text-align: right; background-color: #cceeff;" colspan="2" valign="top"><font><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>93.5</font></font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 8px 0px 0px; white-space: nowrap; vertical-align: top; background-color: #cceeff;" valign="top"><font style="font-family: 'times new roman', times; font-size: 10pt;">%&#160;</font></td>
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<td style="font: bold 10pt/normal 'times new roman'; padding: 0px; font-size-adjust: none; font-stretch: normal;">&#160;</td>
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<td align="center" style="font: bold 10pt/normal 'times new roman'; padding: 0px; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td align="center" style="font: bold 10pt/normal 'Times New Roman'; padding: 0px 5px; text-align: center; white-space: nowrap; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td align="center" style="font: bold 10pt/normal 'times new roman', times, serif; padding: 0px; text-align: right; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: left; text-indent: 0px; font-stretch: normal; width: 71%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;Buildings</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; font-stretch: normal; width: 1%; background-color: #cceeff;">&#160;</td>
<td align="right" style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; font-stretch: normal; width: 12%; background-color: #cceeff;"><font style="font-family: 'times new roman', times;"><font>40</font> years</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; font-stretch: normal; width: 1%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; text-align: center; white-space: nowrap; font-stretch: normal; width: 1%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td align="right" style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right; vertical-align: bottom; white-space: nowrap; font-stretch: normal; width: 14%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font><font>0</font>%&#160;</font></font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: left; text-indent: 0px; font-stretch: normal; width: 67px;">Decoration of buildings<br/></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; font-stretch: normal; width: 1px;">&#160;</td>
<td align="right" style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; font-stretch: normal; width: 11px;"><font style="font-family: 'times new roman', times;"><font>&#160;<font>10</font> years</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; font-stretch: normal; width: 1px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; text-align: center; white-space: nowrap; font-stretch: normal; width: 1px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td align="right" style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right; vertical-align: bottom; white-space: nowrap; font-stretch: normal; width: 9px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font><font>&#160;<font>0</font> %</font></font></font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: left; text-indent: 0px; font-stretch: normal; width: 67%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Servers, computers and equipment</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; font-stretch: normal; width: 1%; background-color: #cceeff;"></td>
<td align="right" style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; font-stretch: normal; width: 11%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>3</font>&#160;years</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; font-stretch: normal; width: 1%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; text-align: center; white-space: nowrap; font-stretch: normal; width: 1%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td align="right" style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right; vertical-align: bottom; white-space: nowrap; font-stretch: normal; width: 9%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>0</font>%-<font>5</font>%</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: left; text-indent: 0px; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Furniture,&#160;fixture&#160;and&#160;office&#160;equipment&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; font-stretch: normal;"></td>
<td align="right" style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>5</font>&#160;years</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; text-align: center; white-space: nowrap; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td align="right" style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right; vertical-align: bottom; white-space: nowrap; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>0</font>%-<font>5</font>%</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: left; text-indent: 0px; font-stretch: normal; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Motor vehicles</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; font-stretch: normal; background-color: #cceeff;"></td>
<td align="right" style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; font-stretch: normal; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>4</font>&#160;years</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; font-stretch: normal; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; text-align: center; white-space: nowrap; font-stretch: normal; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td align="right" style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right; vertical-align: bottom; white-space: nowrap; font-stretch: normal; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>5</font>%</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: left; text-indent: 0px; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Leasehold improvements</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td align="center" style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right; vertical-align: bottom; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Shorter&#160;of&#160;lease&#160;term&#160;or&#160;<font>5</font>&#160;years</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; text-align: center; white-space: nowrap; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td align="right" style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 12px 0px 0px; text-align: right; vertical-align: bottom; white-space: nowrap; font-stretch: normal;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">-</font></font></td>
</tr>

</table>
</div>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px 0pt 23pt; text-align: justify; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</div><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_yy_ScheduleOfUsefulLifeOfFiniteLivedIntangibleAssetsTableTextBlock', window );">Schedule of amortization of finite-lived intangible assets is computed using the straight-line method over the following estimated useful lives</a></td>
<td class="text"><div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';">
<div style="margin-left: 23pt;" class="CursorPointer">
<table style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; border-collapse: collapse; width: 96%; margin-left: 0px;" cellspacing="0" cellpadding="0">

<tr>
<td style="text-indent: 10pt; padding-left: 10pt; font-family: 'times new roman'; font-size: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-family: 'times new roman'; font-size: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>&#160;</strong></font></td>
<td style="text-align: right; font-family: 'times new roman'; font-size: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>Estimated useful lives</strong></font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; text-indent: 10pt; padding-left: 10pt; font-family: 'times new roman'; font-size: 10pt; vertical-align: top;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; font-size: 10pt; vertical-align: top;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; font-size: 10pt; vertical-align: top;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; width: 49%; text-indent: 0px; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Brand names</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; width: 2%; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; width: 49%; text-align: right; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font><font>1</font>-<font>15</font> years</font></font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; width: 49%; text-indent: 0px; font-stretch: normal;">Operating rights for licensed games<br/></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; width: 2%; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; width: 49%; text-align: right; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>&#160;Shorter&#160;of&#160;the&#160;economic&#160;life&#160;or&#160;license&#160;period&#160;of&#160;relevant&#160;online&#160;game</font></font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; width: 49%; text-indent: 0px; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Software</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; width: 2%; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; width: 49%; text-align: right; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>3</font>&#160;-<font>5</font>&#160;years</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; width: 49%; text-indent: 0px; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Operating&#160;rights&#160;for&#160;game&#160;broadcasting</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; width: 2%; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; width: 49%; text-align: right; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>&#160;Over the contract terms</font></font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; width: 49%; text-indent: 0px; font-stretch: normal;">Domain names</td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; width: 2%; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; width: 49%; text-align: right; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font><font>15</font> years&#160;</font></font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font: 10pt/normal 'times new roman'; padding: 0px; text-indent: 0px; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Technology</font></td>
<td style="font: 10pt/normal 'times new roman'; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt/normal 'times new roman'; text-align: right; font-size-adjust: none; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>5</font>&#160;years</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: left; text-indent: 0px; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Others</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-align: right; font-stretch: normal;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>&#160;<font>3</font>-<font>5</font> years</font></font></td>
</tr>

</table>
</div>
</div><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccountingPoliciesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AccountingPoliciesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_yy_PropertyPlantAndEquipmentEstimatedUsefulLivesAndResidualRateTableTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of the estimated useful life and residual rate of long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">yy_PropertyPlantAndEquipmentEstimatedUsefulLivesAndResidualRateTableTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>yy_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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</table></div>
</div></td></tr>
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<span style="display: none;">v3.4.0.3</span><table class="report" border="0" cellspacing="2" id="idp6967965008">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Certain risks and concentration (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<td style="font: bold 10pt times new roman, times, serif; text-align: center; vertical-align: bottom; font-family: 'times new roman';"></td>
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: center; vertical-align: bottom; font-family: 'times new roman'; padding: 0px;"></td>
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; vertical-align: bottom; font-family: 'times new roman'; text-align: right;" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;">2015</font></td>
<td style="font: bold 10pt times new roman, times, serif; text-align: center; vertical-align: bottom; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<td style="font-size: 10pt; text-align: center; vertical-align: bottom; font-family: 'times new roman';"></td>
<td style="font: 10pt times new roman, times, serif; text-align: center; vertical-align: bottom; font-family: 'times new roman';"></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; vertical-align: bottom; font-family: 'times new roman'; text-align: right;" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;">RMB</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: center; vertical-align: bottom; font-family: 'times new roman';"></td>
<td style="font: 10pt times new roman, times, serif; text-align: center; vertical-align: bottom; font-family: 'times new roman';"></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; vertical-align: bottom; font-family: 'times new roman'; text-align: right;" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;">RMB</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: center; vertical-align: bottom; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<td style="font-size: 10pt; font-family: 'times new roman'; background-color: #cceeff;"></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"></td>
<td style="font-size: 10pt; text-align: right; font-family: 'times new roman'; background-color: #cceeff;"></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"></td>
<td style="font-size: 10pt; font-family: 'times new roman'; background-color: #cceeff;"></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: right; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<td style="font-size: 10pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: right; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: right; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman'; width: 70%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Cash and cash equivalents</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; width: 1%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; width: 1%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; width: 12%; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">305,405</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px; width: 1%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; padding: 0px; width: 1%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px; width: 1%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; width: 12%; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">403,722</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px; width: 1%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; padding: 0px; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">Short-term deposits</font></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">1,002,020</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">250,000</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Restricted short-term deposits</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">100,000</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">110,000</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<tr style="vertical-align: bottom;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">Accounts receivable, net</font></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">243,529</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">127,365</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; padding: 0px; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Inventory</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">1,445</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">14,385</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">Amounts due&#160;from related&#160;parties</font></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">43,816</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">5,164</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Prepayments&#160;and&#160;other&#160;current&#160;assets</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">113,939</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">117,536</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; padding: 0px; text-indent: 0px; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">Deferred tax assets</font></td>
<td style="font: 10pt times new roman, times, serif; padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">85,004</font></font></td>
<td style="padding: 0px; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding: 0px; font-family: 'times new roman'; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">87,492</font></font></td>
<td style="padding: 0px; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; padding: 0px; text-indent: 0px; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Total current assets</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding-bottom: 1pt; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">1,895,158</font></font></td>
<td style="padding: 0px; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding: 0px; font-family: 'times new roman'; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">1,115,664</font></font></td>
<td style="padding: 0px; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-size: 10pt; text-indent: 0px; padding: 0px; font-family: 'times new roman'; vertical-align: top; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left; white-space: nowrap; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; padding: 0px; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Non-current assets</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: right; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; white-space: nowrap; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: right; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">Deferred tax assets</font></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">1,392</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">3,363</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; padding: 0px; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Investments</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">63,220</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">285,292</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">Property and equipment, net</font></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">227,372</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">292,340</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Intangible assets, net</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">133,888</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">110,214</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; padding: 0px; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">Goodwill</font></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">298,802</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">136,066</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; padding: 0px; text-indent: 0px; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Other non-current assets</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding-bottom: 1pt; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">31,520</font></font></td>
<td style="padding: 0px; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding: 0px; font-family: 'times new roman'; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">1,932,356</font></font></td>
<td style="padding: 0px; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; padding: 0px; text-indent: 0px; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">Total non-current assets</font></td>
<td style="font: 10pt times new roman, times, serif; padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">756,194</font></font></td>
<td style="padding: 0px; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding: 0px; font-family: 'times new roman'; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">2,759,631</font></font></td>
<td style="padding: 0px; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; padding: 0px; text-indent: 0px; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding-bottom: 1pt; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"></font></td>
<td style="padding: 0px; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding: 0px; font-family: 'times new roman'; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"></font></td>
<td style="padding: 0px; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"></font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; padding: 0px; text-indent: 0px; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">Total assets</font></td>
<td style="font: bold 10pt times new roman, times, serif; padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"><strong><font><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: normal;">2,651,352</font></font></strong></td>
<td style="padding: 0px; font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap;"><strong><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></strong></td>
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding: 0px; font-family: 'times new roman'; white-space: nowrap;"><strong><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></strong></td>
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"><strong><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></strong></td>
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"><strong><font><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: normal;">3,875,295</font></font></strong></td>
<td style="padding: 0px; font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap;"><strong><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></strong></td>
</tr>

</table>
</div>
</div>

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<div style="margin-left: 23pt;">
<div class="CursorPointer">
<table style="border-collapse: collapse; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; width: 95%; /* margin-left: 23pt;" cellpadding="0" cellspacing="0">

<tr style="vertical-align: bottom; background-color: white;">
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="color: #000000; font-style: normal; font-variant: normal; font-weight: bold; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;"></font></font></td>
<td style="font-size: 10pt; font-family: 'times new roman';"></td>
<td style="font-size: 10pt; font-family: 'times new roman'; text-align: center; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" colspan="6"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="color: #000000; font-style: normal; font-variant: normal; font-weight: bold; letter-spacing: normal; line-height: normal; orphans: auto; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;">December&#160;31,</font><font style="color: #000000; font-style: normal; font-variant: normal; font-weight: bold; letter-spacing: normal; line-height: normal; orphans: auto; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;">&#160;</font><font style="color: #000000; font-style: normal; font-variant: normal; font-weight: bold; letter-spacing: normal; line-height: normal; orphans: auto; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;">&#160;</font><font style="color: #000000; font-style: normal; font-variant: normal; font-weight: bold; letter-spacing: normal; line-height: normal; orphans: auto; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;">&#160;</font><font style="color: #000000; font-style: normal; font-variant: normal; font-weight: bold; letter-spacing: normal; line-height: normal; orphans: auto; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;">&#160;</font></font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman';"></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="color: #000000; font-style: normal; font-variant: normal; font-weight: bold; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;"></font></font></td>
<td style="font-size: 10pt; font-family: 'times new roman';"></td>
<td style="font-size: 10pt; font-family: 'times new roman'; text-align: right;" colspan="2"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: bold; letter-spacing: normal; line-height: normal; orphans: auto; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;">2014</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; text-align: center;"></td>
<td style="font-size: 10pt; font-family: 'times new roman'; text-align: center;"></td>
<td style="font-size: 10pt; font-family: 'times new roman'; text-align: right;" colspan="2"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: bold; letter-spacing: normal; line-height: normal; orphans: auto; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;">2015</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; text-align: center;"></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; padding: 0px; font-family: 'times new roman'; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="color: #000000; font-style: normal; font-variant: normal; font-weight: bold; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;"></font></font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; text-align: center;"></td>
<td style="font-size: 10pt; font-family: 'times new roman'; text-align: right;" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">RMB</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman';"></td>
<td style="font-size: 10pt; font-family: 'times new roman';"></td>
<td style="font-size: 10pt; font-family: 'times new roman'; text-align: right;" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">RMB</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman';"></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; padding: 0px; font-family: 'times new roman'; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; text-align: right;" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; text-align: right;" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="color: #000000; font-style: normal; font-variant: normal; font-weight: bold; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;">Liabilities</font></font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"></font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"></font></td>
<td style="font-size: 10pt; text-align: right; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"></font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"></font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"></font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"></font></td>
<td style="font-size: 10pt; text-align: right; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"></font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"></font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">Current liabilities</font></td>
<td style="font-size: 10pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: right; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: right; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman'; width: 70%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Accounts payable</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; width: 1%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; width: 1%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; width: 12%; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">101,160</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; width: 1%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; width: 1%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; width: 1%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; width: 12%; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">108,500</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; width: 1%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">Deferred revenue</font></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman';"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">354,987</font></font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman';"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">385,300</font></font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Advances from customers</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">25,897</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">45,189</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">Income taxes payable</font></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman';"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">65,162</font></font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman';"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">80,978</font></font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Accrued liabilities and other current liabilities</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">357,464</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">579,760</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; padding: 0px; text-indent: 0px; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">Amounts due to related parties</font></td>
<td style="font: 10pt times new roman, times, serif; padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman';"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">30,892</font></font></td>
<td style="padding-bottom: 1pt; font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman';"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">23,684</font></font></td>
<td style="padding-bottom: 1pt; font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-size: 10pt; text-indent: 0px; padding: 0px; font-family: 'times new roman'; vertical-align: top; text-align: left; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; padding: 0px; text-indent: 0px; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">Total current liabilities</font></td>
<td style="font: 10pt times new roman, times, serif; padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman';"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">935,562</font></font></td>
<td style="padding-bottom: 1pt; font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman';"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">1,223,411</font></font></td>
<td style="padding-bottom: 1pt; font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-size: 10pt; text-indent: 0px; padding: 0px; font-family: 'times new roman'; vertical-align: top; text-align: left; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; padding: 0px; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">Non-current liabilities</font></td>
<td style="font-size: 10pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: right; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: right; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; padding: 0px; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Long-term payable</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">183,000</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">-</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; padding: 0px; text-indent: 0px; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">Deferred revenue</font></td>
<td style="font: 10pt times new roman, times, serif; padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman';"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">24,383</font></font></td>
<td style="padding-bottom: 1pt; font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman';"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">20,752</font></font></td>
<td style="padding-bottom: 1pt; font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Deferred&#160;tax liabilities</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; background-color: #cceeff; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; background-color: #cceeff; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">26,709</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; background-color: #cceeff; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; background-color: #cceeff; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">12,592</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-size: 10pt; text-indent: 0px; padding: 0px; font-family: 'times new roman'; vertical-align: top; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; padding: 0px; text-indent: 0px; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Total non-current liabilities</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding-bottom: 1pt; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">234,092</font></font></td>
<td style="padding-bottom: 1pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding-bottom: 1pt; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">33,344</font></font></td>
<td style="padding-bottom: 1pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-size: 10pt; text-indent: 0px; padding: 0px; font-family: 'times new roman'; vertical-align: top; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; padding: 0px; text-indent: 0px; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Total liabilities</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding-bottom: 1pt; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; background-color: #cceeff; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; background-color: #cceeff; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">1,169,654</font></font></td>
<td style="padding-bottom: 1pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding-bottom: 1pt; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; background-color: #cceeff; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; background-color: #cceeff; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">1,256,755</font></font></td>
<td style="padding-bottom: 1pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>

</table>
</div>
</div>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<div style="margin-left: 23pt;">
<div class="CursorPointer">
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; width: 95%; /* margin-left: 30.6666660308838px;">

<tr style="vertical-align: bottom;">
<td style="font-size: 10pt; text-align: center; font-family: 'times new roman';"></td>
<td style="font: bold 10pt times new roman, times, serif; padding-bottom: 1pt; font-family: 'times new roman';"></td>
<td style="font: bold 10pt times new roman, times, serif; text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important;" colspan="10"><font style="font-family: 'times new roman', times; font-size: 10pt;">For&#160;the&#160;year&#160;ended&#160;December&#160;31,</font></td>
<td style="padding-bottom: 1pt; font: bold 10pt times new roman, times, serif; font-family: 'times new roman';"></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-size: 10pt; text-align: center; font-family: 'times new roman';"></td>
<td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman';"></td>
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-align: right;" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;">2013</font></td>
<td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman';"></td>
<td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman';"></td>
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-align: right;" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;">2014</font></td>
<td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-align: right;" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;">2015</font></td>
<td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-size: 10pt; text-align: center; font-family: 'times new roman';"></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman';"></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-align: right;" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;">RMB</font></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman';"></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman';"></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-align: right;" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;">RMB</font></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-align: right;" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;">RMB</font></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top;"></td>
<td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top;" colspan="2"></td>
<td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"></td>
<td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top;" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top;" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman'; width: 55%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Net revenues</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; width: 12%;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">1,669,852</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; padding: 0px; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; width: 12%;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">3,543,994</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; padding: 0px; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; width: 12%;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">5,821,305</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">Net income</font></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">486,095</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">1,136,570</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">1,267,111</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>

</table>
</div>
</div>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"><br/></p>
<div>
<div class="CursorPointer">
<div style="margin-left: 23pt;">
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; width: 95%; /* margin-left: 23pt;">

<tr style="vertical-align: bottom;">
<td style="font-size: 10pt; text-align: center; font-family: 'times new roman'; padding: 0px;"></td>
<td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"></td>
<td style="font: bold 10pt times new roman, times, serif; text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;" colspan="10"><font style="font-family: 'times new roman', times; font-size: 10pt;">For&#160;the&#160;year&#160;ended&#160;December&#160;31,</font></td>
<td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-size: 10pt; text-align: center; font-family: 'times new roman'; padding: 0px;"></td>
<td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"></td>
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right;" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;">2013</font></td>
<td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"></td>
<td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"></td>
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right;" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;">2014</font></td>
<td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right;" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;">2015</font></td>
<td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-size: 10pt; text-align: center; font-family: 'times new roman'; padding: 0px;"></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right;" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;">RMB</font></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right;" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;">RMB</font></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right;" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;">RMB</font></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;"></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;" colspan="2"></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px; width: 55%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Net&#160;cash&#160;provided&#160;by&#160;operating&#160;activities</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; width: 1%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; width: 1%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 12%; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">845,198</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; width: 1%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; white-space: nowrap; width: 1%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; width: 1%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 12%; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">1,313,521</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; width: 1%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; white-space: nowrap; width: 1%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; width: 1%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 12%; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">2,164,953</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; width: 1%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Net cash used in investing activities</font></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(592,390</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">)</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(994,574</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">)</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(2,251,207</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;">)</td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px; width: 20px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Net&#160;cash&#160;provided&#160;by&#160;financing&#160;activities</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; width: 20px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; width: 20px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; width: 20px; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>-</font></font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 20px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; white-space: nowrap; width: 20px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; width: 20px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; width: 20px; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>-</font></font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 20px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; white-space: nowrap; width: 20px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; width: 20px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; width: 20px; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>704,298</font></font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 20px; background-color: #cceeff;">&#160;</td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-size: 10pt; text-indent: 0px; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">252,808</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">318,947</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><br/></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">618,044</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><br/></td>
</tr>

</table>
</div>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</div>
</div>
</div><span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SchedulesOfConcentrationOfRiskByRiskFactorTextBlock', window );">Summary of the percentage of accounts receivable from collection agencies, sub-licensed platforms and advertising customers with over 10% of total accounts receivable</a></td>
<td class="text"><div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';">
<div style="margin-left: 23pt;">
<div class="CursorPointer">
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; width: 95%; /* margin-left: 23pt;">

<tr style="vertical-align: bottom;">
<td style="font-size: 10pt; text-align: center; font-family: 'times new roman'; padding: 0px;"></td>
<td style="font: bold 10pt times new roman, times, serif; text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;" colspan="7"><font style="font-family: 'times new roman', times; font-size: 10pt;">December&#160;31,</font></td>
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px;"></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-size: 10pt; text-align: center; font-family: 'times new roman'; padding: 0px;"></td>
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px;"></td>
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right;" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;">2014</font></td>
<td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right;" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;">2015</font></td>
<td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-size: 10pt; text-align: center; font-family: 'times new roman'; padding: 0px;"></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right;" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;">RMB</font></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right;" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;">RMB</font></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-align: left; text-indent: 0px; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Collection agencies and advertising customers</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: right; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: right; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-indent: 0px; padding: 0px; width: 70%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">B1</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; white-space: nowrap; text-align: right; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; white-space: nowrap; text-align: right; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 12%;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">57</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">%</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 12%;"><font>35</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">%</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
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<td style="width: 2%; padding-right: 0.8pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">*</font></td>
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Business combination (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_BusinessAcquisitionLineItems', window );"><strong>Business combination [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ScheduleOfRecognizedIdentifiedAssetsAcquiredAndLiabilitiesAssumedTableTextBlock', window );">Schedule of allocation of the purchase price at the date of acquisition</a></td>
<td class="text"><div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';">
<div style="/* margin-left: 0.25in;">
<p style="text-align: justify; margin: 0pt 0px 0pt 23pt; font: 10pt Times New Roman, Times, Serif;">&#160;</p>
<div style="margin-left: 0.25in;">
<table style="width: 96%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; /* margin-left: 0.25in;" cellspacing="0" cellpadding="0">

<tr style="vertical-align: bottom;">
<td>&#160;</td>
<td style="font-weight: bold;">&#160;</td>
<td style="text-align: right; font-weight: bold;" colspan="2">RMB</td>
<td style="font-weight: bold;">&#160;</td>
</tr>
<tr style="vertical-align: bottom;">
<td>&#160;</td>
<td>&#160;</td>
<td colspan="2">&#160;</td>
<td>&#160;</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="text-align: left; text-indent: -10pt; padding-left: 10pt; width: 85%;">Net liabilities assumed</td>
<td style="width: 1%;">&#160;</td>
<td style="text-align: left; width: 1%;">&#160;</td>
<td style="text-align: right; width: 12%;"><font>(8,549</font></td>
<td style="text-align: left; width: 1%;">)</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -10pt; padding-left: 10pt;">Identifiable&#160;intangible&#160;assets&#160;acquired</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="text-align: left; text-indent: -0.25in; padding-left: 41pt;">-&#160;&#160;&#160;Brand names</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;"><font>43,620</font></td>
<td style="text-align: left;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-indent: -0.25in; padding-left: 41pt;">-&#160;&#160;&#160;Other</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;"><font>4,792</font></td>
<td style="text-align: left;">&#160;</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td>Goodwill</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;"><font>100,382</font></td>
<td style="text-align: left;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; padding-bottom: 1pt;">Deferred tax liabilities</td>
<td style="padding-bottom: 1pt;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;"><font>(12,103</font></td>
<td style="text-align: left; padding-bottom: 1pt;">)</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="padding-bottom: 2.5pt; text-indent: -10pt; padding-left: 10pt; font-weight: bold;">Total</td>
<td style="padding-bottom: 2.5pt;">&#160;</td>
<td style="border-bottom: black 2.5pt double; text-align: left;">&#160;</td>
<td style="border-bottom: black 2.5pt double; text-align: right;"><font>128,142</font></td>
<td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td>
</tr>

</table>
</div>
</div>
</div><span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_BusinessAcquisitionAxis=yy_ShanghaiBeifuCultureCommunicationCoLtdMember', window );">Beifu [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_BusinessAcquisitionLineItems', window );"><strong>Business combination [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ScheduleOfRecognizedIdentifiedAssetsAcquiredAndLiabilitiesAssumedTableTextBlock', window );">Schedule of allocation of the purchase price at the date of acquisition</a></td>
<td class="text"><div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';">
<div align="center">
<div style="/* margin-left: 20pt; */margin-left: 0.25in;" class="CursorPointer" align="left">
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; width: 96%; /* margin-left: 0.25in;">

<tr style="vertical-align: bottom;">
<td style="font-size: 10pt; text-align: center; font-family: 'times new roman'; padding: 0px;"></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right;" colspan="2"><strong><font style="font-family: 'times new roman', times; font-size: 10pt;">RMB</font></strong></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;"></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;" colspan="2"></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px; width: 85%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Cash consideration</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; width: 1%; background-color: #cceeff;"></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; width: 1%; background-color: #cceeff;"></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 12%; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">39,200</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; width: 1%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Contingent consideration</font></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"></td>
<td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">107,306</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><strong><font style="font-family: 'times new roman', times; font-size: 10pt;">Total consideration</font></strong></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">146,506</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-size: 10pt; text-indent: 0px; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;">Net assets acquired</td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">31,994</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px;">Identifiable&#160;intangible&#160;assets&#160;acquired</td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 0px; white-space: nowrap; text-align: right;"><font>12,900</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Goodwill</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">147,388</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px;">Deferred tax liabilities</td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; /* border-bottom: #000000 1pt solid !important; */padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; /* border-bottom: #000000 1pt solid !important; */padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(3,225</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">)</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;">Non-controlling interest</td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>(42,551</font></font></font></td>
<td style="text-align: left; width: 1%;">)</td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; font-family: 'times new roman'; padding: 0px;"><strong><font style="font-family: 'times new roman', times; font-size: 10pt;">Total</font></strong></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">146,506</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>

</table>
</div>
</div>
</div><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_BusinessAcquisitionLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_BusinessAcquisitionLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ScheduleOfRecognizedIdentifiedAssetsAcquiredAndLiabilitiesAssumedTableTextBlock">
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<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<td style="padding-bottom: 1pt; font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: right; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="padding-bottom: 1pt; font-size: 10pt; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<td style="font-size: 10pt; padding-bottom: 1pt; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: right; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="padding-bottom: 1pt; font-size: 10pt; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding-bottom: 1pt; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">928,934</font></font></td>
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Short-term deposits (Tables)<br></strong></div></th>
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<td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman';"></td>
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<td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top;" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; padding: 0px; font-family: 'times new roman'; width: 40%; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">RMB</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; width: 12%; background-color: rgb(204, 238, 255);"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">250,000</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; width: 12%; background-color: rgb(204, 238, 255);"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">250,000</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<tr style="vertical-align: bottom;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding: 0px; text-indent: 0px; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">US$</font></td>
<td style="font: 10pt times new roman, times, serif; padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">374,685</font></font></td>
<td style="padding-bottom: 1pt; font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; padding-bottom: 1pt; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">2,293,056</font></font></td>
<td style="padding-bottom: 1pt; font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; padding-bottom: 1pt; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">253,322</font></font></td>
<td style="padding-bottom: 1pt; font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; padding-bottom: 1pt; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">1,644,946</font></font></td>
<td style="padding-bottom: 1pt; font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding: 0px; text-indent: 0px; font-family: 'times new roman'; background-color: rgb(204, 238, 255);"><strong><font style="font-family: 'times new roman', times; font-size: 10pt;">Total</font></strong></td>
<td style="font-size: 10pt; padding-bottom: 1pt; font-family: 'times new roman'; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="background-color: rgb(204, 238, 255);">&#160;</td>
<td style="background-color: rgb(204, 238, 255);">&#160;</td>
<td style="background-color: rgb(204, 238, 255);">&#160;</td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding-bottom: 1pt; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">4,214,576</font></font></td>
<td style="padding-bottom: 1pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; padding-bottom: 1pt; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="background-color: rgb(204, 238, 255);">&#160;</td>
<td style="background-color: rgb(204, 238, 255);">&#160;</td>
<td style="background-color: rgb(204, 238, 255);">&#160;</td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding-bottom: 1pt; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">1,894,946</font></font></td>
<td style="padding-bottom: 1pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of the components of cash, cash equivalents, and investments.</p></div>
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Restricted short-term deposits (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2015</div></th></tr>
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<td class="text">&#160;<span></span>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_yy_ScheduleOfRestrictedShortTermDepositsTableTextBlock', window );">Schedule of restricted short-term deposits</a></td>
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<div style="text-align: justify; ;display: block;">
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<td>&#160;</td>
<td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="6">December&#160;31,</td>
<td style="padding-bottom: 1pt; font-weight: bold;">&#160;</td>
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<td>&#160;</td>
<td style="font-weight: bold;">&#160;</td>
<td style="text-align: right; font-weight: bold;" colspan="2">2014</td>
<td style="font-weight: bold;">&#160;</td>
<td style="font-weight: bold;">&#160;</td>
<td style="text-align: right; font-weight: bold;" colspan="2">2015</td>
<td style="font-weight: bold;">&#160;</td>
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<tr style="vertical-align: bottom;">
<td style="text-align: right;">&#160;</td>
<td>&#160;</td>
<td style="text-align: right;" colspan="2">RMB</td>
<td>&#160;</td>
<td>&#160;</td>
<td style="text-align: right;" colspan="2">RMB</td>
<td>&#160;</td>
</tr>
<tr style="vertical-align: bottom;">
<td>&#160;</td>
<td>&#160;</td>
<td style="text-align: right;" colspan="2">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td style="text-align: right;" colspan="2">&#160;</td>
<td>&#160;</td>
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<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="text-align: left; text-indent: -10pt; padding-left: 10pt; width: 70%;">Pledge short-term deposits for one pending litigation (i)</td>
<td style="width: 1%;">&#160;</td>
<td style="text-align: left; width: 1%;">&#160;</td>
<td style="text-align: right; width: 12%;"><font>100,000</font></td>
<td style="text-align: left; width: 1%;">&#160;</td>
<td style="width: 1%;">&#160;</td>
<td style="text-align: left; width: 1%;">&#160;</td>
<td style="text-align: right; width: 12%;"><font>110,000</font></td>
<td style="text-align: left; width: 1%;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt;">Pledge short-term deposits for bank borrowing facilities (ii)</td>
<td style="padding-bottom: 1pt;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;"><font>-</font></td>
<td style="text-align: left; padding-bottom: 1pt;">&#160;</td>
<td style="padding-bottom: 1pt;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;"><font>279,221</font></td>
<td style="text-align: left; padding-bottom: 1pt;">&#160;</td>
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<tr style="background-color: #cceeff; vertical-align: bottom;">
<td>&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
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<tr style="background-color: white; vertical-align: bottom;">
<td style="padding-bottom: 2.5pt; text-indent: -10pt; padding-left: 10pt; font-weight: bold;">Total</td>
<td style="padding-bottom: 2.5pt;">&#160;</td>
<td style="border-bottom: black 2.5pt double; text-align: left;">&#160;</td>
<td style="border-bottom: black 2.5pt double; text-align: right;"><font>100,000</font></td>
<td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td>
<td style="padding-bottom: 2.5pt;">&#160;</td>
<td style="border-bottom: black 2.5pt double; text-align: left;">&#160;</td>
<td style="border-bottom: black 2.5pt double; text-align: right;"><font>389,221</font></td>
<td style="text-align: left; padding-bottom: 1pt;">&#160;</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in;">&#160;</p>
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<tr>
<td style="vertical-align: top; width: 2%;" valign="top"><font style="font-size: 10pt;">(i)&#160;</font></td>
<td style="width: 98%;">
<div><font style="font-size: 10pt;"><font style="font-family: 'times new roman', times;">As of December 31, 2014 and 2015, the Group had restricted short-term deposits balance of RMB100 million and RMB 110 million representing pledged deposit for one pending litigation in which the Group is the claimant and has applied to the court to freeze the assets of the defendant. Pursuant to relevant PRC laws and regulations, the Group had to deposit a certain amount of cash as pledged deposit in order to submit the application to the court requesting to freeze the defendant's assets.</font></font></div>
</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in;">&#160;</p>
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<tr>
<td style="vertical-align: top; width: 2%;" valign="top"><font style="font-size: 10pt;">(ii)&#160;</font></td>
<td style="width: 98%;">
<div><font style="font-size: 10pt;">As of December 31, 2015, the Company had offshore restricted short-term deposits balance set aside for a period of 12 months or less of approximately RMB279 million for bank borrowing facilities.</font></div>
</td>
</tr>

</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in;">&#160;</p>
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<tr>
<td style="vertical-align: top; width: 2%;" valign="top"><font style="font-size: 10pt; font-family: 'times new roman', times;">(iii)&#160;</font></td>
<td style="width: 98%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">In 2015, the Company had short-term deposits of RMB<font>700</font>&#160;million,&#160;<font style="color: #000000; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;">and a short term borrowing of&#160;</font>RMB<font>697</font>&#160;million with the same domestic bank in the PRC, and the Company paid off the short term borrowing with the short-term deposits.</font></td>
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<tr>
<td><strong> Name:</strong></td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of restricted short-term deposits</p></div>
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Accounts receivable, net (Tables)<br></strong></div></th>
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<td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"></td>
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<tr style="vertical-align: bottom;">
<td style="font-size: 10pt; text-align: center; font-family: 'times new roman'; padding: 0px;"></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"></td>
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<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"></td>
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<td style="font: 10pt times new roman, times, serif; text-align: center; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"></font></td>
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<tr style="vertical-align: bottom;">
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;"></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;" colspan="2"></td>
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<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px; width: 70%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Accounts receivable, gross</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 12%;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">314,778</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 12%;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">191,144</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Less:&#160;allowance&#160;for&#160;doubtful&#160;receivables</font></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(57,342</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">)</font></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap;">)</td>
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<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<tr style="vertical-align: bottom; background-color: white;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Accounts receivable, net</font></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">257,436</font></font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; /* border-bottom: #000000 1pt solid !important; */ white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">132,353</font></font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; /* border-bottom: #000000 1pt solid !important; */ white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<td class="text"><div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';">
<div style="margin-left: 23pt;">
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; width: 95%; /* margin-left: 0.100000001490116px;">

<tr style="vertical-align: bottom;">
<td style="font-size: 10pt; text-align: center; font-family: 'times new roman'; padding: 0px;"></td>
<td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"></td>
<td style="font: bold 10pt times new roman, times, serif; text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;" colspan="10"><font style="font-family: 'times new roman', times; font-size: 10pt;">For&#160;the&#160;year&#160;ended&#160;December 31,</font></td>
<td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"></td>
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<tr style="vertical-align: bottom;">
<td style="font-size: 10pt; text-align: center; font-family: 'times new roman'; padding: 0px;"></td>
<td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"></td>
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<td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"></td>
<td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"></td>
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right;" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;">2014</font></td>
<td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right;" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;">2015</font></td>
<td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-size: 10pt; text-align: center; font-family: 'times new roman'; padding: 0px;"></td>
<td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"></td>
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right;" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;">RMB</font></td>
<td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"></td>
<td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"></td>
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right;" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;">RMB</font></td>
<td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"></td>
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<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px; width: 55%; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">Balance at beginning of the year</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">)</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 12%; background-color: rgb(204, 238, 255);"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(31,214</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">)</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 12%; background-color: rgb(204, 238, 255);"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(57,342</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap; width: 1%; background-color: rgb(204, 238, 255);">)</td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Additions&#160;charged&#160;to&#160;general&#160;and&#160;administrative&#160;expenses&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(31,987</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">)</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(26,246</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">)</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(1,449</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap;">)</td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">Write-off during the year</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">6,489</font></font></td>
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<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">118</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">-</font></font></td>
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</tr>
<tr style="vertical-align: bottom;">
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<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; text-align: left; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; text-align: left; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">Balance at end of the year</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(31,214</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: middle; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">)</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(57,342</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: middle; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">)</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of the various types of trade accounts and notes receivable and for each the gross carrying value, allowance, and net carrying value as of the balance sheet date. Presentation is categorized by current, noncurrent and unclassified receivables.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.3,4)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Prepayments and other current assets (Table)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Loans receivable</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">34,502</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">1,338</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding: 0px; text-indent: 0px; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">Others</font></td>
<td style="font: 10pt times new roman, times, serif; padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">5,715</font></font></td>
<td style="padding-bottom: 1pt; font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; padding-bottom: 1pt; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">9,316</font></font></td>
<td style="padding-bottom: 1pt; font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-size: 10pt; padding: 0px; font-family: 'times new roman'; vertical-align: top; text-align: left; text-indent: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<tr style="vertical-align: bottom;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding: 0px; text-indent: 0px; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><strong>Total</strong></font></td>
<td style="font: 10pt times new roman, times, serif; padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">204,139</font></font></td>
<td style="padding-bottom: 1pt; font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; padding-bottom: 1pt; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">147,823</font></font></td>
<td style="padding-bottom: 1pt; font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman';"></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman';"></td>
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<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; padding: 0px; font-family: 'times new roman'; text-indent: 0px; width: 70%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Cost&#160;investments (i)</font></td>
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<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; width: 1%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; width: 12%; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">516,446</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; padding: 0px; text-indent: 0px; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">Equity&#160;investments</font></td>
<td style="font: 10pt times new roman, times, serif; padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">33,630</font></font></td>
<td style="padding-bottom: 1pt; font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; padding-bottom: 1pt; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">44,994</font></font></td>
<td style="padding-bottom: 1pt; font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-size: 10pt; padding-left: 1.4pt; font-family: 'times new roman'; vertical-align: top; text-align: left; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Available-for-sale debt security (ii)</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding: 0px; text-align: right; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;<font>-</font></font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding: 0px; text-align: right; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;<font>6,117</font></font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<tr style="vertical-align: bottom;">
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding: 0px; text-indent: 0px; font-family: 'times new roman'; width: 20px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding-bottom: 1pt; font-family: 'times new roman'; width: 20px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; width: 20px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; width: 20px;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></font></td>
<td style="padding-bottom: 1pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 20px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding-bottom: 1pt; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 20px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 20px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; width: 20px;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></font></td>
<td style="padding-bottom: 1pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 20px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding: 0px; text-indent: 0px; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Total</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding-bottom: 1pt; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">186,654</font></font></td>
<td style="padding-bottom: 1pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding-bottom: 1pt; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">567,557</font></font></td>
<td style="padding-bottom: 1pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
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<tr>
<td style="width: 3%; vertical-align: top;" valign="top"><font style="font-size: 10pt;">(i)</font></td>
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<div style="text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">In 2015, the Group entered into agreements to acquire minority stake of <font>16</font> entities with total consideration of RMB<font>351,800</font>. The investments were not investment in common stock or in-substance common stock and therefore were precluded from applying the equity method of accounting. They have been accounted for as investments under cost method, since all of these equity securities do not have a readily determinable fair value.</font></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
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<td style="vertical-align: top; width: 3%;" valign="top"><font style="font-family: 'times new roman', times; font-size: 10pt;">(ii)</font></td>
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<div><font style="font-size: 10pt;">In September 2015, the Group entered into share purchase agreements to acquire <font>4.25</font>% equity stake of a company with a total consideration of RMB<font>6,117</font>. The Group recorded this investment as an available-for-sale debt security since the preferred shares purchased by the Group are redeemable at the option of the Group. Subsequent to initial recognition, the available-for-sale debt security is measured at fair value at every period end. There was no significant change in fair value of the investment from the investment date to December 31, 2015.</font></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;&#160;</font></p>
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<tr>
<td style="width: 3%; vertical-align: top;" valign="top"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important; /* background-color: #fffff0;">(iii)</font></td>
<td style="width: 97%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">The Group monitors its investments for other-than-temporary impairment by considering factors including, but not limited to, current economic and market conditions, the operating performance of the companies including current earnings trends and other company-specific information. In 2015, based on the Group's assessment, an impairment charge of RMB<font>6,000</font> was recorded in relation to the carrying value of one of its investments under cost method due to the significant deterioration in the earnings performance and business prospects of the investee.</font><br/></td>
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Property and equipment, net (Tables)<br></strong></div></th>
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<td style="font: bold 10pt times new roman, times, serif; text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;" colspan="6"><font style="font-family: 'times new roman', times; font-size: 10pt;">December 31,</font></td>
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<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px;"></td>
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<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right;" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;">2015</font></td>
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<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right;" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;">RMB</font></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right;" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;">RMB</font></td>
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<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;" colspan="2"></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Gross carrying amount</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: right; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: right; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="/* font-weight: bold; */font-style: normal;font-variant: normal;font-stretch: normal;font-size: 10pt;line-height: normal;text-align: left;text-indent: 0px;font-family: 'times new roman';padding: 0px;width: 70%;">Building</td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: right; font-family: 'times new roman'; padding: 0px; width: 12%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>-</font></font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: right; font-family: 'times new roman'; padding: 0px; width: 12%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>482,387</font></font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-align: left; text-indent: 0px; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">Servers,&#160;computers&#160;and&#160;equipment</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">304,117</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">453,441</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-align: left; text-indent: 0px; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Leasehold improvements&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">32,392</font></font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">69,929</font></font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-align: left; text-indent: 0px; padding: 0px; background-color: #cceeff;">Decoration<br/></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;<font>-</font></font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;<font>66,140</font></font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-align: left; text-indent: 0px; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Furniture,&#160;fixture&#160;and&#160;office&#160;equipment&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">13,879</font></font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">26,098</font></font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-align: left; text-indent: 0px; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Motor vehicles</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">10,815</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">12,835</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-align: left; text-indent: 0px; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Construction in progress</font></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">31,786</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">1,937</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-size: 10pt; text-indent: 0px; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; text-align: left; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-indent: 0px; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Total</font></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">392,989</font></font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">1,112,767</font></font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-align: left; text-indent: 0px; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Less: accumulated depreciation</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(158,761</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">)</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(269,318</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;">)</td>
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<tr style="vertical-align: bottom;">
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-align: left; text-indent: 0px; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Property and equipment, net</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">234,228</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">843,449</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, balances by class of assets, depreciation and depletion expense and method used, including composite depreciation, and accumulated deprecation.</p></div>
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Intangible assets, net (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<td style="font: bold 10pt times new roman, times, serif; text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;" colspan="6"><font style="font-family: 'times new roman', times; font-size: 10pt;">December 31,</font></td>
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<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right;" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;">2015</font></td>
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<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"></td>
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<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 10%;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;<font>94,120</font></font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 10%;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;<font>102,654</font></font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);">Operating rights for licensed games</td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;<font>11,721</font></font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;<font>46,879</font></font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Software</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">17,304</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">38,307</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);">Operating&#160;rights&#160;for&#160;game&#160;broadcasting&#160;</td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"><font><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>-</font></font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;<font>35,071</font></font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; font-family: 'times new roman'; padding: 0px;">Domain names</td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>24,686</font></font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>25,902</font></font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">Technology</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">17,145</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">17,621</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Others</font></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">18,300</font></font></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px; white-space: nowrap; /* padding-right: 5px; */ /* padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"><font></font></td>
<td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>31,200</font></font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td style="font-size: 10pt; text-indent: 0px; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; text-align: left; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Total of gross carrying amount</font></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">183,276</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
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<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Less:&#160;accumulated&#160;amortization</font></td>
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<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">Brand names&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"><font><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>(1,728</font></font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">)&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"><font><font><font>&#160;<font>(20,294</font></font></font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);">)</td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; font-family: 'times new roman'; padding: 0px;">Operating rights for licensed games</td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;<font>(4,249</font></font></font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; padding-right: 10px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">)&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font><font>&#160;<font>(15,010</font></font></font></font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; padding-right: 10px; white-space: nowrap;">)&#160;</td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">Software</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(5,944</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">)</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"><font><font><font>(9,464</font></font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);">)</td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; font-family: 'times new roman'; padding: 0px;">Operating rights for game broadcasting</td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;<font>-</font></font></font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; padding-right: 10px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font><font><font>(23,278</font></font></font></font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; padding-right: 10px; white-space: nowrap;">)&#160;</td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">Domain names</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(4,278</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">)</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"><font><font><font>(6,249</font></font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);">)</td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px;">Technology</td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;<font>(6,035</font></font></font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; padding-right: 10px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">)</font></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font><font>&#160;<font>(7,712</font></font></font></font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; padding-right: 10px; white-space: nowrap;">)</td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">Others</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>(774</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">)</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>(5,478</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);">)</td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-size: 10pt; text-indent: 0px; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">Total accumulated amortization</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(23,008</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">)</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"><font>(87,485</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);">)</td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-size: 10pt; text-indent: 0px; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><strong><font style="font-family: 'times new roman', times; font-size: 10pt;">Less: accumulated impairment&#160;</font></strong></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"><font><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>&#160;<font>(6,234</font></font></font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">)&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"><font><font>&#160;<font>(63,712</font></font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);">)&#160;</td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; text-align: left; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">Intangible assets, net</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">154,034</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">146,437</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><br/></td>
</tr>

</table>
</div>
</div>
</div>
</div><span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ScheduleofFiniteLivedIntangibleAssetsFutureAmortizationExpenseTableTextBlock', window );">Schedule of estimated amortization expenses</a></td>
<td class="text"><div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';">
<div style="display: block;">
<div style="/* margin-left: 23pt;">
<div class="CursorPointer">
<table style="border-collapse: collapse; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'Times New Roman', Times, serif; width: 93%; margin-left: 30.72px;" cellpadding="0" cellspacing="0">

<tr style="vertical-align: bottom;">
<td style="text-align: left;" nowrap="nowrap" colspan="16"><font style="font-family: 'times new roman', times; font-size: 10pt;"></font><br/></td>
<td style="font-weight: bold;" nowrap="nowrap"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td colspan="2" style="/* font-weight: bold; */ text-align: right;" nowrap="nowrap"><font style="font-family: 'times new roman', times; font-size: 10pt;">Amortization expense</font></td>
<td style="font-weight: bold;" nowrap="nowrap"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left;" colspan="16"><font style="font-family: 'times new roman', times;"><font style="font-size: 10pt;">&#160;</font><font style="font-size: 10pt;">&#160;</font>&#160;&#160;&#160;&#160;&#160;</font></td>
<td><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td colspan="2" style="text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">of intangible assets</font></td>
<td><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left;" colspan="16"><font style="font-family: 'times new roman', times;"><font style="font-size: 10pt;">&#160;</font><font style="font-size: 10pt;">&#160;</font>&#160;&#160;&#160;&#160;&#160;</font></td>
<td><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td colspan="2" style="text-align: right;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; text-indent: -10pt; padding-left: 10pt; width: 87%; background-color: #cceeff;" colspan="16"><font style="font-family: 'times new roman', times;"><font style="font-size: 10pt;">2016</font></font></td>
<td style="text-align: left; width: 1%; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; width: 1%; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; width: 10%; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>44,269</font></font></td>
<td style="text-align: left; width: 1%; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; text-indent: -10pt; padding-left: 10pt;" colspan="16"><font style="font-family: 'times new roman', times;"><font style="font-size: 10pt;">2017</font></font></td>
<td style="text-align: left;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>23,052</font></font></td>
<td style="text-align: left;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; text-indent: -10pt; padding-left: 10pt; background-color: #cceeff;" colspan="16"><font style="font-family: 'times new roman', times;"><font style="font-size: 10pt;">2018</font></font></td>
<td style="text-align: left; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>19,076</font></font></td>
<td style="text-align: left; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; text-indent: -10pt; padding-left: 10pt;" colspan="16"><font style="font-family: 'times new roman', times;"><font style="font-size: 10pt;">2019</font></font></td>
<td style="text-align: left;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>11,070</font></font></td>
<td style="text-align: left;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; text-indent: -10pt; padding-left: 10pt; background-color: #cceeff;" colspan="16"><font style="font-family: 'times new roman', times;"><font style="font-size: 10pt;">2020</font></font></td>
<td style="text-align: left; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>8,744</font></font></td>
<td style="text-align: left; background-color: #cceeff;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
</tr>

</table>
</div>
</div>
</div>
</div><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_yy_ScheduleOfWeightedAverageAmortizationPeriodsIntangibleAssetsTableTextBlock', window );">Schedule of weighted average amortization periods of intangible assets</a></td>
<td class="text"><div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';">
<div style="display: block;">
<div style="display: block;">
<div style="display: block;">
<div style="/* margin-left: 23pt;">
<div class="CursorPointer">
<table style="border-collapse: collapse; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; margin-left: 30.72px;" cellpadding="0" cellspacing="0" width="93%">

<tr style="text-align: center; vertical-align: bottom;">
<td style="font-size: 10pt; padding-bottom: 1pt; padding-left: 1.4pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding-left: 1.4pt; font-family: 'times new roman'; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;" colspan="4"><font style="font-family: 'times new roman', times; font-size: 10pt;">December&#160;31,</font></td>
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding-left: 1.4pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="text-align: center; vertical-align: bottom;">
<td style="font-size: 10pt; padding-left: 1.4pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding-left: 1.4pt; font-family: 'times new roman'; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">2014</font></td>
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding-left: 1.4pt; font-family: 'times new roman'; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">2015</font></td>
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding-left: 1.4pt; font-family: 'times new roman'; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr>
<td style="font-size: 10pt; padding-left: 1.4pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; padding-left: 1.4pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; padding-left: 1.4pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; padding-left: 1.4pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; padding: 0px; font-family: 'times new roman'; text-align: left; width: 68%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Domain names</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; width: 1%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; padding-left: 1.4pt; font-family: 'times new roman'; width: 14%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>15</font> years</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; width: 1%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; width: 1%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; padding-left: 1.4pt; font-family: 'times new roman'; width: 14%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>15</font>&#160;years</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; padding-left: 1.4pt; font-family: 'times new roman'; width: 1%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>&#160;</font></font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; padding: 0px; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">Technology</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; padding-left: 1.4pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>5</font> years</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; padding-left: 1.4pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>5</font>&#160;years</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; padding-left: 1.4pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>&#160;</font></font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; padding: 0px; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Software</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; padding-left: 1.4pt; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>4</font>&#160;years</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; padding-left: 1.4pt; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>5</font>&#160;years</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-align: right; padding-left: 1.4pt; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>&#160;</font></font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; padding: 0px; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">Brand names</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; padding-left: 1.4pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>11</font>&#160;years</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; padding-left: 1.4pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>&#160;</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; padding-left: 1.4pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>10</font>&#160;years</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; padding-left: 1.4pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>&#160;</font></font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Operating rights for licensed games</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; padding-left: 1.4pt; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>2</font>&#160;years</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-align: right; padding-left: 1.4pt; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>&#160;</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; padding-left: 1.4pt; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font><font>3</font></font>&#160;years</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-align: right; padding-left: 1.4pt; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>&#160;</font></font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman';">Operating rights for game broadcasting</td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; padding-left: 1.4pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font><font>-</font></font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-align: right; padding-left: 1.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>&#160;</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; /* padding-left: 1.4pt; */font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font><font><font>1</font> year</font></font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-align: right; padding-left: 1.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>&#160;</font></font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Others</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; padding-left: 1.4pt; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>3</font>-<font>5</font>&#160;years</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; padding-left: 1.4pt; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>&#160;</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; padding-left: 1.4pt; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font><font>3</font></font><font style="/* background-color: #ffffff;">-<font>5</font>&#160;years</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; padding-left: 1.4pt; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>&#160;</font></font></td>
</tr>

</table>
</div>
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</div>
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</td>
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</table>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IntangibleAssetsNetExcludingGoodwillAbstract">
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<td style="white-space:nowrap;">us-gaap_IntangibleAssetsNetExcludingGoodwillAbstract</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of assets, excluding financial assets and goodwill, lacking physical substance with a finite life, by either major class or business segment.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 350<br> -SubTopic 30<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=26713463&amp;loc=d3e16323-109275<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 350<br> -SubTopic 30<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=26713463&amp;loc=d3e16265-109275<br></p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of weighted average amortization periods of intangible assets.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
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<span style="display: none;">v3.4.0.3</span><table class="report" border="0" cellspacing="2" id="idp6968438176">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Goodwill (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px; width: 60px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 20px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 20px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 10px;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 20px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px; width: 55%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;Balance as of December 31, 2013</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; width: 1%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; width: 1%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; width: 12%; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">1,577</font></font></font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 1%; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 1%; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; white-space: nowrap; text-align: right; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; width: 12%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;<font>-</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 2%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; width: 12%; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">1,577</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 10px; font-family: 'times new roman'; padding: 0px;">Increase in goodwill related to acquisition (i)<br/></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">2,527</font></font></font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; white-space: nowrap; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;<font>296,275</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">298,802</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 10px; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Foreign&#160;currency translation adjustment</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal;font-variant: normal;font-weight: normal;font-stretch: normal;font-size: 10pt;line-height: normal;text-align: left;font-family: 'times new roman';padding: 0px;border-bo;t;-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">3</font></font></font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; white-space: nowrap; text-align: right; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;<font>-</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">3</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; line-height: normal; text-indent: 0px; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times;"><font style="font-size: 13.3333px;">Balance&#160;as of December 31,2014</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>4,107</font></font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; white-space: nowrap; text-align: right; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> <font>296,275</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">300,382</font></font></font></font></font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 10px; font-family: 'times new roman'; padding: 0px;">Increase&#160;in&#160;goodwill&#160;related&#160;to&#160;acquisition&#160;(i)</td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>161,326</font></font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; white-space: nowrap; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;<font>-</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>161,326</font></font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 10px; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Impairment charges (ii)<br/><font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: left; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important; /* background-color: #cceeff;"></font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>(128,035</font></font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; text-align: left; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">)&#160;</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; white-space: nowrap; text-align: right; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;<font>(182,089</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">)&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>(310,124</font></font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px 0px 0px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">)&#160;</font></td>
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<tr style="vertical-align: bottom;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 10px; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: left; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important; /* background-color: #ffffff;">Foreign&#160;currency translation adjustment</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>54</font></font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; white-space: nowrap; text-align: right; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;<font>-</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>54</font></font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;<font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important; /* background-color: #ffffff;">Balance as of December 31, 2015</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>37,452</font></font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; white-space: nowrap; text-align: right; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> <font>114,186</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>151,638</font></font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.</p></div>
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Other non-current assets (Tables)<br></strong></div></th>
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<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman';"></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman';"></td>
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<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top;" colspan="2"></td>
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<td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top;" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; width: 10%; background-color: rgb(204, 238, 255);"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">-</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; width: 10%; background-color: rgb(204, 238, 255);"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">1,860,525</font></font></td>
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<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman';"><font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;">Prepayments of exclusive license fees<br/></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"><font>31,189</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"><font>69,983</font><br/></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Unamortized&#160;convertible&#160;bonds&#160;issuance&#160;cost</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">42,275</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">25,284</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<tr style="vertical-align: bottom;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">Prepayment for acquiring an office building<br/></font></td>
<td style="font-size: 10pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; white-space: nowrap; padding: 0px; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;<font>481,047</font></font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">20,000</font></font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding: 0px; text-indent: 0px; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Others</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding-bottom: 1pt; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">6,460</font></font></td>
<td style="padding-bottom: 1pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding-bottom: 1pt; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">9,922</font></font></td>
<td style="padding-bottom: 1pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<tr style="vertical-align: bottom;">
<td style="font-size: 10pt; padding: 0px; font-family: 'times new roman'; vertical-align: top; text-align: left; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding: 0px; text-indent: 0px; font-family: 'times new roman'; background-color: #cceeff;"><strong><font style="font-family: 'times new roman', times; font-size: 10pt;">Total</font></strong></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding-bottom: 1pt; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">560,971</font></font></td>
<td style="padding-bottom: 1pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding-bottom: 1pt; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">1,985,714</font></font></td>
<td style="padding-bottom: 1pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-align: right;" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;">2014</font></td>
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman';"></td>
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman';"></td>
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-align: right;" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;">2015</font></td>
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-size: 10pt; text-align: center; font-family: 'times new roman';"></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman';"></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-align: right;" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;">RMB</font></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman';"></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman';"></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-align: right;" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;">RMB</font></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top;"></td>
<td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top;" colspan="2"></td>
<td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"></td>
<td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top;" colspan="2"></td>
<td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Deferred revenue, current:</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: right; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: right; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman'; width: 74%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">IVAS revenues</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; width: 10%;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">331,555</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; width: 10%;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">361,023</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman'; background-color: rgb(204, 238, 255);"><font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: left; text-indent: -13.3333px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;">Education revenues</font><br/></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"><font>22,899</font><br/></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"><font>21,577</font><br/></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; padding: 0px; text-indent: 0px; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">Government grants</font></td>
<td style="font: 10pt times new roman, times, serif; padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">1,696</font></font></td>
<td style="padding-bottom: 1pt; font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; padding-bottom: 1pt; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">2,700</font></font></td>
<td style="padding-bottom: 1pt; font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; padding: 0px; text-indent: 0px; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Total&#160;current&#160;deferred&#160;revenue</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding-bottom: 1pt; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">356,150</font></font></td>
<td style="padding-bottom: 1pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding-bottom: 1pt; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">385,300</font></font></td>
<td style="padding-bottom: 1pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-size: 10pt; text-indent: 0px; padding: 0px; font-family: 'times new roman'; vertical-align: top; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Deferred revenue, non-current:</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: right; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: right; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">IVAS revenues</font></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">23,850</font></font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">20,085</font></font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
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<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; padding: 0px; text-indent: 0px; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Government grants</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding-bottom: 1pt; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">533</font></font></td>
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<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding-bottom: 1pt; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">667</font></font></td>
<td style="padding-bottom: 1pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; padding: 0px; text-indent: 0px; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">Total&#160;non-current&#160;deferred&#160;revenue</font></td>
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<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">24,383</font></font></td>
<td style="padding-bottom: 1pt; font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; padding-bottom: 1pt; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">20,752</font></font></td>
<td style="padding-bottom: 1pt; font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Accrued liabilities and other current liabilities (Tables)<br></strong></div></th>
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<td style="font: bold 10pt times new roman, times, serif; text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important;" colspan="6"><font style="font-family: 'times new roman', times; font-size: 10pt;">December&#160;31,</font></td>
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<td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman';"></td>
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-align: right;" colspan="2"><strong><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: normal;">RMB</font></strong></td>
<td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman';"></td>
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<td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top;" colspan="2"></td>
<td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"></td>
<td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top;" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Accrued revenue sharing fees</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">160,248</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">298,805</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman'; width: 74%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Accrued salaries and welfare</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; width: 1%;"></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; width: 1%;"></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; width: 10%;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">168,300</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; width: 10%;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">169,041</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Accrued bandwidth costs</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">53,399</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">71,507</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman';"><font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: left; text-indent: -13.3333px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;">Market promotion expenses</font><br/></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"><font>5,944</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"><font>29,358</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Business and other taxes payable</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">15,220</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">14,370</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman';"><font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: left; text-indent: -13.3333px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;">Value added taxes payable</font><br/></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"><font><font>2,734</font></font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"><font>16,010</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Interests payable</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>13,944</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>14,795</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding: 0px; text-indent: 0px; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">Others</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">58,914</font></font></td>
<td style="padding-bottom: 1pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding-bottom: 1pt; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">68,003</font></font></td>
<td style="padding-bottom: 1pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding: 0px; text-indent: 0px; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding-bottom: 1pt; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="padding-bottom: 1pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding-bottom: 1pt; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="padding-bottom: 1pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding: 0px; text-indent: 0px; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">Total</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">478,703</font></font></td>
<td style="padding-bottom: 1pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding-bottom: 1pt; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">681,889</font></font></td>
<td style="padding-bottom: 1pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>

</table>
</div>
</div>
</div>
</div>
</div><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PayablesAndAccrualsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of the components of accrued liabilities.</p></div>
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<span style="display: none;">v3.4.0.3</span><table class="report" border="0" cellspacing="2" id="idp6968017568">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Convertible bonds (Tables)<br></strong></div></th>
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<td class="text">&#160;<span></span>
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<td style="font-weight: bold;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-weight: bold;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td colspan="2" style="text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td colspan="2" style="text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<td style="text-align: left; padding-bottom: 2.5pt; text-indent: -10pt; padding-left: 10pt; width: 74%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">2019&#160;Convertible&#160;Senior&#160;Notes</font></td>
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<td style="padding-bottom: 2.5pt; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: right; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of borrowings which can be exchanged for a specified number of another security at the option of the issuer or the holder. Disclosures include, but are not limited to, principal amount, amortized premium or discount, and amount of liability and equity components.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<span style="display: none;">v3.4.0.3</span><table class="report" border="0" cellspacing="2" id="idp6798010432">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Cost of revenues (Tables)<br></strong></div></th>
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<tr><th class="th"><div>Dec. 31, 2015</div></th></tr>
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<td class="text">&#160;<span></span>
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<td style="font-size: 10pt; text-align: center; font-family: 'times new roman';"></td>
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman';"></td>
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<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman';"></td>
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<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman';"></td>
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<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman';"></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman';"></td>
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<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top; background-color: #ffffff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top; background-color: #ffffff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top; background-color: #ffffff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left; background-color: #ffffff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top; background-color: #ffffff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top; background-color: #ffffff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top; background-color: #ffffff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman'; width: 61%; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">Revenue&#160;sharing&#160;fees&#160;and&#160;content&#160;costs</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; width: 10%; background-color: rgb(204, 238, 255);"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">444,065</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; width: 10%; background-color: rgb(204, 238, 255);"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">1,133,984</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; width: 10%; background-color: rgb(204, 238, 255);"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">2,343,224</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">Bandwidth costs</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">203,238</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">345,913</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">570,169</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Salary and welfare</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">88,456</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">131,773</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">198,153</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">Depreciation&#160;and&#160;amortization</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">37,084</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">59,817</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">145,135</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Payment handling costs</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">24,955</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">55,101</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">104,849</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">Business&#160;tax&#160;and&#160;surcharges</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">47,755</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">49,233</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">27,794</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; padding: 0px; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Share based&#160;compensation</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">9,860</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">18,037</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">23,963</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; padding: 0px; text-indent: 0px; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">Other costs</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">26,586</font></font></td>
<td style="padding-bottom: 1pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding-bottom: 1pt; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">55,291</font></font></td>
<td style="padding-bottom: 1pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding-bottom: 1pt; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">166,457</font></font></td>
<td style="padding-bottom: 1pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; padding: 0px; text-indent: 0px; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding-bottom: 1pt; font-family: 'times new roman'; background-color: #cceeff;"></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"></font></td>
<td style="padding-bottom: 1pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding-bottom: 1pt; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"></font></td>
<td style="padding-bottom: 1pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding-bottom: 1pt; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"></font></td>
<td style="padding-bottom: 1pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"></td>
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<tr style="vertical-align: bottom;">
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding: 0px; text-indent: 0px; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">Total</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">881,999</font></font></td>
<td style="padding-bottom: 1pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding-bottom: 1pt; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">1,849,149</font></font></td>
<td style="padding-bottom: 1pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding-bottom: 1pt; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">3,579,744</font></font></td>
<td style="padding-bottom: 1pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Other income (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<td style="font: bold 10pt times new roman, times, serif; padding-bottom: 1pt; font-family: 'times new roman';"></td>
<td style="font: bold 10pt times new roman, times, serif; text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important;" colspan="10"><font style="font-family: 'times new roman', times; font-size: 10pt;">For&#160;the&#160;year&#160;ended&#160;December&#160;31,</font></td>
<td style="padding-bottom: 1pt; font: bold 10pt times new roman, times, serif; font-family: 'times new roman';"></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-size: 10pt; text-align: center; font-family: 'times new roman';"></td>
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman';"></td>
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-align: right;" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;">2013</font></td>
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman';"></td>
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman';"></td>
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-align: right;" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;">2014</font></td>
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-align: right;" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;">2015</font></td>
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-size: 10pt; text-align: center; font-family: 'times new roman';"></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman';"></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-align: right;" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;">RMB</font></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman';"></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman';"></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-align: right;" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;">RMB</font></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-align: right;" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;">RMB</font></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top;"></td>
<td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top;" colspan="2"></td>
<td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"></td>
<td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top;" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top;" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman'; width: 61%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Government&#160;grants</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; width: 1%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; width: 1%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; width: 10%; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">25,356</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; width: 10%; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">5,570</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; width: 10%; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">79,541</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding: 0px; text-indent: 0px; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">Others</font></td>
<td style="font: 10pt times new roman, times, serif; padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">1,722</font></font></td>
<td style="padding-bottom: 1pt; font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; padding-bottom: 1pt; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">749</font></font></td>
<td style="padding-bottom: 1pt; font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; padding-bottom: 1pt; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">2,759</font></font></td>
<td style="padding-bottom: 1pt; font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding: 0px; text-indent: 0px; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding-bottom: 1pt; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"></font></td>
<td style="padding-bottom: 1pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding-bottom: 1pt; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"></font></td>
<td style="padding-bottom: 1pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding-bottom: 1pt; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"></font></td>
<td style="padding-bottom: 1pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;"></font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding: 0px; text-indent: 0px; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">Total</font></td>
<td style="font: 10pt times new roman, times, serif; padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">27,078</font></font></td>
<td style="padding-bottom: 1pt; font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; padding-bottom: 1pt; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">6,319</font></font></td>
<td style="padding-bottom: 1pt; font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; padding-bottom: 1pt; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">82,300</font></font></td>
<td style="padding-bottom: 1pt; font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>

</table>
</div>
</div><span></span>
</td>
</tr>
</table>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherIncomeAbstract">
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<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OtherIncomeAbstract</td>
</tr>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Income tax (Tables)<br></strong></div></th>
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<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 10%;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(125,365</font></font></td>
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<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">)</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 10%;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(203,366</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">)</font></td>
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<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Deferred income tax benefits</font></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">35,414</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">45,751</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">25,039</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Income&#160;tax&#160;expense&#160;for&#160;the&#160;year</font></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(89,951</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 10px 1px 0px; vertical-align: bottom; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">)</font></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(154,283</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 10px 1px 0px; vertical-align: bottom; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">)</font></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 10px 1px 0px; vertical-align: bottom; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">)</font></td>
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<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; width: 95%; margin-left: 0.32in;">

<tr style="vertical-align: bottom;">
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<td style="font: bold 10pt times new roman, times, serif; text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;" colspan="10"><font style="font-family: 'times new roman', times; font-size: 10pt;">For&#160;the&#160;year&#160;ended&#160;December 31,</font></td>
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<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right;" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;">2015</font></td>
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<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right;" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;">RMB</font></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;"></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;" colspan="2"></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px; width: 61%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">PRC Statutory income tax rate</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; width: 1%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; width: 1%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 10%; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(25.0</font></font></td>
<td style="font-style: normal;font-variant: normal;font-weight: normal;font-stretch: normal;font-size: 10pt;line-height: normal;text-align: left;font-family: 'times new roman';/* padding: 0px 10px 0px 0px; */vertical-align: bottom;white-space: nowrap;width: 1%;background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">)%</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 10%; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(25.0</font></font></td>
<td style="font-style: normal;font-variant: normal;font-weight: normal;font-stretch: normal;font-size: 10pt;line-height: normal;text-align: left;font-family: 'times new roman';/* padding: 0px 10px 0px 0px; */vertical-align: bottom;white-space: nowrap;width: 1%;background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">)%</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 10%; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(25.0</font></font></td>
<td style="font-style: normal;font-variant: normal;font-weight: normal;font-stretch: normal;font-size: 10pt;line-height: normal;text-align: left;font-family: 'times new roman';/* padding: 0px 10px 0px 0px; */vertical-align: bottom;white-space: nowrap;width: 1%;background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">)%</font></td>
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<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Effect of preferential tax rate</font></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">10.5</font></font></td>
<td style="font: 10pt times new roman, times, serif;text-align: left;font-family: 'times new roman';padding: 0px;vertical-align: bottom;/* padding-right: 10px; */white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">%</font></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">13.1</font></font></td>
<td style="font: 10pt times new roman, times, serif;text-align: left;font-family: 'times new roman';padding: 0px;vertical-align: bottom;/* padding-right: 10px; */white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">%</font></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">14.0</font></font></td>
<td style="font: 10pt times new roman, times, serif;text-align: left;font-family: 'times new roman';padding: 0px;vertical-align: bottom;/* padding-right: 10px; */white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">%</font></td>
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<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Effect of tax-exempt entities</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">2.2</font></font></td>
<td style="font-style: normal;font-variant: normal;font-weight: normal;font-stretch: normal;font-size: 10pt;line-height: normal;text-align: left;font-family: 'times new roman';/* padding: 0px 10px 0px 0px; */vertical-align: bottom;white-space: nowrap;background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">%</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">1.1</font></font></td>
<td style="font-style: normal;font-variant: normal;font-weight: normal;font-stretch: normal;font-size: 10pt;line-height: normal;text-align: left;font-family: 'times new roman';/* padding: 0px 10px 0px 0px; */vertical-align: bottom;white-space: nowrap;background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">%</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(1.6</font></font></td>
<td style="font-style: normal;font-variant: normal;font-weight: normal;font-stretch: normal;font-size: 10pt;line-height: normal;text-align: left;font-family: 'times new roman';/* padding: 0px 10px 0px 0px; */vertical-align: bottom;white-space: nowrap;background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">)%</font></td>
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<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Effect of change in tax rate</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>-</font></font></font></td>
<td style="font-style: normal;font-variant: normal;font-weight: normal;font-stretch: normal;font-size: 10pt;line-height: normal;text-align: left;font-family: 'times new roman';/* padding: 0px 10px 0px 0px; */vertical-align: bottom;white-space: nowrap;"><br/></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>-</font></font></font></td>
<td style="font-style: normal;font-variant: normal;font-weight: normal;font-stretch: normal;font-size: 10pt;line-height: normal;text-align: left;font-family: 'times new roman';/* padding: 0px 10px 0px 0px; */vertical-align: bottom;white-space: nowrap;"><br/></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>0.5</font></font></font></td>
<td style="font-style: normal;font-variant: normal;font-weight: normal;font-stretch: normal;font-size: 10pt;line-height: normal;text-align: left;font-family: 'times new roman';/* padding: 0px 10px 0px 0px; */vertical-align: bottom;white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">%&#160;</font></td>
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<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Permanent differences (i)</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(4.0</font></font></td>
<td style="font-style: normal;font-variant: normal;font-weight: normal;font-stretch: normal;font-size: 10pt;line-height: normal;text-align: left;font-family: 'times new roman';/* padding: 0px 10px 0px 0px; */vertical-align: bottom;white-space: nowrap;background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">)%</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(3.5</font></font></td>
<td style="font-style: normal;font-variant: normal;font-weight: normal;font-stretch: normal;font-size: 10pt;line-height: normal;text-align: left;font-family: 'times new roman';/* padding: 0px 10px 0px 0px; */vertical-align: bottom;white-space: nowrap;background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">)%</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(3.8</font></font></td>
<td style="font-style: normal;font-variant: normal;font-weight: normal;font-stretch: normal;font-size: 10pt;line-height: normal;text-align: left;font-family: 'times new roman';/* padding: 0px 10px 0px 0px; */vertical-align: bottom;white-space: nowrap;background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">)%</font></td>
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<tr style="vertical-align: bottom;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Change in valuation allowance</font></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(3.0</font></font></td>
<td style="font: 10pt times new roman, times, serif;text-align: left;font-family: 'times new roman';padding: 0px;vertical-align: bottom;/* padding-right: 10px; */white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">)%</font></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(0.4</font></font></td>
<td style="font: 10pt times new roman, times, serif;text-align: left;font-family: 'times new roman';padding: 0px;vertical-align: bottom;/* padding-right: 10px; */white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">)%</font></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(1.7</font></font></td>
<td style="font: 10pt times new roman, times, serif;text-align: left;font-family: 'times new roman';padding: 0px;vertical-align: bottom;/* padding-right: 10px; */white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">)%</font></td>
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<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Effect&#160;of&#160;Super&#160;Deduction&#160;available&#160;to&#160;the&#160;Group</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">3.4</font></font></td>
<td style="font-style: normal;font-variant: normal;font-weight: normal;font-stretch: normal;font-size: 10pt;line-height: normal;text-align: left;font-family: 'times new roman';/* padding: 0px 10px 0px 0px; */vertical-align: bottom;white-space: nowrap;background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">%</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">2.0</font></font></td>
<td style="font-style: normal;font-variant: normal;font-weight: normal;font-stretch: normal;font-size: 10pt;line-height: normal;text-align: left;font-family: 'times new roman';/* padding: 0px 10px 0px 0px; */vertical-align: bottom;white-space: nowrap;background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">%</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">2.3</font></font></td>
<td style="font-style: normal;font-variant: normal;font-weight: normal;font-stretch: normal;font-size: 10pt;line-height: normal;text-align: left;font-family: 'times new roman';/* padding: 0px 10px 0px 0px; */vertical-align: bottom;white-space: nowrap;background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">%</font></td>
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<tr style="vertical-align: bottom;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Effective income tax rate</font></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(15.9</font></font></td>
<td style="font-style: normal;font-variant: normal;font-weight: normal;font-stretch: normal;font-size: 10pt;line-height: normal;text-align: left;font-family: 'times new roman';vertical-align: bottom;white-space: nowrap;padding-bottom: 1pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">)%</font></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(12.7</font></font></td>
<td style="font-style: normal;font-variant: normal;font-weight: normal;font-stretch: normal;font-size: 10pt;line-height: normal;text-align: left;font-family: 'times new roman';vertical-align: bottom;white-space: nowrap;padding-bottom: 1pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">)%</font></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(15.3</font></font></td>
<td style="font-style: normal;font-variant: normal;font-weight: normal;font-stretch: normal;font-size: 10pt;line-height: normal;text-align: left;font-family: 'times new roman';padding-bottom: 1pt;vertical-align: bottom;white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">)%</font></td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;&#160;</font></p>
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<tr style="vertical-align: top;">
<td style="width: 3%; padding-right: 0.8pt; text-align: justify; font-family: 'times new roman'; vertical-align: top;" valign="top"><font style="font-family: 'times new roman', times; font-size: 10pt;">(i)</font></td>
<td style="width: 97%; padding-right: 0.8pt; text-align: justify; font-family: 'times new roman';">
<div><font style="font-family: 'times new roman', times; font-size: 10pt;">Permanent differences mainly arise from expenses not deductible for tax purposes including primarily share-based compensation costs and expenses incurred by subsidiaries and VIEs.</font></div>
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<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock', window );">Schedule of the tax effects of temporary differences that give rise to the deferred tax asset balances</a></td>
<td class="text"><div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';">
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<tr style="vertical-align: bottom;">
<td style="font-size: 10pt; text-align: center; font-family: 'times new roman'; padding: 0px;"></td>
<td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"></td>
<td style="font: bold 10pt times new roman, times, serif; text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;" colspan="6"><font style="font-family: 'times new roman', times; font-size: 10pt;">December 31,</font></td>
<td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"></td>
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<tr style="vertical-align: bottom;">
<td style="font-size: 10pt; text-align: center; font-family: 'times new roman'; padding: 0px;"></td>
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px;"></td>
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right;" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;">2014</font></td>
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px;"></td>
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px;"></td>
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right;" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;">2015</font></td>
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: center; font-family: 'times new roman'; padding: 0px;"></td>
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<tr style="vertical-align: bottom;">
<td style="font-size: 10pt; text-align: center; font-family: 'times new roman'; padding: 0px;"></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right;" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;">RMB</font></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right;" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;">RMB</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: center; font-family: 'times new roman'; padding: 0px;"></td>
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<tr style="vertical-align: bottom;">
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;"></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;" colspan="2"></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;" colspan="2"></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Deferred tax assets, current:</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: right; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: right; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px; width: 74%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Deferred revenue</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 10%;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">37,796</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 10%;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">46,830</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Allowance&#160;for&#160;doubtful&#160;accounts&#160;receivable,&#160;accrued&#160;expense&#160;and&#160;others&#160;not&#160;currently&#160;deductible&#160;for&#160;tax&#160;purposes</font></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">82,957</font></font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">83,503</font></font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Valuation allowance</font></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(9,317</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">)</font></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(13,412</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">)</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Total current deferred tax assets, net</font></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">111,436</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">116,921</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="font-size: 10pt; text-indent: 0px; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Deferred tax assets, non-current:</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Tax loss carried forward</font></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">14,654</font></font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">39,904</font></font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Deferred revenue</font></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">343</font></font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">1,414</font></font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Impairment of investment</font></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">798</font></font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">1,698</font></font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Others</font></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">705</font></font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; padding-right: 10px; white-space: nowrap;"><br/></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">251</font></font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; padding-right: 10px; white-space: nowrap;"><br/></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px;">Valuation allowance (i)</td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(15,108</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 0px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">)&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(39,904</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">)&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Total non-current deferred tax assets, net</font></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">1,392</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">3,363</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="font-size: 10pt; text-indent: 0px; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Deferred tax liabilities, non-current:</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Related to acquired intangible assets</font></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">26,709</font></font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">16,817</font></font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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</table>
</div>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
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<table style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; border-collapse: collapse; width: 100%; margin-left: 0.1px;" cellspacing="0" cellpadding="0">

<tr style="vertical-align: top;">
<td style="padding-right: 0.8pt; text-align: justify; font-family: 'times new roman'; width: 3%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(i)</font></td>
<td style="padding-right: 2.1pt; text-align: justify; font-family: 'times new roman'; width: 97%;">
<div><font style="font-family: 'times new roman', times; font-size: 10pt;">Valuation allowance is provided against deferred tax assets when the Group determines that it is more likely than not that the deferred tax assets will not be utilized in the future. In making such determination, the Group considered factors including future taxable income exclusive of reversing temporary differences and tax loss carry forwards. Valuation allowance was provided for net operating loss carry forward because it was more likely than not that such deferred tax assets will not be realized based on the Group's estimate of its future taxable income. If events occur in the future that allow the Group to realize more of its deferred income tax than the presently recorded amounts, an adjustment to the valuation allowances will result in a decrease in tax expense when those events occur.</font></div>
</td>
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</table>
</div>
</div><span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SummaryOfOperatingLossCarryforwardsTextBlock', window );">Schedule of the net operating tax loss carry forwards</a></td>
<td class="text"><div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';">
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<tr style="vertical-align: bottom;">
<td style="font-size: 10pt; text-align: left; vertical-align: top; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-align: right;" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;">Amount</font></td>
<td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<tr style="vertical-align: bottom;">
<td style="font-size: 10pt; text-align: left; vertical-align: top; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-align: right;" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;">RMB</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<tr style="vertical-align: bottom;">
<td style="font-size: 10pt; text-align: left; vertical-align: top; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top;" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; vertical-align: top; font-family: 'times new roman'; width: 87%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">2016</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; width: 10%;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">-</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; vertical-align: top; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">2017</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman';"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">-</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-align: left; text-indent: 0px; padding: 0px; vertical-align: top;"><font style="font-family: 'times new roman', times; font-size: 10pt;">2018</font></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman';"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">9,440</font></font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-align: left; text-indent: 0px; padding: 0px; vertical-align: top;"><font style="font-family: 'times new roman', times; font-size: 10pt;">2019</font></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">103,244</font></font></td>
<td style="padding-bottom: 1pt; font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<td style="padding-bottom: 1pt; font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;" colspan="2"></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; font-family: 'times new roman'; padding: 0px; width: 74%; background-color: #cceeff;"><font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: -13.3333px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;">Outstanding, January 1, 2013</font></td>
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<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; width: 1%; background-color: #cceeff;"></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 10%; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">18,230,801</font></font></td>
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<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 10%; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">0.4898</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Forfeited</font></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(1,581,789</font></font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; padding-right: 10px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">)</font></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">0.8726</font></font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Vested</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(11,975,287</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">)</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">0.3906</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-size: 10pt; text-indent: 0px; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Outstanding, December 31, 2013</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">4,673,725</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">0.6144</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Forfeited</font></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(159,410</font></font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; padding-right: 10px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">)</font></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">0.9362</font></font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Vested</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(4,514,315</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">)</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">0.6030</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-size: 10pt; text-indent: 0px; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Outstanding, December 31, 2014 and 2015</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">-</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">-</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>

</table>
</div>
</div><span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ScheduleOfShareBasedCompensationRestrictedStockUnitsAwardActivityTableTextBlock', window );">Summary of the restricted share units activity</a></td>
<td class="text"><div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';">
<div class="CursorPointer">
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; width: 95%; margin-left: 0.32in;">

<tr style="vertical-align: bottom;">
<td style="font-size: 10pt; text-align: center; font-family: 'times new roman'; padding: 0px;"></td>
<td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"></td>
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; padding: 0px; text-align: right;" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;">Number of</font><br/><font style="font-family: 'times new roman', times; font-size: 10pt;"> restricted</font><br/><font style="font-family: 'times new roman', times; font-size: 10pt;"> shares</font></td>
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; padding: 0px; text-align: right;" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;">Weighted</font><br/><font style="font-family: 'times new roman', times; font-size: 10pt;"> average</font><br/><font style="font-family: 'times new roman', times; font-size: 10pt;">grant-date</font><br/><font style="font-family: 'times new roman', times; font-size: 10pt;"> fair&#160;value&#160;(US$)&#160;</font></td>
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; padding: 0px; text-align: right;" colspan="4"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;&#160;&#160;&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;"></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;" colspan="2"></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; font-family: 'times new roman'; padding: 0px; width: 74%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Outstanding, January 1, 2013</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; width: 1%; background-color: #cceeff;"></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; width: 1%; background-color: #cceeff;"></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 10%; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">26,695,621</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%; background-color: #cceeff;"><br/></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 10%; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">1.0415</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Granted</font></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px;"></td>
<td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">29,965,989</font></font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><br/></td>
<td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">0.9338</font></font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Forfeited</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(3,522,992</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">)</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><br/></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">1.0699</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Vested</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>(8,836,018</font></font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">)&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>1.0429</font></font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-size: 10pt; text-indent: 0px; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; text-align: left; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Outstanding, December 31, 2013</font></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>44,302,600</font></font></font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><br/></td>
<td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>0.9639</font></font></font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>&#160;</font></font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;">&#160;</td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>&#160;</font></font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Granted</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">9,912,595</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><br/></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">3.5805</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Forfeited</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(3,125,430</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px 0px 0px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">)&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><br/></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">1.1859</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Vested</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(12,283,670</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">)</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><br/></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">1.0144</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-size: 10pt; text-indent: 0px; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; text-align: left; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"><br/></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Outstanding, December 31, 2014</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>38,806,095</font></font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><br/></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>1.5984</font></font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-size: 10pt; text-indent: 0px; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; text-align: left; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"><br/></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Granted</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">16,012,644</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><br/></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">3.3358</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Forfeited</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(7,312,548</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px 0px 0px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">)&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><br/></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">1.8920</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Vested</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(11,222,589</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">)</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><br/></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">1.4374</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-size: 10pt; text-indent: 0px; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; text-align: left; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"><br/></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Outstanding, December 31, 2015</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"><font>36,283,602</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">2.3535</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-size: 10pt; text-indent: 0px; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; text-align: left; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"><br/></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Expected to vest at December 31, 2015</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"><font>34,548,581</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">2.3356</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>

</table>
</div>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</div><span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PlanNameAxis=yy_Pre2009SchemeOptionsMember', window );">Pre-2009 Scheme Options [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems', window );"><strong>Share-based compensation [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock', window );">Summary of the activities of the Pre-2009 Scheme Options for employees and non-employee</a></td>
<td class="text"><div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';">
<div class="CursorPointer">
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; margin-left: 0.32in;" width="95%">

<tr style="vertical-align: bottom;">
<td style="font-size: 10pt; text-align: center; font-family: 'times new roman'; padding: 0px;"></td>
<td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"></td>
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; padding: 0px; text-align: right;" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;">Number of</font><br/><font style="font-family: 'times new roman', times; font-size: 10pt;"> options</font></td>
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right;"></td>
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; padding: 0px; text-align: right;" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;">Weighted</font><br/><font style="font-family: 'times new roman', times; font-size: 10pt;"> average</font><br/><font style="font-family: 'times new roman', times; font-size: 10pt;"> exercise</font><br/><font style="font-family: 'times new roman', times; font-size: 10pt;"> price&#160;(US$)</font></td>
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right;"></td>
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; padding: 0px; text-align: right;" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;">Weighted</font><br/><font style="font-family: 'times new roman', times; font-size: 10pt;"> average</font><br/><font style="font-family: 'times new roman', times; font-size: 10pt;"> remaining</font><br/><font style="font-family: 'times new roman', times; font-size: 10pt;"> contractual&#160;life</font><br/><font style="font-family: 'times new roman', times; font-size: 10pt;"> (years)</font></td>
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right;"></td>
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; padding: 0px; text-align: right;" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;">Aggregate</font><br/><font style="font-family: 'times new roman', times; font-size: 10pt;"> intrinsic</font><br/><font style="font-family: 'times new roman', times; font-size: 10pt;"> value</font><br/><font style="font-family: 'times new roman', times; font-size: 10pt;"> (US$)</font></td>
<td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;"></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;" colspan="2"></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; font-family: 'times new roman'; padding: 0px; width: 48%;"><font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: -13.3333px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; display: inline !important; float: none; background-color: #cceeff;">Outstanding, January 1, 2013</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; width: 1%;"></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; width: 1%;"></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 10%;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">17,870,425</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 10%;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">0.0055</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 10%;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">5.37</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; width: 10%;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">12,642</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Exercised</font></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"></td>
<td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(4,648,420</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">)</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap;"></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">0.0045</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">4.30</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: right; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-size: 10pt; text-indent: 0px; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Outstanding, December 31, 2013</font></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">13,222,005</font></font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">0.0059</font></font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">4.40</font></font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">33,162</font></font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Exercised</font></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(5,841,660</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">)</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap;"></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">0.0057</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">3.24</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: right; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="font-size: 10pt; text-indent: 0px; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px;">Outstanding, vested and exercisable, December 31, 2014</td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font>7,380,345</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">0.0061</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font>3.52</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font>22,959</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; /* border-bottom: #000000 1pt solid !important; */ white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Exercised</font></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Basic and diluted net income per share (Tables)<br></strong></div></th>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock', window );">Schedule of calculation of basic and diluted net income per share</a></td>
<td class="text"><div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';">
<div style="/* margin-left: 23pt; */">
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse;font-style: normal;font-variant: normal;font-weight: normal;font-stretch: normal;font-size: 10pt;line-height: normal;font-family: 'times new roman', times, serif;width: 95%;margin-left: 0.32in;">

<tr style="vertical-align: bottom;">
<td style="font-size: 10pt; text-align: center; font-family: 'times new roman'; padding: 0px;"></td>
<td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"></td>
<td style="font: bold 10pt times new roman, times, serif; text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; padding: 0px;" colspan="10"><font style="font-family: 'times new roman', times; font-size: 10pt;">For&#160;the&#160;year&#160;ended&#160;December&#160;31,</font></td>
<td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-size: 10pt; text-align: center; font-family: 'times new roman'; padding: 0px;"></td>
<td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"></td>
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right;" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;">2013</font></td>
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right;"></td>
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right;"></td>
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right;" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;">2014</font></td>
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right;" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;">2015</font></td>
<td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-size: 10pt; text-align: center; font-family: 'times new roman'; padding: 0px;"></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right;" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;">RMB</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right;"></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right;"></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right;" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;">RMB</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; text-align: right;" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;">RMB</font></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;"></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;" colspan="2"></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;" colspan="2"></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Numerator:</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: right; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: right; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: right; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px; width: 61%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Net income attributable to the Company</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; width: 10%;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">477,727</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; width: 10%;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">1,064,472</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; width: 10%;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">1,033,243</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-size: 10pt; text-indent: 0px; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; text-align: left; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; text-align: left; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; font-family: 'times new roman'; padding: 0px;"><font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: bold; letter-spacing: normal; line-height: normal; orphans: auto; text-align: left; text-indent: -13.3333px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;">Numerator for basic net income per share</font></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px;border-bottom-width: 1pt !important;border-bottom-style: solid !important;border-bottom-color: rgb(0, 0, 0) !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;border-bottom-width: 1pt !important;border-bottom-style: solid !important;border-bottom-color: rgb(0, 0, 0) !important;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">477,727</font></font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;border-bottom-width: 1pt !important;border-bottom-style: solid !important;border-bottom-color: rgb(0, 0, 0) !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;border-bottom-width: 1pt !important;border-bottom-style: solid !important;border-bottom-color: rgb(0, 0, 0) !important;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">1,064,472</font></font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;border-bottom-width: 1pt !important;border-bottom-style: solid !important;border-bottom-color: rgb(0, 0, 0) !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;border-bottom-width: 1pt !important;border-bottom-style: solid !important;border-bottom-color: rgb(0, 0, 0) !important;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">1,033,243</font></font></td>
<td style="font: 10pt times new roman, times, serif; text-align: left; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: bold; letter-spacing: normal; line-height: normal; orphans: auto; text-align: left; text-indent: -13.3333px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;">Numerator for diluted income per share</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);border-bottom-width: 1pt !important;border-bottom-style: solid !important;border-bottom-color: rgb(0, 0, 0) !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);border-bottom-width: 1pt !important;border-bottom-style: solid !important;border-bottom-color: rgb(0, 0, 0) !important;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">477,727</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);border-bottom-width: 1pt !important;border-bottom-style: solid !important;border-bottom-color: rgb(0, 0, 0) !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);border-bottom-width: 1pt !important;border-bottom-style: solid !important;border-bottom-color: rgb(0, 0, 0) !important;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">1,064,472</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);border-bottom-width: 1pt !important;border-bottom-style: solid !important;border-bottom-color: rgb(0, 0, 0) !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);border-bottom-width: 1pt !important;border-bottom-style: solid !important;border-bottom-color: rgb(0, 0, 0) !important;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">1,033,243</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-size: 10pt; text-indent: 0px; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; text-align: left; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; text-align: left; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Denominator:</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: right; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: right; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: right; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Denominator for basic calculation&#151;weighted&#160;average number of Class A and Class B common shares outstanding</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">1,122,475,688</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">1,153,140,699</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">1,125,189,978</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Dilutive effect of share options</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">16,362,048</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">10,372,442</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">2,711,486</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-indent: 0px; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Dilutive effect of restricted shares</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">14,400,670</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">2,604,789</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">-</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Dilutive effect of restricted share units</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">27,882,891</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">32,425,543</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">22,929,699</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Denominator for diluted calculation</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">1,181,121,297</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">1,198,543,473</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">1,150,831,163</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-size: 10pt; text-indent: 0px; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; text-align: left; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; text-align: left; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Basic net income per Class&#160;A and Class B common share</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">0.43</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">0.92</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">0.92</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Diluted net income per Class&#160;A and Class B common share</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">0.40</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">0.89</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">0.90</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Basic net income per ADS*</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">8.51</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">18.46</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">18.37</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Diluted net income per ADS*</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">8.09</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">17.76</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">17.96</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<div><font style="font-size: 10pt; font-family: 'times new roman', times;">Each ADS represents <font>20</font> Class&#160;A common shares.</font></div>
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Related party transactions (Tables)<br></strong></div></th>
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<td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"><font style="font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"><font style="font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"><font style="font-size: 10pt;">&#160;</font></td>
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<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman'; width: 60%;"><font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: -13.3333px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;">Guangzhou Shanghang Information Technology Co., Ltd. (&#147;Shanghang&#148;)</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; width: 2%;"><font style="font-size: 10pt;">&#160;</font></td>
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<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman';"><font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: -13.3333px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;">Significant influence exercised by the CEO</font></td>
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<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman';"><font style="font-size: 10pt;"><font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: -13.3333px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;">Guangzhou Kuyou Information Technology Co., Ltd.(&#147;Guangzhou Kuyou&#148;) </font><sup style="color: #000000; font-family: 'Times New Roman', Times, serif; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: -13.3333px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px;">(2)</sup></font></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman';"><font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: -13.3333px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;">Equity investment</font></td>
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<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman';"><font style="font-size: 10pt;"><font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: -13.3333px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;">Zhuhai Daren Computer Technology Co., Ltd. (&#147;Zhuhai Daren&#148;) </font><sup style="color: #000000; font-family: 'Times New Roman', Times, serif; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: -13.3333px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px;">(3)</sup></font></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman';"><font style="font-size: 10pt;">Equity investment</font></td>
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<tr style="vertical-align: bottom;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; text-indent: 0px; padding: 0px;"><font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: -13.3333px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;">Shenzhen Qingdou Network Technology Co., Ltd.(&#147;Shenzhen Qingdou&#148;)</font></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman';"><font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: -13.3333px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;">Cost investment with significant influence</font></td>
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<tr style="vertical-align: bottom;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; text-indent: 0px; padding: 0px;"><font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: -13.3333px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;">Beijing Xianqu Network Technology Co., Ltd.(&#147;Beijing Xianqu&#148;)</font></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman';"><font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: -13.3333px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;">Cost investment with significant influence</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; text-indent: 0px; padding: 0px;"><font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: -13.3333px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;">Shanghai YaoYu Culture Media Co., Ltd.(&#147;Shanghai Yaoyu&#148;)</font></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman';"><font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: -13.3333px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;">Cost investment with significant influence</font></td>
</tr>

</table>
</div>
<p style="margin: 0; font-family: 'times new roman';"><font style="font-size: 10pt;">&#160;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; margin-left: 0.32in;"><font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;">(1) In October 2014, the Group entered into an agreement with its CEO to inject Weihui into Bigo, a company set up and which was then controlled by the CEO. In May 2015, the Group made a further capital injection of RMB<font>122,249</font> to Bigo and owned an aggregate of <font>350</font> Million shares of Bigo, representing approximately <font>25</font>% of Bigo's total outstanding shares as of December 31, 2015.</font></p>
<p style="margin: 0; font-family: 'times new roman';"><font style="font-size: 10pt;">&#160;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify; margin-left: 0.32in;"><font style="font-size: 10pt;"><font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;">(2) In March 2014, the Group made a further capital injection</font>&#160;of RMB<font>15,000</font>&#160;to Guangzhou Kuyou and owned<font> 20%</font> of the equity interests in the company.</font></p>
<p style="margin: 0; font-family: 'times new roman';"><font style="font-size: 10pt;">&#160;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify; margin-left: 0.32in;"><font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;">(3) In October 2015, the Group made a further capital injection of RMB<font>500</font> to Zhuhai Daren and owned <font>40</font>% of the equity interests in the company.</font></p>
</div>
</div>
</div><span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ScheduleOfRelatedPartyTransactionsTableTextBlock', window );">Schedule of significant related party transactions</a></td>
<td class="text"><div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';">
<div class="CursorPointer">
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 95%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.32in;">

<tr style="vertical-align: bottom;">
<td nowrap="nowrap"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt;"><font style="font-size: 10pt;">&#160;</font></td>
<td colspan="10" nowrap="nowrap" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid;"><font style="font-size: 10pt;">For&#160;the&#160;year&#160;ended&#160;December 31,</font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold;"><font style="font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td nowrap="nowrap"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" style="font-weight: bold;"><font style="font-size: 10pt;">&#160;</font></td>
<td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: right;"><font style="font-size: 10pt;">2013</font></td>
<td nowrap="nowrap" style="font-weight: bold;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" style="font-weight: bold;"><font style="font-size: 10pt;">&#160;</font></td>
<td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: right;"><font style="font-size: 10pt;">2014</font></td>
<td nowrap="nowrap" style="font-weight: bold;"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" style="font-weight: bold;"><font style="font-size: 10pt;">&#160;</font></td>
<td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: right;"><font style="font-size: 10pt;">2015</font></td>
<td nowrap="nowrap" style="font-weight: bold;"><font style="font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td nowrap="nowrap"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap"><font style="font-size: 10pt;">&#160;</font></td>
<td colspan="2" nowrap="nowrap" style="text-align: right;"><font style="font-size: 10pt;">RMB</font></td>
<td nowrap="nowrap"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap"><font style="font-size: 10pt;">&#160;</font></td>
<td colspan="2" nowrap="nowrap" style="text-align: right;"><font style="font-size: 10pt;">RMB</font></td>
<td nowrap="nowrap"><font style="font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap"><font style="font-size: 10pt;">&#160;</font></td>
<td colspan="2" nowrap="nowrap" style="text-align: right;"><font style="font-size: 10pt;">RMB</font></td>
<td nowrap="nowrap"><font style="font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td><font style="font-size: 10pt;">&#160;</font></td>
<td><font style="font-size: 10pt;">&#160;</font></td>
<td colspan="2" style="text-align: right;"><font style="font-size: 10pt;">&#160;</font></td>
<td><font style="font-size: 10pt;">&#160;</font></td>
<td><font style="font-size: 10pt;">&#160;</font></td>
<td colspan="2" style="text-align: right;"><font style="font-size: 10pt;">&#160;</font></td>
<td><font style="font-size: 10pt;">&#160;</font></td>
<td><font style="font-size: 10pt;">&#160;</font></td>
<td colspan="2" style="text-align: right;"><font style="font-size: 10pt;">&#160;</font></td>
<td><font style="font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; width: 61%; background-color: #cceeff;"><font style="font-size: 10pt;">Repayment from related parties</font></td>
<td style="width: 1%; background-color: #cceeff;"><font style="font-size: 10pt;">&#160;</font></td>
<td style="text-align: left; width: 1%; background-color: #cceeff;"><font style="font-size: 10pt;">&#160;</font></td>
<td style="text-align: right; width: 10%; background-color: #cceeff;"><font style="font-size: 10pt;"><font>1,000</font></font></td>
<td style="text-align: left; width: 1%; background-color: #cceeff;"><font style="font-size: 10pt;">&#160;</font></td>
<td style="width: 1%; background-color: #cceeff;"><font style="font-size: 10pt;">&#160;</font></td>
<td style="text-align: left; width: 1%; background-color: #cceeff;"><font style="font-size: 10pt;">&#160;</font></td>
<td style="text-align: right; width: 10%; background-color: #cceeff;"><font style="font-size: 10pt;"><font>1,500</font></font></td>
<td style="text-align: left; width: 1%; background-color: #cceeff;"><font style="font-size: 10pt;">&#160;</font></td>
<td style="width: 1%; background-color: #cceeff;"><font style="font-size: 10pt;">&#160;</font></td>
<td style="text-align: left; width: 1%; background-color: #cceeff;"><font style="font-size: 10pt;">&#160;</font></td>
<td style="text-align: right; width: 10%; background-color: #cceeff;"><font style="font-size: 10pt;"><font>316,181</font></font></td>
<td style="text-align: left; width: 1%; background-color: #cceeff;"><font style="font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left;"><font style="font-size: 10pt;">Online games revenue shared from related parties</font></td>
<td><font style="font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 10pt;"><font>29,528</font></font></td>
<td style="text-align: left;"><font style="font-size: 10pt;">&#160;</font></td>
<td><font style="font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 10pt;"><font>65,247</font></font></td>
<td style="text-align: left;"><font style="font-size: 10pt;">&#160;</font></td>
<td><font style="font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 10pt;"><font>163,912</font></font></td>
<td style="text-align: left;"><font style="font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; background-color: #cceeff;"><font style="font-size: 10pt;">Interest-free loan to related parties</font></td>
<td style="background-color: #cceeff;"><font style="font-size: 10pt;">&#160;</font></td>
<td style="text-align: left; background-color: #cceeff;"><font style="font-size: 10pt;">&#160;</font></td>
<td style="text-align: right; background-color: #cceeff;"><font style="font-size: 10pt;"><font>-</font></font></td>
<td style="text-align: left; background-color: #cceeff;"><font style="font-size: 10pt;">&#160;</font></td>
<td style="background-color: #cceeff;"><font style="font-size: 10pt;">&#160;</font></td>
<td style="text-align: left; background-color: #cceeff;"><font style="font-size: 10pt;">&#160;</font></td>
<td style="text-align: right; background-color: #cceeff;"><font style="font-size: 10pt;"><font>1,500</font></font></td>
<td style="text-align: left; background-color: #cceeff;"><font style="font-size: 10pt;">&#160;</font></td>
<td style="background-color: #cceeff;"><font style="font-size: 10pt;">&#160;</font></td>
<td style="text-align: left; background-color: #cceeff;"><font style="font-size: 10pt;">&#160;</font></td>
<td style="text-align: right; background-color: #cceeff;"><font style="font-size: 10pt;"><font>159,000</font></font></td>
<td style="text-align: left; background-color: #cceeff;"><font style="font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left;"><font style="font-size: 10pt;">Payment on behalf of&#160;related parties</font></td>
<td><font style="font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 10pt;"><font>-</font></font></td>
<td style="text-align: left;"><font style="font-size: 10pt;">&#160;</font></td>
<td><font style="font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 10pt;"><font>61,000</font></font></td>
<td style="text-align: left;"><font style="font-size: 10pt;">&#160;</font></td>
<td><font style="font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 10pt;"><font>95,311</font></font></td>
<td style="text-align: left;"><font style="font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; background-color: #cceeff;"><font style="font-size: 10pt;">Bandwidth service provided by Shanghang</font></td>
<td style="background-color: #cceeff;"><font style="font-size: 10pt;">&#160;</font></td>
<td style="text-align: left; background-color: #cceeff;"><font style="font-size: 10pt;">&#160;</font></td>
<td style="text-align: right; background-color: #cceeff;"><font style="font-size: 10pt;"><font>21,272</font></font></td>
<td style="text-align: left; background-color: #cceeff;"><font style="font-size: 10pt;">&#160;</font></td>
<td style="background-color: #cceeff;"><font style="font-size: 10pt;">&#160;</font></td>
<td style="text-align: left; background-color: #cceeff;"><font style="font-size: 10pt;">&#160;</font></td>
<td style="text-align: right; background-color: #cceeff;"><font style="font-size: 10pt;"><font>42,470</font></font></td>
<td style="text-align: left; background-color: #cceeff;"><font style="font-size: 10pt;">&#160;</font></td>
<td style="background-color: #cceeff;"><font style="font-size: 10pt;">&#160;</font></td>
<td style="text-align: left; background-color: #cceeff;"><font style="font-size: 10pt;">&#160;</font></td>
<td style="text-align: right; background-color: #cceeff;"><font style="font-size: 10pt;"><font>74,661</font></font></td>
<td style="text-align: left; background-color: #cceeff;"><font style="font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; text-indent: -10pt; padding-left: 10pt;"><font style="font-size: 10pt;">Sales of equipment to Bigo</font></td>
<td><font style="font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 10pt;"><font>-</font></font></td>
<td style="text-align: left;"><font style="font-size: 10pt;">&#160;</font></td>
<td><font style="font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 10pt;"><font>-</font></font></td>
<td style="text-align: left;"><font style="font-size: 10pt;">&#160;</font></td>
<td><font style="font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 10pt;"><font>12,058</font></font></td>
<td style="text-align: left;"><font style="font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; text-indent: -10pt; padding-left: 10pt; background-color: #cceeff;"><font style="font-size: 10pt;">Purchase of operating rights for game broadcasting from Shanghai Yaoyu</font><br/></td>
<td style="background-color: #cceeff;"><font style="font-size: 10pt;">&#160;</font></td>
<td style="text-align: left; background-color: #cceeff;"><font style="font-size: 10pt;">&#160;</font></td>
<td style="text-align: right; background-color: #cceeff;"><font style="font-size: 10pt;"><font>&#160;<font>-</font></font></font></td>
<td style="text-align: left; background-color: #cceeff;"><font style="font-size: 10pt;">&#160;</font></td>
<td style="background-color: #cceeff;"><font style="font-size: 10pt;">&#160;</font></td>
<td style="text-align: left; background-color: #cceeff;"><font style="font-size: 10pt;">&#160;</font></td>
<td style="text-align: right; background-color: #cceeff;"><font style="font-size: 10pt;"><font>&#160;<font>-</font></font></font></td>
<td style="text-align: left; background-color: #cceeff;"><font style="font-size: 10pt;">&#160;</font></td>
<td style="background-color: #cceeff;"><font style="font-size: 10pt;">&#160;</font></td>
<td style="text-align: left; background-color: #cceeff;"><font style="font-size: 10pt;">&#160;</font></td>
<td style="text-align: right; background-color: #cceeff;"><font style="font-size: 10pt;"><font>&#160;<font>11,486</font></font></font></td>
<td style="text-align: left; background-color: #cceeff;"><font style="font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; text-indent: -10pt; padding-left: 10pt;"><font style="font-size: 10pt;">Purchase of operating rights for licensed games from related parties</font><br/></td>
<td><font style="font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 10pt;"><font>&#160;<font>-</font></font></font></td>
<td style="text-align: left;"><font style="font-size: 10pt;">&#160;</font></td>
<td><font style="font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 10pt;"><font>&#160;<font>6,836</font></font></font></td>
<td style="text-align: left;"><font style="font-size: 10pt;">&#160;</font></td>
<td><font style="font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 10pt;"><font>&#160;<font>10,022</font></font></font></td>
<td style="text-align: left;"><font style="font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-indent: -10pt; padding-left: 10pt; background-color: #cceeff;"><font style="font-size: 10pt;">Others</font></td>
<td style="background-color: #cceeff;"><font style="font-size: 10pt;">&#160;</font></td>
<td style="text-align: left; background-color: #cceeff;"><font style="font-size: 10pt;">&#160;</font></td>
<td style="text-align: right; background-color: #cceeff;"><font style="font-size: 10pt;"><font>7,164</font></font></td>
<td style="text-align: left; background-color: #cceeff;"><font style="font-size: 10pt;">&#160;</font></td>
<td style="background-color: #cceeff;"><font style="font-size: 10pt;">&#160;</font></td>
<td style="text-align: left; background-color: #cceeff;"><font style="font-size: 10pt;">&#160;</font></td>
<td style="text-align: right; background-color: #cceeff;"><font style="font-size: 10pt;"><font>1,563</font></font></td>
<td style="text-align: left; background-color: #cceeff;"><font style="font-size: 10pt;">&#160;</font></td>
<td style="background-color: #cceeff;"><font style="font-size: 10pt;">&#160;</font></td>
<td style="text-align: left; background-color: #cceeff;"><font style="font-size: 10pt;">&#160;</font></td>
<td style="text-align: right; background-color: #cceeff;"><font style="font-size: 10pt;"><font>9,095</font></font></td>
<td style="text-align: left; background-color: #cceeff;"><font style="font-size: 10pt;">&#160;</font></td>
</tr>

</table>
</div>
</div><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_yy_ScheduleOfRelatedPartyTransactionDueFromToRelatedPartyTableTextBlock', window );">Schedule of the amounts due from/to related parties</a></td>
<td class="text"><div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';">
<div class="CursorPointer">
<div align="left">
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; margin-left: 0.32in;" width="95%">

<tr style="vertical-align: bottom;">
<td style="font-size: 10pt; text-align: center; font-family: 'times new roman';"></td>
<td style="font: bold 10pt times new roman, times, serif; padding-bottom: 1pt; font-family: 'times new roman';"></td>
<td style="font: bold 10pt times new roman, times, serif; text-align: center; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important;" colspan="6"><font style="font-size: 10pt;">December 31,</font></td>
<td style="padding-bottom: 1pt; font: bold 10pt times new roman, times, serif; font-family: 'times new roman';"></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-size: 10pt; text-align: center; font-family: 'times new roman';"></td>
<td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman';"></td>
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-align: right;" colspan="2"><font style="font-size: 10pt;">2014</font></td>
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-align: right;"></td>
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-align: right;"></td>
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-align: right;" colspan="2"><font style="font-size: 10pt;">2015</font></td>
<td style="font: bold 10pt times new roman, times, serif; font-family: 'times new roman';"><font style="font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-size: 10pt; text-align: center; font-family: 'times new roman';"></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman';"></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-align: right;" colspan="2"><font style="font-size: 10pt;">RMB</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-align: right;"></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-align: right;"></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; text-align: right;" colspan="2"><font style="font-size: 10pt;">RMB</font></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman';"><font style="font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top;"></td>
<td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"></td>
<td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: right;" colspan="2"></td>
<td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: right;"></td>
<td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: right;"></td>
<td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: right;" colspan="2"></td>
<td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"><font style="font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman'; width: 74%; background-color: #cceeff;"><font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: bold; letter-spacing: normal; line-height: normal; orphans: auto; text-align: left; text-indent: -13.3333px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;">Amounts due from related parties</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; width: 1%; background-color: #cceeff;"><font style="font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; width: 1%; background-color: #cceeff;"><font style="font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; width: 10%; background-color: #cceeff;"><font><font style="font-size: 10pt;">&#160;</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; /* padding-right: 5px; *//* padding-left: 5px; */width: 1%; text-align: right; background-color: #cceeff;"><br/></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: #cceeff;"><font style="font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; /* padding-right: 5px; *//* padding-left: 5px; */width: 1%; background-color: #cceeff;"><font style="font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; width: 10%; background-color: #cceeff;"><font><font style="font-size: 10pt;">&#160;</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%; background-color: #cceeff;"><font style="font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman';"><font style="font-size: 10pt;">Other receivables from Bigo</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt;">61,000</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; text-align: right;"><br/></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; /* padding-right: 5px; *//* padding-left: 5px;"><font style="font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; /* padding-right: 5px; *//* padding-left: 5px;"><font style="font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt;">-</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; padding: 0px; text-indent: 0px; font-family: 'times new roman'; background-color: #cceeff;"><font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: left; text-indent: -13.3333px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;"><font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: -13.3333px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;">Others</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding-bottom: 1pt; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: #cceeff;"><font style="font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: #cceeff;"><font style="font-size: 10pt;"><font>73</font></font></td>
<td style="padding-bottom: 1pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; /* padding-right: 5px; *//* padding-left: 5px; */text-align: right; background-color: #cceeff;"><br/></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding-bottom: 1pt; font-family: 'times new roman'; white-space: nowrap; /* padding-right: 5px; *//* padding-left: 5px; */background-color: #cceeff;"><font style="font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; /* padding-right: 5px; *//* padding-left: 5px; */border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: #cceeff;"><font style="font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; border-bottom-color: #000000 !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: #cceeff;"><font style="font-size: 10pt;"><font>5,297</font></font></td>
<td style="padding-bottom: 1pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; padding: 0px; text-indent: 0px; font-family: 'times new roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt;"></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt;"></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"><font style="font-size: 10pt;"></font></td>
<td style="padding-bottom: 1pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; /* padding-right: 5px; *//* padding-left: 5px; */text-align: right;"><font style="font-size: 10pt;"></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding-bottom: 1pt; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt;"></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt;"></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"><font style="font-size: 10pt;"></font></td>
<td style="padding-bottom: 1pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt;"></font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding: 0px; text-indent: 0px; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-size: 10pt;">Total</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding-bottom: 1pt; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #cceeff;"><font style="font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #cceeff;"><font><font style="font-size: 10pt;">61,073</font></font></td>
<td style="padding-bottom: 1pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; /* padding-right: 5px; *//* padding-left: 5px; */text-align: right; background-color: #cceeff;"><font style="font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding-bottom: 1pt; font-family: 'times new roman'; white-space: nowrap; /* padding-right: 5px; *//* padding-left: 5px; */background-color: #cceeff;"><font style="font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; /* padding-right: 5px; *//* padding-left: 5px; */border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #cceeff;"><font style="font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #cceeff;"><font><font style="font-size: 10pt;">5,297</font></font></td>
<td style="padding-bottom: 1pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-size: 10pt; text-indent: 0px; padding: 0px; font-family: 'times new roman'; vertical-align: top; text-align: left;"><font style="font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"><font style="font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; /* padding-right: 5px; *//* padding-left: 5px;"><font style="font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; /* padding-right: 5px; *//* padding-left: 5px; */text-align: right;"><br/></td>
<td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left; white-space: nowrap; /* padding-right: 5px; *//* padding-left: 5px;"><font style="font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; /* padding-right: 5px; *//* padding-left: 5px;"><font style="font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-size: 10pt;">Amounts due to related parties</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: right; font-family: 'times new roman'; white-space: nowrap; /* padding-right: 5px; *//* padding-left: 5px; */background-color: #cceeff;"><font style="font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; /* padding-left: 5px; *//* text-align: right; */background-color: #cceeff;"><font style="font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; white-space: nowrap; /* padding-right: 5px; *//* padding-left: 5px; */background-color: #cceeff;"><font style="font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; white-space: nowrap; /* padding-right: 5px; *//* padding-left: 5px; */background-color: #cceeff;"><font style="font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: right; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-weight: bold; font-style: normal; font-variant: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman';"><font style="font-size: 10pt;"><font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: left; text-indent: -13.3333px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;">Other payables to Shanghang</font>&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: right; font-family: 'times new roman'; white-space: nowrap; /* padding: 0px 0px 0px 5px;"><font style="font-size: 10pt;">&#160;<font>4,342</font></font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; white-space: nowrap; /* padding-right: 5px; *//* padding-left: 5px; */text-align: right;"><font style="font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; white-space: nowrap; /* padding-right: 5px; *//* padding-left: 5px;"><font style="font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; white-space: nowrap; /* padding-right: 5px; *//* padding-left: 5px;"><font style="font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; text-align: right; font-family: 'times new roman'; white-space: nowrap; padding: 0px 0px 0px 5px;"><font style="font-size: 10pt;"><font>10,167</font></font></td>
<td style="font-size: 10pt; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-size: 10pt;">Accounts payable to Guangzhou Kuyou</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-size: 10pt;">24,454</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; /* padding-right: 5px; *//* padding-left: 5px; */text-align: right; background-color: #cceeff;"><font style="font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; /* padding-right: 5px; *//* padding-left: 5px; */background-color: #cceeff;"><font style="font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; /* padding-right: 5px; *//* padding-left: 5px; */background-color: #cceeff;"><font style="font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; background-color: #cceeff;"><font><font style="font-size: 10pt;">9,017</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman';"><font style="font-size: 10pt;">Accounts payable to Zhuhai Daren</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt;">2,020</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; /* padding-right: 5px; *//* padding-left: 5px; */text-align: right;"><font style="font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; /* padding-right: 5px; *//* padding-left: 5px;"><font style="font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; /* padding-right: 5px; *//* padding-left: 5px;"><font style="font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"><font><font style="font-size: 10pt;">4,127</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0px; padding: 0px; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-size: 10pt;"><font style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: -13.3333px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;">Others</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #cceeff;"><font style="font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #cceeff;"><font style="font-size: 10pt;"><font>76</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; /* padding-right: 5px; *//* padding-left: 5px; */text-align: right; background-color: #cceeff;"><font style="font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; /* padding-right: 5px; *//* padding-left: 5px; */background-color: #cceeff;"><font style="font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; /* padding-right: 5px; *//* padding-left: 5px; */border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #cceeff;"><font style="font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #cceeff;"><font style="font-size: 10pt;"><font>1,606</font></font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; padding: 0px; text-indent: 0px; font-family: 'times new roman';"><font style="font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding-bottom: 1pt; font-family: 'times new roman';">&#160;</td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman';">&#160;</td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;">&#160;</td>
<td style="padding-bottom: 1pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; /* padding-right: 5px; *//* padding-left: 5px; */text-align: right;"><br/></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding-bottom: 1pt; font-family: 'times new roman'; white-space: nowrap; /* padding-right: 5px; *//* padding-left: 5px;">&#160;</td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; /* padding-right: 5px; *//* padding-left: 5px;">&#160;</td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;">&#160;</td>
<td style="padding-bottom: 1pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;">&#160;</td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding: 0px; text-indent: 0px; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-size: 10pt;">Total</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding-bottom: 1pt; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #cceeff;"><font style="font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #cceeff;"><font><font style="font-size: 10pt;">30,892</font></font></td>
<td style="padding-bottom: 1pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman'; white-space: nowrap; /* padding-right: 5px; *//* padding-left: 5px; */text-align: right; background-color: #cceeff;"><br/></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding-bottom: 1pt; font-family: 'times new roman'; white-space: nowrap; /* padding-right: 5px; *//* padding-left: 5px; */background-color: #cceeff;"><font style="font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; /* padding-right: 5px; *//* padding-left: 5px; */border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #cceeff;"><font style="font-size: 10pt;">&#160;</font></td>
<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #cceeff;"><font><font style="font-size: 10pt;">24,917</font></font></td>
<td style="padding-bottom: 1pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; background-color: #cceeff;"><font style="font-size: 10pt;">&#160;</font></td>
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Fair value measurements (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr style="vertical-align: bottom;">
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-weight: bold; padding-bottom: 1pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td colspan="14" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">As&#160;of&#160;December&#160;31,&#160;2014</font></td>
<td style="padding-bottom: 1pt; font-weight: bold;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<tr style="vertical-align: bottom;">
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-weight: bold; padding-bottom: 1pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Level&#160;1</font></td>
<td style="padding-bottom: 1pt; font-weight: bold;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-weight: bold; padding-bottom: 1pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Level&#160;2</font></td>
<td style="padding-bottom: 1pt; font-weight: bold;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-weight: bold; padding-bottom: 1pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Level&#160;3</font></td>
<td style="padding-bottom: 1pt; font-weight: bold;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-weight: bold; padding-bottom: 1pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Total</font></td>
<td style="padding-bottom: 1pt; font-weight: bold;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;&#160;&#160;</font></td>
<td style="font-weight: bold; padding-bottom: 1pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-weight: bold; text-align: center;" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="padding-bottom: 1pt; font-weight: bold;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-weight: bold; padding-bottom: 1pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-weight: bold; text-align: center;" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="padding-bottom: 1pt; font-weight: bold;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-weight: bold; padding-bottom: 1pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-weight: bold; text-align: center;" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="padding-bottom: 1pt; font-weight: bold;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-weight: bold; padding-bottom: 1pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-weight: bold; text-align: center;" colspan="2"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="padding-bottom: 1pt; font-weight: bold;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-weight: bold; width: 48%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Liabilities</font></td>
<td style="width: 1%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left; width: 1%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: right; width: 10%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left; width: 1%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="width: 1%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left; width: 1%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: right; width: 10%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left; width: 1%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="width: 1%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left; width: 1%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: right; width: 10%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left; width: 1%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="width: 1%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left; width: 1%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: right; width: 10%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left; width: 1%; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-weight: bold;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;">Long-term&#160;payable:</font></td>
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; padding-bottom: 1pt; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Contingent&#160;consideration&#160;in&#160;relation&#160;to&#160;a&#160;business&#160;acquisition</font></td>
<td style="padding-bottom: 1pt; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: left; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: right; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">-</font></font></td>
<td style="padding-bottom: 1pt; text-align: left; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="padding-bottom: 1pt; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: left; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: right; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">-</font></font></td>
<td style="padding-bottom: 1pt; text-align: left; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="padding-bottom: 1pt; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: left; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: right; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">183,000</font></font></td>
<td style="padding-bottom: 1pt; text-align: left; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="padding-bottom: 1pt; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: left; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: right; background-color: #cceeff;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">183,000</font></font></td>
<td style="padding-bottom: 1pt; text-align: left; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>

</table>
</div>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
</div>
<div align="left">
<table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman', Times, serif; letter-spacing: normal; orphans: auto; text-indent: 0px; text-transform: none; widows: 1; word-spacing: 0px; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; border-collapse: collapse; width: 96%; margin-left: 0.25in;">

<tr style="vertical-align: bottom; background-color: white;">
<td style="padding-bottom: 1pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-weight: bold; padding-bottom: 1pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-weight: bold; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td colspan="13" style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-weight: bold; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b>As of December 31, 2015</b></font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="padding-bottom: 1pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-weight: bold; padding-bottom: 1pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-weight: bold; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-weight: bold; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b>Level&#160;1</b></font></td>
<td style="padding-bottom: 1pt; font-weight: bold; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-weight: bold; padding-bottom: 1pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-weight: bold; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-weight: bold; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b>Level&#160;2</b></font></td>
<td style="padding-bottom: 1pt; font-weight: bold; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-weight: bold; padding-bottom: 1pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-weight: bold; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-weight: bold; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b>Level&#160;3</b></font></td>
<td style="padding-bottom: 1pt; font-weight: bold; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-weight: bold; padding-bottom: 1pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-weight: bold; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; font-weight: bold; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b>Total</b></font></td>
<td style="padding-bottom: 1pt; font-weight: bold; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-weight: bold; text-align: justify; width: 48%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Liabilities</font></td>
<td style="width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: right; width: 10%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: right; width: 10%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: right; width: 10%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: right; width: 10%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Long-term payable:</font></td>
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; padding-bottom: 1pt; padding-left: 0.125in; text-indent: -0.125in;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Contingent&#160;consideration&#160;in&#160;relation&#160;to&#160;business&#160;acquisitions</font></td>
<td style="padding-bottom: 1pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>-</font></font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="padding-bottom: 1pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>-</font></font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="padding-bottom: 1pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>-</font></font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="padding-bottom: 1pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>-</font></font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>

</table>
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</div><span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTableTextBlock', window );">Schedule of changes in level 3 instruments</a></td>
<td class="text"><div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';">
<div style="display: block;" align="left">
<table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman', Times, serif; letter-spacing: normal; orphans: auto; text-indent: 0px; text-transform: none; widows: 1; word-spacing: 0px; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; border-collapse: collapse; width: 96%; margin-left: 0.25in;">

<tr style="vertical-align: bottom;">
<td nowrap="nowrap"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" style="font-weight: bold;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Contingent&#160;consideration&#160;in</font><br/><font style="font-family: 'times new roman', times; font-size: 10pt;">relation&#160;to&#160;business</font><br/><font style="font-family: 'times new roman', times; font-size: 10pt;">acquisitions</font></td>
<td nowrap="nowrap" style="font-weight: bold;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-weight: bold;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td colspan="2" style="font-weight: bold; text-align: center;">RMB</td>
<td style="font-weight: bold;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td colspan="2" style="text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="padding-bottom: 2.5pt; text-indent: -10pt; padding-left: 10pt; width: 87%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Balance as of December 31, 2013</font></td>
<td style="padding-bottom: 2.5pt; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: left; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: right; width: 10%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>-</font></font></td>
<td style="padding-bottom: 2.5pt; text-align: left; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; padding-bottom: 1pt; text-indent: -3.55pt; padding-left: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Acquisition of 100 Online in 2014 (Note 4)</font></td>
<td style="padding-bottom: 1pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>183,000</font></font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="padding-bottom: 2.5pt; text-indent: -10pt; padding-left: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Balance as of December 31, 2014</font></td>
<td style="padding-bottom: 2.5pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>183,000</font></font></td>
<td style="padding-bottom: 2.5pt; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; text-indent: -3.55pt; padding-left: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Acquisition of Beifu in 2015 (Note 4)</font></td>
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>107,306</font></font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; padding-bottom: 1pt; text-indent: -3.55pt; padding-left: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Fair&#160;value&#160;change&#160;of&#160;contingent&#160;consideration&#160;in&#160;2015</font></td>
<td style="padding-bottom: 1pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>(290,306</font></font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">)</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="padding-bottom: 2.5pt; text-indent: -10pt; padding-left: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Balance as of December 31, 2015</font></td>
<td style="padding-bottom: 2.5pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>-</font></font></td>
<td style="padding-bottom: 2.5pt; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>

</table>
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</div><span></span>
</td>
</tr>
<tr class="ro">
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<td class="text"><div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';">
<div align="left">
<table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman', Times, serif; letter-spacing: normal; orphans: auto; text-indent: 0px; text-transform: none; widows: 1; word-spacing: 0px; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; border-collapse: collapse; width: 96%; margin-left: 0.25in;">

<tr style="vertical-align: bottom;">
<td nowrap="nowrap" style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Initial&#160;recognition&#160;of&#160;contingent&#160;consideration&#160;in&#160;relation&#160;to</font><br/><font style="font-family: 'times new roman', times; font-size: 10pt;">business acquisitions</font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Risk&#160;free&#160;interest&#160;rate</font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td colspan="2" nowrap="nowrap" style="text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Discount&#160;rate</font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: justify; width: 74%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Acquisition of 100 Online</font></td>
<td style="width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: right; width: 10%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>4.14</font></font></td>
<td style="text-align: left; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">%</font></td>
<td style="width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: right; width: 10%;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>16</font></font></td>
<td style="text-align: left; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">%</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Acquisition of Beifu</font></td>
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>3.81</font></font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">%</font></td>
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>18</font></font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">%</font></td>
</tr>

</table>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.</p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of the inputs and valuation techniques used to measure fair value, and a discussion of changes in valuation techniques and related inputs, if any, applied during the period to each separate class of assets, liabilities, and financial instruments classified in shareholders' equity that are measured on a recurring and/or nonrecurring basis.</p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).  Where the quoted price in an active market for the identical liability is not available, the Level 1 input is the quoted price of an identical liability when traded as an asset.</p></div>
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Commitments and contingencies (Tables)<br></strong></div></th>
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<td style="font-size: 10pt; text-align: left; vertical-align: top; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<td style="font-size: 10pt; text-align: left; vertical-align: top; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<td style="font-size: 10pt; text-align: left; vertical-align: top; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-size: 10pt; font-family: 'times new roman'; vertical-align: top; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; padding-left: 1.4pt; vertical-align: top; font-family: 'times new roman'; width: 87%; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">2016</font></td>
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<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman'; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<td style="padding-bottom: 1pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; padding-bottom: 1pt; font-family: 'times new roman'; background-color: #cceeff;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of future minimum payments required in the aggregate and for each of the five succeeding fiscal years for operating leases having initial or remaining noncancelable lease terms in excess of one year and the total minimum rentals to be received in the future under noncancelable subleases as of the balance sheet date.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 840<br> -SubTopic 20<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=6453985&amp;loc=d3e41502-112717<br></p></div>
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<span style="display: none;">v3.4.0.3</span><table class="report" border="0" cellspacing="2" id="idp6968087024">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Segment Reporting (Tables)<br></strong></div></th>
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<td style="font-weight: bold; text-align: center; font-family: 'times new roman'; padding: 0px;" colspan="2" nowrap="nowrap"><font style="font-size: 10pt; font-family: 'times new roman', times;">YY IVAS</font></td>
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<td style="font-weight: bold; font-family: 'times new roman'; padding: 0px;" nowrap="nowrap"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
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<td style="font-weight: bold; font-family: 'times new roman'; padding: 0px;" nowrap="nowrap"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
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<td style="font-weight: bold; font-family: 'times new roman'; padding: 0px;" nowrap="nowrap"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
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<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
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<td style="text-align: right; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
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<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
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<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
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<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
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<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
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<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; width: 1%; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
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<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">771,882</font></font></td>
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<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
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<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
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<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
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<td style="text-indent: 0.1in; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#151;Online dating</font></td>
<td style="font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
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<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
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<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">651,019</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">-</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">-</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">651,019</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-indent: 0.1in; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#151;Other IVAS</font></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">561,682</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman'; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>-</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">561,682</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">356,324</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">-</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">918,006</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">Other revenues</font></td>
<td style="font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">-</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">112,516</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">112,516</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">-</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">123,774</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">236,290</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-family: 'times new roman'; padding: 0px; vertical-align: top; text-align: left;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td style="font-weight: bold; text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">Total net revenues</font></td>
<td style="font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">5,304,635</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">112,516</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">5,417,151</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">356,324</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">123,774</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">5,897,249</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
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<tr style="vertical-align: bottom;">
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
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<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td style="font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">Cost of revenues<sup style="font-style: normal;">(1)</sup></font></td>
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<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(2,798,064</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">)</font></td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(655,066</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">)</font></td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(126,614</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">)</font></td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(3,579,744</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">)</font></td>
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<tr style="vertical-align: bottom;">
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
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<td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td style="font-weight: bold; text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">Gross profit / (loss)</font></td>
<td style="font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
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<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
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<td style="text-align: right; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
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<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
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<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
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<td style="text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">)</font></td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
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<tr style="vertical-align: bottom;">
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<td style="font-weight: bold; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;"><b>Operating expenses<sup style="font-style: normal;">(1)</sup></b></font></td>
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<td style="text-align: right; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
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<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
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<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Research and development expenses</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(445,411</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">)</font></td>
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<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
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<td style="text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">)</font></td>
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<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
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<td style="text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">)</font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(548,799</font></font></td>
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<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">Sales and marketing expenses</font></td>
<td style="font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
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<td style="text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">)</font></td>
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<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
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<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
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<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
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<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
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<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
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<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
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<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
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<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
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<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
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<td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
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<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
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<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
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<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(959,804</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">)</font></td>
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<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(116,876</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">)</font></td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(161,116</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">)</font></td>
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<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(1,237,796</font></font></td>
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</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
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<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
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<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Other income</font></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">82,300</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">-</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">-</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">82,300</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px; vertical-align: top; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="vertical-align: top; text-align: left; white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; vertical-align: top; white-space: nowrap; background-color: rgb(204, 238, 255);"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-weight: bold; text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Operating income / (loss)</font></td>
<td style="font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">1,741,583</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(415,618</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">)</font></td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(163,956</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 10px 0px 0px; vertical-align: bottom; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">)</font></td>
<td style="font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman'; padding: 0px; vertical-align: bottom; white-space: nowrap; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-width: 1pt !important; border-bottom-style: solid !important;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">1,162,009</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; padding: 0px 5px; white-space: nowrap;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
</tr>

</table>
</div>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.32in; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(1) Share based compensation was allocated in cost of revenues and operating expenses as follows:</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<div align="left">
<table style="border-collapse: collapse; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; margin-left: 0.32in;" cellpadding="0" cellspacing="0" width="96%">

<tr style="vertical-align: bottom;">
<td style="font-family: 'Times New Roman';" nowrap="nowrap"></td>
<td style="font-weight: bold; font-family: 'times new roman';" nowrap="nowrap"></td>
<td style="font-weight: bold; text-align: center; font-family: 'times new roman';" colspan="2" nowrap="nowrap"><font style="font-size: 10pt; font-family: 'times new roman', times;">YY IVAS and others</font></td>
<td style="font-weight: bold; font-family: 'times new roman';" nowrap="nowrap"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-weight: bold; font-family: 'times new roman';" nowrap="nowrap"></td>
<td style="font-weight: bold; text-align: center; font-family: 'times new roman';" colspan="2" nowrap="nowrap"><font style="font-size: 10pt; font-family: 'times new roman', times;">Huya broadcasting</font></td>
<td style="font-weight: bold; font-family: 'times new roman';" nowrap="nowrap"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-weight: bold; font-family: 'times new roman';" nowrap="nowrap"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: center;" colspan="2" nowrap="nowrap">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b>100&#160;</b><b>Education</b></font></p>
</td>
<td style="font-family: 'Times New Roman';" nowrap="nowrap"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-family: 'Times New Roman';" nowrap="nowrap"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-weight: bold; text-align: center; font-family: 'times new roman';" colspan="2" nowrap="nowrap"><font style="font-size: 10pt; font-family: 'times new roman', times;">Total</font></td>
<td style="font-weight: bold; font-family: 'times new roman';" nowrap="nowrap"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-family: 'Times New Roman';" nowrap="nowrap"></td>
<td style="font-weight: bold; font-family: 'times new roman';" nowrap="nowrap"></td>
<td style="font-weight: bold; text-align: center; font-family: 'times new roman';" colspan="2" nowrap="nowrap"><font style="font-family: 'times new roman', times; font-size: 10pt;">RMB</font></td>
<td style="font-weight: bold; font-family: 'times new roman';" nowrap="nowrap"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="font-weight: bold; font-family: 'times new roman';" nowrap="nowrap"></td>
<td style="font-weight: bold; text-align: center; font-family: 'times new roman';" colspan="2" nowrap="nowrap"><font style="font-family: 'times new roman', times; font-size: 10pt;">RMB</font></td>
<td style="font-weight: bold; font-family: 'times new roman';" nowrap="nowrap"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-weight: bold; font-family: 'times new roman';" nowrap="nowrap"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-weight: bold; text-align: center; font-family: 'times new roman';" colspan="2" nowrap="nowrap"><font style="font-family: 'times new roman', times; font-size: 10pt;">RMB</font></td>
<td style="font-weight: bold; font-family: 'times new roman';" nowrap="nowrap"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-weight: bold; font-family: 'times new roman';" nowrap="nowrap"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-weight: bold; text-align: center; font-family: 'times new roman';" colspan="2" nowrap="nowrap"><font style="font-family: 'times new roman', times; font-size: 10pt;">RMB</font></td>
<td style="font-weight: bold; font-family: 'times new roman';" nowrap="nowrap"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';" colspan="2"></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';" colspan="2"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';" colspan="2"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';" colspan="2"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">Cost of revenues</font></td>
<td style="font-family: 'Times New Roman';"></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;" colspan="2"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">22,077</font></font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;" colspan="2"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">1,497</font></font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;" colspan="2"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">389</font></font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;" colspan="2"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">23,963</font></font></td>
<td style="white-space: nowrap; padding-right: 5px; padding-left: 5px; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; font-family: 'times new roman'; width: 48%;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Research and development expenses</font></td>
<td style="font-family: 'times new roman'; width: 1%;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; width: 10%;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">59,400</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; width: 10%;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">4,754</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; width: 10%;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">6,797</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap; width: 10%;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">70,951</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px; width: 1%;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; /* text-indent: 0.1in; *//* padding-left: 0.1in; */font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">Sales and marketing expenses</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">3,119</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">164</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">-</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman'; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">3,283</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; padding-bottom: 1pt; /* text-indent: 0.1in; *//* padding-left: 0.1in; */font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">General and administrative expenses</font></td>
<td style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">51,260</font></font></td>
<td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">3,302</font></font></td>
<td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">32,613</font></font></td>
<td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">87,175</font></font></td>
<td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-indent: 0.1in; padding-left: 0.1in; font-family: 'times new roman'; vertical-align: top; text-align: left;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; padding-bottom: 1pt; /* text-indent: 0.1in; *//* padding-left: 0.1in; */font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">Share-based compensation expenses</font></td>
<td style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">135,856</font></font></td>
<td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">9,717</font></font></td>
<td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">39,799</font></font></td>
<td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom: #000000 1pt solid !important; vertical-align: bottom; white-space: nowrap;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">185,372</font></font></td>
<td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman'; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
</tr>

</table>
</div>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.32in; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">For the year ended December 31, 2014:</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<div align="left">
<table style="border-collapse: collapse; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; width: 96%; margin-left: 0.32in;" cellpadding="0" cellspacing="0">

<tr style="vertical-align: bottom;">
<td style="font-family: 'Times New Roman';" nowrap="nowrap"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-weight: bold; font-family: 'times new roman';" nowrap="nowrap"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-weight: bold; text-align: center; font-family: 'times new roman';" colspan="2" nowrap="nowrap"><font style="font-size: 10pt; font-family: 'times new roman', times;">YY&#160;IVAS</font></td>
<td style="font-weight: bold; font-family: 'times new roman';" nowrap="nowrap"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-weight: bold; font-family: 'times new roman';" nowrap="nowrap"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-weight: bold; text-align: center; font-family: 'times new roman';" colspan="2" nowrap="nowrap"><font style="font-size: 10pt; font-family: 'times new roman', times;">Others</font></td>
<td style="font-weight: bold; font-family: 'times new roman';" nowrap="nowrap"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-weight: bold; font-family: 'times new roman';" nowrap="nowrap"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-weight: bold; text-align: center;" colspan="2" nowrap="nowrap"><font style="font-size: 10pt; font-family: 'times new roman', times;">YY&#160;IVAS</font><br/><font style="font-size: 10pt; font-family: 'times new roman', times;"> and</font><br/><font style="font-size: 10pt; font-family: 'times new roman', times;"> others</font></td>
<td style="font-weight: bold; font-family: 'times new roman';" nowrap="nowrap"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-weight: bold; font-family: 'times new roman';" nowrap="nowrap"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-weight: bold; text-align: center;" colspan="2" nowrap="nowrap"><font style="font-family: 'times new roman', times; font-size: 10pt;">Huya</font><br/><font style="font-size: 10pt; font-family: 'times new roman', times;"> broadcasting</font></td>
<td style="font-weight: bold; font-family: 'times new roman';" nowrap="nowrap"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-weight: bold; font-family: 'times new roman';" nowrap="nowrap"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-weight: bold; text-align: center;" colspan="2" nowrap="nowrap"><font style="font-size: 10pt; font-family: 'times new roman', times;">100</font><br/><font style="font-size: 10pt; font-family: 'times new roman', times;"> Education</font></td>
<td style="font-weight: bold; font-family: 'times new roman';" nowrap="nowrap"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-weight: bold; font-family: 'times new roman';" nowrap="nowrap"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-weight: bold; text-align: center; font-family: 'times new roman';" colspan="2" nowrap="nowrap"><font style="font-size: 10pt; font-family: 'times new roman', times;">Total</font></td>
<td style="font-weight: bold; font-family: 'times new roman';" nowrap="nowrap"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-family: 'Times New Roman';" nowrap="nowrap"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-weight: bold; font-family: 'times new roman';" nowrap="nowrap"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-weight: bold; text-align: center; font-family: 'times new roman';" colspan="2" nowrap="nowrap"><font style="font-family: 'times new roman', times; font-size: 10pt;">RMB</font></td>
<td style="font-weight: bold; font-family: 'times new roman';" nowrap="nowrap"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-weight: bold; font-family: 'times new roman';" nowrap="nowrap"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-weight: bold; text-align: center; font-family: 'times new roman';" colspan="2" nowrap="nowrap"><font style="font-family: 'times new roman', times; font-size: 10pt;">RMB</font></td>
<td style="font-weight: bold; font-family: 'times new roman';" nowrap="nowrap"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-weight: bold; font-family: 'times new roman';" nowrap="nowrap"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-weight: bold; text-align: center; font-family: 'times new roman';" colspan="2" nowrap="nowrap"><font style="font-family: 'times new roman', times; font-size: 10pt;">RMB</font></td>
<td style="font-weight: bold; font-family: 'times new roman';" nowrap="nowrap"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-weight: bold; font-family: 'times new roman';" nowrap="nowrap"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-weight: bold; text-align: center; font-family: 'times new roman';" colspan="2" nowrap="nowrap"><font style="font-family: 'times new roman', times; font-size: 10pt;">RMB</font></td>
<td style="font-weight: bold; font-family: 'times new roman';" nowrap="nowrap"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-weight: bold; font-family: 'times new roman';" nowrap="nowrap"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-weight: bold; text-align: center; font-family: 'times new roman';" colspan="2" nowrap="nowrap"><font style="font-family: 'times new roman', times; font-size: 10pt;">RMB</font></td>
<td style="font-weight: bold; font-family: 'times new roman';" nowrap="nowrap"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-weight: bold; font-family: 'times new roman';" nowrap="nowrap"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-weight: bold; text-align: center; font-family: 'times new roman';" colspan="2" nowrap="nowrap"><font style="font-family: 'times new roman', times; font-size: 10pt;">RMB</font></td>
<td style="font-weight: bold; font-family: 'times new roman';" nowrap="nowrap"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-weight: bold; text-align: left; /* text-indent: 0.1in; *//* padding-left: 0.1in; */font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">Net revenues</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; padding-bottom: 1pt; /* text-indent: 0.1in; *//* padding-left: 0.1in; */font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">Internet value-added service</font></td>
<td style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="padding-bottom: 1pt; text-align: right; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="padding-bottom: 1pt; text-align: right; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="padding-bottom: 1pt; text-align: right; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="padding-bottom: 1pt; text-align: right; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; /* padding-left: 16.2pt; */font-family: 'times new roman'; width: 22%; text-indent: 0.1in;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#151;Online music and entertainment</font></td>
<td style="font-family: 'times new roman'; width: 1%;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; width: 1%;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman'; width: 10%;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>2,109,503</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; width: 1%;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-family: 'times new roman'; width: 1%;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; width: 1%;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman'; width: 10%;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>-</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; width: 1%;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-family: 'times new roman'; width: 1%;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; width: 1%;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman'; width: 10%;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>2,109,503</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; width: 1%;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-family: 'times new roman'; width: 1%;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; width: 1%;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman'; width: 10%;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>-</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; width: 1%;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-family: 'times new roman'; width: 1%;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; width: 1%;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman'; width: 10%;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>-</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; width: 1%;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-family: 'times new roman'; width: 1%;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; width: 1%;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman'; width: 10%;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>2,109,503</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; width: 1%;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="/* padding-left: 16.2pt; */font-family: 'times new roman'; text-indent: 0.1in;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#151;Online games</font></td>
<td style="font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>811,699</font></font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>-</font></font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>811,699</font></font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>-</font></font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>-</font></font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>811,699</font></font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-indent: 0.1in; /* padding-left: 16.2pt; */font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#151;Online dating</font></td>
<td style="font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>194,134</font></font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>-</font></font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>194,134</font></font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>-</font></font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>-</font></font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>194,134</font></font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-indent: 0.1in; /* padding-left: 16.2pt; */font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#151;Other IVAS</font></td>
<td style="font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>262,318</font></font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>-</font></font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>262,318</font></font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>153,371</font></font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>-</font></font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>415,689</font></font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; padding-bottom: 1pt; /* text-indent: 0.1in; *//* padding-left: 0.1in; */font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">Other revenues</font></td>
<td style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: right; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>-</font></font></td>
<td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>146,393</font></font></td>
<td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: right; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>146,393</font></font></td>
<td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: right; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>-</font></font></td>
<td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: right; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>950</font></font></td>
<td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: right; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>147,343</font></font></td>
<td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-family: 'times new roman'; vertical-align: top; text-align: left;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-weight: bold; text-align: left; padding-bottom: 1pt; /* text-indent: 0.1in; *//* padding-left: 0.1in; */font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">Total net revenues</font></td>
<td style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: right; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>3,377,654</font></font></td>
<td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman'; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>146,393</font></font></td>
<td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: right; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>3,524,047</font></font></td>
<td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: right; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>153,371</font></font></td>
<td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: right; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>950</font></font></td>
<td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: right; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>3,678,368</font></font></td>
<td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="padding-bottom: 1pt; /* text-indent: 0.1in; *//* padding-left: 0.1in; */font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">Cost of revenues<sup style="font-style: normal;">(1)</sup></font></td>
<td style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="padding-bottom: 1pt; text-align: right; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="padding-bottom: 1pt; text-align: right; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: right; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>(1,586,933</font></font></td>
<td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">)</font></td>
<td style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: right; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>(248,154</font></font></td>
<td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">)&#160;</font></td>
<td style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: right; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>(14,062</font></font></td>
<td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">)</font></td>
<td style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: right; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>(1,849,149</font></font></td>
<td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">)&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-weight: bold; text-align: left; padding-bottom: 1pt; /* text-indent: 0.1in; *//* padding-left: 0.1in; */font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">Gross profit / (loss)</font></td>
<td style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="padding-bottom: 1pt; text-align: right; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="padding-bottom: 1pt; text-align: right; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: right; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>1,937,114</font></font></td>
<td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: right; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>(94,783</font></font></td>
<td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">)</font></td>
<td style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: right; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>(13,112</font></font></td>
<td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">)</font></td>
<td style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: right; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>1,829,219</font></font></td>
<td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-weight: bold; /* text-indent: 0.1in; *//* padding-left: 0.1in; */font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><b>Operating expenses<sup style="font-style: normal;">(1)</sup></b></font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; /* text-indent: 0.1in; *//* padding-left: 0.1in; */font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">Research and development expenses</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>(362,352</font></font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">)</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>(47,765</font></font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">)</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>(21,071</font></font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">)&#160;</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>(431,188</font></font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">)</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; /* text-indent: 0.1in; *//* padding-left: 0.1in; */font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">Sales and marketing expenses</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>(97,983</font></font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">)</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>(4,399</font></font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">)</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>(145</font></font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">)</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>(102,527</font></font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">)</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; padding-bottom: 1pt; /* text-indent: 0.1in; *//* padding-left: 0.1in; */font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">General&#160;and&#160;administrative&#160;expenses&#160;</font></td>
<td style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="padding-bottom: 1pt; text-align: right; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="padding-bottom: 1pt; text-align: right; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: right; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>(200,535</font></font></td>
<td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">)</font></td>
<td style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: right; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>(20,954</font></font></td>
<td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">)</font></td>
<td style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: right; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>(1,530</font></font></td>
<td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">)</font></td>
<td style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: right; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>(223,019</font></font></td>
<td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">)</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="font-weight: bold; text-align: left; padding-bottom: 1pt; /* text-indent: 0.1in; *//* padding-left: 0.1in; */font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">Total operating expenses</font></td>
<td style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="padding-bottom: 1pt; text-align: right; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="padding-bottom: 1pt; text-align: right; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: right; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>(660,870</font></font></td>
<td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">)</font></td>
<td style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: right; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>(73,118</font></font></td>
<td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">)</font></td>
<td style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: right; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>(22,746</font></font></td>
<td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">)</font></td>
<td style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: right; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>(756,734</font></font></td>
<td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">)</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; padding-bottom: 1pt; /* text-indent: 0.1in; *//* padding-left: 0.1in; */font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">Other income</font></td>
<td style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="padding-bottom: 1pt; text-align: right; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="padding-bottom: 1pt; text-align: right; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: right; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>6,319</font></font></td>
<td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: right; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>-</font></font></td>
<td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: right; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>-</font></font></td>
<td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: right; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>6,319</font></font></td>
<td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="font-weight: bold; text-align: left; padding-bottom: 1pt; /* text-indent: 0.1in; *//* padding-left: 0.1in; */font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">Operating income / (loss)</font></td>
<td style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="padding-bottom: 1pt; text-align: right; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="padding-bottom: 1pt; text-align: right; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: right; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>1,282,563</font></font></td>
<td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: right; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>(167,901</font></font></td>
<td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">)</font></td>
<td style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: right; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>(35,858</font></font></td>
<td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"><font style="font-family: 'times new roman', times; font-size: 10pt;">)</font></td>
<td style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: right; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>1,078,804</font></font></td>
<td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
</tr>

</table>
</div>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.32in; text-align: justify;">(1) Share based compensation was allocated in cost of revenues and operating expenses as follows:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></p>
<div align="left">
<table style="border-collapse: collapse; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; width: 96%; margin-left: 0.32in;" cellpadding="0" cellspacing="0">

<tr style="vertical-align: bottom;">
<td style="font-family: 'Times New Roman';" nowrap="nowrap"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-weight: bold; font-family: 'times new roman';" nowrap="nowrap"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-weight: bold; text-align: center; font-family: 'times new roman';" colspan="2" nowrap="nowrap"><font style="font-size: 10pt; font-family: 'times new roman', times;">YY IVAS and others</font></td>
<td style="font-weight: bold; font-family: 'times new roman';" nowrap="nowrap"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-weight: bold; font-family: 'times new roman';" nowrap="nowrap"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-weight: bold; text-align: center; font-family: 'times new roman';" colspan="2" nowrap="nowrap"><font style="font-size: 10pt; font-family: 'times new roman', times;">Huya broadcasting</font></td>
<td style="font-weight: bold; font-family: 'times new roman';" nowrap="nowrap"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-family: 'Times New Roman';" nowrap="nowrap"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: center;" colspan="2" nowrap="nowrap">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b>100&#160;</b><b>Education</b></font></p>
</td>
<td style="font-family: 'Times New Roman';" nowrap="nowrap"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-weight: bold; font-family: 'times new roman';" nowrap="nowrap"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-weight: bold; text-align: center; font-family: 'times new roman';" colspan="2" nowrap="nowrap"><font style="font-size: 10pt; font-family: 'times new roman', times;">Total</font></td>
<td style="font-weight: bold; font-family: 'times new roman';" nowrap="nowrap"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-family: 'Times New Roman';" nowrap="nowrap"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-weight: bold; font-family: 'times new roman';" nowrap="nowrap"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-weight: bold; text-align: center; font-family: 'times new roman';" colspan="2" nowrap="nowrap"><font style="font-size: 10pt; font-family: 'times new roman', times;">RMB</font></td>
<td style="font-weight: bold; font-family: 'times new roman';" nowrap="nowrap"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-weight: bold; font-family: 'times new roman';" nowrap="nowrap"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-weight: bold; text-align: center; font-family: 'times new roman';" colspan="2" nowrap="nowrap"><font style="font-size: 10pt; font-family: 'times new roman', times;">RMB</font></td>
<td style="font-weight: bold; font-family: 'times new roman';" nowrap="nowrap"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-weight: bold; font-family: 'times new roman';" nowrap="nowrap"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-weight: bold; text-align: center; font-family: 'times new roman';" colspan="2" nowrap="nowrap"><font style="font-size: 10pt; font-family: 'times new roman', times;">RMB</font></td>
<td style="font-weight: bold; font-family: 'times new roman';" nowrap="nowrap"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-weight: bold; font-family: 'times new roman';" nowrap="nowrap"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-weight: bold; text-align: center; font-family: 'times new roman';" colspan="2" nowrap="nowrap"><font style="font-size: 10pt; font-family: 'times new roman', times;">RMB</font></td>
<td style="font-weight: bold; font-family: 'times new roman';" nowrap="nowrap"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';" colspan="2"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';" colspan="2"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';" colspan="2"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';" colspan="2"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-family: 'times new roman'; width: 48%;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Cost of revenues</font></td>
<td style="font-family: 'Times New Roman'; width: 1%;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; width: 1%;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman'; width: 10%;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>16,552</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; width: 1%;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-family: 'Times New Roman'; width: 1%;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; width: 1%;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman'; width: 10%;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>1,185</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; width: 1%;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-family: 'Times New Roman'; width: 1%;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; width: 1%;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman'; width: 10%;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>300</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; width: 1%;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-family: 'Times New Roman'; width: 1%;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; width: 1%;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman'; width: 10%;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>18,037</font></font></td>
<td style="text-align: left; font-family: 'times new roman'; width: 1%;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">Research and development expenses</font></td>
<td style="font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>47,315</font></font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>1,895</font></font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>4,931</font></font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>54,141</font></font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; /* text-indent: 0.1in; *//* padding-left: 0.1in; */font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">Sales and marketing expenses</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>2,803</font></font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>4</font></font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>-</font></font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: right; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>2,807</font></font></td>
<td style="text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; padding-bottom: 1pt; /* text-indent: 0.1in; *//* padding-left: 0.1in; */font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">General and administrative expenses</font></td>
<td style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: right; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>57,938</font></font></td>
<td style="padding-bottom: 1pt; text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: right; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font>1,660</font></font></td>
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<td style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
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<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
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<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="vertical-align: top; text-align: left; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="text-align: left; font-family: 'times new roman'; vertical-align: top;"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
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<td style="padding-bottom: 1pt; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: left; font-family: 'times new roman';"><font style="font-size: 10pt; font-family: 'times new roman', times;">&#160;</font></td>
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Additional information: condensed financial statements of the Company (Tables)<br></strong></div></th>
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<td style="text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<td style="padding-bottom: 2.5pt; text-align: left; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="padding-bottom: 2.5pt; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: left; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: right; width: 12%;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">1,881,616</font></font></td>
<td style="padding-bottom: 2.5pt; text-align: left; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="padding-bottom: 2.5pt; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: left; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: right; width: 12%;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">290,472</font></font></td>
<td style="padding-bottom: 2.5pt; text-align: left; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-weight: bold; text-align: left; text-indent: -10pt; padding-left: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Non-current assets</font></td>
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; padding-left: 0.25in;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Interests in subsidiaries, VIEs and VIE's subsidiaries</font></td>
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: right;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">2,643,382</font></font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: right;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">3,944,457</font></font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: right;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">608,919</font></font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; padding-bottom: 1pt; padding-left: 0.25in;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Other non-current assets</font></td>
<td style="padding-bottom: 1pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: right;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">42,275</font></font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="padding-bottom: 1pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: right;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">25,284</font></font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="padding-bottom: 1pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: right;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">3,903</font></font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt; text-indent: -10pt; padding-left: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Total non-current assets</font></td>
<td style="padding-bottom: 2.5pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: right;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">2,685,657</font></font></td>
<td style="padding-bottom: 2.5pt; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="padding-bottom: 2.5pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: right;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">3,969,741</font></font></td>
<td style="padding-bottom: 2.5pt; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="padding-bottom: 2.5pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: right;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">612,822</font></font></td>
<td style="padding-bottom: 2.5pt; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt; text-indent: -10pt; padding-left: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Total assets</font></td>
<td style="padding-bottom: 2.5pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: right;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">5,552,088</font></font></td>
<td style="padding-bottom: 2.5pt; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="padding-bottom: 2.5pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: right;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">5,851,357</font></font></td>
<td style="padding-bottom: 2.5pt; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="padding-bottom: 2.5pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: right;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">903,294</font></font></td>
<td style="padding-bottom: 2.5pt; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="font-weight: bold; text-align: left; text-indent: -10pt; padding-left: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Liabilities and shareholders' equity</font></td>
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-weight: bold; text-align: left; text-indent: -10pt; padding-left: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Current liabilities</font></td>
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; padding-bottom: 2.5pt; padding-left: 0.25in;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Interests payable</font></td>
<td style="padding-bottom: 2.5pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: right;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">13,944</font></font></td>
<td style="padding-bottom: 2.5pt; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="padding-bottom: 2.5pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: right;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">14,795</font></font></td>
<td style="padding-bottom: 2.5pt; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="padding-bottom: 2.5pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: right;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">2,284</font></font></td>
<td style="padding-bottom: 2.5pt; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="font-weight: bold; text-align: left; text-indent: -10pt; padding-left: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Non-current liabilities</font></td>
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; padding-bottom: 2.5pt; padding-left: 0.25in;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Convertible bonds</font></td>
<td style="padding-bottom: 2.5pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: right;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">2,447,980</font></font></td>
<td style="padding-bottom: 2.5pt; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="padding-bottom: 2.5pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: right;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">2,597,403</font></font></td>
<td style="padding-bottom: 2.5pt; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="padding-bottom: 2.5pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: right;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">400,970</font></font></td>
<td style="padding-bottom: 2.5pt; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt; text-indent: -10pt; padding-left: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Total liabilities</font></td>
<td style="padding-bottom: 2.5pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: right;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">2,461,924</font></font></td>
<td style="padding-bottom: 2.5pt; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="padding-bottom: 2.5pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: right;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">2,612,198</font></font></td>
<td style="padding-bottom: 2.5pt; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="padding-bottom: 2.5pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: right;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">403,254</font></font></td>
<td style="padding-bottom: 2.5pt; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-indent: -10pt; padding-left: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="font-weight: bold; text-align: left; text-indent: -10pt; padding-left: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Shareholders' equity</font></td>
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-indent: -10pt; padding-left: 10pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Class&#160;A common shares (US$<font>0.00001</font> par value; <font>10,000,000,000</font> shares authorized, <font>706,173,568</font> shares issued and outstanding as of December 31, 2014 and <font>728,227,848</font> shares issued and outstanding as of December 31, 2015)</font></td>
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: right;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">43</font></font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: right;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">43</font></font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: right;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">7</font></font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-indent: -10pt; padding-left: 10pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Class B common shares (US$<font>0.00001</font> par value; <font>1,000,000,000</font> shares authorized, <font>427,352,696</font> shares issued and outstanding as of December 31, 2014 and <font>369,557,976</font> shares issued and outstanding as of December 31, 2015)</font></td>
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: right;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">30</font></font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: right;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">27</font></font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: right;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">4</font></font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; text-indent: -10pt; padding-left: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Additional paid-in capital</font></td>
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: right;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">2,900,458</font></font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: right;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">2,011,799</font></font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: right;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">310,568</font></font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; text-indent: -10pt; padding-left: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Retained earnings</font></td>
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: right;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">230,432</font></font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: right;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">1,263,675</font></font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: right;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">195,078</font></font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Accumulated other comprehensive loss</font></td>
<td style="padding-bottom: 1pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: right;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(40,799</font></font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">)</font></td>
<td style="padding-bottom: 1pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: right;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(36,385</font></font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">)</font></td>
<td style="padding-bottom: 1pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: right;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(5,617</font></font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">)</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-indent: -10pt; padding-left: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt; text-indent: -10pt; padding-left: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Total shareholders' equity</font></td>
<td style="padding-bottom: 2.5pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: right;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">3,090,164</font></font></td>
<td style="padding-bottom: 2.5pt; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="padding-bottom: 2.5pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: right;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">3,239,159</font></font></td>
<td style="padding-bottom: 2.5pt; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="padding-bottom: 2.5pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: right;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">500,040</font></font></td>
<td style="padding-bottom: 2.5pt; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-indent: -10pt; padding-left: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt; text-indent: -10pt; padding-left: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Total liabilities and shareholders' equity</font></td>
<td style="padding-bottom: 2.5pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: right;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">5,552,088</font></font></td>
<td style="padding-bottom: 2.5pt; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="padding-bottom: 2.5pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: right;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">5,851,357</font></font></td>
<td style="padding-bottom: 2.5pt; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="padding-bottom: 2.5pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: right;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">903,294</font></font></td>
<td style="padding-bottom: 2.5pt; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>

</table>
</div>
</div>
</div><span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ScheduleOfCondensedIncomeStatementTableTextBlock', window );">Condensed statements of operations and comprehensive income</a></td>
<td class="text"><div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';">
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'Times New Roman', Times, serif; width: 100%; margin-left: 0.1px;" width="100%">

<tr style="vertical-align: bottom;">
<td nowrap="nowrap"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td colspan="14" nowrap="nowrap" style="text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">For the year ended December 31,</font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td nowrap="nowrap"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td colspan="2" nowrap="nowrap" style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">2013</font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td colspan="2" nowrap="nowrap" style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">2014</font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td colspan="2" nowrap="nowrap" style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">2015</font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td colspan="2" nowrap="nowrap" style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">2015</font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td nowrap="nowrap"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td colspan="2" nowrap="nowrap" style="text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">RMB</font></td>
<td nowrap="nowrap"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td colspan="2" nowrap="nowrap" style="text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">RMB</font></td>
<td nowrap="nowrap"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td colspan="2" nowrap="nowrap" style="text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">RMB</font></td>
<td nowrap="nowrap"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td colspan="2" nowrap="nowrap" style="text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">US$</font></td>
<td nowrap="nowrap"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td colspan="2" style="text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td colspan="2" style="text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td colspan="2" style="text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td colspan="2" style="text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(Note2(e))</font></td>
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; width: 48%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Share of profit of subsidiaries, VIEs and VIE's subsidiaries</font></td>
<td style="width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: right; width: 10%;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">477,727</font></font></td>
<td style="text-align: left; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: right; width: 10%;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">1,121,079</font></font></td>
<td style="text-align: left; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: right; width: 10%;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">1,108,029</font></font></td>
<td style="text-align: left; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: right; width: 10%;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">171,051</font></font></td>
<td style="text-align: left; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; padding-bottom: 1pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Interest expense</font></td>
<td style="padding-bottom: 1pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: right;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">-</font></font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="padding-bottom: 1pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: right;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(56,607</font></font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">)</font></td>
<td style="padding-bottom: 1pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: right;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(74,786</font></font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">)</font></td>
<td style="padding-bottom: 1pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: right;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(11,545</font></font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">)</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="font-weight: bold; text-align: left; padding-bottom: 1pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Income before income tax expenses</font></td>
<td style="padding-bottom: 1pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: right;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">477,727</font></font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="padding-bottom: 1pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: right;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">1,064,472</font></font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="padding-bottom: 1pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: right;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">1,033,243</font></font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="padding-bottom: 1pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: right;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">159,506</font></font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="font-weight: bold; text-align: left; padding-bottom: 1pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Net income</font></td>
<td style="padding-bottom: 1pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: right;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">477,727</font></font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="padding-bottom: 1pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: right;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">1,064,472</font></font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="padding-bottom: 1pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: right;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">1,033,243</font></font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="padding-bottom: 1pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: right;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">159,506</font></font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Other comprehensive (loss) / income:</font></td>
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="text-align: left; padding-bottom: 1pt; padding-left: 9pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Foreign currency translation adjustments, net of nil tax</font></td>
<td style="padding-bottom: 1pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: right;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(31,014</font></font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">)</font></td>
<td style="padding-bottom: 1pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: right;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">3,638</font></font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="padding-bottom: 1pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: right;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">4,414</font></font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="padding-bottom: 1pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid; text-align: right;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">681</font></font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Comprehensive income</font></td>
<td style="padding-bottom: 2.5pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: right;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">446,713</font></font></td>
<td style="padding-bottom: 2.5pt; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="padding-bottom: 2.5pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: right;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">1,068,110</font></font></td>
<td style="padding-bottom: 2.5pt; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="padding-bottom: 2.5pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: right;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">1,037,657</font></font></td>
<td style="padding-bottom: 2.5pt; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="padding-bottom: 2.5pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double; text-align: right;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">160,187</font></font></td>
<td style="padding-bottom: 2.5pt; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>

</table>
</div><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ScheduleOfCondensedCashFlowStatementTableTextBlock', window );">Condensed statements of cash flows</a></td>
<td class="text"><div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';">
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'Times New Roman', Times, serif; width: 100%; margin-left: 0.1px;" width="100%">

<tr style="vertical-align: bottom;">
<td nowrap="nowrap"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td colspan="14" nowrap="nowrap" style="text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">For the year ended December 31,</font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td nowrap="nowrap"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td colspan="2" nowrap="nowrap" style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">2013</font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td colspan="2" nowrap="nowrap" style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">2014</font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td colspan="2" nowrap="nowrap" style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">2015</font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td colspan="2" nowrap="nowrap" style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">2015</font></td>
<td nowrap="nowrap" style="padding-bottom: 1pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td nowrap="nowrap"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td colspan="2" nowrap="nowrap" style="text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">RMB</font></td>
<td nowrap="nowrap"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td colspan="2" nowrap="nowrap" style="text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">RMB</font></td>
<td nowrap="nowrap"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td colspan="2" nowrap="nowrap" style="text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">RMB</font></td>
<td nowrap="nowrap"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td nowrap="nowrap"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td colspan="2" nowrap="nowrap" style="text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">US$</font></td>
<td nowrap="nowrap"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td colspan="2" style="text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td colspan="2" style="text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td colspan="2" style="text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td colspan="2" style="text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(Note2(e))</font></td>
<td><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td style="background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">Net cash (used in)/provided by operating activities</font></td>
<td style="background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: right; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;<font>-</font></font></td>
<td style="text-align: left; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: right; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;<font>-</font></font></td>
<td style="text-align: left; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: right; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;<font>-</font></font></td>
<td style="text-align: left; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: right; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;<font>-</font></font></td>
<td style="text-align: left; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<td style="width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<td style="width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<td style="text-align: right; width: 10%;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">(2,412,290</font></font></td>
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<td style="width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: right; width: 10%;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">-</font></font></td>
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<td style="width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: left; width: 1%;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="text-align: right; width: 10%;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">-</font></font></td>
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<td style="color: rgb(0, 0, 0); font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-align: left; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="color: rgb(0, 0, 0); font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="color: rgb(0, 0, 0); font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-align: left; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
<td style="color: rgb(0, 0, 0); font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-align: right; background-color: rgb(204, 238, 255);"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">2,412,290</font></font></td>
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<td style="color: rgb(0, 0, 0); font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: rgb(204, 238, 255);"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td>
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Organization and principal activities (Narrative) (Details)<br> &#165; in Thousands, $ in Thousands</strong></div></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="3">12 Months Ended</th>
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<div>Nov. 21, 2012 </div>
<div>USD ($) </div>
<div>shares</div>
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<th class="th"><div>Sep. 06, 2011</div></th>
<th class="th">
<div>Dec. 31, 2015 </div>
<div>CNY (&#165;) </div>
<div>entity </div>
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<div>Dec. 31, 2014 </div>
<div>shares</div>
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<div>Dec. 31, 2013 </div>
<div>shares</div>
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<th class="th"><div>Dec. 31, 2010</div></th>
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<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_yy_ExchangeRatioOfStockSharesIssuedInExchangeForExistingShares', window );">Number of shares issued in exchange for each share held by all existing shareholders of Duowan BVI pursuant to a share swap agreement</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1<span></span>
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<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
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<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_VariableInterestEntityConsolidatedCarryingAmountAssets', window );">Total assets of the consolidated VIEs and VIE's subsidiaries | &#165;</a></td>
<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="nump">&#165; 3,875,295<span></span>
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<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
</td>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_VariableInterestEntityConsolidatedCarryingAmountLiabilities', window );">Total liabilities of the consolidated VIEs and VIE's subsidiaries | &#165;</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,256,755<span></span>
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<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#165; 2,584,627<span></span>
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<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_yy_OrganizationAndPrincipalActivitiesLineItems', window );"><strong>Organization and principal activities [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ConversionOfStockSharesConverted1', window );">Number of shares converted into Class B common shares</a></td>
<td class="nump">548,408,914<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=us-gaap_CommonClassAMember', window );">Class A common shares [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_yy_OrganizationAndPrincipalActivitiesLineItems', window );"><strong>Organization and principal activities [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodSharesNewIssues', window );">Number of ADS issued and sold in IPO (in shares)</a></td>
<td class="nump">179,400,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">26,110,680<span></span>
</td>
<td class="nump">25,036,140<span></span>
</td>
<td class="nump">21,256,900<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityListingDepositoryReceiptRatio', window );">Number of common shares represented by each ADS</a></td>
<td class="nump">20<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">20<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=yy_AmericanDepositorySharesMember', window );">ADSs [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_yy_OrganizationAndPrincipalActivitiesLineItems', window );"><strong>Organization and principal activities [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodSharesNewIssues', window );">Number of ADS issued and sold in IPO (in shares)</a></td>
<td class="nump">8,970,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromIssuanceInitialPublicOffering', window );">Net proceeds received from IPO, after deducting commissions and offering expenses | $</a></td>
<td class="nump">$ 82,055<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=us-gaap_RedeemableConvertiblePreferredStockMember', window );">Preferred Shares [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_yy_OrganizationAndPrincipalActivitiesLineItems', window );"><strong>Organization and principal activities [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ConversionOfStockSharesConverted1', window );">Number of shares converted into Class B common shares</a></td>
<td class="nump">359,424,310<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_VariableInterestEntitiesByClassificationOfEntityAxis=yy_GuangzhouHuaduoNetworkTechnologyCompanyLimitedMember', window );">Guangzhou Huaduo [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_yy_OrganizationAndPrincipalActivitiesLineItems', window );"><strong>Organization and principal activities [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_VariableInterestEntityOwnershipPercentage', window );">Equity interest owned (as a percent)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">100.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LegalEntityAxis=yy_DuowanEntertainmentCorporationMember', window );">Duowan Entertainment Corporation [Member] | Zhuhai Duowan Technology [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_yy_OrganizationAndPrincipalActivitiesLineItems', window );"><strong>Organization and principal activities [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MinorityInterestOwnershipPercentageByParent', window );">Equity interest owned (as a percent)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">100.00%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LegalEntityAxis=yy_HuanjuShidaiTechnologyBeijingCompanyLimitedMember', window );">Huanju Shidai Technology Beijing Company Limited [Member] | Guangzhou Huaduo [Member] | Exclusive Technology Support and Technology Services Agreement [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_yy_OrganizationAndPrincipalActivitiesLineItems', window );"><strong>Organization and principal activities [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_yy_PeriodOfPriorWrittenNoticeRequiredToTerminateAgreement', window );">Period of prior written notice required to terminate the agreement</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">30 days<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LegalEntityAxis=yy_HuanjuShidaiTechnologyBeijingCompanyLimitedMember', window );">Huanju Shidai Technology Beijing Company Limited [Member] | Guangzhou Huaduo [Member] | Exclusive Business Cooperation Agreement [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_yy_OrganizationAndPrincipalActivitiesLineItems', window );"><strong>Organization and principal activities [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_yy_PeriodOfPriorWrittenNoticeRequiredToTerminateAgreement', window );">Period of prior written notice required to terminate the agreement</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">30 days<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LegalEntityAxis=yy_HuanjuShidaiTechnologyBeijingCompanyLimitedMember', window );">Huanju Shidai Technology Beijing Company Limited [Member] | Guangzhou Huaduo [Member] | Exclusive Option Agreement [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_yy_OrganizationAndPrincipalActivitiesLineItems', window );"><strong>Organization and principal activities [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_yy_AgreementTerm', window );">Term of agreement</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">10 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityListingDepositoryReceiptRatio">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of underlying shares represented by one American Depository Receipt (ADR) or Global Depository Receipt (GDR). A value of "3" means that one ADR represents 3 underlying shares. If one underlying share represents 2 ADR's then the value would be represented as "0.5".</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityListingDepositoryReceiptRatio</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:pureItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ConversionOfStockSharesConverted1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of shares converted in a noncash (or part noncash) transaction. Noncash is defined as transactions during a period that do not result in cash receipts or cash payments in the period. "Part noncash" refers to that portion of the transaction not resulting in cash receipts or cash payments in the period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 50<br> -Paragraph 5<br> -URI http://asc.fasb.org/extlink&amp;oid=6367179&amp;loc=d3e4332-108586<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=6367179&amp;loc=d3e4304-108586<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 50<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=6367179&amp;loc=d3e4313-108586<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ConversionOfStockSharesConverted1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_MinorityInterestOwnershipPercentageByParent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The parent entity's interest in net assets of the subsidiary, expressed as a percentage.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_MinorityInterestOwnershipPercentageByParent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProceedsFromIssuanceInitialPublicOffering">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash inflow associated with the amount received from entity's first offering of stock to the public.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 14<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3255-108585<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Financing Activities<br> -URI http://asc.fasb.org/extlink&amp;oid=6513228<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ProceedsFromIssuanceInitialPublicOffering</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockIssuedDuringPeriodSharesNewIssues">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of new stock issued during the period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.3-04)<br> -URI http://asc.fasb.org/extlink&amp;oid=27012166&amp;loc=d3e187085-122770<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 02<br> -Paragraph 29, 30<br> -Article 5<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StockIssuedDuringPeriodSharesNewIssues</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_VariableInterestEntityConsolidatedCarryingAmountAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The carrying amount of the consolidated Variable Interest Entity's assets included in the reporting entity's statement of financial position.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (bb)<br> -URI http://asc.fasb.org/extlink&amp;oid=52262685&amp;loc=d3e5710-111685<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_VariableInterestEntityConsolidatedCarryingAmountAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_VariableInterestEntityConsolidatedCarryingAmountLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The carrying amount of the consolidated Variable Interest Entity's liabilities included in the reporting entity's statement of financial position.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (bb)<br> -URI http://asc.fasb.org/extlink&amp;oid=52262685&amp;loc=d3e5710-111685<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_VariableInterestEntityConsolidatedCarryingAmountLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_VariableInterestEntityOwnershipPercentage">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Percentage of the Variable Interest Entity's (VIE) voting interest owned by (or beneficial interest in) the reporting entity (directly or indirectly).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 50<br> -Paragraph 5A<br> -Subparagraph (d)<br> -URI http://asc.fasb.org/extlink&amp;oid=52262685&amp;loc=SL6759159-111685<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_VariableInterestEntityOwnershipPercentage</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_yy_AgreementTerm">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the term of agreement.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">yy_AgreementTerm</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>yy_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_yy_ExchangeRatioOfStockSharesIssuedInExchangeForExistingShares">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of shares of the reporting entity, issued in exchange for each share held by all existing shareholders of the subsidiary pursuant to a share swap agreement.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">yy_ExchangeRatioOfStockSharesIssuedInExchangeForExistingShares</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>yy_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:pureItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_yy_NumberOfVariableInterestEntitiesConsideredAsPrimaryBeneficiary">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of Variable Interest Entities (VIE) in which the entity has variable interest and is the primary beneficiary.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">yy_NumberOfVariableInterestEntitiesConsideredAsPrimaryBeneficiary</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>yy_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:integerItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_yy_OrganizationAndPrincipalActivitiesLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">yy_OrganizationAndPrincipalActivitiesLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>yy_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_yy_PeriodOfPriorWrittenNoticeRequiredToTerminateAgreement">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The period of time for which written notice is required to be given prior to termination of the agreement.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">yy_PeriodOfPriorWrittenNoticeRequiredToTerminateAgreement</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>yy_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_yy_VariableInterestEntityConsolidatedRegisteredCapitalAndForeignStatutoryReserves">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the amount of the consolidated variable interest entity's registered capital and PRC statutory reserves.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">yy_VariableInterestEntityConsolidatedRegisteredCapitalAndForeignStatutoryReserves</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>yy_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementEquityComponentsAxis=us-gaap_CommonStockMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementEquityComponentsAxis=us-gaap_CommonStockMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementClassOfStockAxis=us-gaap_CommonClassAMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementClassOfStockAxis=us-gaap_CommonClassAMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementClassOfStockAxis=yy_AmericanDepositorySharesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementClassOfStockAxis=yy_AmericanDepositorySharesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementClassOfStockAxis=us-gaap_RedeemableConvertiblePreferredStockMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementClassOfStockAxis=us-gaap_RedeemableConvertiblePreferredStockMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_VariableInterestEntitiesByClassificationOfEntityAxis=yy_GuangzhouHuaduoNetworkTechnologyCompanyLimitedMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_VariableInterestEntitiesByClassificationOfEntityAxis=yy_GuangzhouHuaduoNetworkTechnologyCompanyLimitedMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LegalEntityAxis=yy_DuowanEntertainmentCorporationMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LegalEntityAxis=yy_DuowanEntertainmentCorporationMember</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis=yy_ZhuhaiDuowanTechnologyCompanyLimitedMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LegalEntityAxis=yy_HuanjuShidaiTechnologyBeijingCompanyLimitedMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LegalEntityAxis=yy_HuanjuShidaiTechnologyBeijingCompanyLimitedMember</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Balance Type:</strong></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">yy_VariableInterestEntitiesLegalAgreementAxis=yy_ExclusiveTechnologySupportAndTechnologyServicesAgreementMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<td><strong> Period Type:</strong></td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">yy_VariableInterestEntitiesLegalAgreementAxis=yy_ExclusiveBusinessCooperationAgreementMember</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<td><strong> Period Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">yy_VariableInterestEntitiesLegalAgreementAxis=yy_ExclusiveOptionAgreementMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td>na</td>
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<td><strong> Balance Type:</strong></td>
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<DESCRIPTION>IDEA: XBRL DOCUMENT
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<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
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<span style="display: none;">v3.4.0.3</span><table class="report" border="0" cellspacing="2" id="idp6803045024">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Organization and principal activities (Schedule of Details of Subsidiaries, VIEs and VIE's Subsidiary) (Details)<br></strong></div></th>
<th class="th" colspan="2">12 Months Ended</th>
</tr>
<tr><th class="th" colspan="2"><div>Dec. 31, 2015</div></th></tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_yy_SubsidiariesOfVariableInterestEntitiesByClassificationOfEntityAxis=yy_HundredOnlineEducationTechnologyBeijingCoLtdMember', window );">100 Online [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_yy_OrganizationAndPrincipalActivitiesLineItems', window );"><strong>Subsidiaries, VIEs and VIE's subsidiary [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_VariableInterestEntityOwnershipPercentage', window );">% of direct or indirect economic ownership</a></td>
<td class="nump">100.00%<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_yy_SubsidiariesOfVariableInterestEntitiesByClassificationOfEntityAxis=yy_BeijingHuanqiuXingxueTechnologyDevelopmentCoLtdMember', window );">Xingxue [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_yy_OrganizationAndPrincipalActivitiesLineItems', window );"><strong>Subsidiaries, VIEs and VIE's subsidiary [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_VariableInterestEntityOwnershipPercentage', window );">% of direct or indirect economic ownership</a></td>
<td class="nump">76.90%<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_yy_SubsidiariesOfVariableInterestEntitiesByClassificationOfEntityAxis=yy_ShanghaiBeifuCultureCommunicationCoLtdMember', window );">Beifu [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_yy_OrganizationAndPrincipalActivitiesLineItems', window );"><strong>Subsidiaries, VIEs and VIE's subsidiary [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_VariableInterestEntityOwnershipPercentage', window );">% of direct or indirect economic ownership</a></td>
<td class="nump">70.00%<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_yy_SubsidiariesOfVariableInterestEntitiesByClassificationOfEntityAxis=yy_ShanghaiYilianEquityInvestmentPartnershipLPMember', window );">Shanghai Yilian Equity Investment Partnership LP [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_yy_OrganizationAndPrincipalActivitiesLineItems', window );"><strong>Subsidiaries, VIEs and VIE's subsidiary [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_VariableInterestEntityOwnershipPercentage', window );">% of direct or indirect economic ownership</a></td>
<td class="nump">93.50%<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_VariableInterestEntitiesByClassificationOfEntityAxis=yy_GuangzhouHuaduoNetworkTechnologyCompanyLimitedMember', window );">Guangzhou Huaduo [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_yy_OrganizationAndPrincipalActivitiesLineItems', window );"><strong>Subsidiaries, VIEs and VIE's subsidiary [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_VariableInterestEntityOwnershipPercentage', window );">% of direct or indirect economic ownership</a></td>
<td class="nump">100.00%<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis=yy_DuowanEntertainmentCorporationMember', window );">Duowan Entertainment Corporation [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_yy_OrganizationAndPrincipalActivitiesLineItems', window );"><strong>Subsidiaries, VIEs and VIE's subsidiary [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MinorityInterestOwnershipPercentageByParent', window );">% of direct or indirect economic ownership</a></td>
<td class="nump">100.00%<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis=yy_HuanjuShidaiTechnologyBeijingCompanyLimitedMember', window );">Huanju Shidai Technology Beijing Company Limited [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_yy_OrganizationAndPrincipalActivitiesLineItems', window );"><strong>Subsidiaries, VIEs and VIE's subsidiary [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MinorityInterestOwnershipPercentageByParent', window );">% of direct or indirect economic ownership</a></td>
<td class="nump">100.00%<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis=yy_ZhuhaiDuowanInformationTechnologyCompanyLimitedMember', window );">Zhuhai Duowan or Guangzhou Duowan [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_yy_OrganizationAndPrincipalActivitiesLineItems', window );"><strong>Subsidiaries, VIEs and VIE's subsidiary [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MinorityInterestOwnershipPercentageByParent', window );">% of direct or indirect economic ownership</a></td>
<td class="nump">100.00%<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis=yy_GuangzhouHuanjuShidaiInformationTechnologyCompanyLimitedMember', window );">Guangzhou Huanju Shidai [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_yy_OrganizationAndPrincipalActivitiesLineItems', window );"><strong>Subsidiaries, VIEs and VIE's subsidiary [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MinorityInterestOwnershipPercentageByParent', window );">% of direct or indirect economic ownership</a></td>
<td class="nump">100.00%<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis=yy_EngageCapitalPartnersILPMember', window );">Engage Capital Partners I LP [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_yy_OrganizationAndPrincipalActivitiesLineItems', window );"><strong>Subsidiaries, VIEs and VIE's subsidiary [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MinorityInterestOwnershipPercentageByParent', window );">% of direct or indirect economic ownership</a></td>
<td class="nump">93.50%<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr><td colspan="3"></td></tr>
<tr><td colspan="3"><table class="outerFootnotes" width="100%"><tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top">*100 Online Education Technology (Beijing) Co.,Ltd. (&#8220;100 Online&#8221;), formerly known as Zhengrenqiang and His Partners Education Technology (Beijing) Co., Ltd. (&#8220;Zhengrenqiang&#8221;).</td>
</tr></table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_MinorityInterestOwnershipPercentageByParent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The parent entity's interest in net assets of the subsidiary, expressed as a percentage.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_MinorityInterestOwnershipPercentageByParent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_VariableInterestEntityOwnershipPercentage">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Percentage of the Variable Interest Entity's (VIE) voting interest owned by (or beneficial interest in) the reporting entity (directly or indirectly).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 50<br> -Paragraph 5A<br> -Subparagraph (d)<br> -URI http://asc.fasb.org/extlink&amp;oid=52262685&amp;loc=SL6759159-111685<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_VariableInterestEntityOwnershipPercentage</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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</table></div>
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</table>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">yy_OrganizationAndPrincipalActivitiesLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>yy_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_yy_SubsidiariesOfVariableInterestEntitiesByClassificationOfEntityAxis=yy_HundredOnlineEducationTechnologyBeijingCoLtdMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">yy_SubsidiariesOfVariableInterestEntitiesByClassificationOfEntityAxis=yy_HundredOnlineEducationTechnologyBeijingCoLtdMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">yy_SubsidiariesOfVariableInterestEntitiesByClassificationOfEntityAxis=yy_BeijingHuanqiuXingxueTechnologyDevelopmentCoLtdMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<tr>
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<td><strong> Period Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">yy_SubsidiariesOfVariableInterestEntitiesByClassificationOfEntityAxis=yy_ShanghaiBeifuCultureCommunicationCoLtdMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_yy_SubsidiariesOfVariableInterestEntitiesByClassificationOfEntityAxis=yy_ShanghaiYilianEquityInvestmentPartnershipLPMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">yy_SubsidiariesOfVariableInterestEntitiesByClassificationOfEntityAxis=yy_ShanghaiYilianEquityInvestmentPartnershipLPMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_VariableInterestEntitiesByClassificationOfEntityAxis=yy_GuangzhouHuaduoNetworkTechnologyCompanyLimitedMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_VariableInterestEntitiesByClassificationOfEntityAxis=yy_GuangzhouHuaduoNetworkTechnologyCompanyLimitedMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis=yy_DuowanEntertainmentCorporationMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis=yy_DuowanEntertainmentCorporationMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis=yy_HuanjuShidaiTechnologyBeijingCompanyLimitedMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis=yy_HuanjuShidaiTechnologyBeijingCompanyLimitedMember</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis=yy_ZhuhaiDuowanInformationTechnologyCompanyLimitedMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td>na</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis=yy_GuangzhouHuanjuShidaiInformationTechnologyCompanyLimitedMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis=yy_EngageCapitalPartnersILPMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis=yy_EngageCapitalPartnersILPMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<span style="display: none;">v3.4.0.3</span><table class="report" border="0" cellspacing="2" id="idp6805767776">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Principal accounting policies (Convenience Translation - Narrative) (Details)<br> &#165; in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th">
<div>Dec. 31, 2015 </div>
<div>CNY (&#165;)</div>
</th>
<th class="th">
<div>Dec. 31, 2014 </div>
<div>CNY (&#165;)</div>
</th>
<th class="th">
<div>Dec. 31, 2013 </div>
<div>CNY (&#165;)</div>
</th>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ForeignCurrencyTranslationAbstract', window );"><strong>Convenience translation</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ForeignCurrencyExchangeRateTranslation1', window );">Rate of translations of amounts from RMB into US$</a></td>
<td class="nump">6.4778<span></span>
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<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AssetImpairmentChargesAbstract', window );"><strong>Impairment of long-lived assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ImpairmentOfIntangibleAssetsFinitelived', window );">Impairment charges of intangible assets</a></td>
<td class="nump">&#165; 57,199<span></span>
</td>
<td class="nump">&#165; 5,697<span></span>
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<td class="text"> <span></span>
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<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AssetImpairmentChargesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AssetImpairmentChargesAbstract</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ForeignCurrencyExchangeRateTranslation1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Foreign exchange rate used to translate amounts denominated in functional currency to reporting currency.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 830<br> -SubTopic 30<br> -Section S99<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6897108&amp;loc=SL6897125-166521<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ForeignCurrencyExchangeRateTranslation1</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td>xbrli:pureItemType</td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ForeignCurrencyTranslationAbstract</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<td>xbrli:stringItemType</td>
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<td><strong> Balance Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ImpairmentOfIntangibleAssetsFinitelived">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of impairment loss recognized in the period resulting from the write-down of the carrying amount of a finite-lived intangible asset to fair value.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 350<br> -SubTopic 30<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=26713463&amp;loc=d3e16373-109275<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ImpairmentOfIntangibleAssetsFinitelived</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>93
<FILENAME>R70.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
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<span style="display: none;">v3.4.0.3</span><table class="report" border="0" cellspacing="2" id="idp6963263472">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Principal accounting policies (Schedule of Property and Equipment Estimated Useful Lives and Residual Rate) (Details)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2015</div></th></tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=us-gaap_BuildingMember', window );">Building [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentLineItems', window );"><strong>Property and equipment [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentUsefulLife', window );">Estimated useful lives</a></td>
<td class="text">40 years<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentSalvageValuePercentage', window );">Residual rate (as a percent)</a></td>
<td class="nump">0.00%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=us-gaap_BuildingImprovementsMember', window );">Decoration of buildings [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentLineItems', window );"><strong>Property and equipment [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentUsefulLife', window );">Estimated useful lives</a></td>
<td class="text">10 years<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentSalvageValuePercentage', window );">Residual rate (as a percent)</a></td>
<td class="nump">0.00%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=us-gaap_ComputerEquipmentMember', window );">Servers, computers and equipment [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentLineItems', window );"><strong>Property and equipment [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentUsefulLife', window );">Estimated useful lives</a></td>
<td class="text">3 years<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=us-gaap_ComputerEquipmentMember', window );">Servers, computers and equipment [Member] | Minimum [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentLineItems', window );"><strong>Property and equipment [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentSalvageValuePercentage', window );">Residual rate (as a percent)</a></td>
<td class="nump">0.00%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=us-gaap_ComputerEquipmentMember', window );">Servers, computers and equipment [Member] | Maximum [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentLineItems', window );"><strong>Property and equipment [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentSalvageValuePercentage', window );">Residual rate (as a percent)</a></td>
<td class="nump">5.00%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=yy_FurnitureFixturesAndOfficeEquipmentMember', window );">Furniture, fixture and office equipment [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentLineItems', window );"><strong>Property and equipment [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentUsefulLife', window );">Estimated useful lives</a></td>
<td class="text">5 years<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=yy_FurnitureFixturesAndOfficeEquipmentMember', window );">Furniture, fixture and office equipment [Member] | Minimum [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentLineItems', window );"><strong>Property and equipment [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentSalvageValuePercentage', window );">Residual rate (as a percent)</a></td>
<td class="nump">0.00%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=yy_FurnitureFixturesAndOfficeEquipmentMember', window );">Furniture, fixture and office equipment [Member] | Maximum [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentLineItems', window );"><strong>Property and equipment [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentSalvageValuePercentage', window );">Residual rate (as a percent)</a></td>
<td class="nump">5.00%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=us-gaap_VehiclesMember', window );">Motor vehicles [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentLineItems', window );"><strong>Property and equipment [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentUsefulLife', window );">Estimated useful lives</a></td>
<td class="text">4 years<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentSalvageValuePercentage', window );">Residual rate (as a percent)</a></td>
<td class="nump">5.00%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=us-gaap_LeaseholdImprovementsMember', window );">Leasehold improvements [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentLineItems', window );"><strong>Property and equipment [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentSalvageValuePercentage', window );">Residual rate (as a percent)</a></td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=us-gaap_LeaseholdImprovementsMember', window );">Leasehold improvements [Member] | Maximum [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentLineItems', window );"><strong>Property and equipment [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentUsefulLife', window );">Estimated useful lives</a></td>
<td class="text">5 years<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentSalvageValuePercentage">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Stated as a percentage, the estimated or actual value of the asset at the end of its useful life or when it is no longer serviceable (cannot be used for its original purpose) divided by its [historical] capitalized cost.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentSalvageValuePercentage</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentUsefulLife">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Useful life of long lived, physical assets used in the normal conduct of business and not intended for resale, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. Examples include, but not limited to, land, buildings, machinery and equipment, office equipment, furniture and fixtures, and computer equipment.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentUsefulLife</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=us-gaap_BuildingMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentByTypeAxis=us-gaap_BuildingMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=us-gaap_BuildingImprovementsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentByTypeAxis=us-gaap_BuildingImprovementsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=us-gaap_ComputerEquipmentMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentByTypeAxis=us-gaap_ComputerEquipmentMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RangeAxis=us-gaap_MinimumMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RangeAxis=us-gaap_MinimumMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RangeAxis=us-gaap_MaximumMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RangeAxis=us-gaap_MaximumMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=yy_FurnitureFixturesAndOfficeEquipmentMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentByTypeAxis=yy_FurnitureFixturesAndOfficeEquipmentMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=us-gaap_VehiclesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentByTypeAxis=us-gaap_VehiclesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=us-gaap_LeaseholdImprovementsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentByTypeAxis=us-gaap_LeaseholdImprovementsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>94
<FILENAME>R71.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
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<span style="display: none;">v3.4.0.3</span><table class="report" border="0" cellspacing="2" id="idp6792538432">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Principal accounting policies (Schedule of Amortization of Finite-lived Intangible Assets is Computed Using Straight-line Method Over Following Estimated Useful Lives) (Details)<br></strong></div></th>
<th class="th" colspan="2">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2015</div></th>
<th class="th"><div>Dec. 31, 2014</div></th>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis=yy_BrandNameMember', window );">Brand names [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FiniteLivedIntangibleAssetsLineItems', window );"><strong>Intangible assets, net [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FiniteLivedIntangibleAssetUsefulLife', window );">Estimated useful lives</a></td>
<td class="text">10 years<span></span>
</td>
<td class="text">11 years<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis=yy_BrandNameMember', window );">Brand names [Member] | Minimum [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FiniteLivedIntangibleAssetsLineItems', window );"><strong>Intangible assets, net [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FiniteLivedIntangibleAssetUsefulLife', window );">Estimated useful lives</a></td>
<td class="text">1 year<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis=yy_BrandNameMember', window );">Brand names [Member] | Maximum [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FiniteLivedIntangibleAssetsLineItems', window );"><strong>Intangible assets, net [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FiniteLivedIntangibleAssetUsefulLife', window );">Estimated useful lives</a></td>
<td class="text">15 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis=us-gaap_ComputerSoftwareIntangibleAssetMember', window );">Software [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FiniteLivedIntangibleAssetsLineItems', window );"><strong>Intangible assets, net [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FiniteLivedIntangibleAssetUsefulLife', window );">Estimated useful lives</a></td>
<td class="text">5 years<span></span>
</td>
<td class="text">4 years<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis=us-gaap_ComputerSoftwareIntangibleAssetMember', window );">Software [Member] | Minimum [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FiniteLivedIntangibleAssetsLineItems', window );"><strong>Intangible assets, net [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FiniteLivedIntangibleAssetUsefulLife', window );">Estimated useful lives</a></td>
<td class="text">3 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis=us-gaap_ComputerSoftwareIntangibleAssetMember', window );">Software [Member] | Maximum [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FiniteLivedIntangibleAssetsLineItems', window );"><strong>Intangible assets, net [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FiniteLivedIntangibleAssetUsefulLife', window );">Estimated useful lives</a></td>
<td class="text">5 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis=us-gaap_InternetDomainNamesMember', window );">Domain names [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FiniteLivedIntangibleAssetsLineItems', window );"><strong>Intangible assets, net [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FiniteLivedIntangibleAssetUsefulLife', window );">Estimated useful lives</a></td>
<td class="text">15 years<span></span>
</td>
<td class="text">15 years<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis=us-gaap_PatentedTechnologyMember', window );">Technology [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FiniteLivedIntangibleAssetsLineItems', window );"><strong>Intangible assets, net [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FiniteLivedIntangibleAssetUsefulLife', window );">Estimated useful lives</a></td>
<td class="text">5 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis=us-gaap_OtherIntangibleAssetsMember', window );">Others [Member] | Minimum [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FiniteLivedIntangibleAssetsLineItems', window );"><strong>Intangible assets, net [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FiniteLivedIntangibleAssetUsefulLife', window );">Estimated useful lives</a></td>
<td class="text">3 years<span></span>
</td>
<td class="text">3 years<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis=us-gaap_OtherIntangibleAssetsMember', window );">Others [Member] | Maximum [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FiniteLivedIntangibleAssetsLineItems', window );"><strong>Intangible assets, net [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FiniteLivedIntangibleAssetUsefulLife', window );">Estimated useful lives</a></td>
<td class="text">5 years<span></span>
</td>
<td class="text">5 years<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FiniteLivedIntangibleAssetUsefulLife">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Useful life of finite-lived intangible assets, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FiniteLivedIntangibleAssetUsefulLife</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FiniteLivedIntangibleAssetsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FiniteLivedIntangibleAssetsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis=yy_BrandNameMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis=yy_BrandNameMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RangeAxis=us-gaap_MinimumMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RangeAxis=us-gaap_MinimumMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RangeAxis=us-gaap_MaximumMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RangeAxis=us-gaap_MaximumMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis=us-gaap_ComputerSoftwareIntangibleAssetMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis=us-gaap_ComputerSoftwareIntangibleAssetMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis=us-gaap_InternetDomainNamesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis=us-gaap_InternetDomainNamesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis=us-gaap_PatentedTechnologyMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis=us-gaap_PatentedTechnologyMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis=us-gaap_OtherIntangibleAssetsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis=us-gaap_OtherIntangibleAssetsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>95
<FILENAME>R72.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.4.0.3</span><table class="report" border="0" cellspacing="2" id="idp6815764832">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Principal accounting policies (Revenue Recognition and Cost of Revenues - Narrative) (Details)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="3">12 Months Ended</th>
<th class="th" colspan="1">24 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Jun. 01, 2014</div></th>
<th class="th">
<div>Dec. 31, 2015 </div>
<div>USD ($) </div>
<div>item</div>
</th>
<th class="th"><div>Dec. 31, 2014</div></th>
<th class="th"><div>Dec. 31, 2013</div></th>
<th class="th">
<div>Dec. 31, 2015 </div>
<div>item</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CostOfRevenueAbstract', window );"><strong>Cost of revenues</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_yy_TaxRateOnAdvertisingServiceIncome', window );">Tax rate on service income from provision of advertising services in the PRC (as a percent)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">3.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_yy_SurchargesRateOnBusinessTaxAndValueAddedTax', window );">Surcharges on business taxes and VAT (as a percent)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">12.00%<span></span>
</td>
<td class="nump">12.00%<span></span>
</td>
<td class="nump">12.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RangeAxis=us-gaap_MinimumMember', window );">Minimum [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CostOfRevenueAbstract', window );"><strong>Cost of revenues</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_yy_ValueAddedTaxRate', window );">VAT (as a percent)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">6.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RangeAxis=us-gaap_MaximumMember', window );">Maximum [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CostOfRevenueAbstract', window );"><strong>Cost of revenues</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_yy_ValueAddedTaxRate', window );">VAT (as a percent)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">17.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProductOrServiceAxis=yy_InternetValueAddedServicesRevenueMember', window );">IVAS revenue [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CostOfRevenueAbstract', window );"><strong>Cost of revenues</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_yy_BusinessTaxRatePriorToPilotProgramBeingApplied', window );">Business taxes prior to the Pilot Program's being applied (as a percent)</a></td>
<td class="nump">3.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProductOrServiceAxis=yy_OnlineGameRevenueMember', window );">Online games revenue [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CostOfRevenueAbstract', window );"><strong>Cost of revenues</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_yy_ValueAddedTaxRate', window );">VAT (as a percent)</a></td>
<td class="nump">6.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProductOrServiceAxis=yy_ThirdPartyDevelopedOnlineGamesMember', window );">Third party developed online games [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RevenueRecognitionMultipleDeliverableArrangementsLineItems', window );"><strong>Revenue recognition [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_yy_NumberOfTypesOfThirdPartyDevelopedOnlineGames', window );">Number of types of third party developed online games</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProductOrServiceAxis=yy_ThirdPartyDevelopedOnlineGamesMember', window );">Third party developed online games [Member] | Minimum [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RevenueRecognitionMultipleDeliverableArrangementsLineItems', window );"><strong>Revenue recognition [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_yy_PeriodOfRevenueSharingContracts', window );">Period of revenue-sharing contracts</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">1 year<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_yy_EstimatedUserRelationshipPeriod', window );">Estimated user relationship period</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">1 month<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProductOrServiceAxis=yy_ThirdPartyDevelopedOnlineGamesMember', window );">Third party developed online games [Member] | Maximum [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RevenueRecognitionMultipleDeliverableArrangementsLineItems', window );"><strong>Revenue recognition [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_yy_PeriodOfRevenueSharingContracts', window );">Period of revenue-sharing contracts</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">2 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_yy_EstimatedUserRelationshipPeriod', window );">Estimated user relationship period</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">6 months<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProductOrServiceAxis=yy_OnlineMusicAndEntertainmentRevenueMember', window );">Online music and entertainment revenue [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RevenueRecognitionMultipleDeliverableArrangementsLineItems', window );"><strong>Revenue recognition [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_yy_MaximumPeriodOverWhichEachVirtualItemIsMadeAvailableToUsers', window );">Maximum period over which each virtual item is made available to the user</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">1 year<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_yy_NumberOfArrangementIntoWhichVirtualItemsSoldIndividuallyOrBundled', window );">Number of arrangements into which virtual items may be sold individually or bundled</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProductOrServiceAxis=yy_AdvertisingRevenuesMember', window );">Advertising revenues [Member] | Minimum [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RevenueRecognitionMultipleDeliverableArrangementsLineItems', window );"><strong>Revenue recognition [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_yy_AdvertisingRevenuesContractTerm', window );">Advertising revenues contract term</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">1 month<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProductOrServiceAxis=yy_AdvertisingRevenuesMember', window );">Advertising revenues [Member] | Maximum [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RevenueRecognitionMultipleDeliverableArrangementsLineItems', window );"><strong>Revenue recognition [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_yy_AdvertisingRevenuesContractTerm', window );">Advertising revenues contract term</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">3 months<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_yy_PaymentsAccrualPeriod', window );">Period over which payments are due</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">6 months<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProductOrServiceAxis=yy_OnlineEducationRevenuesMember', window );">Online Education Revenues [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RevenueRecognitionMultipleDeliverableArrangementsLineItems', window );"><strong>Revenue recognition [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_yy_NumberOfTrialClassOfPurchasedCourse', window );">Number of trial class of the purchased course</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_yy_AmountOfRefundToBeProvidedToStudentWhoWithdrawsFundAfterTrialPeriod', window );">Amount of refund to be provided to student who withdraws fund after the trial period | $</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_yy_InitialCourseTerm', window );">Initial course term</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">6 months<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CostOfRevenueAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CostOfRevenueAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RevenueRecognitionMultipleDeliverableArrangementsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RevenueRecognitionMultipleDeliverableArrangementsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_yy_AdvertisingRevenuesContractTerm">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the advertising revenues contract term.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">yy_AdvertisingRevenuesContractTerm</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>yy_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_yy_AmountOfRefundToBeProvidedToStudentWhoWithdrawsFundAfterTrialPeriod">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the amount of refund to be provided to student who withdraws fund after the trial period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">yy_AmountOfRefundToBeProvidedToStudentWhoWithdrawsFundAfterTrialPeriod</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>yy_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_yy_BusinessTaxRatePriorToPilotProgramBeingApplied">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the rate of business tax imposed on revenues prior to the Pilot Program's being applied.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">yy_BusinessTaxRatePriorToPilotProgramBeingApplied</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>yy_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_yy_EstimatedUserRelationshipPeriod">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the period of estimated user relationship to recognize revenues.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">yy_EstimatedUserRelationshipPeriod</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>yy_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_yy_InitialCourseTerm">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the period of initial course term.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">yy_InitialCourseTerm</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>yy_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_yy_MaximumPeriodOverWhichEachVirtualItemIsMadeAvailableToUsers">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the maximum period over which each virtual item is made available to the user.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">yy_MaximumPeriodOverWhichEachVirtualItemIsMadeAvailableToUsers</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>yy_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_yy_NumberOfArrangementIntoWhichVirtualItemsSoldIndividuallyOrBundled">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the number of arrangements into which virtual items may be sold individually or bundled.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">yy_NumberOfArrangementIntoWhichVirtualItemsSoldIndividuallyOrBundled</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>yy_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:integerItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_yy_NumberOfTrialClassOfPurchasedCourse">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the number of trial class of the purchased course.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">yy_NumberOfTrialClassOfPurchasedCourse</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>yy_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:integerItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_yy_NumberOfTypesOfThirdPartyDevelopedOnlineGames">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the number of types of third party developed online games.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">yy_NumberOfTypesOfThirdPartyDevelopedOnlineGames</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>yy_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:integerItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_yy_PaymentsAccrualPeriod">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the period over which amount billed to the third party advertising agencies and direct advertisers are due for payment.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">yy_PaymentsAccrualPeriod</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>yy_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_yy_PeriodOfRevenueSharingContracts">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the period of revenue-sharing contracts.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">yy_PeriodOfRevenueSharingContracts</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>yy_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_yy_SurchargesRateOnBusinessTaxAndValueAddedTax">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the tax rate of surcharges on business taxes and VAT.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">yy_SurchargesRateOnBusinessTaxAndValueAddedTax</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>yy_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_yy_TaxRateOnAdvertisingServiceIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the percentage of tax rate on advertising service income subjected to cultural development fee.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">yy_TaxRateOnAdvertisingServiceIncome</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>yy_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_yy_ValueAddedTaxRate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the rate at which value-added tax is levied on revenue of the entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">yy_ValueAddedTaxRate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>yy_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RangeAxis=us-gaap_MinimumMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RangeAxis=us-gaap_MinimumMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RangeAxis=us-gaap_MaximumMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RangeAxis=us-gaap_MaximumMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProductOrServiceAxis=yy_InternetValueAddedServicesRevenueMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ProductOrServiceAxis=yy_InternetValueAddedServicesRevenueMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProductOrServiceAxis=yy_OnlineGameRevenueMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ProductOrServiceAxis=yy_OnlineGameRevenueMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProductOrServiceAxis=yy_ThirdPartyDevelopedOnlineGamesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ProductOrServiceAxis=yy_ThirdPartyDevelopedOnlineGamesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProductOrServiceAxis=yy_OnlineMusicAndEntertainmentRevenueMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ProductOrServiceAxis=yy_OnlineMusicAndEntertainmentRevenueMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProductOrServiceAxis=yy_AdvertisingRevenuesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ProductOrServiceAxis=yy_AdvertisingRevenuesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProductOrServiceAxis=yy_OnlineEducationRevenuesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ProductOrServiceAxis=yy_OnlineEducationRevenuesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>96
<FILENAME>R73.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.4.0.3</span><table class="report" border="0" cellspacing="2" id="idp6790538416">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Principal accounting policies (Sales and Marketing Expenses, Share based Compensation, Statutory Reserves, Dividends and Segment Reporting - Narrative) (Details)<br> &#165; in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th">
<div>Dec. 31, 2015 </div>
<div>CNY (&#165;) </div>
<div>item</div>
</th>
<th class="th">
<div>Dec. 31, 2014 </div>
<div>CNY (&#165;)</div>
</th>
<th class="th">
<div>Dec. 31, 2013 </div>
<div>CNY (&#165;)</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SellingAndMarketingExpenseAbstract', window );"><strong>Sales and marketing expenses</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MarketingAndAdvertisingExpense', window );">Advertising and market promotion expenses</a></td>
<td class="nump">&#165; 253,210<span></span>
</td>
<td class="nump">&#165; 76,192<span></span>
</td>
<td class="nump">&#165; 8,054<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_yy_EmployeeSocialSecurityAndWelfareBenefitsAbstract', window );"><strong>Employee social security and welfare benefits</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DefinedContributionPlanCostRecognized', window );">Employee social security and welfare benefits</a></td>
<td class="nump">&#165; 171,349<span></span>
</td>
<td class="nump">&#165; 115,012<span></span>
</td>
<td class="nump">&#165; 68,334<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_yy_PrincipalAccountingPoliciesLineItems', window );"><strong>Statutory reserves [Line Item]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_yy_AppropriationOfAfterTaxProfitToGeneralReserveFundRequiredPercentageMinimum', window );">Minimum percentage appropriation to general reserve fund required</a></td>
<td class="nump">10.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_yy_ReserveLevelThresholdForMandatoryTransferPercentage', window );">Reserve level threshold for mandatory appropriation requirement (as a percent)</a></td>
<td class="nump">50.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_yy_AppropriationOfAfterTaxProfitToStatutorySurplusFundRequiredPercentageMinimum', window );">Minimum percentage appropriation to statutory surplus fund required</a></td>
<td class="nump">10.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_yy_SurplusFundThresholdForMandatoryTransferPercentage', window );">Surplus fund threshold for mandatory appropriation requirement (as a percent)</a></td>
<td class="nump">50.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_yy_AmountTransferredTowardsStatutoryReserves', window );">Amount appropriated to statutory reserves</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DividendsAbstract', window );"><strong>Dividends</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DividendsCommonStock', window );">Dividends declared</a></td>
<td class="nump">&#165; 0<span></span>
</td>
<td class="nump">&#165; 0<span></span>
</td>
<td class="nump">&#165; 0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SegmentReportingDisclosureOfEntitysReportableSegmentsAbstract', window );"><strong>Segment reporting</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NumberOfOperatingSegments', window );">Number of operating segments | item</a></td>
<td class="nump">1<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementEquityComponentsAxis=us-gaap_RetainedEarningsAppropriatedMember', window );">Statutory reserves [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_yy_PrincipalAccountingPoliciesLineItems', window );"><strong>Statutory reserves [Line Item]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_yy_AmountTransferredTowardsStatutoryReserves', window );">Amount appropriated to statutory reserves</a></td>
<td class="nump">&#165; 38<span></span>
</td>
<td class="nump">&#165; 15,812<span></span>
</td>
<td class="nump">&#165; 40,657<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DefinedContributionPlanCostRecognized">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of the cost recognized during the period for defined contribution plans.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 715<br> -SubTopic 70<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=49170846&amp;loc=d3e28014-114942<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DefinedContributionPlanCostRecognized</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DividendsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DividendsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DividendsCommonStock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of paid and unpaid common stock dividends declared with the form of settlement in cash, stock and payment-in-kind (PIK).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.3-04)<br> -URI http://asc.fasb.org/extlink&amp;oid=27012166&amp;loc=d3e187085-122770<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 405<br> -Section 45<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=6957935&amp;loc=d3e64057-112817<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DividendsCommonStock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_MarketingAndAdvertisingExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The total expense recognized in the period for promotion, public relations, and brand or product advertising.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03.4)<br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_MarketingAndAdvertisingExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NumberOfOperatingSegments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of operating segments. An operating segment is a component of an enterprise: (a) that engages in business activities from which it may earn revenues and incur expenses (including revenues and expenses relating to transactions with other components of the same enterprise), (b) whose operating results are regularly reviewed by the enterprise's chief operating decision maker to make decisions about resources to be allocated to the segment and assess its performance, and (c) for which discrete financial information is available. An operating segment may engage in business activities for which it has yet to earn revenues, for example, start-up operations may be operating segments before earning revenues.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NumberOfOperatingSegments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:integerItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SegmentReportingDisclosureOfEntitysReportableSegmentsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_SegmentReportingDisclosureOfEntitysReportableSegmentsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SellingAndMarketingExpenseAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_SellingAndMarketingExpenseAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_yy_AmountTransferredTowardsStatutoryReserves">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents Statutory reserves appropriated during the period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">yy_AmountTransferredTowardsStatutoryReserves</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>yy_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_yy_AppropriationOfAfterTaxProfitToGeneralReserveFundRequiredPercentageMinimum">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the minimum percentage of after-tax profit required to be appropriated towards the general reserve fund for the entity's subsidiaries registered as wholly-owned foreign enterprises until the reserve balance reaches 50 percent of registered capital.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">yy_AppropriationOfAfterTaxProfitToGeneralReserveFundRequiredPercentageMinimum</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>yy_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_yy_AppropriationOfAfterTaxProfitToStatutorySurplusFundRequiredPercentageMinimum">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the minimum percentage of after-tax profit required to be appropriated towards the statutory surplus fund for the entities incorporated in the People's Republic Of China until the reserve balance reaches 50 percent of registered capital.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">yy_AppropriationOfAfterTaxProfitToStatutorySurplusFundRequiredPercentageMinimum</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>yy_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_yy_EmployeeSocialSecurityAndWelfareBenefitsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">yy_EmployeeSocialSecurityAndWelfareBenefitsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>yy_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_yy_PrincipalAccountingPoliciesLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">yy_PrincipalAccountingPoliciesLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>yy_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_yy_ReserveLevelThresholdForMandatoryTransferPercentage">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the level of the general reserve fund balance as a percentage of registered capital for the entity''s subsidiaries and the VIEs and VIE''s subsidiary in the PRC, which must be attained before mandatory transfers to the reserve are no longer required.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">yy_ReserveLevelThresholdForMandatoryTransferPercentage</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>yy_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_yy_SurplusFundThresholdForMandatoryTransferPercentage">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the level of the statutory surplus fund balance as a percentage of registered capital for the entities incorporated in the People's Republic of China, which must be attained before mandatory transfers to the fund are no longer required.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">yy_SurplusFundThresholdForMandatoryTransferPercentage</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>yy_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementEquityComponentsAxis=us-gaap_RetainedEarningsAppropriatedMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementEquityComponentsAxis=us-gaap_RetainedEarningsAppropriatedMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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</div>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>97
<FILENAME>R74.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
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<span style="display: none;">v3.4.0.3</span><table class="report" border="0" cellspacing="2" id="idp6963506560">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Certain risks and concentration (Narrative) (Details)<br> &#165; in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th">
<div>Dec. 31, 2015 </div>
<div>CNY (&#165;) </div>
<div>item</div>
</th>
<th class="th">
<div>Dec. 31, 2014 </div>
<div>CNY (&#165;) </div>
<div>item</div>
</th>
<th class="th">
<div>Dec. 31, 2013 </div>
<div>CNY (&#165;)</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ConcentrationRiskLineItems', window );"><strong>Certain risks and concentration [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_yy_ForeignOwnershipPercentageInInternetBasedBusinessesMaximum', window );">Maximum foreign ownership in internet information provider or other value-added telecommunication service provider's business allowed under PRC laws and regulations</a></td>
<td class="nump">50.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_yy_NumberOfVariableInterestEntitiesOrTheirShareholdersEntitledToTerminateContractsPriorToExpirationDate', window );">Number of VIEs or their shareholders entitled to terminate the contracts prior to the expiration date</a></td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_yy_NumberOfVariableInterestEntitiesHaveAccumulatedLossesSinceInception', window );">Number of VIEs have accumulated losses since inception</a></td>
<td class="nump">2<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RangeAxis=us-gaap_MinimumMember', window );">Minimum [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ConcentrationRiskLineItems', window );"><strong>Certain risks and concentration [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_yy_TermOfContractualAgreements', window );">Term of contractual agreements</a></td>
<td class="text">10 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RangeAxis=us-gaap_MaximumMember', window );">Maximum [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ConcentrationRiskLineItems', window );"><strong>Certain risks and concentration [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_yy_TermOfContractualAgreements', window );">Term of contractual agreements</a></td>
<td class="text">30 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_VariableInterestEntitiesByClassificationOfEntityAxis=yy_GuangzhouHuaduoNetworkTechnologyCompanyLimitedMember', window );">Guangzhou Huaduo [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ConcentrationRiskLineItems', window );"><strong>Certain risks and concentration [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_VariableInterestEntityOwnershipPercentage', window );">Equity interests ownership (as a percent)</a></td>
<td class="nump">100.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_VariableInterestEntitiesByClassificationOfEntityAxis=yy_GuangzhouHuaduoNetworkTechnologyCompanyLimitedMember', window );">Guangzhou Huaduo [Member] | Guangzhou Huanju Shidai and Beijing Huanju Shidai [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ConcentrationRiskLineItems', window );"><strong>Certain risks and concentration [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_yy_ServiceFees', window );">Service fees | &#165;</a></td>
<td class="nump">&#165; 274,285<span></span>
</td>
<td class="nump">&#165; 363,117<span></span>
</td>
<td class="nump">&#165; 31,153<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_VariableInterestEntitiesByClassificationOfEntityAxis=yy_GuangzhouHuaduoNetworkTechnologyCompanyLimitedMember', window );">Guangzhou Huaduo [Member] | Beijing Tuda [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ConcentrationRiskLineItems', window );"><strong>Certain risks and concentration [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_VariableInterestEntityOwnershipPercentage', window );">Equity interests ownership (as a percent)</a></td>
<td class="nump">99.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_VariableInterestEntitiesByClassificationOfEntityAxis=yy_GuangzhouHuaduoNetworkTechnologyCompanyLimitedMember', window );">Guangzhou Huaduo [Member] | Mr. David Xueling Li, CEO [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ConcentrationRiskLineItems', window );"><strong>Certain risks and concentration [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_VariableInterestEntityOwnershipPercentage', window );">Equity interests ownership (as a percent)</a></td>
<td class="nump">0.50%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_VariableInterestEntitiesByClassificationOfEntityAxis=yy_GuangzhouHuaduoNetworkTechnologyCompanyLimitedMember', window );">Guangzhou Huaduo [Member] | Mr. Jun Lei, Chairman of the Company [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ConcentrationRiskLineItems', window );"><strong>Certain risks and concentration [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_VariableInterestEntityOwnershipPercentage', window );">Equity interests ownership (as a percent)</a></td>
<td class="nump">0.44%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_VariableInterestEntitiesByClassificationOfEntityAxis=yy_GuangzhouHuaduoNetworkTechnologyCompanyLimitedMember', window );">Guangzhou Huaduo [Member] | Mr. Tony Bin Zhao [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ConcentrationRiskLineItems', window );"><strong>Certain risks and concentration [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_VariableInterestEntityOwnershipPercentage', window );">Equity interests ownership (as a percent)</a></td>
<td class="nump">0.04%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_VariableInterestEntitiesByClassificationOfEntityAxis=yy_GuangzhouHuaduoNetworkTechnologyCompanyLimitedMember', window );">Guangzhou Huaduo [Member] | Mr. Jin Cao [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ConcentrationRiskLineItems', window );"><strong>Certain risks and concentration [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_VariableInterestEntityOwnershipPercentage', window );">Equity interests ownership (as a percent)</a></td>
<td class="nump">0.02%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_VariableInterestEntitiesByClassificationOfEntityAxis=yy_BeijingTudaScienceAndTechnologyCompanyLimitedAndGuangzhouHuaduoNetworkTechnologyCompanyLimitedMember', window );">Beijing Tuda and Guangzhou Huaduo [Member] | Beijing Huanju Shidai [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ConcentrationRiskLineItems', window );"><strong>Certain risks and concentration [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_yy_MaximumPercentageOfIncomeOfVariableInterestEntitiesWhichMayBeChargedAsServiceFees', window );">Maximum percentage of the income of VIEs which may be charged as service fees</a></td>
<td class="nump">100.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_yy_MaximumPercentageOfProfitsPayableByVariableInterestEntities', window );">Maximum percentage of the profits payable by VIEs</a></td>
<td class="nump">100.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_VariableInterestEntitiesByClassificationOfEntityAxis=yy_BeijingBilinChangxiangInformationTechnologyCoLtdMember', window );">Bilin Changxiang [Member] | Beijing Huanju Shidai [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ConcentrationRiskLineItems', window );"><strong>Certain risks and concentration [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_yy_ServiceFees', window );">Service fees | &#165;</a></td>
<td class="nump">&#165; 0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ConcentrationRiskByBenchmarkAxis=us-gaap_AccountsReceivableMember', window );">Accounts receivable [Member] | Credit concentration [Member] | Top 10 accounts receivable [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ConcentrationRiskLineItems', window );"><strong>Certain risks and concentration [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_yy_ConcentrationRiskNumberOfTopAccountsReceivable', window );">Number of top accounts receivable</a></td>
<td class="nump">10<span></span>
</td>
<td class="nump">10<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ConcentrationRiskPercentage1', window );">Concentration percentage</a></td>
<td class="nump">82.00%<span></span>
</td>
<td class="nump">83.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ConcentrationRiskLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ConcentrationRiskLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ConcentrationRiskPercentage1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>For an entity that discloses a concentration risk in relation to quantitative amount, which serves as the "benchmark" (or denominator) in the equation, this concept represents the concentration percentage derived from the division.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 275<br> -SubTopic 10<br> -Section 50<br> -Paragraph 18<br> -URI http://asc.fasb.org/extlink&amp;oid=51801978&amp;loc=d3e6351-108592<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 825<br> -SubTopic 10<br> -Section 50<br> -Paragraph 20<br> -URI http://asc.fasb.org/extlink&amp;oid=49121117&amp;loc=d3e13531-108611<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 275<br> -SubTopic 10<br> -Section 50<br> -Paragraph 20<br> -URI http://asc.fasb.org/extlink&amp;oid=51801978&amp;loc=d3e6404-108592<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 825<br> -SubTopic 10<br> -Section 50<br> -Paragraph 21<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=49121117&amp;loc=d3e13537-108611<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ConcentrationRiskPercentage1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_VariableInterestEntityOwnershipPercentage">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Percentage of the Variable Interest Entity's (VIE) voting interest owned by (or beneficial interest in) the reporting entity (directly or indirectly).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 50<br> -Paragraph 5A<br> -Subparagraph (d)<br> -URI http://asc.fasb.org/extlink&amp;oid=52262685&amp;loc=SL6759159-111685<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_VariableInterestEntityOwnershipPercentage</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_yy_ConcentrationRiskNumberOfTopAccountsReceivable">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of top accounts receivables who typically contribute accounts receivable in excess of a specified percentage of the total accounts receivable.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">yy_ConcentrationRiskNumberOfTopAccountsReceivable</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>yy_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:integerItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_yy_ForeignOwnershipPercentageInInternetBasedBusinessesMaximum">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The maximum foreign ownership in internet information provider or value-added telecommunication service provider's business allowed under PRC laws and regulations.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">yy_ForeignOwnershipPercentageInInternetBasedBusinessesMaximum</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>yy_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_yy_MaximumPercentageOfIncomeOfVariableInterestEntitiesWhichMayBeChargedAsServiceFees">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The maximum percentage of the income of variable interest entities which may be charged as service fees.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">yy_MaximumPercentageOfIncomeOfVariableInterestEntitiesWhichMayBeChargedAsServiceFees</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>yy_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_yy_MaximumPercentageOfProfitsPayableByVariableInterestEntities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The maximum percentage of the profits payable by variable interest entities of the entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">yy_MaximumPercentageOfProfitsPayableByVariableInterestEntities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>yy_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_yy_NumberOfVariableInterestEntitiesHaveAccumulatedLossesSinceInception">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of variable interest entities have accumulated losses since inception.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">yy_NumberOfVariableInterestEntitiesHaveAccumulatedLossesSinceInception</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>yy_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:integerItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_yy_NumberOfVariableInterestEntitiesOrTheirShareholdersEntitledToTerminateContractsPriorToExpirationDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of variable interest entities or their shareholders entitled to terminate the contracts prior to the expiration date.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">yy_NumberOfVariableInterestEntitiesOrTheirShareholdersEntitledToTerminateContractsPriorToExpirationDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>yy_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:integerItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_yy_ServiceFees">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represent the service fees for technology support, technology services, business support or consulting services.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">yy_ServiceFees</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>yy_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_yy_TermOfContractualAgreements">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the term of contractual agreements.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">yy_TermOfContractualAgreements</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>yy_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RangeAxis=us-gaap_MinimumMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RangeAxis=us-gaap_MinimumMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RangeAxis=us-gaap_MaximumMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RangeAxis=us-gaap_MaximumMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_VariableInterestEntitiesByClassificationOfEntityAxis=yy_GuangzhouHuaduoNetworkTechnologyCompanyLimitedMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_VariableInterestEntitiesByClassificationOfEntityAxis=yy_GuangzhouHuaduoNetworkTechnologyCompanyLimitedMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LegalEntityAxis=yy_HuanjuShidaiTechnologyBeijingCompanyLimitedAndGuangzhouHuanjuShidaiInformationTechnologyCompanyLimitedMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LegalEntityAxis=yy_HuanjuShidaiTechnologyBeijingCompanyLimitedAndGuangzhouHuanjuShidaiInformationTechnologyCompanyLimitedMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=yy_BeijingTudaScienceAndTechnologyCompanyLimitedMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=yy_BeijingTudaScienceAndTechnologyCompanyLimitedMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_TitleOfIndividualAxis=us-gaap_ChiefExecutiveOfficerMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_TitleOfIndividualAxis=us-gaap_ChiefExecutiveOfficerMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_TitleOfIndividualAxis=us-gaap_BoardOfDirectorsChairmanMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_TitleOfIndividualAxis=us-gaap_BoardOfDirectorsChairmanMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_TitleOfIndividualAxis=yy_DirectorChairmanOfTechnologyCommitteeMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_TitleOfIndividualAxis=yy_DirectorChairmanOfTechnologyCommitteeMember</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<td><strong> Period Type:</strong></td>
<td></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_TitleOfIndividualAxis=us-gaap_ExecutiveVicePresidentMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_TitleOfIndividualAxis=us-gaap_ExecutiveVicePresidentMember</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<td></td>
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<td><strong> Period Type:</strong></td>
<td></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_VariableInterestEntitiesByClassificationOfEntityAxis=yy_BeijingTudaScienceAndTechnologyCompanyLimitedAndGuangzhouHuaduoNetworkTechnologyCompanyLimitedMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_VariableInterestEntitiesByClassificationOfEntityAxis=yy_BeijingTudaScienceAndTechnologyCompanyLimitedAndGuangzhouHuaduoNetworkTechnologyCompanyLimitedMember</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LegalEntityAxis=yy_HuanjuShidaiTechnologyBeijingCompanyLimitedMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LegalEntityAxis=yy_HuanjuShidaiTechnologyBeijingCompanyLimitedMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_VariableInterestEntitiesByClassificationOfEntityAxis=yy_BeijingBilinChangxiangInformationTechnologyCoLtdMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_VariableInterestEntitiesByClassificationOfEntityAxis=yy_BeijingBilinChangxiangInformationTechnologyCoLtdMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ConcentrationRiskByBenchmarkAxis=us-gaap_AccountsReceivableMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ConcentrationRiskByBenchmarkAxis=us-gaap_AccountsReceivableMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ConcentrationRiskByTypeAxis=us-gaap_CreditConcentrationRiskMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ConcentrationRiskByTypeAxis=us-gaap_CreditConcentrationRiskMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CounterpartyNameAxis=yy_TopTenCollectionAgenciesAndCustomersMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CounterpartyNameAxis=yy_TopTenCollectionAgenciesAndCustomersMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>98
<FILENAME>R75.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.4.0.3</span><table class="report" border="0" cellspacing="2" id="idp6811742624">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Certain risks and concentration (Schedule of Consolidated Financial Information of Group's VIEs and VIE's Subsidiary Excluding Inter Company Items With Group's Subsidiaries Included in Accompanying Consolidated Financial Statements) (Details)<br> &#165; in Thousands, $ in Thousands</strong></div></th>
<th class="th" colspan="4">12 Months Ended</th>
<th class="th" colspan="1"></th>
<th class="th" colspan="2"></th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th">
<div>Dec. 31, 2015 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2015 </div>
<div>CNY (&#165;)</div>
</th>
<th class="th">
<div>Dec. 31, 2014 </div>
<div>CNY (&#165;)</div>
</th>
<th class="th">
<div>Dec. 31, 2013 </div>
<div>CNY (&#165;)</div>
</th>
<th class="th">
<div>Dec. 31, 2015 </div>
<div>CNY (&#165;)</div>
</th>
<th class="th">
<div>Dec. 31, 2014 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2014 </div>
<div>CNY (&#165;)</div>
</th>
<th class="th">
<div>Dec. 31, 2012 </div>
<div>CNY (&#165;)</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AssetsCurrentAbstract', window );"><strong>Current assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashAndCashEquivalentsAtCarryingValue', window );">Cash and cash equivalents</a></td>
<td class="nump">$ 143,403<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#165; 729,598<span></span>
</td>
<td class="nump">&#165; 928,934<span></span>
</td>
<td class="nump">$ 73,331<span></span>
</td>
<td class="nump">&#165; 475,028<span></span>
</td>
<td class="nump">&#165; 504,702<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShortTermInvestments', window );">Short-term deposits</a></td>
<td class="nump">292,529<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,894,946<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">4,214,576<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RestrictedCashAndInvestmentsCurrent', window );">Restricted short-term deposits</a></td>
<td class="nump">60,085<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">389,221<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">100,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccountsReceivableNetCurrent', window );">Accounts receivable, net</a></td>
<td class="nump">20,432<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">132,353<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">257,436<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InventoryNet', window );">Inventory</a></td>
<td class="nump">2,221<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">14,385<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,445<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DueFromRelatedPartiesCurrent', window );">Amounts due from related parties</a></td>
<td class="nump">818<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">5,297<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">61,073<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PrepaidExpenseAndOtherAssetsCurrent', window );">Prepayments and other current assets</a></td>
<td class="nump">22,822<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">147,823<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">204,139<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredTaxAssetsNetCurrent', window );">Deferred tax assets</a></td>
<td class="nump">18,049<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">116,921<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">111,436<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AssetsCurrent', window );">Total current assets</a></td>
<td class="nump">560,359<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">3,629,880<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">5,425,133<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AssetsNoncurrentAbstract', window );"><strong>Non-current assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredTaxAssetsNetNoncurrent', window );">Deferred tax assets</a></td>
<td class="nump">519<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">3,363<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,392<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermInvestments', window );">Investments</a></td>
<td class="nump">87,616<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">567,557<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">186,654<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentNet', window );">Property and equipment, net</a></td>
<td class="nump">130,206<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">843,449<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">234,228<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IntangibleAssetsNetExcludingGoodwill', window );">Intangible assets, net</a></td>
<td class="nump">22,606<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">146,437<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">154,034<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Goodwill', window );">Goodwill</a></td>
<td class="nump">23,409<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,577<span></span>
</td>
<td class="nump">151,638<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">300,382<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherAssetsNoncurrent', window );">Other non-current assets</a></td>
<td class="nump">306,541<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,985,714<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">560,971<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AssetsNoncurrent', window );">Total non-current assets</a></td>
<td class="nump">570,897<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">3,698,158<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,437,661<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Assets', window );">Total assets</a></td>
<td class="nump">1,131,256<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">7,328,038<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">6,862,794<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesCurrentAbstract', window );"><strong>Current liabilities</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccountsPayableCurrent', window );">Accounts payable</a></td>
<td class="nump">20,041<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">129,819<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">101,525<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredRevenueCurrent', window );">Deferred revenue</a></td>
<td class="nump">59,480<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">385,300<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">356,150<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CustomerAdvancesCurrent', window );">Advances from customers</a></td>
<td class="nump">8,504<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">55,086<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">34,127<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccruedIncomeTaxesCurrent', window );">Income taxes payable</a></td>
<td class="nump">16,580<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">107,403<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">89,161<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccruedLiabilitiesAndOtherLiabilities', window );">Accrued liabilities and other current liabilities</a></td>
<td class="nump">105,266<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">681,889<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">478,703<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DueToRelatedPartiesCurrent', window );">Amounts due to related parties</a></td>
<td class="nump">3,847<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">24,917<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">30,892<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesCurrent', window );">Total current liabilities</a></td>
<td class="nump">$ 213,718<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#165; 1,384,414<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,090,558<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesNoncurrentAbstract', window );"><strong>Non-current liabilities</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccountsPayableAndAccruedLiabilitiesNoncurrent', window );">Long-term payable</a></td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">183,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredRevenueNoncurrent', window );">Deferred revenue</a></td>
<td class="nump">$ 3,204<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#165; 20,752<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">24,383<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredTaxLiabilitiesNoncurrent', window );">Deferred tax liabilities</a></td>
<td class="nump">2,596<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">16,817<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">26,709<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesNoncurrent', window );">Total non-current liabilities</a></td>
<td class="nump">406,770<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2,634,972<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2,682,072<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Liabilities', window );">Total liabilities</a></td>
<td class="nump">620,488<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">4,019,386<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">3,772,630<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLoss', window );">Net income</a></td>
<td class="nump">159,506<span></span>
</td>
<td class="nump">&#165; 1,033,243<span></span>
</td>
<td class="nump">&#165; 1,064,472<span></span>
</td>
<td class="nump">477,727<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations', window );">Net cash provided by operating activities</a></td>
<td class="nump">281,493<span></span>
</td>
<td class="nump">1,823,442<span></span>
</td>
<td class="nump">1,301,351<span></span>
</td>
<td class="nump">891,173<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations', window );">Net cash used in investing activities</a></td>
<td class="num">(161,787)<span></span>
</td>
<td class="num">(1,048,022)<span></span>
</td>
<td class="num">(3,954,055)<span></span>
</td>
<td class="num">(659,603)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInContinuingOperations', window );">Net increase / (decrease) in cash and cash equivalents</a></td>
<td class="nump">$ 67,660<span></span>
</td>
<td class="nump">438,277<span></span>
</td>
<td class="num">(249,942)<span></span>
</td>
<td class="nump">225,883<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LegalEntityAxis=us-gaap_VariableInterestEntityPrimaryBeneficiaryMember', window );">Variable interest entity [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AssetsCurrentAbstract', window );"><strong>Current assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashAndCashEquivalentsAtCarryingValue', window );">Cash and cash equivalents</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">403,722<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">305,405<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShortTermInvestments', window );">Short-term deposits</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">250,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,002,020<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RestrictedCashAndInvestmentsCurrent', window );">Restricted short-term deposits</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">110,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">100,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccountsReceivableNetCurrent', window );">Accounts receivable, net</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">127,365<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">243,529<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InventoryNet', window );">Inventory</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">14,385<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,445<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DueFromRelatedPartiesCurrent', window );">Amounts due from related parties</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">5,164<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">43,816<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PrepaidExpenseAndOtherAssetsCurrent', window );">Prepayments and other current assets</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">117,536<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">113,939<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredTaxAssetsNetCurrent', window );">Deferred tax assets</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">87,492<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">85,004<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AssetsCurrent', window );">Total current assets</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,115,664<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,895,158<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AssetsNoncurrentAbstract', window );"><strong>Non-current assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredTaxAssetsNetNoncurrent', window );">Deferred tax assets</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">3,363<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,392<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermInvestments', window );">Investments</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">285,292<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">63,220<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentNet', window );">Property and equipment, net</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">292,340<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">227,372<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IntangibleAssetsNetExcludingGoodwill', window );">Intangible assets, net</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">110,214<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">133,888<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Goodwill', window );">Goodwill</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">136,066<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">298,802<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherAssetsNoncurrent', window );">Other non-current assets</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,932,356<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">31,520<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AssetsNoncurrent', window );">Total non-current assets</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2,759,631<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">756,194<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Assets', window );">Total assets</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">3,875,295<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2,651,352<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesCurrentAbstract', window );"><strong>Current liabilities</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccountsPayableCurrent', window );">Accounts payable</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">108,500<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">101,160<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredRevenueCurrent', window );">Deferred revenue</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">385,300<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">354,987<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CustomerAdvancesCurrent', window );">Advances from customers</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">45,189<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">25,897<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccruedIncomeTaxesCurrent', window );">Income taxes payable</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">80,978<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">65,162<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccruedLiabilitiesAndOtherLiabilities', window );">Accrued liabilities and other current liabilities</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">579,760<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">357,464<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DueToRelatedPartiesCurrent', window );">Amounts due to related parties</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">23,684<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">30,892<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesCurrent', window );">Total current liabilities</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#165; 1,223,411<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">935,562<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesNoncurrentAbstract', window );"><strong>Non-current liabilities</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccountsPayableAndAccruedLiabilitiesNoncurrent', window );">Long-term payable</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">183,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredRevenueNoncurrent', window );">Deferred revenue</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#165; 20,752<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">24,383<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredTaxLiabilitiesNoncurrent', window );">Deferred tax liabilities</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">12,592<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">26,709<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesNoncurrent', window );">Total non-current liabilities</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">33,344<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">234,092<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Liabilities', window );">Total liabilities</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#165; 1,256,755<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#165; 1,169,654<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SalesRevenueServicesNet', window );">Net revenues</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">5,821,305<span></span>
</td>
<td class="nump">3,543,994<span></span>
</td>
<td class="nump">1,669,852<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLoss', window );">Net income</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,267,111<span></span>
</td>
<td class="nump">1,136,570<span></span>
</td>
<td class="nump">486,095<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations', window );">Net cash provided by operating activities</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2,164,953<span></span>
</td>
<td class="nump">1,313,521<span></span>
</td>
<td class="nump">845,198<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations', window );">Net cash used in investing activities</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(2,251,207)<span></span>
</td>
<td class="num">&#165; (994,574)<span></span>
</td>
<td class="num">&#165; (592,390)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_yy_NetCashProvidedByUsedInFinancingActivitiesVariableInterestEntities', window );">Net cash provided by financing activities</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">704,298<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInContinuingOperations', window );">Net increase / (decrease) in cash and cash equivalents</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#165; 618,044<span></span>
</td>
<td class="nump">&#165; 318,947<span></span>
</td>
<td class="nump">&#165; 252,808<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccountsPayableAndAccruedLiabilitiesNoncurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Sum of the carrying values as of the balance sheet date of obligations incurred through that date and due after one year (or beyond the operating cycle if longer), including liabilities for compensation costs, fringe benefits other than pension and postretirement obligations, rent, contractual rights and obligations, and statutory obligations.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.24)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AccountsPayableAndAccruedLiabilitiesNoncurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccountsPayableCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Carrying value as of the balance sheet date of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.19(a))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AccountsPayableCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccountsReceivableNetCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount due from customers or clients, within one year of the balance sheet date (or the normal operating cycle, whichever is longer), for goods or services (including trade receivables) that have been delivered or sold in the normal course of business, reduced to the estimated net realizable fair value by an allowance established by the entity of the amount it deems uncertain of collection.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.3-4)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 02<br> -Paragraph 3<br> -Subparagraph a(1)<br> -Article 5<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 02<br> -Paragraph 4<br> -Article 5<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AccountsReceivableNetCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccruedIncomeTaxesCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Carrying amount as of the balance sheet date of the unpaid sum of the known and estimated amounts payable to satisfy all currently due domestic and foreign income tax obligations.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.20)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 03<br> -Paragraph 15<br> -Article 9<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 03<br> -Paragraph 15<br> -Subparagraph b(1)<br> -Article 7<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AccruedIncomeTaxesCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccruedLiabilitiesAndOtherLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of obligations incurred and payable, pertaining to costs that are statutory in nature, incurred on contractual obligations, or accumulate over time and for which invoices have not yet been received or will not be rendered. Examples include, but not limited to, taxes, interest, rent and utilities. Also includes the aggregate carrying amount of liabilities not separately disclosed.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AccruedLiabilitiesAndOtherLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_Assets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.18)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 03<br> -Paragraph 12<br> -Article 7<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_Assets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AssetsCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Sum of the carrying amounts as of the balance sheet date of all assets that are expected to be realized in cash, sold, or consumed within one year (or the normal operating cycle, if longer). Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.9)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=28358313&amp;loc=d3e6801-107765<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=28358313&amp;loc=d3e6676-107765<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AssetsCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AssetsCurrentAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AssetsCurrentAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AssetsNoncurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Sum of the carrying amounts as of the balance sheet date of all assets that are expected to be realized in cash, sold or consumed after one year or beyond the normal operating cycle, if longer.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.10-17)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 02<br> -Paragraph 18<br> -Article 5<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AssetsNoncurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AssetsNoncurrentAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AssetsNoncurrentAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CashAndCashEquivalentsAtCarryingValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Cash<br> -URI http://asc.fasb.org/extlink&amp;oid=6506951<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 1<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=28358313&amp;loc=d3e6676-107765<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3044-108585<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Cash Equivalents<br> -URI http://asc.fasb.org/extlink&amp;oid=6507016<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.1)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CashAndCashEquivalentsAtCarryingValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CustomerAdvancesCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The current portion of prepayments received from customers for goods or services to be provided in the future.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.20)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CustomerAdvancesCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredRevenueCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The carrying amount of consideration received or receivable as of the balance sheet date on potential earnings that were not recognized as revenue in conformity with GAAP, and which are expected to be recognized as such within one year or the normal operating cycle, if longer, including sales, license fees, and royalties, but excluding interest income.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 8<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=28358313&amp;loc=d3e6935-107765<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 605<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SAB TOPIC 13.A.4(a).Q1)<br> -URI http://asc.fasb.org/extlink&amp;oid=27012821&amp;loc=d3e214044-122780<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Staff Accounting Bulletin (SAB)<br> -Number Topic 13<br> -Section A<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DeferredRevenueCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredRevenueNoncurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The noncurrent portion of deferred revenue amount as of balance sheet date. Deferred revenue is a liability related to a revenue producing activity for which revenue has not yet been recognized, and is not expected to be recognized in the next twelve months. Generally, an entity records deferred revenue when it receives consideration from a customer before achieving certain criteria that must be met for revenue to be recognized in conformity with GAAP.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 8<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=28358313&amp;loc=d3e6935-107765<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 605<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SAB TOPIC 13.A.4(a).Q1)<br> -URI http://asc.fasb.org/extlink&amp;oid=27012821&amp;loc=d3e214044-122780<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Staff Accounting Bulletin (SAB)<br> -Number Topic 13<br> -Section A<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DeferredRevenueNoncurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredTaxAssetsNetCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount after allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards expected to be realized or consumed within one year or operating cycle, if longer.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32537-109319<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 45<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=37586315&amp;loc=d3e31917-109318<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 45<br> -Paragraph 6<br> -URI http://asc.fasb.org/extlink&amp;oid=37586315&amp;loc=d3e31931-109318<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 45<br> -Paragraph 5<br> -URI http://asc.fasb.org/extlink&amp;oid=37586315&amp;loc=d3e31928-109318<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 45<br> -Paragraph 9<br> -URI http://asc.fasb.org/extlink&amp;oid=37586315&amp;loc=d3e31958-109318<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DeferredTaxAssetsNetCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredTaxAssetsNetNoncurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount after allocation of valuation allowances of noncurrent deferred tax asset attributable to deductible temporary differences and carryforwards. Noncurrent assets are expected to be realized or consumed after one year (or the normal operating cycle, if longer).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32537-109319<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 45<br> -Paragraph 6<br> -URI http://asc.fasb.org/extlink&amp;oid=37586315&amp;loc=d3e31931-109318<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 45<br> -Paragraph 5<br> -URI http://asc.fasb.org/extlink&amp;oid=37586315&amp;loc=d3e31928-109318<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 45<br> -Paragraph 9<br> -URI http://asc.fasb.org/extlink&amp;oid=37586315&amp;loc=d3e31958-109318<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 45<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=37586315&amp;loc=d3e31917-109318<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DeferredTaxAssetsNetNoncurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredTaxLiabilitiesNoncurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount, after deferred tax asset, of deferred tax liability attributable to taxable differences, netted by jurisdiction and classified as noncurrent.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 45<br> -Paragraph 6<br> -URI http://asc.fasb.org/extlink&amp;oid=37586315&amp;loc=d3e31931-109318<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 45<br> -Paragraph 9<br> -URI http://asc.fasb.org/extlink&amp;oid=37586315&amp;loc=d3e31958-109318<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 45<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=37586315&amp;loc=d3e31917-109318<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DeferredTaxLiabilitiesNoncurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DueFromRelatedPartiesCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The aggregate amount of receivables to be collected from related parties where one party can exercise control or significant influence over another party; including affiliates, owners or officers and their immediate families, pension trusts, and so forth, at the financial statement date. which are usually due within one year (or one business cycle).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 1<br> -Subparagraph (d)<br> -URI http://asc.fasb.org/extlink&amp;oid=28358313&amp;loc=d3e6676-107765<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 850<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (d)<br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39549-107864<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08.(k)(1))<br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e23780-122690<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.3(a)(2))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 08<br> -Paragraph k<br> -Subparagraph 2<br> -Article 4<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DueFromRelatedPartiesCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DueToRelatedPartiesCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Carrying amount as of the balance sheet date of obligations due all related parties. For classified balance sheets, represents the current portion of such liabilities (due within one year or within the normal operating cycle if longer).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08.(k)(1))<br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e23780-122690<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 850<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (d)<br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39549-107864<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.19(a))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DueToRelatedPartiesCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_Goodwill">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 350<br> -SubTopic 20<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=35741047&amp;loc=d3e13816-109267<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 350<br> -SubTopic 20<br> -Section 45<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6388280&amp;loc=d3e13770-109266<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_Goodwill</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IntangibleAssetsNetExcludingGoodwill">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Sum of the carrying amounts of all intangible assets, excluding goodwill, as of the balance sheet date, net of accumulated amortization and impairment charges.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 350<br> -SubTopic 30<br> -Section 45<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6388964&amp;loc=d3e16212-109274<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 350<br> -SubTopic 30<br> -Section 50<br> -Paragraph 2<br> -Subparagraph ((a)(1),(b))<br> -URI http://asc.fasb.org/extlink&amp;oid=26713463&amp;loc=d3e16323-109275<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IntangibleAssetsNetExcludingGoodwill</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InventoryNet">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount after valuation and LIFO reserves of inventory expected to be sold, or consumed within one year or operating cycle, if longer.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.6(a))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 330<br> -SubTopic 10<br> -Section 35<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=51655945&amp;loc=d3e3927-108312<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 1<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=28358313&amp;loc=d3e6676-107765<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_InventoryNet</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_Liabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Sum of the carrying amounts as of the balance sheet date of all liabilities that are recognized. Liabilities are probable future sacrifices of economic benefits arising from present obligations of an entity to transfer assets or provide services to other entities in the future.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.19-26)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_Liabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LiabilitiesCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Total obligations incurred as part of normal operations that are expected to be paid during the following twelve months or within one business cycle, if longer.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.21)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LiabilitiesCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LiabilitiesCurrentAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LiabilitiesCurrentAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LiabilitiesNoncurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of obligation due after one year or beyond the normal operating cycle, if longer.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.22-26)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 02<br> -Paragraph 22, 23, 24, 25, 26, 27<br> -Article 5<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LiabilitiesNoncurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LiabilitiesNoncurrentAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LiabilitiesNoncurrentAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LongTermInvestments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The total amount of investments that are intended to be held for an extended period of time (longer than one operating cycle).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.12)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LongTermInvestments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetCashProvidedByUsedInContinuingOperations">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in cash associated with the entity's continuing operating, investing, and financing activities. While for technical reasons this element has no balance attribute, the default assumption is a debit balance consistent with its label.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NetCashProvidedByUsedInContinuingOperations</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of cash inflow (outflow) of investing activities, excluding discontinued operations. Investing activity cash flows include making and collecting loans and acquiring and disposing of debt or equity instruments and property, plant, and equipment and other productive assets.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 26<br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3574-108585<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 24<br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3521-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of cash inflow (outflow) from operating activities, excluding discontinued operations. Operating activity cash flows include transactions, adjustments, and changes in value not defined as investing or financing activities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 24<br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3521-108585<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3602-108585<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 25<br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3536-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetIncomeLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Net Income<br> -URI http://asc.fasb.org/extlink&amp;oid=51831255<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3602-108585<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 225<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-04.19)<br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03.18)<br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 225<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-04.22)<br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Other Comprehensive Income<br> -URI http://asc.fasb.org/extlink&amp;oid=51831270<br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 03<br> -Paragraph 19<br> -Article 5<br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 04<br> -Paragraph 20<br> -Article 9<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NetIncomeLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherAssetsNoncurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Aggregate carrying amount, as of the balance sheet date, of noncurrent assets not separately disclosed in the balance sheet. Noncurrent assets are expected to be realized or consumed after one year (or the normal operating cycle, if longer).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.17)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OtherAssetsNoncurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PrepaidExpenseAndOtherAssetsCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of asset related to consideration paid in advance for costs that provide economic benefits in future periods, and amount of other assets that are expected to be realized or consumed within one year or the normal operating cycle, if longer.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=28358313&amp;loc=d3e6676-107765<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 02<br> -Paragraph 8<br> -Article 5<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PrepaidExpenseAndOtherAssetsCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentNet">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount after accumulated depreciation, depletion and amortization of physical assets used in the normal conduct of business to produce goods and services and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, and furniture and fixtures.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.13)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 360<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6391035&amp;loc=d3e2868-110229<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 02<br> -Paragraph 13<br> -Subparagraph a<br> -Article 5<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 03<br> -Paragraph 8<br> -Article 7<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentNet</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RestrictedCashAndInvestmentsCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The current cash, cash equivalents and investments that are restricted as to withdrawal or usage. Restrictions may include legally restricted deposits held as compensating balances against short-term borrowing arrangements, contracts entered into with others, or entity statements of intention with regard to particular deposits; however, time deposits and short-term certificates of deposit are not generally included in legally restricted deposits. Excludes compensating balance arrangements that are not agreements which legally restrict the use of cash amounts shown on the balance sheet. Includes current cash equivalents and investments that are similarly restricted as to withdrawal, usage or disposal.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.1)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RestrictedCashAndInvestmentsCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SalesRevenueServicesNet">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Aggregate revenue during the period from services rendered in the normal course of business, after deducting allowances and discounts.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03.1(d))<br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_SalesRevenueServicesNet</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShortTermInvestments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Investments which are intended to be sold in the short term (usually less than one year or the normal operating cycle, whichever is longer) including trading securities, available-for-sale securities, held-to-maturity securities, and other short-term investments not otherwise listed in the existing taxonomy.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.2)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 03<br> -Paragraph 1<br> -Subparagraph g<br> -Article 7<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShortTermInvestments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_yy_NetCashProvidedByUsedInFinancingActivitiesVariableInterestEntities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Net Cash Provided By Used In Financing Activities Variable Interest Entities</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">yy_NetCashProvidedByUsedInFinancingActivitiesVariableInterestEntities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>yy_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LegalEntityAxis=us-gaap_VariableInterestEntityPrimaryBeneficiaryMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LegalEntityAxis=us-gaap_VariableInterestEntityPrimaryBeneficiaryMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
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<span style="display: none;">v3.4.0.3</span><table class="report" border="0" cellspacing="2" id="idp6805767488">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Certain Risks And Concentration (Summary of Percentage of Accounts Receivable from Collection Agencies and Advertising Customers With Over 10% of Total Accounts Receivable) (Details) - Accounts receivable [Member] - Credit concentration [Member]<br></strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2015</div></th>
<th class="th" colspan="2"><div>Dec. 31, 2014</div></th>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ConcentrationRiskByBenchmarkAxis=us-gaap_AccountsReceivableMember', window );">Collection agencies and advertising customers, B1 [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ConcentrationRiskLineItems', window );"><strong>Concentration of risks [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ConcentrationRiskPercentage1', window );">Concentration percentage</a></td>
<td class="nump">35.00%<span></span>
</td>
<td class="nump">57.00%<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ConcentrationRiskByBenchmarkAxis=us-gaap_AccountsReceivableMember', window );">Collection agencies and advertising customers, B2 [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ConcentrationRiskLineItems', window );"><strong>Concentration of risks [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ConcentrationRiskPercentage1', window );">Concentration percentage</a></td>
<td class="nump">12.00%<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ConcentrationRiskByBenchmarkAxis=us-gaap_AccountsReceivableMember', window );">Collection agencies and advertising customers, B3 [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ConcentrationRiskLineItems', window );"><strong>Concentration of risks [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ConcentrationRiskPercentage1', window );">Concentration percentage</a></td>
<td class="nump">11.00%<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
</tr>
<tr><td colspan="4"></td></tr>
<tr><td colspan="4"><table class="outerFootnotes" width="100%"><tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top">Less than 10%</td>
</tr></table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ConcentrationRiskLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ConcentrationRiskLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ConcentrationRiskPercentage1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>For an entity that discloses a concentration risk in relation to quantitative amount, which serves as the "benchmark" (or denominator) in the equation, this concept represents the concentration percentage derived from the division.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 275<br> -SubTopic 10<br> -Section 50<br> -Paragraph 18<br> -URI http://asc.fasb.org/extlink&amp;oid=51801978&amp;loc=d3e6351-108592<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 825<br> -SubTopic 10<br> -Section 50<br> -Paragraph 20<br> -URI http://asc.fasb.org/extlink&amp;oid=49121117&amp;loc=d3e13531-108611<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 275<br> -SubTopic 10<br> -Section 50<br> -Paragraph 20<br> -URI http://asc.fasb.org/extlink&amp;oid=51801978&amp;loc=d3e6404-108592<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 825<br> -SubTopic 10<br> -Section 50<br> -Paragraph 21<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=49121117&amp;loc=d3e13537-108611<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ConcentrationRiskPercentage1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
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<td style="white-space:nowrap;">us-gaap_ConcentrationRiskByBenchmarkAxis=us-gaap_AccountsReceivableMember</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
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<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ConcentrationRiskByTypeAxis=us-gaap_CreditConcentrationRiskMember</td>
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<td><strong> Balance Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CounterpartyNameAxis=yy_CollectionAgenciesAndCustomersB1Member</td>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>100
<FILENAME>R77.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
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<html>
<head>
<title></title>
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<span style="display: none;">v3.4.0.3</span><table class="report" border="0" cellspacing="2" id="idp6791072912">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Business combination (Narrative) (Details)<br> &#165; in Thousands, $ in Thousands</strong></div></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1">1 Months Ended</th>
<th class="th" colspan="2">12 Months Ended</th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th">
<div>Feb. 03, 2015 </div>
<div>CNY (&#165;)</div>
</th>
<th class="th">
<div>Dec. 23, 2014 </div>
<div>CNY (&#165;)</div>
</th>
<th class="th">
<div>Dec. 02, 2014 </div>
<div>CNY (&#165;)</div>
</th>
<th class="th"><div>Feb. 28, 2015</div></th>
<th class="th">
<div>Dec. 31, 2015 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2014 </div>
<div>CNY (&#165;)</div>
</th>
<th class="th">
<div>Dec. 31, 2015 </div>
<div>CNY (&#165;)</div>
</th>
<th class="th">
<div>Dec. 31, 2013 </div>
<div>CNY (&#165;)</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_BusinessAcquisitionLineItems', window );"><strong>Business combination [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Goodwill', window );">Goodwill</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 23,409<span></span>
</td>
<td class="nump">&#165; 300,382<span></span>
</td>
<td class="nump">&#165; 151,638<span></span>
</td>
<td class="nump">&#165; 1,577<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis=yy_BrandNameMember', window );">Brand Name [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_BusinessAcquisitionLineItems', window );"><strong>Business combination [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FiniteLivedIntangibleAssetUsefulLife', window );">Estimated useful lives</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">10 years<span></span>
</td>
<td class="text">11 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis=us-gaap_ComputerSoftwareIntangibleAssetMember', window );">Software [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_BusinessAcquisitionLineItems', window );"><strong>Business combination [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FiniteLivedIntangibleAssetUsefulLife', window );">Estimated useful lives</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">5 years<span></span>
</td>
<td class="text">4 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_BusinessAcquisitionAxis=yy_HundredOnlineEducationTechnologyBeijingCoLtdAndBeijingDubookerCultureCommunicationCoLtdMember', window );">100 Online and DuBooker [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_BusinessAcquisitionLineItems', window );"><strong>Business combination [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_BusinessAcquisitionPercentageOfVotingInterestsAcquired', window );">Percentage of equity interests acquired</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">100.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsToAcquireBusinessesGross', window );">Cash consideration</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#165; 60,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_yy_BusinessCombinationContingentPaymentToBeMadeWhenAchievesSpecificPercentageOfPerformanceMetrics', window );">Base contingent payment to be made when achieves specific percentage of performance metrics</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">100.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_BusinessCombinationContingentConsiderationArrangementsRangeOfOutcomesValueHigh', window );">Maximum undiscounted amounts the Company could have paid under the contingent consideration provisions of the agreement</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#165; 240,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_BusinessCombinationContingentConsiderationLiability', window );">Contingent consideration</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">183,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Goodwill', window );">Goodwill</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#165; 195,893<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_BusinessAcquisitionAxis=yy_HundredOnlineEducationTechnologyBeijingCoLtdAndBeijingDubookerCultureCommunicationCoLtdMember', window );">100 Online and DuBooker [Member] | Cooperation Agreements [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_BusinessAcquisitionLineItems', window );"><strong>Business combination [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FiniteLivedIntangibleAssetUsefulLife', window );">Estimated useful lives</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">3 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_BusinessAcquisitionAxis=yy_HundredOnlineEducationTechnologyBeijingCoLtdAndBeijingDubookerCultureCommunicationCoLtdMember', window );">100 Online and DuBooker [Member] | Non-compete Agreements [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_BusinessAcquisitionLineItems', window );"><strong>Business combination [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FiniteLivedIntangibleAssetUsefulLife', window );">Estimated useful lives</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">5 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_BusinessAcquisitionAxis=yy_HundredOnlineEducationTechnologyBeijingCoLtdAndBeijingDubookerCultureCommunicationCoLtdMember', window );">100 Online and DuBooker [Member] | Copyrights of teaching material [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_BusinessAcquisitionLineItems', window );"><strong>Business combination [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FiniteLivedIntangibleAssetUsefulLife', window );">Estimated useful lives</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">5 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_BusinessAcquisitionAxis=yy_HundredOnlineEducationTechnologyBeijingCoLtdAndBeijingDubookerCultureCommunicationCoLtdMember', window );">100 Online and DuBooker [Member] | Brand Name [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_BusinessAcquisitionLineItems', window );"><strong>Business combination [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FiniteLivedIntangibleAssetUsefulLife', window );">Estimated useful lives</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">9 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_BusinessAcquisitionAxis=yy_BeijingHuanqiuXingxueTechnologyDevelopmentCoLtdAndBeijingHuanqiuChuangzhiSoftwareCoLtdMember', window );">Xingxue and Chuangzhi [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_BusinessAcquisitionLineItems', window );"><strong>Business combination [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_BusinessAcquisitionPercentageOfVotingInterestsAcquired', window );">Percentage of equity interests acquired</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">100.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">100.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsToAcquireBusinessesGross', window );">Cash consideration</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#165; 128,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Goodwill', window );">Goodwill</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#165; 100,382<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_BusinessAcquisitionAxis=yy_BeijingHuanqiuXingxueTechnologyDevelopmentCoLtdAndBeijingHuanqiuChuangzhiSoftwareCoLtdMember', window );">Xingxue and Chuangzhi [Member] | Brand Name [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_BusinessAcquisitionLineItems', window );"><strong>Business combination [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FiniteLivedIntangibleAssetUsefulLife', window );">Estimated useful lives</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">15 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_BusinessAcquisitionAxis=yy_BeijingHuanqiuXingxueTechnologyDevelopmentCoLtdAndBeijingHuanqiuChuangzhiSoftwareCoLtdMember', window );">Xingxue and Chuangzhi [Member] | Software [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_BusinessAcquisitionLineItems', window );"><strong>Business combination [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FiniteLivedIntangibleAssetUsefulLife', window );">Estimated useful lives</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">5 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_BusinessAcquisitionAxis=yy_ShanghaiBeifuCultureCommunicationCoLtdMember', window );">Beifu [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_BusinessAcquisitionLineItems', window );"><strong>Business combination [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_BusinessAcquisitionPercentageOfVotingInterestsAcquired', window );">Percentage of equity interests acquired</a></td>
<td class="nump">70.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">70.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsToAcquireBusinessesGross', window );">Cash consideration</a></td>
<td class="nump">&#165; 39,200<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_yy_BusinessCombinationContingentPaymentToBeMadeWhenAchievesSpecificPercentageOfPerformanceMetrics', window );">Base contingent payment to be made when achieves specific percentage of performance metrics</a></td>
<td class="nump">100.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_BusinessCombinationContingentConsiderationArrangementsRangeOfOutcomesValueHigh', window );">Maximum undiscounted amounts the Company could have paid under the contingent consideration provisions of the agreement</a></td>
<td class="nump">&#165; 219,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_BusinessCombinationContingentConsiderationLiability', window );">Contingent consideration</a></td>
<td class="nump">107,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Goodwill', window );">Goodwill</a></td>
<td class="nump">&#165; 147,388<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_BusinessAcquisitionAxis=yy_ShanghaiBeifuCultureCommunicationCoLtdMember', window );">Beifu [Member] | Non-compete Agreements [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_BusinessAcquisitionLineItems', window );"><strong>Business combination [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FiniteLivedIntangibleAssetUsefulLife', window );">Estimated useful lives</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">7 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_BusinessAcquisitionAxis=yy_ShanghaiBeifuCultureCommunicationCoLtdMember', window );">Beifu [Member] | Online game hosts [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_BusinessAcquisitionLineItems', window );"><strong>Business combination [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FiniteLivedIntangibleAssetUsefulLife', window );">Estimated useful lives</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">3 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_BusinessAcquisitionLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_BusinessAcquisitionLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_BusinessAcquisitionPercentageOfVotingInterestsAcquired">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Percentage of voting equity interests acquired at the acquisition date in the business combination.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 805<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=56956515&amp;loc=d3e1392-128463<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_BusinessAcquisitionPercentageOfVotingInterestsAcquired</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_BusinessCombinationContingentConsiderationArrangementsRangeOfOutcomesValueHigh">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>For contingent consideration arrangements recognized in connection with a business combination, this element represents an estimate of the high-end of the potential range (undiscounted) of the consideration which may be paid.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 805<br> -SubTopic 30<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (c)(3)<br> -URI http://asc.fasb.org/extlink&amp;oid=35744584&amp;loc=d3e6927-128479<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_BusinessCombinationContingentConsiderationArrangementsRangeOfOutcomesValueHigh</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_BusinessCombinationContingentConsiderationLiability">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of liability recognized arising from contingent consideration in a business combination.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 805<br> -SubTopic 30<br> -Section 35<br> -Paragraph 1<br> -Subparagraph b<br> -URI http://asc.fasb.org/extlink&amp;oid=6911338&amp;loc=d3e6819-128478<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 805<br> -SubTopic 30<br> -Section 25<br> -Paragraph 6<br> -URI http://asc.fasb.org/extlink&amp;oid=6911189&amp;loc=d3e6408-128476<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_BusinessCombinationContingentConsiderationLiability</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FiniteLivedIntangibleAssetUsefulLife">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Useful life of finite-lived intangible assets, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FiniteLivedIntangibleAssetUsefulLife</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_Goodwill">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 350<br> -SubTopic 20<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=35741047&amp;loc=d3e13816-109267<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 350<br> -SubTopic 20<br> -Section 45<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6388280&amp;loc=d3e13770-109266<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_Goodwill</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentsToAcquireBusinessesGross">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow associated with the acquisition of business during the period. The cash portion only of the acquisition price.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Investing Activities<br> -URI http://asc.fasb.org/extlink&amp;oid=6516133<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 13<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3213-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PaymentsToAcquireBusinessesGross</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_yy_BusinessCombinationContingentPaymentToBeMadeWhenAchievesSpecificPercentageOfPerformanceMetrics">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the information pertaining to achieves specific percentage of the performance metrics for base contingent payment.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">yy_BusinessCombinationContingentPaymentToBeMadeWhenAchievesSpecificPercentageOfPerformanceMetrics</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>yy_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis=yy_BrandNameMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis=yy_BrandNameMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis=us-gaap_ComputerSoftwareIntangibleAssetMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis=us-gaap_ComputerSoftwareIntangibleAssetMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_BusinessAcquisitionAxis=yy_HundredOnlineEducationTechnologyBeijingCoLtdAndBeijingDubookerCultureCommunicationCoLtdMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_BusinessAcquisitionAxis=yy_HundredOnlineEducationTechnologyBeijingCoLtdAndBeijingDubookerCultureCommunicationCoLtdMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis=yy_CooperationAgreementsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis=yy_CooperationAgreementsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis=us-gaap_NoncompeteAgreementsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis=us-gaap_NoncompeteAgreementsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis=us-gaap_CopyrightsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis=us-gaap_CopyrightsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_BusinessAcquisitionAxis=yy_BeijingHuanqiuXingxueTechnologyDevelopmentCoLtdAndBeijingHuanqiuChuangzhiSoftwareCoLtdMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_BusinessAcquisitionAxis=yy_BeijingHuanqiuXingxueTechnologyDevelopmentCoLtdAndBeijingHuanqiuChuangzhiSoftwareCoLtdMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_BusinessAcquisitionAxis=yy_ShanghaiBeifuCultureCommunicationCoLtdMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_BusinessAcquisitionAxis=yy_ShanghaiBeifuCultureCommunicationCoLtdMember</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<td><strong> Period Type:</strong></td>
<td></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis=yy_OnlineGameHostsMember</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td>na</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<td><strong> Period Type:</strong></td>
<td></td>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>101
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<DESCRIPTION>IDEA: XBRL DOCUMENT
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<head>
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<span style="display: none;">v3.4.0.3</span><table class="report" border="0" cellspacing="2" id="idp6793166976">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Business combination (Schedule of Allocation of Purchase Price at Date of Acquisition) (Details)<br> &#165; in Thousands, $ in Thousands</strong></div></th>
<th class="th">
<div>Feb. 03, 2015 </div>
<div>CNY (&#165;)</div>
</th>
<th class="th">
<div>Dec. 23, 2014 </div>
<div>CNY (&#165;)</div>
</th>
<th class="th">
<div>Dec. 02, 2014 </div>
<div>CNY (&#165;)</div>
</th>
<th class="th">
<div>Dec. 31, 2015 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2015 </div>
<div>CNY (&#165;)</div>
</th>
<th class="th">
<div>Dec. 31, 2014 </div>
<div>CNY (&#165;)</div>
</th>
<th class="th">
<div>Dec. 31, 2013 </div>
<div>CNY (&#165;)</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredGoodwillAndLiabilitiesAssumedNetAbstract', window );"><strong>Purchase price allocation</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Goodwill', window );">Goodwill</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 23,409<span></span>
</td>
<td class="nump">&#165; 151,638<span></span>
</td>
<td class="nump">&#165; 300,382<span></span>
</td>
<td class="nump">&#165; 1,577<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_BusinessAcquisitionAxis=yy_HundredOnlineEducationTechnologyBeijingCoLtdAndBeijingDubookerCultureCommunicationCoLtdMember', window );">100 Online and DuBooker [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredGoodwillAndLiabilitiesAssumedNetAbstract', window );"><strong>Purchase price allocation</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsToAcquireBusinessesGross', window );">Cash consideration</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#165; 60,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_BusinessCombinationConsiderationTransferredLiabilitiesIncurred', window );">Contingent consideration</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">183,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_BusinessCombinationConsiderationTransferred1', window );">Total consideration</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">243,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_yy_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedNetAssetsAcquired', window );">Net assets acquired</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,882<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Goodwill', window );">Goodwill</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">195,893<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_yy_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesDeferredTaxLiabilities', window );">Deferred tax liabilities</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(15,075)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredGoodwillAndLiabilitiesAssumedNet', window );">Total</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">243,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_BusinessAcquisitionAxis=yy_HundredOnlineEducationTechnologyBeijingCoLtdAndBeijingDubookerCultureCommunicationCoLtdMember', window );">100 Online and DuBooker [Member] | Brand names [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredGoodwillAndLiabilitiesAssumedNetAbstract', window );"><strong>Purchase price allocation</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedIntangibles', window );">Identifiable intangible assets acquired</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">42,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_BusinessAcquisitionAxis=yy_HundredOnlineEducationTechnologyBeijingCoLtdAndBeijingDubookerCultureCommunicationCoLtdMember', window );">100 Online and DuBooker [Member] | Others [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredGoodwillAndLiabilitiesAssumedNetAbstract', window );"><strong>Purchase price allocation</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedIntangibles', window );">Identifiable intangible assets acquired</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#165; 18,300<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_BusinessAcquisitionAxis=yy_BeijingHuanqiuXingxueTechnologyDevelopmentCoLtdAndBeijingHuanqiuChuangzhiSoftwareCoLtdMember', window );">Xingxue and Chuangzhi [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredGoodwillAndLiabilitiesAssumedNetAbstract', window );"><strong>Purchase price allocation</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsToAcquireBusinessesGross', window );">Cash consideration</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#165; 128,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_yy_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedNetLiabilitiesAssumed', window );">Net liabilities assumed</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(8,549)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Goodwill', window );">Goodwill</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">100,382<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_yy_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesDeferredTaxLiabilities', window );">Deferred tax liabilities</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(12,103)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredGoodwillAndLiabilitiesAssumedNet', window );">Total</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">128,142<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_BusinessAcquisitionAxis=yy_BeijingHuanqiuXingxueTechnologyDevelopmentCoLtdAndBeijingHuanqiuChuangzhiSoftwareCoLtdMember', window );">Xingxue and Chuangzhi [Member] | Brand names [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredGoodwillAndLiabilitiesAssumedNetAbstract', window );"><strong>Purchase price allocation</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedIntangibles', window );">Identifiable intangible assets acquired</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">43,620<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_BusinessAcquisitionAxis=yy_BeijingHuanqiuXingxueTechnologyDevelopmentCoLtdAndBeijingHuanqiuChuangzhiSoftwareCoLtdMember', window );">Xingxue and Chuangzhi [Member] | Others [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredGoodwillAndLiabilitiesAssumedNetAbstract', window );"><strong>Purchase price allocation</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedIntangibles', window );">Identifiable intangible assets acquired</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#165; 4,792<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_BusinessAcquisitionAxis=yy_ShanghaiBeifuCultureCommunicationCoLtdMember', window );">Beifu [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredGoodwillAndLiabilitiesAssumedNetAbstract', window );"><strong>Purchase price allocation</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsToAcquireBusinessesGross', window );">Cash consideration</a></td>
<td class="nump">&#165; 39,200<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_BusinessCombinationConsiderationTransferredLiabilitiesIncurred', window );">Contingent consideration</a></td>
<td class="nump">107,306<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_BusinessCombinationConsiderationTransferred1', window );">Total consideration</a></td>
<td class="nump">146,506<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_yy_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedNetAssetsAcquired', window );">Net assets acquired</a></td>
<td class="nump">31,994<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedIntangibles', window );">Identifiable intangible assets acquired</a></td>
<td class="nump">12,900<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Goodwill', window );">Goodwill</a></td>
<td class="nump">147,388<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_yy_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesDeferredTaxLiabilities', window );">Deferred tax liabilities</a></td>
<td class="num">(3,225)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_BusinessCombinationAcquisitionOfLessThan100PercentNoncontrollingInterestFairValue', window );">Non-controlling interest</a></td>
<td class="num">(42,551)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredGoodwillAndLiabilitiesAssumedNet', window );">Total</a></td>
<td class="nump">&#165; 146,506<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_BusinessCombinationAcquisitionOfLessThan100PercentNoncontrollingInterestFairValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>This element represents the fair value of the noncontrolling interest in the acquiree at the acquisition date.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 805<br> -SubTopic 20<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (e)(1)<br> -URI http://asc.fasb.org/extlink&amp;oid=56956791&amp;loc=d3e4845-128472<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_BusinessCombinationAcquisitionOfLessThan100PercentNoncontrollingInterestFairValue</td>
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<tr>
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<td>us-gaap_</td>
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<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_BusinessCombinationConsiderationTransferred1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of consideration transferred, consisting of acquisition-date fair value of assets transferred by the acquirer, liabilities incurred by the acquirer, and equity interest issued by the acquirer.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 805<br> -SubTopic 30<br> -Section 30<br> -Paragraph 7<br> -URI http://asc.fasb.org/extlink&amp;oid=6911251&amp;loc=d3e6578-128477<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 805<br> -SubTopic 30<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=35744584&amp;loc=d3e6927-128479<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 805<br> -SubTopic 30<br> -Section 30<br> -Paragraph 8<br> -URI http://asc.fasb.org/extlink&amp;oid=6911251&amp;loc=d3e6613-128477<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_BusinessCombinationConsiderationTransferred1</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_BusinessCombinationConsiderationTransferredLiabilitiesIncurred">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of liabilities incurred by the acquirer as part of consideration transferred in a business combination.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 805<br> -SubTopic 30<br> -Section 25<br> -Paragraph 5<br> -URI http://asc.fasb.org/extlink&amp;oid=6911189&amp;loc=d3e6405-128476<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 805<br> -SubTopic 30<br> -Section 30<br> -Paragraph 7<br> -URI http://asc.fasb.org/extlink&amp;oid=6911251&amp;loc=d3e6578-128477<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 805<br> -SubTopic 30<br> -Section 30<br> -Paragraph 8<br> -URI http://asc.fasb.org/extlink&amp;oid=6911251&amp;loc=d3e6613-128477<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_BusinessCombinationConsiderationTransferredLiabilitiesIncurred</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedIntangibles">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of identifiable intangible assets recognized as of the acquisition date.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 805<br> -SubTopic 10<br> -Section 55<br> -Paragraph 37<br> -URI http://asc.fasb.org/extlink&amp;oid=35744172&amp;loc=d3e2207-128464<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 805<br> -SubTopic 20<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=56956791&amp;loc=d3e4845-128472<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedIntangibles</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
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<td><strong> Period Type:</strong></td>
<td>instant</td>
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</div></td></tr>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount recognized for assets, including goodwill, in excess of (less than) the aggregate liabilities assumed.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 805<br> -SubTopic 20<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=56956791&amp;loc=d3e4845-128472<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredGoodwillAndLiabilitiesAssumedNet</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>debit</td>
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<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredGoodwillAndLiabilitiesAssumedNetAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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</tr>
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</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_Goodwill">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 350<br> -SubTopic 20<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=35741047&amp;loc=d3e13816-109267<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 350<br> -SubTopic 20<br> -Section 45<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6388280&amp;loc=d3e13770-109266<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_Goodwill</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow associated with the acquisition of business during the period. The cash portion only of the acquisition price.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Investing Activities<br> -URI http://asc.fasb.org/extlink&amp;oid=6516133<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 13<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3213-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount recognized as of the acquisition date for the identifiable net assets acquired.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Cash and cash equivalents (Details)<br> &#165; in Thousands, $ in Thousands</strong></div></th>
<th class="th">
<div>Dec. 31, 2015 </div>
<div>CNY (&#165;)</div>
</th>
<th class="th">
<div>Dec. 31, 2015 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2014 </div>
<div>CNY (&#165;)</div>
</th>
<th class="th">
<div>Dec. 31, 2014 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2013 </div>
<div>CNY (&#165;)</div>
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<th class="th">
<div>Dec. 31, 2012 </div>
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<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashAndCashEquivalentsAtCarryingValue', window );">Cash and cash equivalents</a></td>
<td class="nump">&#165; 928,934<span></span>
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<td class="nump">$ 143,403<span></span>
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<td class="nump">&#165; 475,028<span></span>
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<td class="nump">$ 73,331<span></span>
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<td class="nump">&#165; 729,598<span></span>
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<td class="nump">&#165; 504,702<span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CurrencyAxis=currency_CNY', window );">RMB [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashAndCashEquivalentsLineItems', window );"><strong>Cash and cash equivalents [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashAndCashEquivalentsAtCarryingValue', window );">Cash and cash equivalents</a></td>
<td class="nump">450,802<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">394,214<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CurrencyAxis=currency_USD', window );">US$ [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashAndCashEquivalentsLineItems', window );"><strong>Cash and cash equivalents [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashAndCashEquivalentsAtCarryingValue', window );">Cash and cash equivalents</a></td>
<td class="nump">&#165; 478,132<span></span>
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<td class="nump">$ 73,632<span></span>
</td>
<td class="nump">&#165; 80,814<span></span>
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<td class="nump">$ 13,205<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Cash<br> -URI http://asc.fasb.org/extlink&amp;oid=6506951<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 1<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=28358313&amp;loc=d3e6676-107765<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3044-108585<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Cash Equivalents<br> -URI http://asc.fasb.org/extlink&amp;oid=6507016<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.1)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CurrencyAxis=currency_CNY</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CurrencyAxis=currency_USD</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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<DOCUMENT>
<TYPE>XML
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<DESCRIPTION>IDEA: XBRL DOCUMENT
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<html>
<head>
<title></title>
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<span style="display: none;">v3.4.0.3</span><table class="report" border="0" cellspacing="2" id="idp6968225552">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Short-term deposits (Details)<br> &#165; in Thousands, $ in Thousands</strong></div></th>
<th class="th">
<div>Dec. 31, 2015 </div>
<div>CNY (&#165;)</div>
</th>
<th class="th">
<div>Dec. 31, 2015 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2014 </div>
<div>CNY (&#165;)</div>
</th>
<th class="th">
<div>Dec. 31, 2014 </div>
<div>USD ($)</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_invest_InvestmentLineItems', window );"><strong>Short-term deposits</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShortTermInvestments', window );">Short-term deposits</a></td>
<td class="nump">&#165; 1,894,946<span></span>
</td>
<td class="nump">$ 292,529<span></span>
</td>
<td class="nump">&#165; 4,214,576<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CurrencyAxis=currency_CNY', window );">RMB [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_invest_InvestmentLineItems', window );"><strong>Short-term deposits</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShortTermInvestments', window );">Short-term deposits</a></td>
<td class="nump">250,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,921,520<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CurrencyAxis=currency_USD', window );">US$ [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_invest_InvestmentLineItems', window );"><strong>Short-term deposits</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShortTermInvestments', window );">Short-term deposits</a></td>
<td class="nump">&#165; 1,644,946<span></span>
</td>
<td class="nump">$ 253,322<span></span>
</td>
<td class="nump">&#165; 2,293,056<span></span>
</td>
<td class="nump">$ 374,685<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_invest_InvestmentLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">invest_InvestmentLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>invest_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShortTermInvestments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Investments which are intended to be sold in the short term (usually less than one year or the normal operating cycle, whichever is longer) including trading securities, available-for-sale securities, held-to-maturity securities, and other short-term investments not otherwise listed in the existing taxonomy.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.2)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 03<br> -Paragraph 1<br> -Subparagraph g<br> -Article 7<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShortTermInvestments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
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<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CurrencyAxis=currency_CNY</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CurrencyAxis=currency_USD">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
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<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CurrencyAxis=currency_USD</td>
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<td><strong> Balance Type:</strong></td>
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<tr>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>104
<FILENAME>R81.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.4.0.3</span><table class="report" border="0" cellspacing="2" id="idp6968795616">
<tr>
<th class="tl" colspan="2" rowspan="1"><div style="width: 200px;"><strong>Restricted short-term deposits (Schedule of restricted short-term deposits) (Details)<br> &#165; in Thousands, $ in Thousands</strong></div></th>
<th class="th">
<div>Dec. 31, 2015 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2015 </div>
<div>CNY (&#165;)</div>
</th>
<th class="th">
<div>Dec. 31, 2014 </div>
<div>CNY (&#165;)</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RestrictedCashAndInvestmentsAbstract', window );"><strong>Restricted short-term deposits [Abstract]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_yy_PledgeShortTermDepositsForOnePendingLitigation', window );">Pledge short-term deposits for one pending litigation</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#165; 110,000<span></span>
</td>
<td class="nump">&#165; 100,000<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_yy_PledgeShortTermDepositsForBankBorrowingFacilities', window );">Pledge short-term deposits for bank borrowing facilities</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">279,221<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RestrictedCashAndInvestmentsCurrent', window );">Restricted short-term deposits</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 60,085<span></span>
</td>
<td class="nump">&#165; 389,221<span></span>
</td>
<td class="nump">&#165; 100,000<span></span>
</td>
</tr>
<tr><td colspan="5"></td></tr>
<tr><td colspan="5"><table class="outerFootnotes" width="100%">
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top">As of December 31, 2014 and 2015, the Group had restricted short-term deposits balance of RMB100 million and RMB 110 million representing pledged deposit for one pending litigation in which the Group is the claimant and has applied to the court to freeze the assets of the defendant. Pursuant to relevant PRC laws and regulations, the Group had to deposit a certain amount of cash as pledged deposit in order to submit the application to the court requesting to freeze the defendant's assets.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[2]</td>
<td style="vertical-align: top;" valign="top">As of December 31, 2015, the Company had offshore restricted short-term deposits balance set aside for a period of 12 months or less of approximately RMB279 million for bank borrowing facilities.</td>
</tr>
</table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RestrictedCashAndInvestmentsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RestrictedCashAndInvestmentsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RestrictedCashAndInvestmentsCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The current cash, cash equivalents and investments that are restricted as to withdrawal or usage. Restrictions may include legally restricted deposits held as compensating balances against short-term borrowing arrangements, contracts entered into with others, or entity statements of intention with regard to particular deposits; however, time deposits and short-term certificates of deposit are not generally included in legally restricted deposits. Excludes compensating balance arrangements that are not agreements which legally restrict the use of cash amounts shown on the balance sheet. Includes current cash equivalents and investments that are similarly restricted as to withdrawal, usage or disposal.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.1)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RestrictedCashAndInvestmentsCurrent</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_yy_PledgeShortTermDepositsForBankBorrowingFacilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the amount of pledge short-term deposits for bank borrowing facilities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">yy_PledgeShortTermDepositsForBankBorrowingFacilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>yy_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_yy_PledgeShortTermDepositsForOnePendingLitigation">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the amount of pledge short-term deposits for one pending litigation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">yy_PledgeShortTermDepositsForOnePendingLitigation</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>yy_</td>
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<td><strong> Period Type:</strong></td>
<td>instant</td>
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<head>
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<span style="display: none;">v3.4.0.3</span><table class="report" border="0" cellspacing="2" id="idp6968210096">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Restricted short-term deposits (Narrative) (Details)<br> &#165; in Millions</strong></div></th>
<th class="th">
<div>Dec. 31, 2015 </div>
<div>CNY (&#165;)</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RestrictedCashAndInvestmentsAbstract', window );"><strong>Restricted short-term deposits [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShortTermBorrowings', window );">Short term borrowing</a></td>
<td class="nump">&#165; 697<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DepositAssets', window );">Short-term deposit for de-recognised the borrowing</a></td>
<td class="nump">&#165; 700<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DepositAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The carrying amount of the asset transferred to a third party to serve as a deposit, which typically serves as security against failure by the transferor to perform under terms of an agreement.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.8,17)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DepositAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RestrictedCashAndInvestmentsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RestrictedCashAndInvestmentsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShortTermBorrowings">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Reflects the total carrying amount as of the balance sheet date of debt having initial terms less than one year or the normal operating cycle, if longer.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-03.13)<br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.19(a))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03.(a),16(a)(1))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 03<br> -Paragraph 13<br> -Subparagraph 2, 3<br> -Article 9<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShortTermBorrowings</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<td>xbrli:monetaryItemType</td>
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<td>credit</td>
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<span style="display: none;">v3.4.0.3</span><table class="report" border="0" cellspacing="2" id="idp6792227392">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Accounts receivable, net (Details)<br> &#165; in Thousands, $ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
<th class="th" colspan="2"></th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th">
<div>Dec. 31, 2015 </div>
<div>CNY (&#165;)</div>
</th>
<th class="th">
<div>Dec. 31, 2014 </div>
<div>CNY (&#165;)</div>
</th>
<th class="th">
<div>Dec. 31, 2013 </div>
<div>CNY (&#165;)</div>
</th>
<th class="th">
<div>Dec. 31, 2015 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2015 </div>
<div>CNY (&#165;)</div>
</th>
<th class="th">
<div>Dec. 31, 2014 </div>
<div>CNY (&#165;)</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ReceivablesAbstract', window );"><strong>Accounts receivable, net [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccountsReceivableGrossCurrent', window );">Accounts receivable, gross</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#165; 191,144<span></span>
</td>
<td class="nump">&#165; 314,778<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AllowanceForDoubtfulAccountsReceivableCurrent', window );">Less: allowance for doubtful receivables</a></td>
<td class="num">&#165; (57,342)<span></span>
</td>
<td class="num">&#165; (57,342)<span></span>
</td>
<td class="num">&#165; (31,214)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(58,791)<span></span>
</td>
<td class="num">(57,342)<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccountsReceivableNetCurrent', window );">Accounts receivable, net</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 20,432<span></span>
</td>
<td class="nump">&#165; 132,353<span></span>
</td>
<td class="nump">&#165; 257,436<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AllowanceForDoubtfulAccountsReceivableRollforward', window );"><strong>Summary of allowance for doubtful accounts</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AllowanceForDoubtfulAccountsReceivableCurrent', window );">Balance at beginning of the year</a></td>
<td class="num">(57,342)<span></span>
</td>
<td class="num">(31,214)<span></span>
</td>
<td class="num">(5,716)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_yy_AdditionsToAllowanceForDoubtfulAccounts', window );">Additions charged to general and administrative expenses</a></td>
<td class="num">&#165; (1,449)<span></span>
</td>
<td class="num">(26,246)<span></span>
</td>
<td class="num">(31,987)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AllowanceForDoubtfulAccountsReceivableWriteOffs', window );">Write-off during the year</a></td>
<td class="text"> <span></span>
</td>
<td class="nump">118<span></span>
</td>
<td class="nump">6,489<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AllowanceForDoubtfulAccountsReceivableCurrent', window );">Balance at end of the year</a></td>
<td class="num">&#165; (58,791)<span></span>
</td>
<td class="num">&#165; (57,342)<span></span>
</td>
<td class="num">&#165; (31,214)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccountsReceivableGrossCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amounts due from customers or clients, within one year of the balance sheet date (or the normal operating cycle, whichever is longer) for goods or services (including trade receivables) that have been delivered or sold in the normal course of business.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.3)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 03<br> -Paragraph 3<br> -Subparagraph a, b<br> -Article 5<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AccountsReceivableGrossCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccountsReceivableNetCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount due from customers or clients, within one year of the balance sheet date (or the normal operating cycle, whichever is longer), for goods or services (including trade receivables) that have been delivered or sold in the normal course of business, reduced to the estimated net realizable fair value by an allowance established by the entity of the amount it deems uncertain of collection.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.3-4)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 02<br> -Paragraph 3<br> -Subparagraph a(1)<br> -Article 5<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 02<br> -Paragraph 4<br> -Article 5<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AccountsReceivableNetCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AllowanceForDoubtfulAccountsReceivableCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>A valuation allowance for trade and other receivables due to an Entity within one year (or the normal operating cycle, whichever is longer) that are expected to be uncollectible.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.4)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 310<br> -SubTopic 10<br> -Section 50<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=49124121&amp;loc=d3e5074-111524<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AllowanceForDoubtfulAccountsReceivableCurrent</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AllowanceForDoubtfulAccountsReceivableRollforward">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>A roll forward is a reconciliation of a concept from the beginning of a period to the end of a period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AllowanceForDoubtfulAccountsReceivableRollforward</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AllowanceForDoubtfulAccountsReceivableWriteOffs">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of direct write-downs of accounts receivable charged against the allowance.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 954<br> -SubTopic 310<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=51673446&amp;loc=SL9156395-115594<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 310<br> -SubTopic 10<br> -Section 50<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=49124121&amp;loc=d3e5074-111524<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.4)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AllowanceForDoubtfulAccountsReceivableWriteOffs</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ReceivablesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ReceivablesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_yy_AdditionsToAllowanceForDoubtfulAccounts">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Additions To Allowance For Doubtful Accounts.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">yy_AdditionsToAllowanceForDoubtfulAccounts</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>yy_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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<span style="display: none;">v3.4.0.3</span><table class="report" border="0" cellspacing="2" id="idp6968189312">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Prepayments and other current assets (Details)<br> &#165; in Thousands, $ in Thousands</strong></div></th>
<th class="th">
<div>Dec. 31, 2015 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2015 </div>
<div>CNY (&#165;)</div>
</th>
<th class="th">
<div>Dec. 31, 2014 </div>
<div>CNY (&#165;)</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PrepaidExpenseAndOtherAssetsCurrentAbstract', window );"><strong>Prepayments and other current assets [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PrepaidExpenseCurrent', window );">Prepayments and deposits to vendors and content providers</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#165; 71,354<span></span>
</td>
<td class="nump">&#165; 54,330<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InterestReceivableCurrent', window );">Interests receivable</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">41,220<span></span>
</td>
<td class="nump">98,355<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_yy_EmployeeAdvancesCurrent', window );">Employee advances</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">12,484<span></span>
</td>
<td class="nump">5,144<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PrepaidRent', window );">Rental and other deposits</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">12,111<span></span>
</td>
<td class="nump">6,093<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NotesAndLoansReceivableNetCurrent', window );">Loans receivable</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,338<span></span>
</td>
<td class="nump">34,502<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherAssetsMiscellaneousCurrent', window );">Others</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">9,316<span></span>
</td>
<td class="nump">5,715<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PrepaidExpenseAndOtherAssetsCurrent', window );">Total</a></td>
<td class="nump">$ 22,822<span></span>
</td>
<td class="nump">&#165; 147,823<span></span>
</td>
<td class="nump">&#165; 204,139<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InterestReceivableCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Carrying amount as of the balance sheet date of current interest earned but not received. Also called accrued interest or accrued interest receivable. For classified balance sheets, represents the current amount receivable, that is amounts expected to be collected within one year or the normal operating cycle, if longer.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.8)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_InterestReceivableCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NotesAndLoansReceivableNetCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>An amount representing an agreement for an unconditional promise by the maker to pay the Company (holder) a definite sum of money within one year from the balance sheet date (or the normal operating cycle, whichever is longer), net of any write-downs taken for collection uncertainty on the part of the holder. Such amount may include accrued interest receivable in accordance with the terms of the debt. The debt also may contain provisions and related items including a discount or premium, payable on demand, secured, or unsecured, interest bearing or noninterest bearing, among a myriad of other features and characteristics. This amount does not include amounts related to receivables held-for-sale.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 310<br> -SubTopic 10<br> -Section 45<br> -Paragraph 9<br> -URI http://asc.fasb.org/extlink&amp;oid=28367877&amp;loc=d3e4531-111522<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.3)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 1<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=28358313&amp;loc=d3e6676-107765<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NotesAndLoansReceivableNetCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherAssetsMiscellaneousCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of other miscellaneous assets expected to be realized or consumed within one year or operating cycle, if longer.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OtherAssetsMiscellaneousCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PrepaidExpenseAndOtherAssetsCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of asset related to consideration paid in advance for costs that provide economic benefits in future periods, and amount of other assets that are expected to be realized or consumed within one year or the normal operating cycle, if longer.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=28358313&amp;loc=d3e6676-107765<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 02<br> -Paragraph 8<br> -Article 5<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PrepaidExpenseAndOtherAssetsCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PrepaidExpenseAndOtherAssetsCurrentAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PrepaidExpenseAndOtherAssetsCurrentAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PrepaidExpenseCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of asset related to consideration paid in advance for costs that provide economic benefits within a future period of one year or the normal operating cycle, if longer.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=28358313&amp;loc=d3e6787-107765<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 340<br> -SubTopic 10<br> -Section 05<br> -Paragraph 5<br> -URI http://asc.fasb.org/extlink&amp;oid=51662447&amp;loc=d3e5879-108316<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Current Assets<br> -URI http://asc.fasb.org/extlink&amp;oid=6509628<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 1<br> -Subparagraph (g)<br> -URI http://asc.fasb.org/extlink&amp;oid=28358313&amp;loc=d3e6676-107765<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PrepaidExpenseCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PrepaidRent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of asset related to consideration paid in advance for rent that provides economic benefits within a future period of one year or the normal operating cycle, if longer.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 340<br> -SubTopic 10<br> -Section 05<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=51662447&amp;loc=d3e5865-108316<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=28358313&amp;loc=d3e6787-107765<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 340<br> -SubTopic 10<br> -Section 05<br> -Paragraph 5<br> -URI http://asc.fasb.org/extlink&amp;oid=51662447&amp;loc=d3e5879-108316<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 1<br> -Subparagraph (g)(3)<br> -URI http://asc.fasb.org/extlink&amp;oid=28358313&amp;loc=d3e6676-107765<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Current Assets<br> -URI http://asc.fasb.org/extlink&amp;oid=6509628<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PrepaidRent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
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</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_yy_EmployeeAdvancesCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the amount of asset related to consideration paid in advance to employee.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">yy_EmployeeAdvancesCurrent</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
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<head>
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<span style="display: none;">v3.4.0.3</span><table class="report" border="0" cellspacing="2" id="idp6967972992">
<tr>
<th class="tl" colspan="2" rowspan="1"><div style="width: 200px;"><strong>Investments (Schedule of Investments) (Details)<br> &#165; in Thousands, $ in Thousands</strong></div></th>
<th class="th">
<div>Dec. 31, 2015 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2015 </div>
<div>CNY (&#165;)</div>
</th>
<th class="th">
<div>Dec. 31, 2014 </div>
<div>CNY (&#165;)</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InvestmentsAbstract', window );"><strong>Investments [Abstract]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CostMethodInvestments', window );">Cost investments</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#165; 516,446<span></span>
</td>
<td class="nump">&#165; 153,024<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EquityMethodInvestments', window );">Equity investments</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">44,994<span></span>
</td>
<td class="nump">&#165; 33,630<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AvailableForSaleSecuritiesNoncurrent', window );">Available-for-sale debt security</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">6,117<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermInvestments', window );">Total</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 87,616<span></span>
</td>
<td class="nump">&#165; 567,557<span></span>
</td>
<td class="nump">&#165; 186,654<span></span>
</td>
</tr>
<tr><td colspan="5"></td></tr>
<tr><td colspan="5"><table class="outerFootnotes" width="100%">
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top">In 2015, the Group entered into agreements to acquire minority stake of 16 entities with total consideration of RMB351,800. The investments were not investment in common stock or in-substance common stock and therefore were precluded from applying the equity method of accounting. They have been accounted for as investments under cost method, since all of these equity securities do not have a readily determinable fair value.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[2]</td>
<td style="vertical-align: top;" valign="top">In September 2015, the Group entered into share purchase agreements to acquire 4.25% equity stake of a company with a total consideration of RMB6,117. The Group recorded this investment as an available-for-sale debt security since the preferred shares purchased by the Group are redeemable at the option of the Group. Subsequent to initial recognition, the available-for-sale debt security is measured at fair value at every period end. There was no significant change in fair value of the investment from the investment date to December 31, 2015.</td>
</tr>
</table></td></tr>
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<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AvailableForSaleSecuritiesNoncurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Investments in debt and equity securities which are categorized neither as held-to-maturity nor trading and which are intended to be sold or mature more than one year from the balance sheet date or operating cycle, if longer. Such securities are reported at fair value; unrealized gains (losses) related to Available-for-sale Securities are excluded from earnings and reported in a separate component of shareholders' equity (other comprehensive income), unless the Available-for-sale security is designated as a hedge or is determined to have had an other than temporary decline in fair value below its amortized cost basis. All or a portion of the unrealized holding gain (loss) of an Available-for-sale security that is designated as being hedged in a fair value hedge is recognized in earnings during the period of the hedge, as are other than temporary declines in fair value below the cost basis for investments in equity securities and debt securities that an entity intends to sell or it is more likely than not that it will be required to sell before the recovery of its amortized cost basis. Other than temporary declines in fair value below the cost basis for debt securities categorized as Available-for-sale that an entity does not intend to sell and for which it is not more likely than not that the entity will be required to sell before the recovery of its amortized cost basis are bifurcated into credit losses and losses related to all other factors. Other than temporary declines in fair value below cost basis related to credit losses are recognized in earnings, and losses related to all other factors are recognized in other comprehensive income.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Available-for-Sale Securities<br> -URI http://asc.fasb.org/extlink&amp;oid=6505594<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 320<br> -SubTopic 10<br> -Section 45<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=49167202&amp;loc=d3e26626-111562<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AvailableForSaleSecuritiesNoncurrent</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td>xbrli:monetaryItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>debit</td>
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<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount, after adjustment, of cost-method investment. Adjustments include, but are not limited to, dividends received in excess of earnings after date of investment that are considered a return of investment and other than temporary impairments.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.12)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 325<br> -SubTopic 20<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6872867&amp;loc=d3e40691-111596<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 325<br> -SubTopic 20<br> -Section 35<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=29638308&amp;loc=d3e40346-111594<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>This item represents the carrying amount on the entity's balance sheet of its investment in common stock of an equity method investee. This is not an indicator of the fair value of the investment, rather it is the initial cost adjusted for the entity's share of earnings and losses of the investee, adjusted for any distributions (dividends) and other than temporary impairment (OTTI) losses recognized.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 323<br> -SubTopic 10<br> -Section 45<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=35755396&amp;loc=d3e33749-111570<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.12)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_EquityMethodInvestments</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The total amount of investments that are intended to be held for an extended period of time (longer than one operating cycle).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.12)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<span style="display: none;">v3.4.0.3</span><table class="report" border="0" cellspacing="2" id="idp6968989328">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Investments (Narrative) (Details)<br> &#165; in Thousands, $ in Thousands</strong></div></th>
<th class="th" colspan="4">12 Months Ended</th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th">
<div>Dec. 31, 2015 </div>
<div>USD ($) </div>
<div>entity</div>
</th>
<th class="th">
<div>Dec. 31, 2015 </div>
<div>CNY (&#165;) </div>
<div>entity</div>
</th>
<th class="th">
<div>Dec. 31, 2014 </div>
<div>CNY (&#165;)</div>
</th>
<th class="th">
<div>Dec. 31, 2013 </div>
<div>CNY (&#165;)</div>
</th>
<th class="th">
<div>Sep. 30, 2015 </div>
<div>CNY (&#165;)</div>
</th>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_invest_InvestmentLineItems', window );"><strong>Investments [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_yy_NumberOfEntitiesWhoseMinorityStakeOfPreferredStockAcquired', window );">Number of companies whose stock is acquired by the entity under the agreement | entity</a></td>
<td class="nump">16<span></span>
</td>
<td class="nump">16<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_yy_PaymentsToAcquireCostMethodInvestment', window );">Consideration to acquire minority stake</a></td>
<td class="nump">$ 54,309<span></span>
</td>
<td class="nump">&#165; 351,800<span></span>
</td>
<td class="nump">&#165; 73,402<span></span>
</td>
<td class="nump">&#165; 47,110<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_yy_AvailableForSaleSecuritiesOwnershipPercentage', window );">Equity interest in an investee company (as a percent)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">4.25%<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CostMethodInvestmentsOriginalCost', window );">Original investment | &#165;</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#165; 6,117<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CostmethodInvestmentsOtherThanTemporaryImpairment', window );">Impairment charge</a></td>
<td class="nump">$ 926<span></span>
</td>
<td class="nump">&#165; 6,000<span></span>
</td>
<td class="nump">&#165; 4,000<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_invest_InvestmentLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">invest_InvestmentLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>invest_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CostMethodInvestmentsOriginalCost">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Original amount of cost-method investments at the acquisition date.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CostMethodInvestmentsOriginalCost</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CostmethodInvestmentsOtherThanTemporaryImpairment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>This item represents an other than temporary decline in value that has been recognized against an investment accounted for under the cost method of accounting. The excess of the carrying amount over the fair value of the investment represents the amount of the write down which is or was reflected in earnings. The written down value is a new cost basis with the adjusted value of the investment becoming its new carrying value. Evidence of a loss in value might include, but would not necessarily be limited to, absence of an ability to recover the carrying amount of the investment or inability of the investee to sustain an earnings capacity which would justify the carrying amount of the investment.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 325<br> -SubTopic 20<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6872867&amp;loc=d3e40691-111596<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CostmethodInvestmentsOtherThanTemporaryImpairment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_yy_AvailableForSaleSecuritiesOwnershipPercentage">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the percentage of equity interest in a private entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">yy_AvailableForSaleSecuritiesOwnershipPercentage</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>yy_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_yy_NumberOfEntitiesWhoseMinorityStakeOfPreferredStockAcquired">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the number of entities whose preferred stock is acquired by the entity under the agreement.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">yy_NumberOfEntitiesWhoseMinorityStakeOfPreferredStockAcquired</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>yy_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:integerItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_yy_PaymentsToAcquireCostMethodInvestment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow associated with the purchase of or advances to cost method investments.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">yy_PaymentsToAcquireCostMethodInvestment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>yy_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
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<head>
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<span style="display: none;">v3.4.0.3</span><table class="report" border="0" cellspacing="2" id="idp6792550272">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Property and equipment, net (Schedule of Property and Equipment) (Details)<br> &#165; in Thousands, $ in Thousands</strong></div></th>
<th class="th">
<div>Dec. 31, 2015 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2015 </div>
<div>CNY (&#165;)</div>
</th>
<th class="th">
<div>Dec. 31, 2014 </div>
<div>CNY (&#165;)</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentLineItems', window );"><strong>Property and equipment, net [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentGross', window );">Gross carrying amount</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#165; 1,112,767<span></span>
</td>
<td class="nump">&#165; 392,989<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment', window );">Less: accumulated depreciation</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(269,318)<span></span>
</td>
<td class="num">(158,761)<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentNet', window );">Property and equipment, net</a></td>
<td class="nump">$ 130,206<span></span>
</td>
<td class="nump">843,449<span></span>
</td>
<td class="nump">&#165; 234,228<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=us-gaap_BuildingMember', window );">Building [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentLineItems', window );"><strong>Property and equipment, net [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentGross', window );">Gross carrying amount</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">482,387<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=us-gaap_ComputerEquipmentMember', window );">Servers, computers and equipment [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentLineItems', window );"><strong>Property and equipment, net [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentGross', window );">Gross carrying amount</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">453,441<span></span>
</td>
<td class="nump">&#165; 304,117<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=us-gaap_LeaseholdImprovementsMember', window );">Leasehold improvements [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentLineItems', window );"><strong>Property and equipment, net [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentGross', window );">Gross carrying amount</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">69,929<span></span>
</td>
<td class="nump">&#165; 32,392<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=us-gaap_BuildingImprovementsMember', window );">Decoration of buildings [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentLineItems', window );"><strong>Property and equipment, net [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentGross', window );">Gross carrying amount</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">66,140<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=yy_FurnitureFixturesAndOfficeEquipmentMember', window );">Furniture, fixture and office equipment [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentLineItems', window );"><strong>Property and equipment, net [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentGross', window );">Gross carrying amount</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">26,098<span></span>
</td>
<td class="nump">&#165; 13,879<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=us-gaap_VehiclesMember', window );">Motor vehicles [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentLineItems', window );"><strong>Property and equipment, net [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentGross', window );">Gross carrying amount</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">12,835<span></span>
</td>
<td class="nump">10,815<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=us-gaap_ConstructionInProgressMember', window );">Construction in progress [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentLineItems', window );"><strong>Property and equipment, net [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentGross', window );">Gross carrying amount</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#165; 1,937<span></span>
</td>
<td class="nump">&#165; 31,786<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of accumulated depreciation, depletion and amortization for physical assets used in the normal conduct of business to produce goods and services.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 360<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=6391035&amp;loc=d3e2868-110229<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.14)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentGross">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount before accumulated depreciation, depletion and amortization of physical assets used in the normal conduct of business and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, and furniture and fixtures.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 360<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=6391035&amp;loc=d3e2868-110229<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.13)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentGross</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentNet">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount after accumulated depreciation, depletion and amortization of physical assets used in the normal conduct of business to produce goods and services and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, and furniture and fixtures.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.13)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 360<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6391035&amp;loc=d3e2868-110229<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 02<br> -Paragraph 13<br> -Subparagraph a<br> -Article 5<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 03<br> -Paragraph 8<br> -Article 7<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentNet</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=us-gaap_BuildingMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentByTypeAxis=us-gaap_BuildingMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=us-gaap_ComputerEquipmentMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentByTypeAxis=us-gaap_ComputerEquipmentMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Balance Type:</strong></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentByTypeAxis=us-gaap_LeaseholdImprovementsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=us-gaap_BuildingImprovementsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentByTypeAxis=us-gaap_BuildingImprovementsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=yy_FurnitureFixturesAndOfficeEquipmentMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentByTypeAxis=yy_FurnitureFixturesAndOfficeEquipmentMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=us-gaap_VehiclesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentByTypeAxis=us-gaap_VehiclesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=us-gaap_ConstructionInProgressMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentByTypeAxis=us-gaap_ConstructionInProgressMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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<span style="display: none;">v3.4.0.3</span><table class="report" border="0" cellspacing="2" id="idp6952942656">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Property and equipment, net (Narrative) (Details)<br> &#165; in Thousands, $ in Thousands</strong></div></th>
<th class="th" colspan="4">12 Months Ended</th>
</tr>
<tr>
<th class="th">
<div>Dec. 31, 2015 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2015 </div>
<div>CNY (&#165;)</div>
</th>
<th class="th">
<div>Dec. 31, 2014 </div>
<div>CNY (&#165;)</div>
</th>
<th class="th">
<div>Dec. 31, 2013 </div>
<div>CNY (&#165;)</div>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Depreciation', window );">Depreciation expense</a></td>
<td class="nump">$ 18,849<span></span>
</td>
<td class="nump">&#165; 122,098<span></span>
</td>
<td class="nump">&#165; 68,035<span></span>
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<td class="nump">&#165; 44,963<span></span>
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<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_Depreciation">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of expense recognized in the current period that reflects the allocation of the cost of tangible assets over the assets' useful lives. Includes production and non-production related depreciation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3602-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_Depreciation</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>debit</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentAbstract</td>
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<td>xbrli:stringItemType</td>
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<span style="display: none;">v3.4.0.3</span><table class="report" border="0" cellspacing="2" id="idp6792715296">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Intangible assets, net (Summary of Group's Intangible Assets) (Details)<br> &#165; in Thousands, $ in Thousands</strong></div></th>
<th class="th">
<div>Dec. 31, 2015 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2015 </div>
<div>CNY (&#165;)</div>
</th>
<th class="th">
<div>Dec. 31, 2014 </div>
<div>CNY (&#165;)</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FiniteLivedIntangibleAssetsLineItems', window );"><strong>Intangible assets, net [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FiniteLivedIntangibleAssetsGross', window );">Gross carrying amount</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#165; 297,634<span></span>
</td>
<td class="nump">&#165; 183,276<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FiniteLivedIntangibleAssetsAccumulatedAmortization', window );">Less: accumulated amortization</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(87,485)<span></span>
</td>
<td class="num">(23,008)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_yy_FiniteLivedIntangibleAssetsAccumulatedImpairment', window );">Less: accumulated impairment</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(63,712)<span></span>
</td>
<td class="num">(6,234)<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IntangibleAssetsNetExcludingGoodwill', window );">Intangible assets, net</a></td>
<td class="nump">$ 22,606<span></span>
</td>
<td class="nump">146,437<span></span>
</td>
<td class="nump">154,034<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis=yy_BrandNameMember', window );">Brand names [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FiniteLivedIntangibleAssetsLineItems', window );"><strong>Intangible assets, net [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FiniteLivedIntangibleAssetsGross', window );">Gross carrying amount</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">102,654<span></span>
</td>
<td class="nump">94,120<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FiniteLivedIntangibleAssetsAccumulatedAmortization', window );">Less: accumulated amortization</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(20,294)<span></span>
</td>
<td class="num">(1,728)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis=yy_OperatingRightsForLicensedGamesMember', window );">Operating rights for licensed games [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FiniteLivedIntangibleAssetsLineItems', window );"><strong>Intangible assets, net [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FiniteLivedIntangibleAssetsGross', window );">Gross carrying amount</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">46,879<span></span>
</td>
<td class="nump">11,721<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FiniteLivedIntangibleAssetsAccumulatedAmortization', window );">Less: accumulated amortization</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(15,010)<span></span>
</td>
<td class="num">(4,249)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis=us-gaap_ComputerSoftwareIntangibleAssetMember', window );">Software [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FiniteLivedIntangibleAssetsLineItems', window );"><strong>Intangible assets, net [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FiniteLivedIntangibleAssetsGross', window );">Gross carrying amount</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">38,307<span></span>
</td>
<td class="nump">17,304<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FiniteLivedIntangibleAssetsAccumulatedAmortization', window );">Less: accumulated amortization</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(9,464)<span></span>
</td>
<td class="num">&#165; (5,944)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis=yy_OperatingRightsForGamesBroadcastingMember', window );">Operating rights for game broadcasting [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FiniteLivedIntangibleAssetsLineItems', window );"><strong>Intangible assets, net [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FiniteLivedIntangibleAssetsGross', window );">Gross carrying amount</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">35,071<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FiniteLivedIntangibleAssetsAccumulatedAmortization', window );">Less: accumulated amortization</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(23,278)<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis=us-gaap_InternetDomainNamesMember', window );">Domain names [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FiniteLivedIntangibleAssetsLineItems', window );"><strong>Intangible assets, net [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FiniteLivedIntangibleAssetsGross', window );">Gross carrying amount</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">25,902<span></span>
</td>
<td class="nump">&#165; 24,686<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FiniteLivedIntangibleAssetsAccumulatedAmortization', window );">Less: accumulated amortization</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(6,249)<span></span>
</td>
<td class="num">(4,278)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis=us-gaap_TechnologyBasedIntangibleAssetsMember', window );">Technology [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FiniteLivedIntangibleAssetsLineItems', window );"><strong>Intangible assets, net [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FiniteLivedIntangibleAssetsGross', window );">Gross carrying amount</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">17,621<span></span>
</td>
<td class="nump">17,145<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FiniteLivedIntangibleAssetsAccumulatedAmortization', window );">Less: accumulated amortization</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(7,712)<span></span>
</td>
<td class="num">(6,035)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis=us-gaap_OtherIntangibleAssetsMember', window );">Others [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FiniteLivedIntangibleAssetsLineItems', window );"><strong>Intangible assets, net [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FiniteLivedIntangibleAssetsGross', window );">Gross carrying amount</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">31,200<span></span>
</td>
<td class="nump">18,300<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FiniteLivedIntangibleAssetsAccumulatedAmortization', window );">Less: accumulated amortization</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">&#165; (5,478)<span></span>
</td>
<td class="num">&#165; (774)<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FiniteLivedIntangibleAssetsAccumulatedAmortization">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Accumulated amount of amortization of assets, excluding financial assets and goodwill, lacking physical substance with a finite life.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 350<br> -SubTopic 30<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (a)(1)<br> -URI http://asc.fasb.org/extlink&amp;oid=26713463&amp;loc=d3e16323-109275<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FiniteLivedIntangibleAssetsAccumulatedAmortization</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FiniteLivedIntangibleAssetsGross">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount before amortization of assets, excluding financial assets and goodwill, lacking physical substance with a finite life.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 350<br> -SubTopic 30<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (a)(1)<br> -URI http://asc.fasb.org/extlink&amp;oid=26713463&amp;loc=d3e16323-109275<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FiniteLivedIntangibleAssetsGross</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FiniteLivedIntangibleAssetsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FiniteLivedIntangibleAssetsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IntangibleAssetsNetExcludingGoodwill">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Sum of the carrying amounts of all intangible assets, excluding goodwill, as of the balance sheet date, net of accumulated amortization and impairment charges.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 350<br> -SubTopic 30<br> -Section 45<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6388964&amp;loc=d3e16212-109274<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 350<br> -SubTopic 30<br> -Section 50<br> -Paragraph 2<br> -Subparagraph ((a)(1),(b))<br> -URI http://asc.fasb.org/extlink&amp;oid=26713463&amp;loc=d3e16323-109275<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IntangibleAssetsNetExcludingGoodwill</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_yy_FiniteLivedIntangibleAssetsAccumulatedImpairment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Finite-Lived Intangible Assets, Accumulated Impairment.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<span style="display: none;">v3.4.0.3</span><table class="report" border="0" cellspacing="2" id="idp6792745152">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Intangible assets, net (Narrative) (Details)<br> &#165; in Thousands, $ in Thousands</strong></div></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1">3 Months Ended</th>
<th class="th" colspan="4">12 Months Ended</th>
</tr>
<tr>
<th class="th">
<div>Oct. 02, 2015 </div>
<div>CNY (&#165;)</div>
</th>
<th class="th">
<div>Jun. 30, 2015 </div>
<div>CNY (&#165;)</div>
</th>
<th class="th">
<div>Dec. 31, 2015 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2015 </div>
<div>CNY (&#165;)</div>
</th>
<th class="th">
<div>Dec. 31, 2014 </div>
<div>CNY (&#165;)</div>
</th>
<th class="th">
<div>Dec. 31, 2013 </div>
<div>CNY (&#165;)</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IntangibleAssetsNetExcludingGoodwillAbstract', window );"><strong>Intangible assets, net [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ImpairmentOfIntangibleAssetsExcludingGoodwill', window );">Impairment of intangible assets</a></td>
<td class="nump">&#165; 8,385<span></span>
</td>
<td class="nump">&#165; 48,814<span></span>
</td>
<td class="nump">$ 8,830<span></span>
</td>
<td class="nump">&#165; 57,199<span></span>
</td>
<td class="nump">&#165; 5,697<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AmortizationOfIntangibleAssets', window );">Amortization of acquired intangible assets</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 9,911<span></span>
</td>
<td class="nump">&#165; 64,201<span></span>
</td>
<td class="nump">&#165; 12,598<span></span>
</td>
<td class="nump">&#165; 4,707<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AmortizationOfIntangibleAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The aggregate expense charged against earnings to allocate the cost of intangible assets (nonphysical assets not used in production) in a systematic and rational manner to the periods expected to benefit from such assets. As a noncash expense, this element is added back to net income when calculating cash provided by or used in operations using the indirect method.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 350<br> -SubTopic 30<br> -Section 45<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=6388964&amp;loc=d3e16225-109274<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3602-108585<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 350<br> -SubTopic 30<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (a)(2)<br> -URI http://asc.fasb.org/extlink&amp;oid=26713463&amp;loc=d3e16323-109275<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of impairment loss recognized in the period resulting from the write-down of the carrying amount of an intangible asset (excluding goodwill) to fair value.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 350<br> -SubTopic 30<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=26713463&amp;loc=d3e16373-109275<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3602-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ImpairmentOfIntangibleAssetsExcludingGoodwill</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<span style="display: none;">v3.4.0.3</span><table class="report" border="0" cellspacing="2" id="idp6944194960">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Intangible assets, net (Schedule of Estimated Amortization Expenses) (Details)<br> &#165; in Thousands</strong></div></th>
<th class="th">
<div>Dec. 31, 2015 </div>
<div>CNY (&#165;)</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FiniteLivedIntangibleAssetsFutureAmortizationExpenseAbstract', window );"><strong>Amortization expense of intangible assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths', window );">2016</a></td>
<td class="nump">&#165; 44,269<span></span>
</td>
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<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo', window );">2017</a></td>
<td class="nump">23,052<span></span>
</td>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearThree', window );">2018</a></td>
<td class="nump">19,076<span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearFour', window );">2019</a></td>
<td class="nump">11,070<span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearFive', window );">2020</a></td>
<td class="nump">&#165; 8,744<span></span>
</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of amortization expense for assets, excluding financial assets and goodwill, lacking physical substance with a finite life expected to be recognized during the next fiscal year following the latest fiscal year. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 350<br> -SubTopic 30<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (a)(3)<br> -URI http://asc.fasb.org/extlink&amp;oid=26713463&amp;loc=d3e16323-109275<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<td style="white-space:nowrap;">us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearFive">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of amortization expense for assets, excluding financial assets and goodwill, lacking physical substance with a finite life expected to be recognized during the fifth fiscal year following the latest fiscal year. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 350<br> -SubTopic 30<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (a)(3)<br> -URI http://asc.fasb.org/extlink&amp;oid=26713463&amp;loc=d3e16323-109275<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearFive</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>debit</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of amortization expense for assets, excluding financial assets and goodwill, lacking physical substance with a finite life expected to be recognized during the fourth fiscal year following the latest fiscal year. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 350<br> -SubTopic 30<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (a)(3)<br> -URI http://asc.fasb.org/extlink&amp;oid=26713463&amp;loc=d3e16323-109275<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearFour</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<td><strong> Balance Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of amortization expense for assets, excluding financial assets and goodwill, lacking physical substance with a finite life expected to be recognized during the third fiscal year following the latest fiscal year. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 350<br> -SubTopic 30<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (a)(3)<br> -URI http://asc.fasb.org/extlink&amp;oid=26713463&amp;loc=d3e16323-109275<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearThree</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of amortization expense for assets, excluding financial assets and goodwill, lacking physical substance with a finite life expected to be recognized during the second fiscal year following the latest fiscal year. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 350<br> -SubTopic 30<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (a)(3)<br> -URI http://asc.fasb.org/extlink&amp;oid=26713463&amp;loc=d3e16323-109275<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>debit</td>
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<td><strong> Period Type:</strong></td>
<td>instant</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FiniteLivedIntangibleAssetsFutureAmortizationExpenseAbstract</td>
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<span style="display: none;">v3.4.0.3</span><table class="report" border="0" cellspacing="2" id="idp6810203120">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Intangible assets, net (Schedule of Weighted Average Amortization Periods of Intangible Assets) (Details)<br></strong></div></th>
<th class="th" colspan="2">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2015</div></th>
<th class="th"><div>Dec. 31, 2014</div></th>
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<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis=us-gaap_InternetDomainNamesMember', window );">Domain names [Member]</a></td>
<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_yy_FiniteLivedIntangibleAssetUsefulLifeAbstract', window );"><strong>Weighted average amortization periods of intangible assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FiniteLivedIntangibleAssetUsefulLife', window );">Weighted average amortization period</a></td>
<td class="text">15 years<span></span>
</td>
<td class="text">15 years<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis=us-gaap_TechnologyBasedIntangibleAssetsMember', window );">Technology [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_yy_FiniteLivedIntangibleAssetUsefulLifeAbstract', window );"><strong>Weighted average amortization periods of intangible assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FiniteLivedIntangibleAssetUsefulLife', window );">Weighted average amortization period</a></td>
<td class="text">5 years<span></span>
</td>
<td class="text">5 years<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis=us-gaap_ComputerSoftwareIntangibleAssetMember', window );">Software [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_yy_FiniteLivedIntangibleAssetUsefulLifeAbstract', window );"><strong>Weighted average amortization periods of intangible assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FiniteLivedIntangibleAssetUsefulLife', window );">Weighted average amortization period</a></td>
<td class="text">5 years<span></span>
</td>
<td class="text">4 years<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis=us-gaap_ComputerSoftwareIntangibleAssetMember', window );">Software [Member] | Minimum [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_yy_FiniteLivedIntangibleAssetUsefulLifeAbstract', window );"><strong>Weighted average amortization periods of intangible assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FiniteLivedIntangibleAssetUsefulLife', window );">Weighted average amortization period</a></td>
<td class="text">3 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis=us-gaap_ComputerSoftwareIntangibleAssetMember', window );">Software [Member] | Maximum [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_yy_FiniteLivedIntangibleAssetUsefulLifeAbstract', window );"><strong>Weighted average amortization periods of intangible assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FiniteLivedIntangibleAssetUsefulLife', window );">Weighted average amortization period</a></td>
<td class="text">5 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis=yy_BrandNameMember', window );">Brand names [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_yy_FiniteLivedIntangibleAssetUsefulLifeAbstract', window );"><strong>Weighted average amortization periods of intangible assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FiniteLivedIntangibleAssetUsefulLife', window );">Weighted average amortization period</a></td>
<td class="text">10 years<span></span>
</td>
<td class="text">11 years<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis=yy_BrandNameMember', window );">Brand names [Member] | Minimum [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_yy_FiniteLivedIntangibleAssetUsefulLifeAbstract', window );"><strong>Weighted average amortization periods of intangible assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FiniteLivedIntangibleAssetUsefulLife', window );">Weighted average amortization period</a></td>
<td class="text">1 year<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis=yy_BrandNameMember', window );">Brand names [Member] | Maximum [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_yy_FiniteLivedIntangibleAssetUsefulLifeAbstract', window );"><strong>Weighted average amortization periods of intangible assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FiniteLivedIntangibleAssetUsefulLife', window );">Weighted average amortization period</a></td>
<td class="text">15 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis=yy_OperatingRightsForLicensedGamesMember', window );">Operating rights for licensed games [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_yy_FiniteLivedIntangibleAssetUsefulLifeAbstract', window );"><strong>Weighted average amortization periods of intangible assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FiniteLivedIntangibleAssetUsefulLife', window );">Weighted average amortization period</a></td>
<td class="text">3 years<span></span>
</td>
<td class="text">2 years<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis=yy_OperatingRightsForGamesBroadcastingMember', window );">Operating rights for game broadcasting [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_yy_FiniteLivedIntangibleAssetUsefulLifeAbstract', window );"><strong>Weighted average amortization periods of intangible assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FiniteLivedIntangibleAssetUsefulLife', window );">Weighted average amortization period</a></td>
<td class="text">1 year<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis=us-gaap_OtherIntangibleAssetsMember', window );">Others [Member] | Minimum [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_yy_FiniteLivedIntangibleAssetUsefulLifeAbstract', window );"><strong>Weighted average amortization periods of intangible assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FiniteLivedIntangibleAssetUsefulLife', window );">Weighted average amortization period</a></td>
<td class="text">3 years<span></span>
</td>
<td class="text">3 years<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis=us-gaap_OtherIntangibleAssetsMember', window );">Others [Member] | Maximum [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_yy_FiniteLivedIntangibleAssetUsefulLifeAbstract', window );"><strong>Weighted average amortization periods of intangible assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FiniteLivedIntangibleAssetUsefulLife', window );">Weighted average amortization period</a></td>
<td class="text">5 years<span></span>
</td>
<td class="text">5 years<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FiniteLivedIntangibleAssetUsefulLife">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Useful life of finite-lived intangible assets, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FiniteLivedIntangibleAssetUsefulLife</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_yy_FiniteLivedIntangibleAssetUsefulLifeAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">yy_FiniteLivedIntangibleAssetUsefulLifeAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>yy_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis=us-gaap_InternetDomainNamesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis=us-gaap_InternetDomainNamesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis=us-gaap_TechnologyBasedIntangibleAssetsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis=us-gaap_TechnologyBasedIntangibleAssetsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis=us-gaap_ComputerSoftwareIntangibleAssetMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis=us-gaap_ComputerSoftwareIntangibleAssetMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RangeAxis=us-gaap_MinimumMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RangeAxis=us-gaap_MinimumMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RangeAxis=us-gaap_MaximumMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RangeAxis=us-gaap_MaximumMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis=yy_BrandNameMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis=yy_BrandNameMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis=yy_OperatingRightsForLicensedGamesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis=yy_OperatingRightsForLicensedGamesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis=yy_OperatingRightsForGamesBroadcastingMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis=yy_OperatingRightsForGamesBroadcastingMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis=us-gaap_OtherIntangibleAssetsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis=us-gaap_OtherIntangibleAssetsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>116
<FILENAME>R93.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.4.0.3</span><table class="report" border="0" cellspacing="2" id="idp6968356672">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Goodwill (Details)<br> &#165; in Thousands, $ in Thousands</strong></div></th>
<th class="th" colspan="7">12 Months Ended</th>
</tr>
<tr>
<th class="th" colspan="2">
<div>Dec. 31, 2015 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2015 </div>
<div>CNY (&#165;)</div>
</th>
<th class="th" colspan="2">
<div>Dec. 31, 2014 </div>
<div>CNY (&#165;)</div>
</th>
<th class="th" colspan="2">
<div>Dec. 31, 2013 </div>
<div>CNY (&#165;)</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GoodwillRollForward', window );"><strong>Goodwill</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Goodwill', window );">Balance at beginning of the year</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">&#165; 300,382<span></span>
</td>
<td class="nump">&#165; 1,577<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GoodwillAcquiredDuringPeriod', window );">Acquisition</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">161,326<span></span>
</td>
<td class="nump">&#165; 298,802<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GoodwillImpairmentLoss', window );">Impairment charges</a></td>
<td class="num">$ (47,875)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="num">(310,124)<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GoodwillTranslationAdjustments', window );">Foreign exchange</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">54<span></span>
</td>
<td class="nump">&#165; 3<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Goodwill', window );">Balance at end of the year</a></td>
<td class="nump">$ 23,409<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">151,638<span></span>
</td>
<td class="nump">300,382<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">&#165; 1,577<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementBusinessSegmentsAxis=yy_YYIVASAndOthersMember', window );">YY IVAS and others [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GoodwillRollForward', window );"><strong>Goodwill</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Goodwill', window );">Balance at beginning of the year</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">4,107<span></span>
</td>
<td class="nump">1,577<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GoodwillAcquiredDuringPeriod', window );">Acquisition</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">161,326<span></span>
</td>
<td class="nump">2,527<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GoodwillImpairmentLoss', window );">Impairment charges</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(128,034)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GoodwillTranslationAdjustments', window );">Foreign exchange</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">54<span></span>
</td>
<td class="nump">3<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Goodwill', window );">Balance at end of the year</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">37,452<span></span>
</td>
<td class="nump">&#165; 4,107<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">&#165; 1,577<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementBusinessSegmentsAxis=yy_HundredEducationMember', window );">100 Education [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GoodwillRollForward', window );"><strong>Goodwill</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Goodwill', window );">Balance at beginning of the year</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">&#165; 296,275<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GoodwillAcquiredDuringPeriod', window );">Acquisition</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text"> <span></span>
</td>
<td class="nump">&#165; 296,275<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GoodwillImpairmentLoss', window );">Impairment charges</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">&#165; (182,090)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GoodwillTranslationAdjustments', window );">Foreign exchange</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Goodwill', window );">Balance at end of the year</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">&#165; 114,186<span></span>
</td>
<td class="nump">&#165; 296,275<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr><td colspan="8"></td></tr>
<tr><td colspan="8"><table class="outerFootnotes" width="100%"><tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top">(1)
Share-based compensation was allocated in cost of revenues and operating expenses as follows:











For the year ended December 31,





Note

2013


2014


2015


2015







RMB


RMB


RMB


US$
















(Note2(e))



Cost of revenues




9,860



18,037



23,963



3,699



Research and development expenses




39,587



54,141



70,951



10,953



Sales and marketing expenses




1,318



2,807



3,283



507



General and administrative expenses




66,331



59,647



87,175



13,458</td>
</tr></table></td></tr>
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<div style="display: none;">
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 350<br> -SubTopic 20<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=35741047&amp;loc=d3e13816-109267<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 350<br> -SubTopic 20<br> -Section 45<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6388280&amp;loc=d3e13770-109266<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_Goodwill</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of increase in asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized resulting from a business combination.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 350<br> -SubTopic 20<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=35741047&amp;loc=d3e13816-109267<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_GoodwillAcquiredDuringPeriod</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of loss from the write-down of an asset representing the future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 350<br> -SubTopic 20<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=35741047&amp;loc=d3e13854-109267<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 350<br> -SubTopic 20<br> -Section 45<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=6388280&amp;loc=d3e13777-109266<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3602-108585<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 350<br> -SubTopic 20<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (e)<br> -URI http://asc.fasb.org/extlink&amp;oid=35741047&amp;loc=d3e13816-109267<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_GoodwillImpairmentLoss</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>A roll forward is a reconciliation of a concept from the beginning of a period to the end of a period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_GoodwillRollForward</td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of increase (decrease) from foreign currency translation adjustments of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 350<br> -SubTopic 20<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (f)<br> -URI http://asc.fasb.org/extlink&amp;oid=35741047&amp;loc=d3e13816-109267<br></p></div>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<span style="display: none;">v3.4.0.3</span><table class="report" border="0" cellspacing="2" id="idp6793205616">
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<th class="tl" colspan="2" rowspan="2"><div style="width: 200px;"><strong>Goodwill (Narrative) (Details)<br> &#165; in Thousands, $ in Thousands</strong></div></th>
<th class="th" colspan="1">3 Months Ended</th>
<th class="th" colspan="1">6 Months Ended</th>
<th class="th" colspan="7">12 Months Ended</th>
<th class="th" colspan="1"></th>
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<th class="th" colspan="1"></th>
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<div>Sep. 30, 2015 </div>
<div>CNY (&#165;)</div>
</th>
<th class="th">
<div>Jun. 30, 2015 </div>
<div>CNY (&#165;)</div>
</th>
<th class="th" colspan="2">
<div>Dec. 31, 2015 </div>
<div>USD ($)</div>
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<th class="th">
<div>Dec. 31, 2015 </div>
<div>CNY (&#165;)</div>
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<th class="th" colspan="2">
<div>Dec. 31, 2014 </div>
<div>CNY (&#165;)</div>
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<th class="th" colspan="2">
<div>Dec. 31, 2013 </div>
<div>CNY (&#165;)</div>
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<th class="th">
<div>Dec. 31, 2015 </div>
<div>CNY (&#165;)</div>
</th>
<th class="th">
<div>Feb. 28, 2015 </div>
<div>CNY (&#165;)</div>
</th>
<th class="th">
<div>Feb. 03, 2015 </div>
<div>CNY (&#165;)</div>
</th>
<th class="th">
<div>Dec. 23, 2014 </div>
<div>CNY (&#165;)</div>
</th>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GoodwillLineItems', window );"><strong>Goodwill [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Goodwill', window );">Goodwill</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 23,409<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#165; 300,382<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">&#165; 1,577<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">&#165; 151,638<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GoodwillImpairmentLoss', window );">Goodwill impairment losses</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">47,875<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">&#165; 310,124<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1', window );">Contingent consideration reversed amount</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">$ (45,150)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(292,471)<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementBusinessSegmentsAxis=yy_HundredEducationMember', window );">100 Education [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GoodwillLineItems', window );"><strong>Goodwill [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Goodwill', window );">Goodwill</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#165; 296,275<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">114,186<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GoodwillImpairmentLoss', window );">Goodwill impairment losses</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">182,090<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1', window );">Contingent consideration reversed amount</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(185,165)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementBusinessSegmentsAxis=yy_YYIVASAndOthersMember', window );">YY IVAS and others [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GoodwillLineItems', window );"><strong>Goodwill [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Goodwill', window );">Goodwill</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#165; 4,107<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">&#165; 1,577<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">&#165; 37,452<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GoodwillImpairmentLoss', window );">Goodwill impairment losses</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">128,034<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1', window );">Contingent consideration reversed amount</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">&#165; (107,306)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_BusinessAcquisitionAxis=yy_OneHundredOnlineEducationTechnologyBeijingCoLtdAndBeijingDubookerCultureCommunicationCoLtdMember', window );">100 Online and DuBooker [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GoodwillLineItems', window );"><strong>Goodwill [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_BusinessAcquisitionPercentageOfVotingInterestsAcquired', window );">Percentage of equity interests acquired</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">100.00%<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GoodwillImpairmentLoss', window );">Goodwill impairment losses</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">&#165; 71,390<span></span>
</td>
<td class="nump">&#165; 110,699<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1', window );">Contingent consideration reversed amount</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">73,618<span></span>
</td>
<td class="nump">&#165; 111,547<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_BusinessAcquisitionAxis=yy_OneHundredOnlineEducationTechnologyBeijingCoLtdAndBeijingDubookerCultureCommunicationCoLtdMember', window );">100 Online and DuBooker [Member] | 100 Education [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GoodwillLineItems', window );"><strong>Goodwill [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Goodwill', window );">Goodwill</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#165; 195,893<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_BusinessAcquisitionAxis=yy_BeijingHuanqiuXingxueTechnologyDevelopmentCoLtdAndBeijingHuanqiuChuangzhiSoftwareCoLtdMember', window );">Xingxue and Chuangzhi [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GoodwillLineItems', window );"><strong>Goodwill [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_BusinessAcquisitionPercentageOfVotingInterestsAcquired', window );">Percentage of equity interests acquired</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">100.00%<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">100.00%<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Goodwill', window );">Goodwill</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#165; 100,382<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_BusinessAcquisitionAxis=yy_BeijingHuanqiuXingxueTechnologyDevelopmentCoLtdAndBeijingHuanqiuChuangzhiSoftwareCoLtdMember', window );">Xingxue and Chuangzhi [Member] | 100 Education [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GoodwillLineItems', window );"><strong>Goodwill [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Goodwill', window );">Goodwill</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#165; 100,382<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_BusinessAcquisitionAxis=yy_ShanghaiBeifuCultureCommunicationCoLtdMember', window );">Beifu [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GoodwillLineItems', window );"><strong>Goodwill [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_BusinessAcquisitionPercentageOfVotingInterestsAcquired', window );">Percentage of equity interests acquired</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">70.00%<span></span>
</td>
<td class="nump">70.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Goodwill', window );">Goodwill</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#165; 147,388<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GoodwillImpairmentLoss', window );">Goodwill impairment losses</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">128,035<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1', window );">Contingent consideration reversed amount</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">&#165; 107,306<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_BusinessAcquisitionAxis=yy_ShanghaiBeifuCultureCommunicationCoLtdMember', window );">Beifu [Member] | YY IVAS and others [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GoodwillLineItems', window );"><strong>Goodwill [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Goodwill', window );">Goodwill</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#165; 147,388<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr><td colspan="14"></td></tr>
<tr><td colspan="14"><table class="outerFootnotes" width="100%"><tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top">(1)
Share-based compensation was allocated in cost of revenues and operating expenses as follows:











For the year ended December 31,





Note

2013


2014


2015


2015







RMB


RMB


RMB


US$
















(Note2(e))



Cost of revenues




9,860



18,037



23,963



3,699



Research and development expenses




39,587



54,141



70,951



10,953



Sales and marketing expenses




1,318



2,807



3,283



507



General and administrative expenses




66,331



59,647



87,175



13,458</td>
</tr></table></td></tr>
</table>
<div style="display: none;">
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Percentage of voting equity interests acquired at the acquisition date in the business combination.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 805<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=56956515&amp;loc=d3e1392-128463<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_BusinessAcquisitionPercentageOfVotingInterestsAcquired</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of increase (decrease) in the value of a contingent consideration liability, including, but not limited to, differences arising upon settlement.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 805<br> -SubTopic 30<br> -Section 50<br> -Paragraph 4<br> -Subparagraph (a)(1)<br> -URI http://asc.fasb.org/extlink&amp;oid=35744584&amp;loc=d3e7008-128479<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 350<br> -SubTopic 20<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=35741047&amp;loc=d3e13816-109267<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 350<br> -SubTopic 20<br> -Section 45<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6388280&amp;loc=d3e13770-109266<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_Goodwill</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of loss from the write-down of an asset representing the future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 350<br> -SubTopic 20<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=35741047&amp;loc=d3e13854-109267<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 350<br> -SubTopic 20<br> -Section 45<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=6388280&amp;loc=d3e13777-109266<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3602-108585<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 350<br> -SubTopic 20<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (e)<br> -URI http://asc.fasb.org/extlink&amp;oid=35741047&amp;loc=d3e13816-109267<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_GoodwillImpairmentLoss</td>
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<td>duration</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_GoodwillLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_GoodwillLineItems</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementBusinessSegmentsAxis=yy_HundredEducationMember</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementBusinessSegmentsAxis=yy_YYIVASAndOthersMember</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_BusinessAcquisitionAxis=yy_OneHundredOnlineEducationTechnologyBeijingCoLtdAndBeijingDubookerCultureCommunicationCoLtdMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_BusinessAcquisitionAxis=yy_OneHundredOnlineEducationTechnologyBeijingCoLtdAndBeijingDubookerCultureCommunicationCoLtdMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<td><strong> Balance Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_BusinessAcquisitionAxis=yy_BeijingHuanqiuXingxueTechnologyDevelopmentCoLtdAndBeijingHuanqiuChuangzhiSoftwareCoLtdMember</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
<td></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_BusinessAcquisitionAxis=yy_ShanghaiBeifuCultureCommunicationCoLtdMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_BusinessAcquisitionAxis=yy_ShanghaiBeifuCultureCommunicationCoLtdMember</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<span style="display: none;">v3.4.0.3</span><table class="report" border="0" cellspacing="2" id="idp6968180768">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Other non-current assets (Details)<br> &#165; in Thousands, $ in Thousands</strong></div></th>
<th class="th">
<div>Dec. 31, 2015 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2015 </div>
<div>CNY (&#165;)</div>
</th>
<th class="th">
<div>Dec. 31, 2014 </div>
<div>CNY (&#165;)</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherAssetsNoncurrentDisclosureAbstract', window );"><strong>Other non-current assets [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_yy_LandUseRightAcquired', window );">Prepayment for acquiring a land use right</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#165; 1,860,525<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_yy_PrepaymentsOfExclusiveLicenseFee', window );">Prepayments of exclusive license fees</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">69,983<span></span>
</td>
<td class="nump">&#165; 31,189<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_UnamortizedDebtIssuanceExpense', window );">Unamortized convertible bonds issuance cost</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">25,284<span></span>
</td>
<td class="nump">42,275<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_yy_PrepaymentsForFixedAssets', window );">Prepayment for acquiring an office building</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">20,000<span></span>
</td>
<td class="nump">481,047<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherAssetsMiscellaneousNoncurrent', window );">Others</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">9,922<span></span>
</td>
<td class="nump">6,460<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherAssetsNoncurrent', window );">Total</a></td>
<td class="nump">$ 306,541<span></span>
</td>
<td class="nump">&#165; 1,985,714<span></span>
</td>
<td class="nump">&#165; 560,971<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherAssetsMiscellaneousNoncurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of other miscellaneous assets expected to be realized or consumed after one year or normal operating cycle, if longer.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OtherAssetsMiscellaneousNoncurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>debit</td>
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<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherAssetsNoncurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Aggregate carrying amount, as of the balance sheet date, of noncurrent assets not separately disclosed in the balance sheet. Noncurrent assets are expected to be realized or consumed after one year (or the normal operating cycle, if longer).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.17)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OtherAssetsNoncurrent</td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OtherAssetsNoncurrentDisclosureAbstract</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_UnamortizedDebtIssuanceExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The remaining balance of debt issuance expenses that were capitalized and are being amortized against income over the lives of the respective bond issues. This does not include the amounts capitalized as part of the cost of the utility plant or asset.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.17)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_UnamortizedDebtIssuanceExpense</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the amount of prepayment for acquiring land use right.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">yy_LandUseRightAcquired</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>yy_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_yy_PrepaymentsForFixedAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the non-current portion of prepayments amount for fixed assets.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">yy_PrepaymentsForFixedAssets</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>yy_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_yy_PrepaymentsOfExclusiveLicenseFee">
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the non-current portion of prepayments of exclusive license fee.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">yy_PrepaymentsOfExclusiveLicenseFee</td>
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<td>yy_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
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<DOCUMENT>
<TYPE>XML
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<FILENAME>R96.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.4.0.3</span><table class="report" border="0" cellspacing="2" id="idp6810548032">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Deferred revenue (Details)<br> &#165; in Thousands, $ in Thousands</strong></div></th>
<th class="th">
<div>Dec. 31, 2015 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2015 </div>
<div>CNY (&#165;)</div>
</th>
<th class="th">
<div>Dec. 31, 2014 </div>
<div>CNY (&#165;)</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredRevenueArrangementLineItems', window );"><strong>Deferred revenue [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredRevenueCurrent', window );">Deferred revenue, current</a></td>
<td class="nump">$ 59,480<span></span>
</td>
<td class="nump">&#165; 385,300<span></span>
</td>
<td class="nump">&#165; 356,150<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredRevenueNoncurrent', window );">Deferred revenue, non-current</a></td>
<td class="nump">$ 3,204<span></span>
</td>
<td class="nump">20,752<span></span>
</td>
<td class="nump">24,383<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredRevenueArrangementTypeAxis=yy_InternetValueAddedServicesRevenueMember', window );">IVAS revenues [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredRevenueArrangementLineItems', window );"><strong>Deferred revenue [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredRevenueCurrent', window );">Deferred revenue, current</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">361,023<span></span>
</td>
<td class="nump">331,555<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredRevenueNoncurrent', window );">Deferred revenue, non-current</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">20,085<span></span>
</td>
<td class="nump">23,850<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredRevenueArrangementTypeAxis=yy_EducationRevenuesMember', window );">Education revenues [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredRevenueArrangementLineItems', window );"><strong>Deferred revenue [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredRevenueCurrent', window );">Deferred revenue, current</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">21,577<span></span>
</td>
<td class="nump">22,899<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredRevenueArrangementTypeAxis=yy_GovernmentGrantMember', window );">Government grants [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredRevenueArrangementLineItems', window );"><strong>Deferred revenue [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredRevenueCurrent', window );">Deferred revenue, current</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2,700<span></span>
</td>
<td class="nump">1,696<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredRevenueNoncurrent', window );">Deferred revenue, non-current</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#165; 667<span></span>
</td>
<td class="nump">&#165; 533<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredRevenueArrangementLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DeferredRevenueArrangementLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredRevenueCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The carrying amount of consideration received or receivable as of the balance sheet date on potential earnings that were not recognized as revenue in conformity with GAAP, and which are expected to be recognized as such within one year or the normal operating cycle, if longer, including sales, license fees, and royalties, but excluding interest income.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 8<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=28358313&amp;loc=d3e6935-107765<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 605<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SAB TOPIC 13.A.4(a).Q1)<br> -URI http://asc.fasb.org/extlink&amp;oid=27012821&amp;loc=d3e214044-122780<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Staff Accounting Bulletin (SAB)<br> -Number Topic 13<br> -Section A<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DeferredRevenueCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredRevenueNoncurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The noncurrent portion of deferred revenue amount as of balance sheet date. Deferred revenue is a liability related to a revenue producing activity for which revenue has not yet been recognized, and is not expected to be recognized in the next twelve months. Generally, an entity records deferred revenue when it receives consideration from a customer before achieving certain criteria that must be met for revenue to be recognized in conformity with GAAP.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 8<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=28358313&amp;loc=d3e6935-107765<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 605<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SAB TOPIC 13.A.4(a).Q1)<br> -URI http://asc.fasb.org/extlink&amp;oid=27012821&amp;loc=d3e214044-122780<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Staff Accounting Bulletin (SAB)<br> -Number Topic 13<br> -Section A<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DeferredRevenueNoncurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredRevenueArrangementTypeAxis=yy_InternetValueAddedServicesRevenueMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DeferredRevenueArrangementTypeAxis=yy_InternetValueAddedServicesRevenueMember</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredRevenueArrangementTypeAxis=yy_EducationRevenuesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DeferredRevenueArrangementTypeAxis=yy_EducationRevenuesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredRevenueArrangementTypeAxis=yy_GovernmentGrantMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DeferredRevenueArrangementTypeAxis=yy_GovernmentGrantMember</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>120
<FILENAME>R97.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.4.0.3</span><table class="report" border="0" cellspacing="2" id="idp6792561120">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Accrued liabilities and other current liabilities (Details)<br> &#165; in Thousands, $ in Thousands</strong></div></th>
<th class="th">
<div>Dec. 31, 2015 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2015 </div>
<div>CNY (&#165;)</div>
</th>
<th class="th">
<div>Dec. 31, 2014 </div>
<div>CNY (&#165;)</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PayablesAndAccrualsAbstract', window );"><strong>Accrued liabilities and other current liabilities [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_yy_AccruedRevenueSharingFeesCurrent', window );">Accrued revenue sharing fees</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#165; 298,805<span></span>
</td>
<td class="nump">&#165; 160,248<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EmployeeRelatedLiabilitiesCurrent', window );">Accrued salaries and welfare</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">169,041<span></span>
</td>
<td class="nump">168,300<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccruedUtilitiesCurrent', window );">Accrued bandwidth costs</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">71,507<span></span>
</td>
<td class="nump">53,399<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccruedAdvertisingCurrent', window );">Market promotion expenses</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">29,358<span></span>
</td>
<td class="nump">5,944<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccrualForTaxesOtherThanIncomeTaxesCurrent', window );">Business and other taxes payable</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">14,370<span></span>
</td>
<td class="nump">15,220<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SalesAndExciseTaxPayableCurrent', window );">Value added taxes payable</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">16,010<span></span>
</td>
<td class="nump">2,734<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InterestPayableCurrent', window );">Interests payable</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">14,795<span></span>
</td>
<td class="nump">13,944<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherAccruedLiabilitiesCurrent', window );">Others</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">68,003<span></span>
</td>
<td class="nump">58,914<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccruedLiabilitiesAndOtherLiabilities', window );">Total</a></td>
<td class="nump">$ 105,266<span></span>
</td>
<td class="nump">&#165; 681,889<span></span>
</td>
<td class="nump">&#165; 478,703<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccrualForTaxesOtherThanIncomeTaxesCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Carrying value as of the balance sheet date of obligations incurred and payable for real and property taxes. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.20)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 8<br> -URI http://asc.fasb.org/extlink&amp;oid=28358313&amp;loc=d3e6935-107765<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 720<br> -SubTopic 30<br> -Section 45<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6419918&amp;loc=d3e35281-107843<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Current Liabilities<br> -URI http://asc.fasb.org/extlink&amp;oid=6509677<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AccrualForTaxesOtherThanIncomeTaxesCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccruedAdvertisingCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Carrying value as of the balance sheet date of obligations incurred through that date and payable for advertising of the entity's goods and services. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 6<br> -URI http://asc.fasb.org/extlink&amp;oid=28358313&amp;loc=d3e6911-107765<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 11<br> -URI http://asc.fasb.org/extlink&amp;oid=28358313&amp;loc=d3e7054-107765<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 8<br> -URI http://asc.fasb.org/extlink&amp;oid=28358313&amp;loc=d3e6935-107765<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.20)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Current Liabilities<br> -URI http://asc.fasb.org/extlink&amp;oid=6509677<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AccruedAdvertisingCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccruedLiabilitiesAndOtherLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of obligations incurred and payable, pertaining to costs that are statutory in nature, incurred on contractual obligations, or accumulate over time and for which invoices have not yet been received or will not be rendered. Examples include, but not limited to, taxes, interest, rent and utilities. Also includes the aggregate carrying amount of liabilities not separately disclosed.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AccruedLiabilitiesAndOtherLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccruedUtilitiesCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Carrying value as of the balance sheet date of obligations incurred through that date and payable for utilities, such as electrical power, heating oil, natural gas, and water. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Current Liabilities<br> -URI http://asc.fasb.org/extlink&amp;oid=6509677<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 6<br> -URI http://asc.fasb.org/extlink&amp;oid=28358313&amp;loc=d3e6911-107765<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 8<br> -URI http://asc.fasb.org/extlink&amp;oid=28358313&amp;loc=d3e6935-107765<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.20)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AccruedUtilitiesCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EmployeeRelatedLiabilitiesCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Total of the carrying values as of the balance sheet date of obligations incurred through that date and payable for obligations related to services received from employees, such as accrued salaries and bonuses, payroll taxes and fringe benefits. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.20)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_EmployeeRelatedLiabilitiesCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InterestPayableCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Carrying value as of the balance sheet date of [accrued] interest payable on all forms of debt, including trade payables, that has been incurred and is unpaid. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Current Liabilities<br> -URI http://asc.fasb.org/extlink&amp;oid=6509677<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.20)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 9<br> -URI http://asc.fasb.org/extlink&amp;oid=28358313&amp;loc=d3e7018-107765<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 8<br> -URI http://asc.fasb.org/extlink&amp;oid=28358313&amp;loc=d3e6935-107765<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_InterestPayableCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherAccruedLiabilitiesCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Carrying value as of the balance sheet date of obligations incurred through that date and payable arising from transactions not otherwise specified in the taxonomy. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 9<br> -URI http://asc.fasb.org/extlink&amp;oid=28358313&amp;loc=d3e7018-107765<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Current Liabilities<br> -URI http://asc.fasb.org/extlink&amp;oid=6509677<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 6<br> -URI http://asc.fasb.org/extlink&amp;oid=28358313&amp;loc=d3e6911-107765<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 8<br> -URI http://asc.fasb.org/extlink&amp;oid=28358313&amp;loc=d3e6935-107765<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.20)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OtherAccruedLiabilitiesCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PayablesAndAccrualsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PayablesAndAccrualsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SalesAndExciseTaxPayableCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Carrying value as of the balance sheet date of liabilities incurred through that date and payable for statutory sales and use taxes, including value added tax. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.19(a))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 8<br> -URI http://asc.fasb.org/extlink&amp;oid=28358313&amp;loc=d3e6935-107765<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Current Liabilities<br> -URI http://asc.fasb.org/extlink&amp;oid=6509677<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_SalesAndExciseTaxPayableCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_yy_AccruedRevenueSharingFeesCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Carrying value as of the balance sheet date of liabilities incurred through that date and payable for revenue sharing fees. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle, if longer).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">yy_AccruedRevenueSharingFeesCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>yy_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>121
<FILENAME>R98.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
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<span style="display: none;">v3.4.0.3</span><table class="report" border="0" cellspacing="2" id="idp6794355696">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Convertible bonds (Details)<br> $ / shares in Units, &#165; in Thousands</strong></div></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="4">12 Months Ended</th>
<th class="th" colspan="1"></th>
<th class="th" colspan="2"></th>
</tr>
<tr>
<th class="th">
<div>Mar. 18, 2014 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2015 </div>
<div>USD ($) </div>
<div>$ / shares</div>
</th>
<th class="th">
<div>Dec. 31, 2015 </div>
<div>CNY (&#165;)</div>
</th>
<th class="th">
<div>Dec. 31, 2014 </div>
<div>CNY (&#165;)</div>
</th>
<th class="th">
<div>Dec. 31, 2013 </div>
<div>CNY (&#165;)</div>
</th>
<th class="th">
<div>Dec. 31, 2015 </div>
<div>CNY (&#165;)</div>
</th>
<th class="th">
<div>Dec. 31, 2014 </div>
<div>USD ($) </div>
<div>$ / shares</div>
</th>
<th class="th">
<div>Dec. 31, 2014 </div>
<div>CNY (&#165;)</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentLineItems', window );"><strong>Convertible bonds [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ConvertibleDebtNoncurrent', window );">Convertible bonds</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 400,970,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#165; 2,597,403<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#165; 2,447,980<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromConvertibleDebt', window );">Net proceeds</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="nump">&#165; 2,402,549<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InterestExpense', window );">Interest expense</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 14,994,000<span></span>
</td>
<td class="nump">&#165; 97,125<span></span>
</td>
<td class="nump">56,607<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=us-gaap_CommonClassAMember', window );">Class A common shares [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentLineItems', window );"><strong>Convertible bonds [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockParOrStatedValuePerShare', window );">Common shares, par value (in dollars per share) | $ / shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 0.00001<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 0.00001<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongtermDebtTypeAxis=us-gaap_SeniorNotesMember', window );">2.25% Convertible Senior Notes due 2019 [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentLineItems', window );"><strong>Convertible bonds [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ConvertibleDebtNoncurrent', window );">Convertible bonds</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 400,000,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#165; 2,597,403<span></span>
</td>
<td class="nump">$ 400,000,000<span></span>
</td>
<td class="nump">&#165; 2,447,980<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentFaceAmount', window );">Aggregate principle amount</a></td>
<td class="nump">$ 400,000,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentInterestRateStatedPercentage', window );">Interest rate (as a percent)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2.25%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2.25%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentMaturityDate', window );">Maturity date</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">Apr.  01,  2019<span></span>
</td>
<td class="text">Apr.  01,  2019<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromConvertibleDebt', window );">Net proceeds</a></td>
<td class="nump">390,800,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtIssuanceCosts', window );">Debt issuance costs</a></td>
<td class="nump">$ 9,200,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentIssuanceDate1', window );">Issuance date</a></td>
<td class="text">Mar. 18,  2014<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InterestExpense', window );">Interest expense | &#165;</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#165; 74,786<span></span>
</td>
<td class="nump">&#165; 56,607<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongtermDebtTypeAxis=us-gaap_SeniorNotesMember', window );">2.25% Convertible Senior Notes due 2019 [Member] | Contingent redemption option [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentLineItems', window );"><strong>Convertible bonds [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentRedemptionPeriodStartDate', window );">Redemption period, start date</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">Apr.  01,  2019<span></span>
</td>
<td class="text">Apr.  01,  2019<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentRedemptionPricePercentage', window );">Redemption percentage</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">100.00%<span></span>
</td>
<td class="nump">100.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongtermDebtTypeAxis=us-gaap_SeniorNotesMember', window );">2.25% Convertible Senior Notes due 2019 [Member] | Non-contingent redemption option [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentLineItems', window );"><strong>Convertible bonds [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentRedemptionPeriodStartDate', window );">Redemption period, start date</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">Apr.  01,  2017<span></span>
</td>
<td class="text">Apr.  01,  2017<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentRedemptionPricePercentage', window );">Redemption percentage</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">100.00%<span></span>
</td>
<td class="nump">100.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongtermDebtTypeAxis=us-gaap_SeniorNotesMember', window );">2.25% Convertible Senior Notes due 2019 [Member] | ADS [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentLineItems', window );"><strong>Convertible bonds [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentConvertibleConversionRatio1', window );">Initial conversion rate</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">9.0334<span></span>
</td>
<td class="nump">9.0334<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentConvertibleConversionPrice1', window );">Initial conversion price | $ / shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 110.70<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockParOrStatedValuePerShare">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Face amount or stated value per share of common stock.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.29)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 02<br> -Paragraph 30<br> -Article 5<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CommonStockParOrStatedValuePerShare</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ConvertibleDebtNoncurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Carrying amount of long-term convertible debt as of the balance sheet date, net of the amount due in the next twelve months or greater than the normal operating cycle, if longer. The debt is convertible into another form of financial instrument, typically the entity's common stock.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.22)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ConvertibleDebtNoncurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DebtInstrumentConvertibleConversionPrice1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The price per share of the conversion feature embedded in the debt instrument.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 470<br> -SubTopic 20<br> -Section 50<br> -Paragraph 5<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=6928298&amp;loc=SL6031898-161870<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DebtInstrumentConvertibleConversionPrice1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DebtInstrumentConvertibleConversionRatio1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Ratio applied to the conversion of debt instrument into equity with equity shares divided by debt principal amount.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section 50<br> -Paragraph 6<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21506-112644<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Conversion Rate<br> -URI http://asc.fasb.org/extlink&amp;oid=6509012<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.22(a)(5))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21475-112644<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section 50<br> -Paragraph 7<br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21521-112644<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DebtInstrumentConvertibleConversionRatio1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:pureItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DebtInstrumentFaceAmount">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Face (par) amount of debt instrument at time of issuance.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 835<br> -SubTopic 30<br> -Section 55<br> -Paragraph 8<br> -URI http://asc.fasb.org/extlink&amp;oid=34725769&amp;loc=d3e28878-108400<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 835<br> -SubTopic 30<br> -Section 45<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=6451184&amp;loc=d3e28551-108399<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DebtInstrumentFaceAmount</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DebtInstrumentInterestRateStatedPercentage">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Contractual interest rate for funds borrowed, under the debt agreement.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.22(a)(1))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DebtInstrumentInterestRateStatedPercentage</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DebtInstrumentIssuanceDate1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Date the debt instrument was issued, in CCYY-MM-DD format.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.22(a))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DebtInstrumentIssuanceDate1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:dateItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DebtInstrumentLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DebtInstrumentLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DebtInstrumentMaturityDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Date when the debt instrument is scheduled to be fully repaid, in CCYY-MM-DD format.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.22(a)(2))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DebtInstrumentMaturityDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:dateItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DebtInstrumentRedemptionPeriodStartDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Start date of debt instrument redemption period, in CCYY-MM-DD format.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 470<br> -Section 50<br> -Paragraph 3<br> -Subparagraph e<br> -URI http://asc.fasb.org/extlink&amp;oid=6479336&amp;loc=d3e64711-112823<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DebtInstrumentRedemptionPeriodStartDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:dateItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DebtInstrumentRedemptionPricePercentage">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Percentage price of original principal amount of debt at which debt can be redeemed by the issuer.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 470<br> -Section 50<br> -Paragraph 3<br> -Subparagraph e<br> -URI http://asc.fasb.org/extlink&amp;oid=6479336&amp;loc=d3e64711-112823<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DebtInstrumentRedemptionPricePercentage</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DebtIssuanceCosts">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of debt issuance costs (for example, but not limited to, legal, accounting, broker, and regulatory fees).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DebtIssuanceCosts</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InterestExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of the cost of borrowed funds accounted for as interest expense.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 835<br> -SubTopic 20<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6450988&amp;loc=d3e26243-108391<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 225<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-04.9)<br> -URI http://asc.fasb.org/extlink&amp;oid=6879574&amp;loc=d3e536633-122882<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_InterestExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProceedsFromConvertibleDebt">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash inflow from the issuance of a long-term debt instrument which can be exchanged for a specified amount of another security, typically the entity's common stock, at the option of the issuer or the holder.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Financing Activities<br> -URI http://asc.fasb.org/extlink&amp;oid=6513228<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 14<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3255-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ProceedsFromConvertibleDebt</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementClassOfStockAxis=us-gaap_CommonClassAMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementClassOfStockAxis=us-gaap_CommonClassAMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LongtermDebtTypeAxis=us-gaap_SeniorNotesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LongtermDebtTypeAxis=us-gaap_SeniorNotesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DebtInstrumentRedemptionPeriodAxis=yy_DebtInstrumentRedemptionOptionOneMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DebtInstrumentRedemptionPeriodAxis=yy_DebtInstrumentRedemptionOptionOneMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DebtInstrumentRedemptionPeriodAxis=yy_DebtInstrumentRedemptionOptionTwoMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DebtInstrumentRedemptionPeriodAxis=yy_DebtInstrumentRedemptionOptionTwoMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementClassOfStockAxis=yy_AmericanDepositorySharesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementClassOfStockAxis=yy_AmericanDepositorySharesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>122
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<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
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<head>
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<span style="display: none;">v3.4.0.3</span><table class="report" border="0" cellspacing="2" id="idp6630733744">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Cost of revenues (Details) - Cost of revenues [Member] - CNY (&#165;)<br> &#165; in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2015</div></th>
<th class="th"><div>Dec. 31, 2014</div></th>
<th class="th"><div>Dec. 31, 2013</div></th>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_yy_RevenueSharingFeesAndContentCosts', window );">Revenue sharing fees and content costs</a></td>
<td class="nump">&#165; 2,343,224<span></span>
</td>
<td class="nump">&#165; 1,133,984<span></span>
</td>
<td class="nump">&#165; 444,065<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_yy_BandwidthCosts', window );">Bandwidth costs</a></td>
<td class="nump">570,169<span></span>
</td>
<td class="nump">345,913<span></span>
</td>
<td class="nump">203,238<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CostOfServicesDirectLabor', window );">Salary and welfare</a></td>
<td class="nump">198,153<span></span>
</td>
<td class="nump">131,773<span></span>
</td>
<td class="nump">88,456<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CostOfServicesDepreciationAndAmortization', window );">Depreciation and amortization</a></td>
<td class="nump">145,135<span></span>
</td>
<td class="nump">59,817<span></span>
</td>
<td class="nump">37,084<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_yy_PaymentHandlingCosts', window );">Payment handling costs</a></td>
<td class="nump">104,849<span></span>
</td>
<td class="nump">55,101<span></span>
</td>
<td class="nump">24,955<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DirectTaxesAndLicensesCosts', window );">Business tax and surcharges</a></td>
<td class="nump">27,794<span></span>
</td>
<td class="nump">49,233<span></span>
</td>
<td class="nump">47,755<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AllocatedShareBasedCompensationExpense', window );">Share based compensation</a></td>
<td class="nump">23,963<span></span>
</td>
<td class="nump">18,037<span></span>
</td>
<td class="nump">9,860<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherCostOfServices', window );">Other costs</a></td>
<td class="nump">166,457<span></span>
</td>
<td class="nump">55,291<span></span>
</td>
<td class="nump">26,586<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CostOfServices', window );">Total</a></td>
<td class="nump">&#165; 3,579,744<span></span>
</td>
<td class="nump">&#165; 1,849,149<span></span>
</td>
<td class="nump">&#165; 881,999<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AllocatedShareBasedCompensationExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the expense recognized during the period arising from equity-based compensation arrangements (for example, shares of stock, unit, stock options or other equity instruments) with employees, directors and certain consultants qualifying for treatment as employees.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SAB TOPIC 14.F)<br> -URI http://asc.fasb.org/extlink&amp;oid=27013229&amp;loc=d3e301413-122809<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5047-113901<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (h)(1)(i)<br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Staff Accounting Bulletin (SAB)<br> -Number Topic 14<br> -Section F<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AllocatedShareBasedCompensationExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CostOfServices">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Total costs related to services rendered by an entity during the reporting period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03.2(d))<br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CostOfServices</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CostOfServicesDepreciationAndAmortization">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Depreciation of property, plant and equipment directly related to services rendered by an entity during the reporting period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03.2(d))<br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CostOfServicesDepreciationAndAmortization</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CostOfServicesDirectLabor">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Payroll costs incurred (including equity-based compensation) that are directly related to services rendered by an entity during the reporting period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03.2(d))<br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CostOfServicesDirectLabor</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DirectTaxesAndLicensesCosts">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Taxes and licenses incurred and are directly related to goods produced and sold and services rendered during the reporting period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03.2(a),(d))<br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DirectTaxesAndLicensesCosts</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherCostOfServices">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Other costs incurred and are directly related to services rendered by an entity during the reporting period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03.2(d))<br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OtherCostOfServices</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_yy_BandwidthCosts">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Bandwidth costs incurred and directly related to services rendered by an entity during the reporting period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">yy_BandwidthCosts</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>yy_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_yy_PaymentHandlingCosts">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Payment handling costs incurred and directly related to services rendered by an entity during the reporting period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">yy_PaymentHandlingCosts</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>yy_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_yy_RevenueSharingFeesAndContentCosts">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Revenue sharing fees and content costs incurred and directly related to services rendered by an entity during the reporting period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">yy_RevenueSharingFeesAndContentCosts</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>yy_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeStatementLocationAxis=us-gaap_CostOfSalesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncomeStatementLocationAxis=us-gaap_CostOfSalesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<DOCUMENT>
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<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<body>
<span style="display: none;">v3.4.0.3</span><table class="report" border="0" cellspacing="2" id="idp6967379936">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Other income (Details)<br> &#165; in Thousands, $ in Thousands</strong></div></th>
<th class="th" colspan="4">12 Months Ended</th>
</tr>
<tr>
<th class="th">
<div>Dec. 31, 2015 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2015 </div>
<div>CNY (&#165;)</div>
</th>
<th class="th">
<div>Dec. 31, 2014 </div>
<div>CNY (&#165;)</div>
</th>
<th class="th">
<div>Dec. 31, 2013 </div>
<div>CNY (&#165;)</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherIncomeAbstract', window );"><strong>Other income [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RevenueFromGrants', window );">Government grants</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#165; 79,541<span></span>
</td>
<td class="nump">&#165; 5,570<span></span>
</td>
<td class="nump">&#165; 25,356<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_yy_OtherOperatingIncomeMiscellaneous', window );">Others</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2,759<span></span>
</td>
<td class="nump">749<span></span>
</td>
<td class="nump">1,722<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherOperatingIncome', window );">Total</a></td>
<td class="nump">$ 12,705<span></span>
</td>
<td class="nump">&#165; 82,300<span></span>
</td>
<td class="nump">&#165; 6,319<span></span>
</td>
<td class="nump">&#165; 27,078<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherIncomeAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OtherIncomeAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherOperatingIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The total amount of other operating income, the components of which are not separately disclosed on the income statement, from items that are associated with the entity's normal revenue producing operation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03.1)<br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OtherOperatingIncome</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RevenueFromGrants">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Revenue earned during the period from non-repayable sum of money awarded to an entity to carry out a specific purpose as provided in grant agreements.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03.1(e))<br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RevenueFromGrants</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_yy_OtherOperatingIncomeMiscellaneous">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of other income which are not separately disclosed on the income statement.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">yy_OtherOperatingIncomeMiscellaneous</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>yy_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
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</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>124
<FILENAME>R101.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.4.0.3</span><table class="report" border="0" cellspacing="2" id="idp6790521344">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Income tax (Narrative) (Details) - CNY (&#165;)<br> &#165; in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
<th class="th" colspan="1">48 Months Ended</th>
<th class="th" colspan="1">96 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2015</div></th>
<th class="th"><div>Dec. 31, 2014</div></th>
<th class="th"><div>Dec. 31, 2013</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_yy_ScheduleOfIncomeTaxLineItems', window );"><strong>Income tax [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate', window );">Income tax rate (as a percent)</a></td>
<td class="nump">25.00%<span></span>
</td>
<td class="nump">25.00%<span></span>
</td>
<td class="nump">25.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_yy_DeferredTaxLiabilitiesAccrualForChineseDividendWithholdingTaxes', window );">Accrued deferred tax liability</a></td>
<td class="nump">&#165; 0<span></span>
</td>
<td class="nump">&#165; 0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#165; 0<span></span>
</td>
<td class="nump">&#165; 0<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeTaxAuthorityAxis=country_KY', window );">Cayman [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_yy_ScheduleOfIncomeTaxLineItems', window );"><strong>Income tax [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_yy_WithholdingIncomeTax', window );">Withholding income tax</a></td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeTaxAuthorityAxis=country_VG', window );">BVI [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_yy_ScheduleOfIncomeTaxLineItems', window );"><strong>Income tax [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_yy_WithholdingIncomeTax', window );">Withholding income tax</a></td>
<td class="nump">&#165; 0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">&#165; 0<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeTaxAuthorityAxis=country_HK', window );">Hong Kong [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_yy_ScheduleOfIncomeTaxLineItems', window );"><strong>Income tax [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate', window );">Income tax rate (as a percent)</a></td>
<td class="nump">16.50%<span></span>
</td>
<td class="nump">16.50%<span></span>
</td>
<td class="nump">16.50%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeTaxAuthorityAxis=country_CN', window );">PRC [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_yy_ScheduleOfIncomeTaxLineItems', window );"><strong>Income tax [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate', window );">Income tax rate (as a percent)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">25.00%<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_yy_PreferentialEnterpriseIncomeTaxRate', window );">Preferential tax rate (as a percent)</a></td>
<td class="nump">15.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_yy_IncomeTaxExemptionPeriod', window );">Tax exemption period following the first profitable year</a></td>
<td class="text">2 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_yy_IncomeTaxReductionPeriod', window );">Period for reduction in tax percentage</a></td>
<td class="text">3 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_yy_IncomeTaxReductionPercentageFollowingExemptionPeriod', window );">Reduction in tax rate for three years following the exemption period (as a percent)</a></td>
<td class="nump">50.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_yy_EffectiveIncomeTaxRatePercentageToBeClaimedForResearchAndDevelopmentExpense', window );">Percentage of research and development expenses entitled to claim by enterprise</a></td>
<td class="nump">150.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_yy_WithholdingIncomeTaxRate', window );">PRC withholding tax rate (as a percent)</a></td>
<td class="nump">10.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_UndistributedEarningsOfDomesticSubsidiaries', window );">Aggregate undistributed earnings of subsidiaries available for distribution</a></td>
<td class="nump">&#165; 3,090,721<span></span>
</td>
<td class="nump">&#165; 1,819,004<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#165; 3,090,721<span></span>
</td>
<td class="nump">&#165; 3,090,721<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_yy_MaximumPeriodForClawBackUnderpaidTaxPlusPenaltiesAndInterestByTaxAuthorities', window );">Maximum period for claw back underpaid tax plus penalties and interest by tax authorities</a></td>
<td class="text">5 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LegalEntityAxis=yy_GuangzhouHuaduoNetworkTechnologyCompanyLimitedMember', window );">Guangzhou Huaduo [Member] | PRC [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_yy_ScheduleOfIncomeTaxLineItems', window );"><strong>Income tax [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_yy_PreferentialEnterpriseIncomeTaxRate', window );">Preferential tax rate (as a percent)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">15.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LegalEntityAxis=yy_GuangzhouHuanjuShidaiInformationTechnologyCompanyLimitedMember', window );">Guangzhou Huanju Shidai [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_yy_ScheduleOfIncomeTaxLineItems', window );"><strong>Income tax [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_yy_PreferentialEnterpriseIncomeTaxRate', window );">Preferential tax rate (as a percent)</a></td>
<td class="nump">0.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Percentage of domestic federal statutory tax rate applicable to pretax income (loss).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 12<br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32687-109319<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SAB TOPIC 6.I)<br> -URI http://asc.fasb.org/extlink&amp;oid=34349781&amp;loc=d3e330036-122817<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 13<br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32698-109319<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_UndistributedEarningsOfDomesticSubsidiaries">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of undistributed earnings of domestic subsidiaries or domestic joint ventures intended to be permanent.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 30<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (d)<br> -URI http://asc.fasb.org/extlink&amp;oid=6424122&amp;loc=d3e41874-109331<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 30<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (b)(c)<br> -URI http://asc.fasb.org/extlink&amp;oid=6424122&amp;loc=d3e41874-109331<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 25<br> -Paragraph 3<br> -Subparagraph (a)(2)<br> -URI http://asc.fasb.org/extlink&amp;oid=51675352&amp;loc=d3e28200-109314<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_UndistributedEarningsOfDomesticSubsidiaries</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_yy_DeferredTaxLiabilitiesAccrualForChineseDividendWithholdingTaxes">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of deferred tax liability accrual attributable to taxable temporary differences from the Chinese dividend withholding taxes.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">yy_DeferredTaxLiabilitiesAccrualForChineseDividendWithholdingTaxes</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>yy_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_yy_EffectiveIncomeTaxRatePercentageToBeClaimedForResearchAndDevelopmentExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>For enterprises engage in research and development activities, the percentage of research and development expenses entitled to be claimed, as tax deductible expenses in determining the entity's tax assessable profits.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">yy_EffectiveIncomeTaxRatePercentageToBeClaimedForResearchAndDevelopmentExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>yy_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_yy_IncomeTaxExemptionPeriod">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the period after the first profitable year during which the entity is exempted from tax.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">yy_IncomeTaxExemptionPeriod</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>yy_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_yy_IncomeTaxReductionPercentageFollowingExemptionPeriod">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the percentage by which the tax rate is reduced for the three year period following the initial exemption period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">yy_IncomeTaxReductionPercentageFollowingExemptionPeriod</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>yy_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_yy_IncomeTaxReductionPeriod">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the period during which the entity is entitled for a specified percentage reduction in tax following the initial exemption period from the first profitable year.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">yy_IncomeTaxReductionPeriod</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>yy_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_yy_MaximumPeriodForClawBackUnderpaidTaxPlusPenaltiesAndInterestByTaxAuthorities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Maximum Period for Claw Back Underpaid Tax plus Penalties and Interest by Tax Authorities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">yy_MaximumPeriodForClawBackUnderpaidTaxPlusPenaltiesAndInterestByTaxAuthorities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>yy_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_yy_PreferentialEnterpriseIncomeTaxRate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the preferential tax rate applicable to the entity under the preferential tax treatment.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">yy_PreferentialEnterpriseIncomeTaxRate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>yy_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_yy_ScheduleOfIncomeTaxLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Schedule Of Income Tax.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">yy_ScheduleOfIncomeTaxLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>yy_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_yy_WithholdingIncomeTax">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the amount of withholding income taxes.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">yy_WithholdingIncomeTax</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>yy_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_yy_WithholdingIncomeTaxRate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the percentage of withholding income tax rate.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">yy_WithholdingIncomeTaxRate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>yy_</td>
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<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeTaxAuthorityAxis=country_KY">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncomeTaxAuthorityAxis=country_KY</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeTaxAuthorityAxis=country_VG">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncomeTaxAuthorityAxis=country_VG</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeTaxAuthorityAxis=country_HK">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncomeTaxAuthorityAxis=country_HK</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeTaxAuthorityAxis=country_CN">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncomeTaxAuthorityAxis=country_CN</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
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</tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LegalEntityAxis=yy_GuangzhouHuaduoNetworkTechnologyCompanyLimitedMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LegalEntityAxis=yy_GuangzhouHuaduoNetworkTechnologyCompanyLimitedMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LegalEntityAxis=yy_GuangzhouHuanjuShidaiInformationTechnologyCompanyLimitedMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LegalEntityAxis=yy_GuangzhouHuanjuShidaiInformationTechnologyCompanyLimitedMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
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<span style="display: none;">v3.4.0.3</span><table class="report" border="0" cellspacing="2" id="idp6968250368">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Income tax (Schedule of Current and Deferred Portions of Income Tax Expense Included in Consolidated Statements of Operations) (Details)<br> &#165; in Thousands, $ in Thousands</strong></div></th>
<th class="th" colspan="4">12 Months Ended</th>
</tr>
<tr>
<th class="th">
<div>Dec. 31, 2015 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2015 </div>
<div>CNY (&#165;)</div>
</th>
<th class="th">
<div>Dec. 31, 2014 </div>
<div>CNY (&#165;)</div>
</th>
<th class="th">
<div>Dec. 31, 2013 </div>
<div>CNY (&#165;)</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeTaxExpenseBenefitContinuingOperationsAbstract', window );"><strong>Current and deferred portions of income tax expense</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CurrentIncomeTaxExpenseBenefit', window );">Current income tax expenses</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">&#165; (203,366)<span></span>
</td>
<td class="num">&#165; (200,034)<span></span>
</td>
<td class="num">&#165; (125,365)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredIncomeTaxExpenseBenefit', window );">Deferred income tax benefits</a></td>
<td class="nump">$ 3,865<span></span>
</td>
<td class="nump">25,039<span></span>
</td>
<td class="nump">45,751<span></span>
</td>
<td class="nump">35,414<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeTaxExpenseBenefit', window );">Income tax expense for the year</a></td>
<td class="num">$ (27,529)<span></span>
</td>
<td class="num">&#165; (178,327)<span></span>
</td>
<td class="num">&#165; (154,283)<span></span>
</td>
<td class="num">&#165; (89,951)<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CurrentIncomeTaxExpenseBenefit">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of current income tax expense (benefit) pertaining to taxable income (loss) from continuing operations.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 9<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32639-109319<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08.(h))<br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e23780-122690<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Current Tax Expense (or Benefit)<br> -URI http://asc.fasb.org/extlink&amp;oid=6509736<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SAB TOPIC 6.I.7)<br> -URI http://asc.fasb.org/extlink&amp;oid=34349781&amp;loc=d3e330036-122817<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Staff Accounting Bulletin (SAB)<br> -Number Topic 6<br> -Section I<br> -Subsection 7<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CurrentIncomeTaxExpenseBenefit</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredIncomeTaxExpenseBenefit">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of deferred income tax expense (benefit) pertaining to income (loss) from continuing operations.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3602-108585<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Deferred Tax Expense (or Benefit)<br> -URI http://asc.fasb.org/extlink&amp;oid=6510177<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 9<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32639-109319<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08.(h))<br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e23780-122690<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SAB TOPIC 6.I.7)<br> -URI http://asc.fasb.org/extlink&amp;oid=34349781&amp;loc=d3e330036-122817<br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Staff Accounting Bulletin (SAB)<br> -Number Topic 6<br> -Section I<br> -Subsection 7<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeTaxExpenseBenefit">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 9<br> -Subparagraph (a),(b)<br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32639-109319<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08.(h))<br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e23780-122690<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Income Tax Expense (or Benefit)<br> -URI http://asc.fasb.org/extlink&amp;oid=6515339<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<td>duration</td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncomeTaxExpenseBenefitContinuingOperationsAbstract</td>
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<span style="display: none;">v3.4.0.3</span><table class="report" border="0" cellspacing="2" id="idp6969165584">
<tr>
<th class="tl" colspan="2" rowspan="2"><div style="width: 200px;"><strong>Income tax (Schedule of Reconciliation of Total Tax Expense Computed by Applying Respective Statutory Income Tax Rate to Pre-tax Income) (Details)<br></strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2015</div></th>
<th class="th"><div>Dec. 31, 2014</div></th>
<th class="th"><div>Dec. 31, 2013</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeTaxDisclosureAbstract', window );"><strong>Income tax [Abstract]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate', window );">PRC Statutory income tax rate (as a percent)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(25.00%)<span></span>
</td>
<td class="num">(25.00%)<span></span>
</td>
<td class="num">(25.00%)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_yy_EffectiveIncomeTaxRateReconciliationPreferentialTaxRate', window );">Effect of preferential tax rate (as a percent)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">14.00%<span></span>
</td>
<td class="nump">13.10%<span></span>
</td>
<td class="nump">10.50%<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EffectiveIncomeTaxRateReconciliationTaxExemptIncome', window );">Effect of tax-exempt entities (as a percent)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(1.60%)<span></span>
</td>
<td class="nump">1.10%<span></span>
</td>
<td class="nump">2.20%<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EffectiveIncomeTaxRateReconciliationChangeInEnactedTaxRate', window );">Effect of change in tax rate (as a percent)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">0.50%<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EffectiveIncomeTaxRateReconciliationNondeductibleExpenseShareBasedCompensationCost', window );">Permanent differences (as a percent)</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="num">(3.80%)<span></span>
</td>
<td class="num">(3.50%)<span></span>
</td>
<td class="num">(4.00%)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance', window );">Change in valuation allowance (as a percent)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(1.70%)<span></span>
</td>
<td class="num">(0.40%)<span></span>
</td>
<td class="num">(3.00%)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EffectiveIncomeTaxRateReconciliationDeductionsQualifiedProductionActivities', window );">Effect of Super Deduction available to the Group (as a percent)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">2.30%<span></span>
</td>
<td class="nump">2.00%<span></span>
</td>
<td class="nump">3.40%<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EffectiveIncomeTaxRateContinuingOperations', window );">Effective income tax rate (as a percent)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(15.30%)<span></span>
</td>
<td class="num">(12.70%)<span></span>
</td>
<td class="num">(15.90%)<span></span>
</td>
</tr>
<tr><td colspan="4"></td></tr>
<tr><td colspan="4"><table class="outerFootnotes" width="100%"><tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top">Permanent differences mainly arise from expenses not deductible for tax purposes including primarily share-based compensation costs and expenses incurred by subsidiaries and VIEs.</td>
</tr></table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EffectiveIncomeTaxRateContinuingOperations">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Percentage of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 13<br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32698-109319<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08.(h)(2))<br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e23780-122690<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 12<br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32687-109319<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_EffectiveIncomeTaxRateContinuingOperations</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Percentage of domestic federal statutory tax rate applicable to pretax income (loss).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 12<br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32687-109319<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SAB TOPIC 6.I)<br> -URI http://asc.fasb.org/extlink&amp;oid=34349781&amp;loc=d3e330036-122817<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 13<br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32698-109319<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Percentage of the difference between reported income tax expense (benefit) and expected income tax expense (benefit) computed by applying the domestic federal statutory income tax rates to pretax income (loss) from continuing operations attributable to changes in the valuation allowance for deferred tax assets.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 13<br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32698-109319<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 12<br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32687-109319<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SAB TOPIC 6.I)<br> -URI http://asc.fasb.org/extlink&amp;oid=34349781&amp;loc=d3e330036-122817<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Percentage of the difference between reported income tax expense (benefit) and expected income tax expense (benefit) computed by applying the domestic federal statutory income tax rates to pretax income (loss) from continuing operations attributable to changes in the income tax rates.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 12<br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32687-109319<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SAB TOPIC 6.I)<br> -URI http://asc.fasb.org/extlink&amp;oid=34349781&amp;loc=d3e330036-122817<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 13<br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32698-109319<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_EffectiveIncomeTaxRateReconciliationChangeInEnactedTaxRate</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Percentage of the difference between reported income tax expense (benefit) and expected income tax expense (benefit) computed by applying the domestic federal statutory income tax rates to pretax income (loss) from continuing operations attributable to deduction for qualified production activity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SAB TOPIC 6.I)<br> -URI http://asc.fasb.org/extlink&amp;oid=34349781&amp;loc=d3e330036-122817<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 13<br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32698-109319<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 12<br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32687-109319<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_EffectiveIncomeTaxRateReconciliationDeductionsQualifiedProductionActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EffectiveIncomeTaxRateReconciliationNondeductibleExpenseShareBasedCompensationCost">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Percentage of the difference between reported income tax expense (benefit) and expected income tax expense (benefit) computed by applying the domestic federal statutory income tax rates to pretax income (loss) from continuing operations attributable to equity-based compensation costs.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 12<br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32687-109319<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SAB TOPIC 6.I)<br> -URI http://asc.fasb.org/extlink&amp;oid=34349781&amp;loc=d3e330036-122817<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 13<br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32698-109319<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_EffectiveIncomeTaxRateReconciliationNondeductibleExpenseShareBasedCompensationCost</td>
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<td><strong> Period Type:</strong></td>
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</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EffectiveIncomeTaxRateReconciliationTaxExemptIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Percentage of the difference between reported income tax expense (benefit) and expected income tax expense (benefit) computed by applying the domestic federal statutory income tax rates to pretax income (loss) from continuing operations attributable to income (loss) exempt from income taxes.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 12<br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32687-109319<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SAB TOPIC 6.I)<br> -URI http://asc.fasb.org/extlink&amp;oid=34349781&amp;loc=d3e330036-122817<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 13<br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32698-109319<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_EffectiveIncomeTaxRateReconciliationTaxExemptIncome</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
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<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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</table></div>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncomeTaxDisclosureAbstract</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_yy_EffectiveIncomeTaxRateReconciliationPreferentialTaxRate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Percentage of the difference between reported income tax expense (benefit) and expected income tax expense (benefit) computed by applying the domestic federal statutory income tax rates to pretax income (loss) from continuing operations attributable to preferential tax.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">yy_EffectiveIncomeTaxRateReconciliationPreferentialTaxRate</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td>num:percentItemType</td>
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<td>na</td>
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<span style="display: none;">v3.4.0.3</span><table class="report" border="0" cellspacing="2" id="idp6802138032">
<tr>
<th class="tl" colspan="2" rowspan="1"><div style="width: 200px;"><strong>Income tax (Schedule of Tax Effects of Temporary Differences that Give Rise to Deferred Tax Asset Balances) (Details)<br> &#165; in Thousands, $ in Thousands</strong></div></th>
<th class="th">
<div>Dec. 31, 2015 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2015 </div>
<div>CNY (&#165;)</div>
</th>
<th class="th">
<div>Dec. 31, 2014 </div>
<div>CNY (&#165;)</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredTaxAssetsNetCurrentClassificationAbstract', window );"><strong>Deferred tax assets, current:</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_yy_DeferredTaxAssetsDeferredIncomeCurrent', window );">Deferred revenue</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#165; 46,830<span></span>
</td>
<td class="nump">&#165; 37,796<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredTaxAssetsTaxDeferredExpenseReservesAndAccruals', window );">Allowance for doubtful accounts receivable, accrued expense and others not currently deductible for tax purposes</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">83,503<span></span>
</td>
<td class="nump">82,957<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredTaxAssetsValuationAllowanceCurrent', window );">Valuation allowance</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(13,412)<span></span>
</td>
<td class="num">(9,317)<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredTaxAssetsNetCurrent', window );">Total current deferred tax assets, net</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 18,049<span></span>
</td>
<td class="nump">116,921<span></span>
</td>
<td class="nump">111,436<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredTaxAssetsNetNoncurrentClassificationAbstract', window );"><strong>Deferred tax assets, non-current:</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredTaxAssetsOperatingLossCarryforwards', window );">Tax loss carried forward</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">39,904<span></span>
</td>
<td class="nump">14,654<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_yy_DeferredTaxAssetsDeferredIncomeNonCurrent', window );">Deferred revenue</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,414<span></span>
</td>
<td class="nump">343<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_yy_DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsImpairmentLossesOnInvestment', window );">Impairment of investment</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,698<span></span>
</td>
<td class="nump">798<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredTaxAssetsOther', window );">Others</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">251<span></span>
</td>
<td class="nump">705<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredTaxAssetsValuationAllowanceNoncurrent', window );">Valuation allowance</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(39,904)<span></span>
</td>
<td class="num">(15,108)<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredTaxAssetsNetNoncurrent', window );">Total non-current deferred tax assets, net</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 519<span></span>
</td>
<td class="nump">3,363<span></span>
</td>
<td class="nump">1,392<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredTaxLiabilitiesGrossClassificationAbstract', window );"><strong>Deferred tax liabilities, non-current:</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredTaxLiabilitiesGoodwillAndIntangibleAssetsIntangibleAssets', window );">Related to acquired intangible assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#165; 16,817<span></span>
</td>
<td class="nump">&#165; 26,709<span></span>
</td>
</tr>
<tr><td colspan="5"></td></tr>
<tr><td colspan="5"><table class="outerFootnotes" width="100%"><tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top">Valuation allowance is provided against deferred tax assets when the Group determines that it is more likely than not that the deferred tax assets will not be utilized in the future. In making such determination, the Group considered factors including future taxable income exclusive of reversing temporary differences and tax loss carry forwards. Valuation allowance was provided for net operating loss carry forward because it was more likely than not that such deferred tax assets will not be realized based on the Group's estimate of its future taxable income. If events occur in the future that allow the Group to realize more of its deferred income tax than the presently recorded amounts, an adjustment to the valuation allowances will result in a decrease in tax expense when those events occur.</td>
</tr></table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredTaxAssetsNetCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount after allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards expected to be realized or consumed within one year or operating cycle, if longer.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32537-109319<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 45<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=37586315&amp;loc=d3e31917-109318<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 45<br> -Paragraph 6<br> -URI http://asc.fasb.org/extlink&amp;oid=37586315&amp;loc=d3e31931-109318<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 45<br> -Paragraph 5<br> -URI http://asc.fasb.org/extlink&amp;oid=37586315&amp;loc=d3e31928-109318<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 45<br> -Paragraph 9<br> -URI http://asc.fasb.org/extlink&amp;oid=37586315&amp;loc=d3e31958-109318<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DeferredTaxAssetsNetCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredTaxAssetsNetCurrentClassificationAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DeferredTaxAssetsNetCurrentClassificationAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredTaxAssetsNetNoncurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount after allocation of valuation allowances of noncurrent deferred tax asset attributable to deductible temporary differences and carryforwards. Noncurrent assets are expected to be realized or consumed after one year (or the normal operating cycle, if longer).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32537-109319<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 45<br> -Paragraph 6<br> -URI http://asc.fasb.org/extlink&amp;oid=37586315&amp;loc=d3e31931-109318<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 45<br> -Paragraph 5<br> -URI http://asc.fasb.org/extlink&amp;oid=37586315&amp;loc=d3e31928-109318<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 45<br> -Paragraph 9<br> -URI http://asc.fasb.org/extlink&amp;oid=37586315&amp;loc=d3e31958-109318<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 45<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=37586315&amp;loc=d3e31917-109318<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DeferredTaxAssetsNetNoncurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredTaxAssetsNetNoncurrentClassificationAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DeferredTaxAssetsNetNoncurrentClassificationAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredTaxAssetsOperatingLossCarryforwards">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount before allocation of valuation allowances of deferred tax asset attributable to deductible operating loss carryforwards.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 25<br> -Paragraph 20<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=51675352&amp;loc=d3e28680-109314<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 6<br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32621-109319<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 8<br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32632-109319<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DeferredTaxAssetsOperatingLossCarryforwards</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredTaxAssetsOther">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount before allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences not separately disclosed.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 6<br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32621-109319<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 8<br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32632-109319<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 25<br> -Paragraph 20<br> -URI http://asc.fasb.org/extlink&amp;oid=51675352&amp;loc=d3e28680-109314<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DeferredTaxAssetsOther</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredTaxAssetsTaxDeferredExpenseReservesAndAccruals">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount before allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences from reserves and accruals.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 6<br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32621-109319<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 8<br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32632-109319<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 25<br> -Paragraph 20<br> -Subparagraph (d)<br> -URI http://asc.fasb.org/extlink&amp;oid=51675352&amp;loc=d3e28680-109314<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DeferredTaxAssetsTaxDeferredExpenseReservesAndAccruals</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredTaxAssetsValuationAllowanceCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards expected to be realized or consumed within one year or operating cycle, if longer.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 45<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=37586315&amp;loc=d3e31917-109318<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32537-109319<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 45<br> -Paragraph 5<br> -URI http://asc.fasb.org/extlink&amp;oid=37586315&amp;loc=d3e31928-109318<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DeferredTaxAssetsValuationAllowanceCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredTaxAssetsValuationAllowanceNoncurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of deferred tax assets for which it is more likely than not that a tax benefit will not be realized expected to be realized or consumed after one year (or the normal operating cycle, if longer).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32537-109319<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 45<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=37586315&amp;loc=d3e31917-109318<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 45<br> -Paragraph 5<br> -URI http://asc.fasb.org/extlink&amp;oid=37586315&amp;loc=d3e31928-109318<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DeferredTaxAssetsValuationAllowanceNoncurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredTaxLiabilitiesGoodwillAndIntangibleAssetsIntangibleAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of deferred tax liability attributable to taxable temporary differences from intangible assets other than goodwill.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 8<br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32632-109319<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 25<br> -Paragraph 20<br> -URI http://asc.fasb.org/extlink&amp;oid=51675352&amp;loc=d3e28680-109314<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 6<br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32621-109319<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DeferredTaxLiabilitiesGoodwillAndIntangibleAssetsIntangibleAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredTaxLiabilitiesGrossClassificationAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DeferredTaxLiabilitiesGrossClassificationAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_yy_DeferredTaxAssetsDeferredIncomeCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount before allocation of valuation allowances of current portion of deferred tax asset attributable to deductible temporary differences from deferred income.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">yy_DeferredTaxAssetsDeferredIncomeCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>yy_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_yy_DeferredTaxAssetsDeferredIncomeNonCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount before allocation of valuation allowances of non-current portion of deferred tax asset attributable to deductible temporary differences from deferred income.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">yy_DeferredTaxAssetsDeferredIncomeNonCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>yy_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_yy_DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsImpairmentLossesOnInvestment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount before allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences from estimated impairment losses on investments.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">yy_DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsImpairmentLossesOnInvestment</td>
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<td><strong> Data Type:</strong></td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
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<td>instant</td>
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<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<body>
<span style="display: none;">v3.4.0.3</span><table class="report" border="0" cellspacing="2" id="idp6968990912">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Income tax (Schedule of Net Operating Tax Loss Carry Forwards) (Details)<br> &#165; in Thousands</strong></div></th>
<th class="th">
<div>Dec. 31, 2015 </div>
<div>CNY (&#165;)</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingLossCarryforwardsLineItems', window );"><strong>Net operating tax loss carry forwards [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingLossCarryforwards', window );">Operating tax loss carry forwards</a></td>
<td class="nump">&#165; 159,616<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_yy_OperatingLossCarryfowardsExpirationPeriodAxis=yy_OperatingLossCarryforwardsExpirationYearOneMember', window );">2016 [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingLossCarryforwardsLineItems', window );"><strong>Net operating tax loss carry forwards [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingLossCarryforwards', window );">Operating tax loss carry forwards</a></td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_yy_OperatingLossCarryfowardsExpirationPeriodAxis=yy_OperatingLossCarryforwardsExpirationYearTwoMember', window );">2017 [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingLossCarryforwardsLineItems', window );"><strong>Net operating tax loss carry forwards [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingLossCarryforwards', window );">Operating tax loss carry forwards</a></td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_yy_OperatingLossCarryfowardsExpirationPeriodAxis=yy_OperatingLossCarryforwardsExpirationYearThreeMember', window );">2018 [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingLossCarryforwardsLineItems', window );"><strong>Net operating tax loss carry forwards [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingLossCarryforwards', window );">Operating tax loss carry forwards</a></td>
<td class="nump">&#165; 9,440<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_yy_OperatingLossCarryfowardsExpirationPeriodAxis=yy_OperatingLossCarryforwardsExpirationYearFourMember', window );">2019 [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingLossCarryforwardsLineItems', window );"><strong>Net operating tax loss carry forwards [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingLossCarryforwards', window );">Operating tax loss carry forwards</a></td>
<td class="nump">46,932<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_yy_OperatingLossCarryfowardsExpirationPeriodAxis=yy_OperatingLossCarryforwardsExpirationYearFiveMember', window );">2020 [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingLossCarryforwardsLineItems', window );"><strong>Net operating tax loss carry forwards [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingLossCarryforwards', window );">Operating tax loss carry forwards</a></td>
<td class="nump">&#165; 103,244<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OperatingLossCarryforwards">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of operating loss carryforward, before tax effects, available to reduce future taxable income under enacted tax laws.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32559-109319<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OperatingLossCarryforwards</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<td><strong> Name:</strong></td>
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<TYPE>XML
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<head>
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<span style="display: none;">v3.4.0.3</span><table class="report" border="0" cellspacing="2" id="idp6963499024">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Common shares (Details)<br> &#165; in Thousands</strong></div></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="4">12 Months Ended</th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th">
<div>Mar. 31, 2015 </div>
<div>CNY (&#165;) </div>
<div>item</div>
</th>
<th class="th">
<div>Nov. 21, 2012 </div>
<div>shares</div>
</th>
<th class="th">
<div>Dec. 31, 2015 </div>
<div>USD ($) </div>
<div>$ / shares </div>
<div>shares</div>
</th>
<th class="th">
<div>Dec. 31, 2015 </div>
<div>CNY (&#165;) </div>
<div>shares</div>
</th>
<th class="th">
<div>Dec. 31, 2014 </div>
<div>CNY (&#165;) </div>
<div>shares</div>
</th>
<th class="th">
<div>Dec. 31, 2013 </div>
<div>CNY (&#165;) </div>
<div>shares</div>
</th>
<th class="th">
<div>Dec. 31, 2014 </div>
<div>$ / shares </div>
<div>shares</div>
</th>
<th class="th">
<div>Dec. 31, 2012 </div>
<div>shares</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ClassOfStockLineItems', window );"><strong>Common shares [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsOfStockIssuanceCosts', window );">Issuance costs of common stock</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="nump">&#165; 5,802<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareRepurchaseProgramAxis=yy_ShareRepurchaseProgramApprovedOn4May2014And5March2015Member', window );">Share repurchase program approved on May 4, 2014 and March 5, 2015 [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ClassOfStockLineItems', window );"><strong>Common shares [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_yy_NumberOfShareRepurchasePrograms', window );">Number of share repurchase programs | item</a></td>
<td class="nump">2<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockRepurchaseProgramAuthorizedAmount1', window );">Share repurchase program authorized amount | &#165;</a></td>
<td class="nump">&#165; 200,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_TreasuryStockAcquiredAverageCostPerShare', window );">Average purchase price per share | $ / shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 54.82<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockRepurchasedDuringPeriodValue', window );">Shares repurchased value | &#165;</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#165; 169,500<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockRepurchaseProgramNumberOfSharesAuthorizedToBeRepurchased', window );">Share repurchase programs, shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">3,092,556<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=us-gaap_CommonClassAMember', window );">Class A common shares [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ClassOfStockLineItems', window );"><strong>Common shares [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodSharesNewIssues', window );">Issuance of common shares (in shares)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">179,400,000<span></span>
</td>
<td class="nump">26,110,680<span></span>
</td>
<td class="nump">26,110,680<span></span>
</td>
<td class="nump">25,036,140<span></span>
</td>
<td class="nump">21,256,900<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockParOrStatedValuePerShare', window );">Common stock, par value (in dollars per share) | $ / shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 0.00001<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 0.00001<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockSharesAuthorized', window );">Common shares, shares authorized</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">10,000,000,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">10,000,000,000<span></span>
</td>
<td class="nump">10,000,000,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockSharesIssued', window );">Common shares, shares issued</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">728,227,848<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">622,658,738<span></span>
</td>
<td class="nump">706,173,568<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockSharesOutstanding', window );">Common shares, shares outstanding</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">728,227,848<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">622,658,738<span></span>
</td>
<td class="nump">706,173,568<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=us-gaap_CommonClassAMember', window );">Class A common shares [Member] | Share repurchase program approved on May 4, 2014 and March 5, 2015 [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ClassOfStockLineItems', window );"><strong>Common shares [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_TreasuryStockAcquiredAverageCostPerShare', window );">Average purchase price per share | $ / shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 2.74<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockRepurchaseProgramNumberOfSharesAuthorizedToBeRepurchased', window );">Share repurchase programs, shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">61,851,120<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=us-gaap_CommonClassBMember', window );">Class B common shares [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ClassOfStockLineItems', window );"><strong>Common shares [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockParOrStatedValuePerShare', window );">Common stock, par value (in dollars per share) | $ / shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 0.00001<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 0.00001<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockSharesAuthorized', window );">Common shares, shares authorized</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,000,000,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,000,000,000<span></span>
</td>
<td class="nump">1,000,000,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockSharesIssued', window );">Common shares, shares issued</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">369,557,976<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">485,831,386<span></span>
</td>
<td class="nump">427,352,696<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockSharesOutstanding', window );">Common shares, shares outstanding</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">369,557,976<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">485,831,386<span></span>
</td>
<td class="nump">427,352,696<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementEquityComponentsAxis=us-gaap_CommonStockMember', window );">Common shares [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ClassOfStockLineItems', window );"><strong>Common shares [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ConversionOfStockSharesConverted1', window );">Conversion of Stock, Shares Converted</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">548,408,914<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementEquityComponentsAxis=us-gaap_CommonStockMember', window );">Common shares [Member] | Class A common shares [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ClassOfStockLineItems', window );"><strong>Common shares [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ConversionOfStockSharesIssued1', window );">Conversion of Stock, Shares Issued</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">57,794,720<span></span>
</td>
<td class="nump">57,794,720<span></span>
</td>
<td class="nump">58,478,690<span></span>
</td>
<td class="nump">422,001,838<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockSharesOutstanding', window );">Common shares, shares outstanding</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">728,227,848<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">622,658,738<span></span>
</td>
<td class="nump">706,173,568<span></span>
</td>
<td class="nump">179,400,000<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementEquityComponentsAxis=us-gaap_CommonStockMember', window );">Common shares [Member] | Class B common shares [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ClassOfStockLineItems', window );"><strong>Common shares [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ConversionOfStockSharesIssued1', window );">Conversion of Stock, Shares Issued</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">57,794,720<span></span>
</td>
<td class="nump">57,794,720<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ConversionOfStockSharesConverted1', window );">Conversion of Stock, Shares Converted</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">57,794,720<span></span>
</td>
<td class="nump">57,794,720<span></span>
</td>
<td class="nump">58,478,690<span></span>
</td>
<td class="nump">422,001,838<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockSharesOutstanding', window );">Common shares, shares outstanding</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">369,557,976<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">485,831,386<span></span>
</td>
<td class="nump">427,352,696<span></span>
</td>
<td class="nump">907,833,224<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ClassOfStockLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ClassOfStockLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockParOrStatedValuePerShare">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Face amount or stated value per share of common stock.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.29)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 02<br> -Paragraph 30<br> -Article 5<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CommonStockParOrStatedValuePerShare</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockSharesAuthorized">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The maximum number of common shares permitted to be issued by an entity's charter and bylaws.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.29)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 02<br> -Paragraph 30<br> -Article 5<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CommonStockSharesAuthorized</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockSharesIssued">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Total number of common shares of an entity that have been sold or granted to shareholders (includes common shares that were issued, repurchased and remain in the treasury). These shares represent capital invested by the firm's shareholders and owners, and may be all or only a portion of the number of shares authorized. Shares issued include shares outstanding and shares held in the treasury.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.29)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 02<br> -Paragraph 30<br> -Article 5<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CommonStockSharesIssued</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockSharesOutstanding">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of shares of common stock outstanding. Common stock represent the ownership interest in a corporation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.29)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.3-04)<br> -URI http://asc.fasb.org/extlink&amp;oid=27012166&amp;loc=d3e187085-122770<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 02<br> -Paragraph 30<br> -Article 5<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CommonStockSharesOutstanding</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ConversionOfStockSharesConverted1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of shares converted in a noncash (or part noncash) transaction. Noncash is defined as transactions during a period that do not result in cash receipts or cash payments in the period. "Part noncash" refers to that portion of the transaction not resulting in cash receipts or cash payments in the period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 50<br> -Paragraph 5<br> -URI http://asc.fasb.org/extlink&amp;oid=6367179&amp;loc=d3e4332-108586<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=6367179&amp;loc=d3e4304-108586<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 50<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=6367179&amp;loc=d3e4313-108586<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ConversionOfStockSharesConverted1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ConversionOfStockSharesIssued1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of new shares issued in the conversion of stock in a noncash (or part noncash) transaction. Noncash is defined as transactions during a period that do not result in cash receipts or cash payments in the period. "Part noncash" refers to that portion of the transaction not resulting in cash receipts or cash payments in the period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 50<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=6367179&amp;loc=d3e4313-108586<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 50<br> -Paragraph 5<br> -URI http://asc.fasb.org/extlink&amp;oid=6367179&amp;loc=d3e4332-108586<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=6367179&amp;loc=d3e4304-108586<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ConversionOfStockSharesIssued1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentsOfStockIssuanceCosts">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow for cost incurred directly with the issuance of an equity security.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Financing Activities<br> -URI http://asc.fasb.org/extlink&amp;oid=6513228<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 15<br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3291-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PaymentsOfStockIssuanceCosts</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockIssuedDuringPeriodSharesNewIssues">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of new stock issued during the period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.3-04)<br> -URI http://asc.fasb.org/extlink&amp;oid=27012166&amp;loc=d3e187085-122770<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 02<br> -Paragraph 29, 30<br> -Article 5<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StockIssuedDuringPeriodSharesNewIssues</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockRepurchaseProgramAuthorizedAmount1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of stock repurchase plan authorized.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StockRepurchaseProgramAuthorizedAmount1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockRepurchaseProgramNumberOfSharesAuthorizedToBeRepurchased">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of shares authorized to be repurchased by an entity's Board of Directors under a stock repurchase plan.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StockRepurchaseProgramNumberOfSharesAuthorizedToBeRepurchased</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockRepurchasedDuringPeriodValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Equity impact of the value of stock that has been repurchased during the period and has not been retired and is not held in treasury. Some state laws may mandate the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 02<br> -Paragraph 29, 30, 31<br> -Article 5<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 04<br> -Article 3<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StockRepurchasedDuringPeriodValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_TreasuryStockAcquiredAverageCostPerShare">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Total cost of shares repurchased divided by the total number of shares repurchased.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 30<br> -Section 45<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6405813&amp;loc=d3e23239-112655<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_TreasuryStockAcquiredAverageCostPerShare</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_yy_NumberOfShareRepurchasePrograms">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents number of share repurchase programs.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">yy_NumberOfShareRepurchasePrograms</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>yy_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:integerItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareRepurchaseProgramAxis=yy_ShareRepurchaseProgramApprovedOn4May2014And5March2015Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShareRepurchaseProgramAxis=yy_ShareRepurchaseProgramApprovedOn4May2014And5March2015Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementClassOfStockAxis=us-gaap_CommonClassAMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementClassOfStockAxis=us-gaap_CommonClassAMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementClassOfStockAxis=us-gaap_CommonClassBMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementClassOfStockAxis=us-gaap_CommonClassBMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementEquityComponentsAxis=us-gaap_CommonStockMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementEquityComponentsAxis=us-gaap_CommonStockMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>130
<FILENAME>R107.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
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<span style="display: none;">v3.4.0.3</span><table class="report" border="0" cellspacing="2" id="idp6794970560">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Share based compensation (Share Options - Narrative) (Details)<br> &#165; in Thousands</strong></div></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th">
<div>Nov. 21, 2012 </div>
<div>$ / shares</div>
</th>
<th class="th">
<div>Dec. 31, 2008 </div>
<div>shares</div>
</th>
<th class="th">
<div>Dec. 31, 2007 </div>
<div>item </div>
<div>shares</div>
</th>
<th class="th">
<div>Dec. 31, 2015 </div>
<div>CNY (&#165;) </div>
<div>item</div>
</th>
<th class="th">
<div>Dec. 31, 2014 </div>
<div>CNY (&#165;)</div>
</th>
<th class="th">
<div>Dec. 31, 2013 </div>
<div>CNY (&#165;)</div>
</th>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PlanNameAxis=yy_Pre2009SchemeOptionsMember', window );">Pre-2009 Scheme Options [Member] | Employees [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems', window );"><strong>Share-based compensation [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedShareBasedAwardsOtherThanOptions', window );">Unrecognized compensation cost and expense</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PlanNameAxis=yy_Pre2009SchemeOptionsMember', window );">Pre-2009 Scheme Options [Member] | Non-employee [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems', window );"><strong>Share-based compensation [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedShareBasedAwardsOtherThanOptions', window );">Unrecognized compensation cost and expense</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AwardTypeAxis=yy_StockOptions1Member', window );">Share options [Member] | Non-employee [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems', window );"><strong>Share-based compensation [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice', window );">Weighted average exercise price of option granted (in dollars per share) | $ / shares</a></td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AwardTypeAxis=yy_StockOptions1Member', window );">Share options [Member] | Pre-2009 Scheme Options [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems', window );"><strong>Share-based compensation [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1', window );">Vesting period</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">4 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue', window );">Total intrinsic value of options exercised</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#165; 122,956<span></span>
</td>
<td class="nump">&#165; 134,844<span></span>
</td>
<td class="nump">&#165; 64,195<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AllocatedShareBasedCompensationExpense', window );">Share-based compensation (benefit)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="nump">&#165; 14,004<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AwardTypeAxis=yy_StockOptions1Member', window );">Share options [Member] | Pre-2009 Scheme Options [Member] | Share-based Compensation Award, Tranche One [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems', window );"><strong>Share-based compensation [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardAwardVestingRightsPercentage', window );">Vesting rate</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">25.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AwardTypeAxis=yy_StockOptions1Member', window );">Share options [Member] | Pre-2009 Scheme Options [Member] | Share-based Compensation Award, Tranche Two [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems', window );"><strong>Share-based compensation [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1', window );">Vesting period</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">36 months<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardAwardVestingRightsPercentage', window );">Vesting rate</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">75.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_yy_ShareBasedCompensationArrangementByShareBasedPaymentAwardVestingNumberOfEqualInstallments', window );">Number of equal installments in which award will vest | item</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">6<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AwardTypeAxis=yy_StockOptions1Member', window );">Share options [Member] | Pre-2009 Scheme Options [Member] | Employees [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems', window );"><strong>Share-based compensation [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross', window );">Awards granted (in shares) | shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">8,499,050<span></span>
</td>
<td class="nump">12,705,700<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AwardTypeAxis=yy_StockOptions1Member', window );">Share options [Member] | Pre-2009 Scheme Options [Member] | Non-employee [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems', window );"><strong>Share-based compensation [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross', window );">Awards granted (in shares) | shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">3,832,290<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_yy_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfIndividualsToWhomAwardsWereGranted', window );">Number of non-employees to whom options were granted | item</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AllocatedShareBasedCompensationExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the expense recognized during the period arising from equity-based compensation arrangements (for example, shares of stock, unit, stock options or other equity instruments) with employees, directors and certain consultants qualifying for treatment as employees.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SAB TOPIC 14.F)<br> -URI http://asc.fasb.org/extlink&amp;oid=27013229&amp;loc=d3e301413-122809<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5047-113901<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (h)(1)(i)<br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Staff Accounting Bulletin (SAB)<br> -Number Topic 14<br> -Section F<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AllocatedShareBasedCompensationExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedShareBasedAwardsOtherThanOptions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Unrecognized cost of unvested share-based awards, other than options, awarded to employees as compensation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedShareBasedAwardsOtherThanOptions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Period which an employee's right to exercise an award is no longer contingent on satisfaction of either a service condition, market condition or a performance condition, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (a)(1)<br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of accumulated difference between fair value of underlying shares on dates of exercise and exercise price on options exercised (or share units converted) into shares.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (d)(2)<br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Gross number of share options (or share units) granted during the period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Weighted average per share amount at which grantees can acquire shares of common stock by exercise of options.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardAwardVestingRightsPercentage">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Percentage of vesting of share-based compensation awards.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (a)(1)<br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardAwardVestingRightsPercentage</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_yy_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfIndividualsToWhomAwardsWereGranted">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of individuals to whom awards were granted under the equity-based compensation plan.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">yy_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfIndividualsToWhomAwardsWereGranted</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>yy_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:integerItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_yy_ShareBasedCompensationArrangementByShareBasedPaymentAwardVestingNumberOfEqualInstallments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of equal installments in which awards granted under the equity-based compensation plan will vest over the specified period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">yy_ShareBasedCompensationArrangementByShareBasedPaymentAwardVestingNumberOfEqualInstallments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>yy_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:integerItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PlanNameAxis=yy_Pre2009SchemeOptionsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PlanNameAxis=yy_Pre2009SchemeOptionsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_TitleOfIndividualAxis=yy_EmployeesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_TitleOfIndividualAxis=yy_EmployeesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_TitleOfIndividualAxis=yy_NonEmployeeMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_TitleOfIndividualAxis=yy_NonEmployeeMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AwardTypeAxis=yy_StockOptions1Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AwardTypeAxis=yy_StockOptions1Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_VestingAxis=us-gaap_ShareBasedCompensationAwardTrancheOneMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_VestingAxis=us-gaap_ShareBasedCompensationAwardTrancheOneMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_VestingAxis=us-gaap_ShareBasedCompensationAwardTrancheTwoMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_VestingAxis=us-gaap_ShareBasedCompensationAwardTrancheTwoMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>131
<FILENAME>R108.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<body>
<span style="display: none;">v3.4.0.3</span><table class="report" border="0" cellspacing="2" id="idp6792308576">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Share based compensation (Summary of Activities of Pre-2009 Scheme Options for Employees and Non-employee) (Details) - Share options [Member] - Pre-2009 Scheme Options [Member] - USD ($)<br> $ / shares in Units, $ in Thousands</strong></div></th>
<th class="th" colspan="4">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2015</div></th>
<th class="th"><div>Dec. 31, 2014</div></th>
<th class="th"><div>Dec. 31, 2013</div></th>
<th class="th"><div>Dec. 31, 2012</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingRollForward', window );"><strong>Number of options</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber', window );">Outstanding at the beginning of the period (in shares)</a></td>
<td class="nump">7,380,345<span></span>
</td>
<td class="nump">13,222,005<span></span>
</td>
<td class="nump">17,870,425<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercised', window );">Exercised/Repurchased (in shares)</a></td>
<td class="num">(6,611,970)<span></span>
</td>
<td class="num">(5,841,660)<span></span>
</td>
<td class="num">(4,648,420)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber', window );">Outstanding at the end of the period (in shares)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">7,380,345<span></span>
</td>
<td class="nump">13,222,005<span></span>
</td>
<td class="nump">17,870,425<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableNumber', window );">Outstanding, vested and exercisable at the end of the period (in shares)</a></td>
<td class="nump">768,375<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePriceRollforward', window );"><strong>Weighted average exercise price</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice', window );">Outstanding at the beginning of the period (in dollars per share)</a></td>
<td class="nump">$ 0.0061<span></span>
</td>
<td class="nump">$ 0.0059<span></span>
</td>
<td class="nump">$ 0.0055<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice', window );">Exercised/Repurchased (in dollars per share)</a></td>
<td class="nump">0.0061<span></span>
</td>
<td class="nump">0.0057<span></span>
</td>
<td class="nump">0.0045<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice', window );">Outstanding at the end of the period (in dollars per share)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 0.0061<span></span>
</td>
<td class="nump">$ 0.0059<span></span>
</td>
<td class="nump">$ 0.0055<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageExercisePrice', window );">Outstanding, vested and exercisable at the end of the period (in dollars per share)</a></td>
<td class="nump">$ 0.0067<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_yy_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsWeightedAverageRemainingContractualLifeAbstract', window );"><strong>Weighted average remaining contractual life</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2', window );">Outstanding at the end of the period</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">4 years 4 months 24 days<span></span>
</td>
<td class="text">5 years 4 months 13 days<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_yy_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageRemainingContractualTerm', window );">Exercised</a></td>
<td class="text">2 years 5 months 16 days<span></span>
</td>
<td class="text">3 years 2 months 26 days<span></span>
</td>
<td class="text">4 years 3 months 18 days<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageRemainingContractualTerm1', window );">Outstanding, vested and exercisable at the end of the period</a></td>
<td class="text">2 years 11 months 26 days<span></span>
</td>
<td class="text">3 years 6 months 7 days<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_yy_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsAggregateIntrinsicValueAbstract', window );"><strong>Aggregate intrinsic value</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue', window );">Outstanding at the end of the period</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 33,162<span></span>
</td>
<td class="nump">$ 12,642<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableAggregateIntrinsicValue', window );">Outstanding, vested and exercisable at the end of the period</a></td>
<td class="nump">$ 2,395<span></span>
</td>
<td class="nump">$ 22,959<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of options outstanding, including both vested and non-vested options.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (c)(1)(i)-(ii)<br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingRollForward">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>A roll forward is a reconciliation of a concept from the beginning of a period to the end of a period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingRollForward</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Weighted average price at which grantees can acquire the shares reserved for issuance under the stock option plan.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (c)(1)(i)<br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePriceRollforward">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePriceRollforward</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableAggregateIntrinsicValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of difference between fair value of the underlying shares reserved for issuance and exercise price of fully vested and expected to vest options that are exercisable.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (e)(2)<br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableAggregateIntrinsicValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of exercisable share options (fully vested and expected to vest) that may be converted as of the balance sheet date.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (e)(2)<br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageExercisePrice">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>As of the balance sheet date, the weighted-average exercise price (at which grantees can acquire the shares reserved for issuance) for exercisable stock options that are fully vested or expected to vest.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (e)(2)<br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageExercisePrice</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount by which the current fair value of the underlying stock exceeds the exercise price of fully vested and expected to vest options outstanding.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (e)<br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Weighted average price at which option holders acquired shares when converting their stock options into shares.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Weighted average remaining contractual term for option awards outstanding, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (e)(1)<br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageRemainingContractualTerm1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Weighted average remaining contractual term for fully vested and expected to vest options that are exercisable or convertible, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (e)(2)<br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageRemainingContractualTerm1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercised">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of share options (or share units) exercised during the current period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.3-04)<br> -URI http://asc.fasb.org/extlink&amp;oid=27012166&amp;loc=d3e187085-122770<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (c)(1)(iv)(2)<br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.28,29)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 02<br> -Paragraph 29, 30<br> -Article 5<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercised</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_yy_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsAggregateIntrinsicValueAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">yy_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsAggregateIntrinsicValueAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>yy_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_yy_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageRemainingContractualTerm">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Weighted average remaining contractual term for option awards that were exercised during the reporting period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">yy_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageRemainingContractualTerm</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>yy_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_yy_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsWeightedAverageRemainingContractualLifeAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">yy_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsWeightedAverageRemainingContractualLifeAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>yy_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AwardTypeAxis=yy_StockOptions1Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PlanNameAxis=yy_Pre2009SchemeOptionsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PlanNameAxis=yy_Pre2009SchemeOptionsMember</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<td><strong> Period Type:</strong></td>
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<span style="display: none;">v3.4.0.3</span><table class="report" border="0" cellspacing="2" id="idp6793181328">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Share based compensation (Restricted Shares - Narrative) (Details) - Restricted shares [Member]<br> &#165; in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
<th class="th" colspan="1">72 Months Ended</th>
</tr>
<tr>
<th class="th">
<div>Dec. 31, 2015 </div>
<div>CNY (&#165;) </div>
<div>item</div>
</th>
<th class="th">
<div>Dec. 31, 2014 </div>
<div>CNY (&#165;)</div>
</th>
<th class="th">
<div>Dec. 31, 2013 </div>
<div>CNY (&#165;)</div>
</th>
<th class="th">
<div>Dec. 31, 2015 </div>
<div>shares</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems', window );"><strong>Share-based compensation [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AllocatedShareBasedCompensationExpense', window );">Share-based compensation (benefit) | &#165;</a></td>
<td class="text"> <span></span>
</td>
<td class="nump">&#165; 3,771<span></span>
</td>
<td class="nump">&#165; 7,300<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AwardTypeAxis=us-gaap_RestrictedStockMember', window );">Share-based Compensation Award, Tranche One [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems', window );"><strong>Share-based compensation [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1', window );">Vesting period</a></td>
<td class="text">24 months<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardAwardVestingRightsPercentage', window );">Vesting rate</a></td>
<td class="nump">50.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AwardTypeAxis=us-gaap_RestrictedStockMember', window );">Share-based Compensation Award, Tranche Two [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems', window );"><strong>Share-based compensation [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1', window );">Vesting period</a></td>
<td class="text">24 months<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardAwardVestingRightsPercentage', window );">Vesting rate</a></td>
<td class="nump">50.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_yy_ShareBasedCompensationArrangementByShareBasedPaymentAwardVestingNumberOfEqualInstallments', window );">Number of equal installments in which award will vest | item</a></td>
<td class="nump">2<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AwardTypeAxis=us-gaap_RestrictedStockMember', window );">Maximum [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems', window );"><strong>Share-based compensation [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_yy_PeriodFromReceiptOfNotificationToDeliverProperlySignedAgreementAfterWhichServiceVestedSharesHeldByLeavingEmployeeShallAutomaticallyLapseAndExpire', window );">Period from receipt of the notification to deliver a properly signed agreement after which service vested shares held by leaving employee shall automatically lapse and expire</a></td>
<td class="text">30 days<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LegalEntityAxis=yy_DuowanEntertainmentCorporationMember', window );">Duowan Entertainment Corporation [Member] | Non Employee [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems', window );"><strong>Share-based compensation [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod', window );">Granted (in shares)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">100,000<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LegalEntityAxis=yy_DuowanEntertainmentCorporationMember', window );">Duowan Entertainment Corporation [Member] | Employees [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems', window );"><strong>Share-based compensation [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod', window );">Granted (in shares)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">61,250,677<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AllocatedShareBasedCompensationExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the expense recognized during the period arising from equity-based compensation arrangements (for example, shares of stock, unit, stock options or other equity instruments) with employees, directors and certain consultants qualifying for treatment as employees.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SAB TOPIC 14.F)<br> -URI http://asc.fasb.org/extlink&amp;oid=27013229&amp;loc=d3e301413-122809<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5047-113901<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (h)(1)(i)<br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Staff Accounting Bulletin (SAB)<br> -Number Topic 14<br> -Section F<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AllocatedShareBasedCompensationExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Period which an employee's right to exercise an award is no longer contingent on satisfaction of either a service condition, market condition or a performance condition, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (a)(1)<br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of grants made during the period on other than stock (or unit) option plans (for example, phantom stock or unit plan, stock or unit appreciation rights plan, performance target plan).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (c)(2)(iii)(1)<br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardAwardVestingRightsPercentage">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Percentage of vesting of share-based compensation awards.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (a)(1)<br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardAwardVestingRightsPercentage</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_yy_PeriodFromReceiptOfNotificationToDeliverProperlySignedAgreementAfterWhichServiceVestedSharesHeldByLeavingEmployeeShallAutomaticallyLapseAndExpire">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Period from receipt of the notification to deliver a properly signed agreement after which service vested shares held by leaving employee shall automatically lapse and expire.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">yy_PeriodFromReceiptOfNotificationToDeliverProperlySignedAgreementAfterWhichServiceVestedSharesHeldByLeavingEmployeeShallAutomaticallyLapseAndExpire</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>yy_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_yy_ShareBasedCompensationArrangementByShareBasedPaymentAwardVestingNumberOfEqualInstallments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of equal installments in which awards granted under the equity-based compensation plan will vest over the specified period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">yy_ShareBasedCompensationArrangementByShareBasedPaymentAwardVestingNumberOfEqualInstallments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>yy_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:integerItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AwardTypeAxis=us-gaap_RestrictedStockMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AwardTypeAxis=us-gaap_RestrictedStockMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_VestingAxis=us-gaap_ShareBasedCompensationAwardTrancheOneMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_VestingAxis=us-gaap_ShareBasedCompensationAwardTrancheOneMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_VestingAxis=us-gaap_ShareBasedCompensationAwardTrancheTwoMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_VestingAxis=us-gaap_ShareBasedCompensationAwardTrancheTwoMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RangeAxis=us-gaap_MaximumMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RangeAxis=us-gaap_MaximumMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LegalEntityAxis=yy_DuowanEntertainmentCorporationMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LegalEntityAxis=yy_DuowanEntertainmentCorporationMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedGoodsAndNonemployeeServicesTransactionBySupplierAxis=yy_NonEmployeeMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShareBasedGoodsAndNonemployeeServicesTransactionBySupplierAxis=yy_NonEmployeeMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_TitleOfIndividualAxis=yy_EmployeesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_TitleOfIndividualAxis=yy_EmployeesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>133
<FILENAME>R110.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.4.0.3</span><table class="report" border="0" cellspacing="2" id="idp6792102480">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Share based compensation (Summary of Restricted Shares Activity) (Details) - Restricted shares [Member] - $ / shares<br></strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2015</div></th>
<th class="th"><div>Dec. 31, 2014</div></th>
<th class="th"><div>Dec. 31, 2013</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedRollForward', window );"><strong>Number of restricted shares</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber', window );">Outstanding at the beginning of the period (in shares)</a></td>
<td class="text"> <span></span>
</td>
<td class="nump">4,673,725<span></span>
</td>
<td class="nump">18,230,801<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod', window );">Forfeited (in shares)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(159,410)<span></span>
</td>
<td class="num">(1,581,789)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod', window );">Vested (in shares)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(4,514,315)<span></span>
</td>
<td class="num">(11,975,287)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber', window );">Outstanding at the end of the period (in shares)</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="nump">4,673,725<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValueRollForward', window );"><strong>Weighted average grant-date fair value</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue', window );">Outstanding at the beginning of the period (in dollars per share)</a></td>
<td class="text"> <span></span>
</td>
<td class="nump">$ 0.6144<span></span>
</td>
<td class="nump">$ 0.4898<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue', window );">Forfeited (in dollars per share)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">0.9362<span></span>
</td>
<td class="nump">0.8726<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue', window );">Vested (in dollars per share)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 0.6030<span></span>
</td>
<td class="nump">0.3906<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue', window );">Outstanding at the end of the period (in dollars per share)</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="nump">$ 0.6144<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of equity-based payment instruments, excluding stock (or unit) options, that were forfeited during the reporting period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (c)(1)(iv)(3)<br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Weighted average fair value as of the grant date of equity-based award plans other than stock (unit) option plans that were not exercised or put into effect as a result of the occurrence of a terminating event.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (c)(2)(iii)(3)<br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of non-vested equity-based payment instruments, excluding stock (or unit) options, that validly exist and are outstanding as of the balance sheet date.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (c)(2)(i)-(ii)<br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedRollForward">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>A roll forward is a reconciliation of a concept from the beginning of a period to the end of a period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedRollForward</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The weighted average fair value of nonvested awards on equity-based plans excluding option plans (for example, phantom stock or unit plan, stock or unit appreciation rights plan, revenue or profit achievement stock award plan) for which the employer is contingently obligated to issue equity instruments or transfer assets to an employee who has not yet satisfied service or performance criteria necessary to gain title to proceeds from the sale of the award or underlying shares or units.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (c)(2)(i)-(ii)<br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValueRollForward">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>A roll forward is a reconciliation of a concept from the beginning of a period to the end of a period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValueRollForward</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of equity-based payment instruments, excluding stock (or unit) options, that vested during the reporting period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (c)(2)(iii)(2)<br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The weighted average fair value as of grant date pertaining to an equity-based award plan other than a stock (or unit) option plan for which the grantee gained the right during the reporting period, by satisfying service and performance requirements, to receive or retain shares or units, other instruments, or cash in accordance with the terms of the arrangement.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (c)(2)(iii)(2)<br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AwardTypeAxis=us-gaap_RestrictedStockMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AwardTypeAxis=us-gaap_RestrictedStockMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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<span style="display: none;">v3.4.0.3</span><table class="report" border="0" cellspacing="2" id="idp6813663232">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Share based compensation (Restricted Share Units - Narrative) (Details) - 2011 Incentive Scheme [Member] - CNY (&#165;)<br> &#165; in Thousands</strong></div></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1">1 Months Ended</th>
<th class="th" colspan="4">12 Months Ended</th>
<th class="th" colspan="1">15 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Sep. 16, 2011</div></th>
<th class="th"><div>Oct. 31, 2012</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
<th class="th"><div>Dec. 31, 2014</div></th>
<th class="th"><div>Dec. 31, 2013</div></th>
<th class="th"><div>Dec. 31, 2012</div></th>
<th class="th"><div>Dec. 31, 2012</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems', window );"><strong>Share-based compensation [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized', window );">Shares approved for grants to qualified persons</a></td>
<td class="nump">43,000,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_yy_ShareBasedCompensationArrangementByShareBasedPaymentAwardAnnualIncreaseOnFirstDayOfEachFiscalYearInNumberOfSharesAuthorized', window );">Annual increase on the first day of each fiscal year, beginning from 2013 in maximum aggregate number of shares which may be issued pursuant to all awards under the Plan</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">20,000,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PlanNameAxis=yy_IncentiveScheme2011Member', window );">Restricted share units [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems', window );"><strong>Share-based compensation [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod', window );">Granted (in shares)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">16,012,644<span></span>
</td>
<td class="nump">9,912,595<span></span>
</td>
<td class="nump">29,965,989<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AllocatedShareBasedCompensationExpense', window );">Share-based compensation (benefit)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#165; 152,205<span></span>
</td>
<td class="nump">&#165; 130,718<span></span>
</td>
<td class="nump">&#165; 95,792<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedShareBasedAwardsOtherThanOptions', window );">Total unrecognized compensation expense</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#165; 294,041<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1', window );">Weighted average period over which unrecognized compensation expense is expected to be recognized</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">1 year 1 month 28 days<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PlanNameAxis=yy_IncentiveScheme2011Member', window );">Restricted share units [Member] | Employees [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems', window );"><strong>Share-based compensation [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod', window );">Granted (in shares)</a></td>
<td class="nump">9,097,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">16,012,644<span></span>
</td>
<td class="nump">9,912,595<span></span>
</td>
<td class="nump">29,917,989<span></span>
</td>
<td class="nump">18,295,221<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PlanNameAxis=yy_IncentiveScheme2011Member', window );">Restricted share units [Member] | Employees [Member] | Minimum [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems', window );"><strong>Share-based compensation [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1', window );">Vesting period</a></td>
<td class="text">4 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">3 years<span></span>
</td>
<td class="text">18 months<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">2 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PlanNameAxis=yy_IncentiveScheme2011Member', window );">Restricted share units [Member] | Employees [Member] | Maximum [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems', window );"><strong>Share-based compensation [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1', window );">Vesting period</a></td>
<td class="text">5 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">5 years<span></span>
</td>
<td class="text">5 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">4 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PlanNameAxis=yy_IncentiveScheme2011Member', window );">Restricted share units [Member] | Non-employee [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems', window );"><strong>Share-based compensation [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod', window );">Granted (in shares)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">48,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PlanNameAxis=yy_IncentiveScheme2011Member', window );">Restricted share units [Member] | Employees and Non Employees [Member] | Minimum [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems', window );"><strong>Share-based compensation [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1', window );">Vesting period</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">3 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PlanNameAxis=yy_IncentiveScheme2011Member', window );">Restricted share units [Member] | Employees and Non Employees [Member] | Maximum [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems', window );"><strong>Share-based compensation [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1', window );">Vesting period</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">5 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AllocatedShareBasedCompensationExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the expense recognized during the period arising from equity-based compensation arrangements (for example, shares of stock, unit, stock options or other equity instruments) with employees, directors and certain consultants qualifying for treatment as employees.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SAB TOPIC 14.F)<br> -URI http://asc.fasb.org/extlink&amp;oid=27013229&amp;loc=d3e301413-122809<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5047-113901<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (h)(1)(i)<br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Staff Accounting Bulletin (SAB)<br> -Number Topic 14<br> -Section F<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AllocatedShareBasedCompensationExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Weighted average period over which unrecognized compensation is expected to be recognized for equity-based compensation plans, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (i)<br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedShareBasedAwardsOtherThanOptions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Unrecognized cost of unvested share-based awards, other than options, awarded to employees as compensation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedShareBasedAwardsOtherThanOptions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Period which an employee's right to exercise an award is no longer contingent on satisfaction of either a service condition, market condition or a performance condition, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (a)(1)<br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of grants made during the period on other than stock (or unit) option plans (for example, phantom stock or unit plan, stock or unit appreciation rights plan, performance target plan).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (c)(2)(iii)(1)<br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The maximum number of shares (or other type of equity) originally approved (usually by shareholders and board of directors), net of any subsequent amendments and adjustments, for awards under the equity-based compensation plan. As stock or unit options and equity instruments other than options are awarded to participants, the shares or units remain authorized and become reserved for issuance under outstanding awards (not necessarily vested).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (a)(3)<br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_yy_ShareBasedCompensationArrangementByShareBasedPaymentAwardAnnualIncreaseOnFirstDayOfEachFiscalYearInNumberOfSharesAuthorized">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The annual increase on the first day of each fiscal year in maximum aggregate number of shares which may be issued pursuant to all awards under the Plan.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">yy_ShareBasedCompensationArrangementByShareBasedPaymentAwardAnnualIncreaseOnFirstDayOfEachFiscalYearInNumberOfSharesAuthorized</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>yy_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PlanNameAxis=yy_IncentiveScheme2011Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PlanNameAxis=yy_IncentiveScheme2011Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AwardTypeAxis=us-gaap_RestrictedStockUnitsRSUMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AwardTypeAxis=us-gaap_RestrictedStockUnitsRSUMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_TitleOfIndividualAxis=yy_EmployeesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_TitleOfIndividualAxis=yy_EmployeesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RangeAxis=us-gaap_MinimumMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RangeAxis=us-gaap_MinimumMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RangeAxis=us-gaap_MaximumMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RangeAxis=us-gaap_MaximumMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_TitleOfIndividualAxis=yy_NonEmployeeMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_TitleOfIndividualAxis=yy_NonEmployeeMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_TitleOfIndividualAxis=yy_EmployeesAndNonEmployeesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_TitleOfIndividualAxis=yy_EmployeesAndNonEmployeesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>135
<FILENAME>R112.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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<body>
<span style="display: none;">v3.4.0.3</span><table class="report" border="0" cellspacing="2" id="idp6968339232">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Share based compensation (Summary of Restricted Share Units Activity) (Details) - 2011 Incentive Scheme [Member] - Restricted share units [Member] - $ / shares<br></strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2015</div></th>
<th class="th"><div>Dec. 31, 2014</div></th>
<th class="th"><div>Dec. 31, 2013</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedRollForward', window );"><strong>Number of restricted shares</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber', window );">Outstanding at the beginning of the period (in shares)</a></td>
<td class="nump">38,806,095<span></span>
</td>
<td class="nump">44,302,600<span></span>
</td>
<td class="nump">26,695,621<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod', window );">Granted (in shares)</a></td>
<td class="nump">16,012,644<span></span>
</td>
<td class="nump">9,912,595<span></span>
</td>
<td class="nump">29,965,989<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod', window );">Forfeited (in shares)</a></td>
<td class="num">(7,312,548)<span></span>
</td>
<td class="num">(3,125,430)<span></span>
</td>
<td class="num">(3,522,992)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod', window );">Vested (in shares)</a></td>
<td class="num">(11,222,589)<span></span>
</td>
<td class="num">(12,283,670)<span></span>
</td>
<td class="num">(8,836,018)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber', window );">Outstanding at the end of the period (in shares)</a></td>
<td class="nump">36,283,602<span></span>
</td>
<td class="nump">38,806,095<span></span>
</td>
<td class="nump">44,302,600<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_yy_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpectedToVestOutstandingNumber', window );">Expected to vest at the end of the period (in shares)</a></td>
<td class="nump">34,548,581<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValueRollForward', window );"><strong>Weighted average grant-date fair value</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue', window );">Outstanding at the beginning of the period (in dollars per share)</a></td>
<td class="nump">$ 1.5984<span></span>
</td>
<td class="nump">$ 0.9639<span></span>
</td>
<td class="nump">$ 1.0415<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue', window );">Granted (in dollars per share)</a></td>
<td class="nump">3.3358<span></span>
</td>
<td class="nump">3.5805<span></span>
</td>
<td class="nump">0.9338<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue', window );">Forfeited (in dollars per share)</a></td>
<td class="nump">1.8920<span></span>
</td>
<td class="nump">1.1859<span></span>
</td>
<td class="nump">1.0699<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue', window );">Vested (in dollars per share)</a></td>
<td class="nump">1.4374<span></span>
</td>
<td class="nump">1.0144<span></span>
</td>
<td class="nump">1.0429<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue', window );">Outstanding at the end of the period (in dollars per share)</a></td>
<td class="nump">2.3535<span></span>
</td>
<td class="nump">$ 1.5984<span></span>
</td>
<td class="nump">$ 0.9639<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_yy_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsExpectedToVestWeightedAverageGrantDateFairValue', window );">Expected to vest at the end of the period (in dollars per share)</a></td>
<td class="nump">$ 2.3356<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of equity-based payment instruments, excluding stock (or unit) options, that were forfeited during the reporting period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (c)(1)(iv)(3)<br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Weighted average fair value as of the grant date of equity-based award plans other than stock (unit) option plans that were not exercised or put into effect as a result of the occurrence of a terminating event.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (c)(2)(iii)(3)<br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of grants made during the period on other than stock (or unit) option plans (for example, phantom stock or unit plan, stock or unit appreciation rights plan, performance target plan).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (c)(2)(iii)(1)<br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The weighted average fair value at grant date for nonvested equity-based awards issued during the period on other than stock (or unit) option plans (for example, phantom stock or unit plan, stock or unit appreciation rights plan, performance target plan).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (c)(2)(iii)(1)<br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue</td>
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<tr>
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<td>us-gaap_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of non-vested equity-based payment instruments, excluding stock (or unit) options, that validly exist and are outstanding as of the balance sheet date.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (c)(2)(i)-(ii)<br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
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</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedRollForward">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>A roll forward is a reconciliation of a concept from the beginning of a period to the end of a period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedRollForward</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<td><strong> Period Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The weighted average fair value of nonvested awards on equity-based plans excluding option plans (for example, phantom stock or unit plan, stock or unit appreciation rights plan, revenue or profit achievement stock award plan) for which the employer is contingently obligated to issue equity instruments or transfer assets to an employee who has not yet satisfied service or performance criteria necessary to gain title to proceeds from the sale of the award or underlying shares or units.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (c)(2)(i)-(ii)<br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
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</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValueRollForward">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>A roll forward is a reconciliation of a concept from the beginning of a period to the end of a period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValueRollForward</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of equity-based payment instruments, excluding stock (or unit) options, that vested during the reporting period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (c)(2)(iii)(2)<br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The weighted average fair value as of grant date pertaining to an equity-based award plan other than a stock (or unit) option plan for which the grantee gained the right during the reporting period, by satisfying service and performance requirements, to receive or retain shares or units, other instruments, or cash in accordance with the terms of the arrangement.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (c)(2)(iii)(2)<br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue</td>
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<td>us-gaap_</td>
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<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
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<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_yy_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsExpectedToVestWeightedAverageGrantDateFairValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>As of the balance sheet date, the weighted-average exercise price for awards that are expected to vest.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">yy_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsExpectedToVestWeightedAverageGrantDateFairValue</td>
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<td>na</td>
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<td><strong> Period Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>As of the balance sheet date, the number of shares into which expected to vest stock options outstanding can be converted under the option plan.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">yy_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpectedToVestOutstandingNumber</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PlanNameAxis=yy_IncentiveScheme2011Member</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AwardTypeAxis=us-gaap_RestrictedStockUnitsRSUMember</td>
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<span style="display: none;">v3.4.0.3</span><table class="report" border="0" cellspacing="2" id="idp6968262368">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Share based compensation (Share based awards granted to an employee of a subsidiary and Other share based compensation  - Narrative) (Details)<br> &#165; in Thousands, $ in Thousands</strong></div></th>
<th class="th" colspan="4">12 Months Ended</th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th">
<div>Dec. 31, 2015 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2015 </div>
<div>CNY (&#165;)</div>
</th>
<th class="th">
<div>Dec. 31, 2014 </div>
<div>CNY (&#165;) </div>
<div>item</div>
</th>
<th class="th">
<div>Dec. 31, 2013 </div>
<div>CNY (&#165;)</div>
</th>
<th class="th"><div>Dec. 23, 2014</div></th>
</tr>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems', window );"><strong>Share-based compensation [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensation', window );">Upfront charge to the profit and loss accounts</a></td>
<td class="nump">$ 28,617<span></span>
</td>
<td class="nump">&#165; 185,372<span></span>
</td>
<td class="nump">&#165; 134,632<span></span>
</td>
<td class="nump">&#165; 117,096<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AwardTypeAxis=us-gaap_RestrictedStockMember', window );">Restricted shares [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems', window );"><strong>Share-based compensation [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AllocatedShareBasedCompensationExpense', window );">Share based compensation</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="nump">&#165; 3,771<span></span>
</td>
<td class="nump">&#165; 7,300<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_BusinessAcquisitionAxis=yy_BeijingHuanqiuXingxueTechnologyDevelopmentCoLtdAndBeijingHuanqiuChuangzhiSoftwareCoLtdMember', window );">Xingxue and Chuangzhi [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems', window );"><strong>Share-based compensation [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_BusinessAcquisitionPercentageOfVotingInterestsAcquired', window );">Percentage of equity interests acquired</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">100.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">100.00%<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_yy_BusinessAcquisitionNumberOfAcquiredEntity', window );">Number of vocational training companies acquired | item</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_BusinessAcquisitionAxis=yy_BeijingHuanqiuXingxueTechnologyDevelopmentCoLtdMember', window );">Beijing Huanqiu Xingxue Technology Development Co., Ltd [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems', window );"><strong>Share-based compensation [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_yy_PercentageOfEquityInterestsOfAcquireeWhichEmployeesWillBeEntitled', window );">Initial percentage of equity interests of acquiree, which employees will be entitled</a></td>
<td class="nump">20.00%<span></span>
</td>
<td class="nump">20.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AllocatedShareBasedCompensationExpense', window );">Share based compensation</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#165; 574<span></span>
</td>
<td class="nump">&#165; 143<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardCompensationCost1', window );">Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#165; 32,593<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AllocatedShareBasedCompensationExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the expense recognized during the period arising from equity-based compensation arrangements (for example, shares of stock, unit, stock options or other equity instruments) with employees, directors and certain consultants qualifying for treatment as employees.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SAB TOPIC 14.F)<br> -URI http://asc.fasb.org/extlink&amp;oid=27013229&amp;loc=d3e301413-122809<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5047-113901<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (h)(1)(i)<br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Staff Accounting Bulletin (SAB)<br> -Number Topic 14<br> -Section F<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AllocatedShareBasedCompensationExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_BusinessAcquisitionPercentageOfVotingInterestsAcquired">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Percentage of voting equity interests acquired at the acquisition date in the business combination.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 805<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=56956515&amp;loc=d3e1392-128463<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_BusinessAcquisitionPercentageOfVotingInterestsAcquired</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensation">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The aggregate amount of noncash, equity-based employee remuneration. This may include the value of stock or unit options, amortization of restricted stock or units, and adjustment for officers' compensation. As noncash, this element is an add back when calculating net cash generated by operating activities using the indirect method.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3602-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShareBasedCompensation</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardCompensationCost1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of capitalized and expensed compensation cost from equity-based compensation arrangements.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (h)(1)<br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardCompensationCost1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_yy_BusinessAcquisitionNumberOfAcquiredEntity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the number of entity acquired.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">yy_BusinessAcquisitionNumberOfAcquiredEntity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>yy_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:integerItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_yy_PercentageOfEquityInterestsOfAcquireeWhichEmployeesWillBeEntitled">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The percentage of equity interests of acquiree, which employees will be entitled.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">yy_PercentageOfEquityInterestsOfAcquireeWhichEmployeesWillBeEntitled</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>yy_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AwardTypeAxis=us-gaap_RestrictedStockMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AwardTypeAxis=us-gaap_RestrictedStockMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_BusinessAcquisitionAxis=yy_BeijingHuanqiuXingxueTechnologyDevelopmentCoLtdAndBeijingHuanqiuChuangzhiSoftwareCoLtdMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_BusinessAcquisitionAxis=yy_BeijingHuanqiuXingxueTechnologyDevelopmentCoLtdAndBeijingHuanqiuChuangzhiSoftwareCoLtdMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_BusinessAcquisitionAxis=yy_BeijingHuanqiuXingxueTechnologyDevelopmentCoLtdMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_BusinessAcquisitionAxis=yy_BeijingHuanqiuXingxueTechnologyDevelopmentCoLtdMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
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<span style="display: none;">v3.4.0.3</span><table class="report" border="0" cellspacing="2" id="idp6968538400">
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<th class="tl" colspan="2" rowspan="2"><div style="width: 200px;"><strong>Basic and diluted net income per share (Schedule of Calculation of Basic and Diluted Net Income Per Share) (Details)<br> &#165; / shares in Units, $ / shares in Units, &#165; in Thousands, $ in Thousands</strong></div></th>
<th class="th" colspan="4">12 Months Ended</th>
</tr>
<tr>
<th class="th">
<div>Dec. 31, 2015 </div>
<div>USD ($) </div>
<div>$ / shares </div>
<div>shares</div>
</th>
<th class="th">
<div>Dec. 31, 2015 </div>
<div>CNY (&#165;) </div>
<div>&#165; / shares </div>
<div>shares</div>
</th>
<th class="th">
<div>Dec. 31, 2014 </div>
<div>CNY (&#165;) </div>
<div>&#165; / shares </div>
<div>shares</div>
</th>
<th class="th">
<div>Dec. 31, 2013 </div>
<div>CNY (&#165;) </div>
<div>&#165; / shares </div>
<div>shares</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLossAvailableToCommonStockholdersBasicAbstract', window );"><strong>Numerator:</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLoss', window );">Net income attributable to the Company</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 159,506<span></span>
</td>
<td class="nump">&#165; 1,033,243<span></span>
</td>
<td class="nump">&#165; 1,064,472<span></span>
</td>
<td class="nump">&#165; 477,727<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic', window );">Net income attributable to common shareholders | &#165;</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,033,243<span></span>
</td>
<td class="nump">1,064,472<span></span>
</td>
<td class="nump">477,727<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLossAvailableToCommonStockholdersDiluted', window );">Numerator for diluted income per share | &#165;</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#165; 1,033,243<span></span>
</td>
<td class="nump">&#165; 1,064,472<span></span>
</td>
<td class="nump">&#165; 477,727<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_WeightedAverageNumberOfSharesOutstandingAbstract', window );"><strong>Denominator:</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_WeightedAverageNumberOfSharesOutstandingBasic', window );">Denominator for basic calculation-weighted average number of Class A and Class B common shares outstanding</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">1,125,189,978<span></span>
</td>
<td class="nump">1,125,189,978<span></span>
</td>
<td class="nump">1,153,140,699<span></span>
</td>
<td class="nump">1,122,475,688<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncrementalCommonSharesAttributableToCallOptionsAndWarrants', window );">Dilutive effect of share options</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">2,711,486<span></span>
</td>
<td class="nump">2,711,486<span></span>
</td>
<td class="nump">10,372,442<span></span>
</td>
<td class="nump">16,362,048<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_yy_IncrementalCommonSharesAttributableToDilutiveEffectOfRestrictedShares', window );">Dilutive effect of restricted shares</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="nump">2,604,789<span></span>
</td>
<td class="nump">14,400,670<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_yy_IncrementalCommonSharesAttributableToDilutiveEffectOfRestrictedShareUnits', window );">Dilutive effect of restricted share units</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">22,929,699<span></span>
</td>
<td class="nump">22,929,699<span></span>
</td>
<td class="nump">32,425,543<span></span>
</td>
<td class="nump">27,882,891<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding', window );">Denominator for diluted calculation (in shares)</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">1,150,831,163<span></span>
</td>
<td class="nump">1,150,831,163<span></span>
</td>
<td class="nump">1,198,543,473<span></span>
</td>
<td class="nump">1,181,121,297<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EarningsPerShareBasic', window );">Basic net income per share (in CNY/dollars per share) | (per share)</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">$ 0.14<span></span>
</td>
<td class="nump">&#165; 0.92<span></span>
</td>
<td class="nump">&#165; 0.92<span></span>
</td>
<td class="nump">&#165; 0.43<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EarningsPerShareDiluted', window );">Diluted net income per share (in CNY/dollars per share) | (per share)</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">$ 0.13<span></span>
</td>
<td class="nump">&#165; 0.90<span></span>
</td>
<td class="nump">&#165; 0.89<span></span>
</td>
<td class="nump">&#165; 0.40<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=yy_AmericanDepositorySharesMember', window );">American Depository Shares [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_WeightedAverageNumberOfSharesOutstandingAbstract', window );"><strong>Denominator:</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_WeightedAverageNumberOfSharesOutstandingBasic', window );">Denominator for basic calculation-weighted average number of Class A and Class B common shares outstanding</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">56,259,499<span></span>
</td>
<td class="nump">56,259,499<span></span>
</td>
<td class="nump">57,657,035<span></span>
</td>
<td class="nump">56,123,784<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding', window );">Denominator for diluted calculation (in shares)</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">57,541,558<span></span>
</td>
<td class="nump">57,541,558<span></span>
</td>
<td class="nump">59,927,174<span></span>
</td>
<td class="nump">59,056,065<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EarningsPerShareBasic', window );">Basic net income per share (in CNY/dollars per share) | (per share)</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">$ 2.84<span></span>
</td>
<td class="nump">&#165; 18.37<span></span>
</td>
<td class="nump">&#165; 18.46<span></span>
</td>
<td class="nump">&#165; 8.51<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EarningsPerShareDiluted', window );">Diluted net income per share (in CNY/dollars per share) | (per share)</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">$ 2.77<span></span>
</td>
<td class="nump">&#165; 17.96<span></span>
</td>
<td class="nump">&#165; 17.76<span></span>
</td>
<td class="nump">&#165; 8.09<span></span>
</td>
</tr>
<tr><td colspan="6"></td></tr>
<tr><td colspan="6"><table class="outerFootnotes" width="100%"><tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top">Each ADS represents 20 Class A common shares.</td>
</tr></table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EarningsPerShareBasic">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03.21)<br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 55<br> -Paragraph 52<br> -URI http://asc.fasb.org/extlink&amp;oid=32703322&amp;loc=d3e4984-109258<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 45<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=7655603&amp;loc=d3e1252-109256<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 225<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-04.19)<br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 225<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-04.23)<br> -URI http://asc.fasb.org/extlink&amp;oid=6879574&amp;loc=d3e536633-122882<br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 04<br> -Paragraph 18<br> -Article 7<br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 03<br> -Paragraph 20<br> -Article 5<br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 04<br> -Paragraph 21<br> -Article 9<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_EarningsPerShareBasic</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EarningsPerShareDiluted">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03.21)<br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 45<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=7655603&amp;loc=d3e1252-109256<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 04<br> -Paragraph 18<br> -Article 7<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 03<br> -Paragraph 20<br> -Article 5<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 04<br> -Paragraph 21<br> -Article 9<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_EarningsPerShareDiluted</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncrementalCommonSharesAttributableToCallOptionsAndWarrants">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Additional shares included in the calculation of diluted EPS as a result of the potentially dilutive effect of call options and warrants using the treasury stock method.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 45<br> -Paragraph 23<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=7655603&amp;loc=d3e1757-109256<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Treasury Stock Method<br> -URI http://asc.fasb.org/extlink&amp;oid=6527216<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Call Option<br> -URI http://asc.fasb.org/extlink&amp;oid=6506649<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Warrant<br> -URI http://asc.fasb.org/extlink&amp;oid=6528364<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncrementalCommonSharesAttributableToCallOptionsAndWarrants</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetIncomeLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Net Income<br> -URI http://asc.fasb.org/extlink&amp;oid=51831255<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3602-108585<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 225<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-04.19)<br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03.18)<br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 225<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-04.22)<br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Other Comprehensive Income<br> -URI http://asc.fasb.org/extlink&amp;oid=51831270<br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 03<br> -Paragraph 19<br> -Article 5<br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 04<br> -Paragraph 20<br> -Article 9<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NetIncomeLoss</td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Net income after adjustments for dividends on preferred stock (declared in the period) and/or cumulative preferred stock (accumulated for the period).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 45<br> -Paragraph 11<br> -URI http://asc.fasb.org/extlink&amp;oid=7655603&amp;loc=d3e1377-109256<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Net Income or Loss Available to Common Stockholders plus adjustments resulting from the assumption that dilutive convertible securities were converted, options or warrants were exercised, or that other shares were issued upon the satisfaction of certain conditions.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 45<br> -Paragraph 16<br> -URI http://asc.fasb.org/extlink&amp;oid=7655603&amp;loc=d3e1505-109256<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 45<br> -Paragraph 11<br> -URI http://asc.fasb.org/extlink&amp;oid=7655603&amp;loc=d3e1377-109256<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NetIncomeLossAvailableToCommonStockholdersDiluted</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The average number of shares or units issued and outstanding that are used in calculating diluted EPS or earnings per unit (EPU), determined based on the timing of issuance of shares or units in the period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 45<br> -Paragraph 16<br> -URI http://asc.fasb.org/extlink&amp;oid=7655603&amp;loc=d3e1505-109256<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of [basic] shares or units, after adjustment for contingently issuable shares or units and other shares or units not deemed outstanding, determined by relating the portion of time within a reporting period that common shares or units have been outstanding to the total time in that period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 45<br> -Paragraph 10<br> -URI http://asc.fasb.org/extlink&amp;oid=7655603&amp;loc=d3e1448-109256<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Weighted-Average Number of Common Shares Outstanding<br> -URI http://asc.fasb.org/extlink&amp;oid=6528421<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Additional shares included in the calculation of diluted EPS as a result of the potentially dilutive effect of restricted share units using the if-converted method.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Additional shares included in the calculation of diluted EPS as a result of the potentially dilutive effect of restricted shares using the if-converted method.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
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<span style="display: none;">v3.4.0.3</span><table class="report" border="0" cellspacing="2" id="idp6968088320">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Basic and diluted net income per share (Narrative) (Details)<br></strong></div></th>
<th class="th" colspan="2">12 Months Ended</th>
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<div>Dec. 31, 2015 </div>
<div>shares</div>
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<div>Dec. 31, 2014 </div>
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<td class="text">&#160;<span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityListingDepositoryReceiptRatio', window );">Number of common shares represented by each ADS</a></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of underlying shares represented by one American Depository Receipt (ADR) or Global Depository Receipt (GDR). A value of "3" means that one ADR represents 3 underlying shares. If one underlying share represents 2 ADR's then the value would be represented as "0.5".</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityListingDepositoryReceiptRatio</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:pureItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Securities (including those issuable pursuant to contingent stock agreements) that could potentially dilute basic earnings per share (EPS) or earnings per unit (EPU) in the future that were not included in the computation of diluted EPS or EPU because to do so would increase EPS or EPU amounts or decrease loss per share or unit amounts for the period presented.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Antidilution<br> -URI http://asc.fasb.org/extlink&amp;oid=6505113<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Diluted Earnings Per Share<br> -URI http://asc.fasb.org/extlink&amp;oid=6510752<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Contingent Stock Agreement<br> -URI http://asc.fasb.org/extlink&amp;oid=6508534<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EarningsPerShareBasicAndDilutedOtherDisclosuresAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_EarningsPerShareBasicAndDilutedOtherDisclosuresAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis=us-gaap_ConvertibleDebtSecuritiesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis=us-gaap_ConvertibleDebtSecuritiesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementClassOfStockAxis=us-gaap_CommonClassAMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementClassOfStockAxis=us-gaap_CommonClassAMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
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<span style="display: none;">v3.4.0.3</span><table class="report" border="0" cellspacing="2" id="idp6794532256">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Related party transactions (Schedule of Significant Related Party Transactions) (Details)<br> &#165; in Thousands, $ in Thousands, shares in Millions</strong></div></th>
<th class="th" colspan="3">1 Months Ended</th>
<th class="th" colspan="4">12 Months Ended</th>
</tr>
<tr>
<th class="th">
<div>Oct. 31, 2015 </div>
<div>CNY (&#165;)</div>
</th>
<th class="th">
<div>May. 31, 2015 </div>
<div>CNY (&#165;) </div>
<div>shares</div>
</th>
<th class="th">
<div>Mar. 31, 2014 </div>
<div>CNY (&#165;)</div>
</th>
<th class="th">
<div>Dec. 31, 2015 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2015 </div>
<div>CNY (&#165;)</div>
</th>
<th class="th">
<div>Dec. 31, 2014 </div>
<div>CNY (&#165;)</div>
</th>
<th class="th">
<div>Dec. 31, 2013 </div>
<div>CNY (&#165;)</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionLineItems', window );"><strong>Related party transactions [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromRelatedPartyDebt', window );">Repayment from related parties</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#165; 316,181<span></span>
</td>
<td class="nump">&#165; 1,500<span></span>
</td>
<td class="nump">&#165; 1,000<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_yy_PaymentsOfInterestFreeLoanToRelatedParties', window );">Interest-free loan to related parties</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">159,000<span></span>
</td>
<td class="nump">1,500<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_yy_PaymentOnBehalfOfRelatedParty', window );">Payment on behalf of a related party</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 14,713<span></span>
</td>
<td class="nump">95,311<span></span>
</td>
<td class="nump">61,000<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromSaleOfPropertyPlantAndEquipment', window );">Sales of equipment to related party</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 1,909<span></span>
</td>
<td class="nump">12,368<span></span>
</td>
<td class="nump">158<span></span>
</td>
<td class="nump">&#165; 48<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionAxis=yy_OnlineGameRevenueMember', window );">Online games revenue [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionLineItems', window );"><strong>Related party transactions [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RevenueFromRelatedParties', window );">Revenue shared from related parties</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#165; 163,912<span></span>
</td>
<td class="nump">&#165; 65,247<span></span>
</td>
<td class="nump">&#165; 29,528<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=yy_BigoTechnologyPteLimitedMember', window );">Bigo [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionLineItems', window );"><strong>Related party transactions [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsToAcquireOtherInvestments', window );">Injections of capital</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#165; 122,249<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_yy_RelatedPartyTransactionNumberOfSharesIssued', window );">Shares issued to related party | shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">350<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_yy_RelatedPartyTransactionOwnershipPercentage', window );">Ownership percentage</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">25.00%<span></span>
</td>
<td class="nump">25.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromSaleOfPropertyPlantAndEquipment', window );">Sales of equipment to related party</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#165; 12,058<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=yy_GuangzhouShanghangInformationTechnicalCoLtdMember', window );">Shanghang [Member] | Bandwidth service [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionLineItems', window );"><strong>Related party transactions [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty', window );">Expense with related party</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">74,661<span></span>
</td>
<td class="nump">&#165; 42,470<span></span>
</td>
<td class="nump">&#165; 21,272<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=yy_GuangzhouKuyouInformationTechnologyCoLtdMember', window );">Guangzhou Kuyou [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionLineItems', window );"><strong>Related party transactions [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsToAcquireOtherInvestments', window );">Injections of capital</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#165; 15,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_yy_RelatedPartyTransactionOwnershipPercentage', window );">Ownership percentage</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">20.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=yy_ZhuhaiDarenComputerTechnologyCompanyLimitedMember', window );">Zhuhai Daren [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionLineItems', window );"><strong>Related party transactions [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsToAcquireOtherInvestments', window );">Injections of capital</a></td>
<td class="nump">&#165; 500<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_yy_RelatedPartyTransactionOwnershipPercentage', window );">Ownership percentage</a></td>
<td class="nump">40.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=yy_ShanghaiYaoyuMember', window );">Shanghai Yaoyu [Member] | Operating Rights for Games Broadcasting [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionLineItems', window );"><strong>Related party transactions [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionPurchasesFromRelatedParty', window );">Purchase of operating rights from related party</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">11,486<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=yy_OtherRelatedPartyMember', window );">Other Related Party [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionLineItems', window );"><strong>Related party transactions [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_yy_RelatedPartyTransactionOtherTransactionWithRelatedParties', window );">Other transaction with related parties</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">9,095<span></span>
</td>
<td class="nump">&#165; 1,563<span></span>
</td>
<td class="nump">&#165; 7,164<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=yy_OtherRelatedPartyMember', window );">Other Related Party [Member] | Operating rights for licensed games [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionLineItems', window );"><strong>Related party transactions [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionPurchasesFromRelatedParty', window );">Purchase of operating rights from related party</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#165; 10,022<span></span>
</td>
<td class="nump">&#165; 6,836<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentsToAcquireOtherInvestments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow associated with other investments held by the entity for investment purposes not otherwise defined in the taxonomy.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Investing Activities<br> -URI http://asc.fasb.org/extlink&amp;oid=6516133<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 13<br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3213-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PaymentsToAcquireOtherInvestments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProceedsFromRelatedPartyDebt">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash inflow from a long-term borrowing made from related parties where one party can exercise control or significant influence over another party; including affiliates, owners or officers and their immediate families, pension trusts, and so forth. Alternate caption: Proceeds from Advances from Affiliates.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 14<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3255-108585<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Financing Activities<br> -URI http://asc.fasb.org/extlink&amp;oid=6513228<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ProceedsFromRelatedPartyDebt</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProceedsFromSaleOfPropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash inflow from the sale of long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 12<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3179-108585<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Investing Activities<br> -URI http://asc.fasb.org/extlink&amp;oid=6516133<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ProceedsFromSaleOfPropertyPlantAndEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Expenses recognized resulting from transactions (excluding transactions that are eliminated in consolidated or combined financial statements) with related party.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 850<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39549-107864<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RelatedPartyTransactionLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RelatedPartyTransactionLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RelatedPartyTransactionPurchasesFromRelatedParty">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Purchases during the period (excluding transactions that are eliminated in consolidated or combined financial statements) with related party.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RelatedPartyTransactionPurchasesFromRelatedParty</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RevenueFromRelatedParties">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of revenue, fees and commissions earned from transactions between (a) a parent company and its subsidiaries; (b) subsidiaries of a common parent; (c) an entity and trusts for the benefit of employees, for example, but not limited to, pension and profit-sharing trusts that are managed by or under the trusteeship of the entity's management; (d) an entity and its principal, owners, management, or members of their immediate families; and (e) affiliates.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03.1(e))<br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Related Parties<br> -URI http://asc.fasb.org/extlink&amp;oid=16382449<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 946<br> -SubTopic 225<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.6-07.1(c))<br> -URI http://asc.fasb.org/extlink&amp;oid=6488393&amp;loc=d3e606610-122999<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RevenueFromRelatedParties</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_yy_PaymentOnBehalfOfRelatedParty">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow associated with payment on behalf of a related party.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">yy_PaymentOnBehalfOfRelatedParty</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>yy_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_yy_PaymentsOfInterestFreeLoanToRelatedParties">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Cash outflow related to payments of interest-free loan to related parties.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">yy_PaymentsOfInterestFreeLoanToRelatedParties</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>yy_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_yy_RelatedPartyTransactionNumberOfSharesIssued">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the number of shares issued to related party.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">yy_RelatedPartyTransactionNumberOfSharesIssued</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>yy_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_yy_RelatedPartyTransactionOtherTransactionWithRelatedParties">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the amount of other transaction with related parties during the reporting period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">yy_RelatedPartyTransactionOtherTransactionWithRelatedParties</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>yy_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_yy_RelatedPartyTransactionOwnershipPercentage">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the ownership percentage in investee entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">yy_RelatedPartyTransactionOwnershipPercentage</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>yy_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RelatedPartyTransactionAxis=yy_OnlineGameRevenueMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RelatedPartyTransactionAxis=yy_OnlineGameRevenueMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=yy_BigoTechnologyPteLimitedMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=yy_BigoTechnologyPteLimitedMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=yy_GuangzhouShanghangInformationTechnicalCoLtdMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=yy_GuangzhouShanghangInformationTechnicalCoLtdMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProductOrServiceAxis=yy_BandwidthServiceMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ProductOrServiceAxis=yy_BandwidthServiceMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=yy_GuangzhouKuyouInformationTechnologyCoLtdMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=yy_GuangzhouKuyouInformationTechnologyCoLtdMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=yy_ZhuhaiDarenComputerTechnologyCompanyLimitedMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=yy_ZhuhaiDarenComputerTechnologyCompanyLimitedMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=yy_ShanghaiYaoyuMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=yy_ShanghaiYaoyuMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis=yy_OperatingRightsForGamesBroadcastingMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis=yy_OperatingRightsForGamesBroadcastingMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=yy_OtherRelatedPartyMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=yy_OtherRelatedPartyMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis=yy_OperatingRightsForLicensedGamesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis=yy_OperatingRightsForLicensedGamesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>140
<FILENAME>R117.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.4.0.3</span><table class="report" border="0" cellspacing="2" id="idp6795272064">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Related party transactions (Schedule of Amounts Due from/to Related Parties) (Details)<br> &#165; in Thousands, $ in Thousands</strong></div></th>
<th class="th">
<div>Dec. 31, 2015 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2015 </div>
<div>CNY (&#165;)</div>
</th>
<th class="th">
<div>Dec. 31, 2014 </div>
<div>CNY (&#165;)</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionLineItems', window );"><strong>Related party transactions [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DueFromRelatedPartiesCurrent', window );">Amounts due from related parties</a></td>
<td class="nump">$ 818<span></span>
</td>
<td class="nump">&#165; 5,297<span></span>
</td>
<td class="nump">&#165; 61,073<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DueToRelatedPartiesCurrent', window );">Amounts due to related parties</a></td>
<td class="nump">$ 3,847<span></span>
</td>
<td class="nump">&#165; 24,917<span></span>
</td>
<td class="nump">30,892<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=yy_BigoTechnologyPteLimitedMember', window );">Bigo [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionLineItems', window );"><strong>Related party transactions [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DueFromRelatedPartiesCurrent', window );">Amounts due from related parties</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="nump">61,000<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=yy_GuangzhouKuyouInformationTechnologyCoLtdMember', window );">Guangzhou Kuyou [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionLineItems', window );"><strong>Related party transactions [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DueToRelatedPartiesCurrent', window );">Amounts due to related parties</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#165; 9,017<span></span>
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<td class="nump">24,454<span></span>
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<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=yy_ZhuhaiDarenComputerTechnologyCompanyLimitedMember', window );">Zhuhai Daren [Member]</a></td>
<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DueToRelatedPartiesCurrent', window );">Amounts due to related parties</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">4,127<span></span>
</td>
<td class="nump">2,020<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=yy_GuangzhouShanghangInformationTechnicalCoLtdMember', window );">Shanghang [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionLineItems', window );"><strong>Related party transactions [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DueToRelatedPartiesCurrent', window );">Amounts due to related parties</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">10,167<span></span>
</td>
<td class="nump">4,342<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=yy_OtherRelatedPartyMember', window );">Other Related Party [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionLineItems', window );"><strong>Related party transactions [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DueFromRelatedPartiesCurrent', window );">Amounts due from related parties</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">5,297<span></span>
</td>
<td class="nump">73<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DueToRelatedPartiesCurrent', window );">Amounts due to related parties</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#165; 1,606<span></span>
</td>
<td class="nump">&#165; 76<span></span>
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<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DueFromRelatedPartiesCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The aggregate amount of receivables to be collected from related parties where one party can exercise control or significant influence over another party; including affiliates, owners or officers and their immediate families, pension trusts, and so forth, at the financial statement date. which are usually due within one year (or one business cycle).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 1<br> -Subparagraph (d)<br> -URI http://asc.fasb.org/extlink&amp;oid=28358313&amp;loc=d3e6676-107765<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 850<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (d)<br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39549-107864<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08.(k)(1))<br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e23780-122690<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.3(a)(2))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 08<br> -Paragraph k<br> -Subparagraph 2<br> -Article 4<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DueFromRelatedPartiesCurrent</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr>
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<td>xbrli:monetaryItemType</td>
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<tr>
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<td>debit</td>
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<tr>
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<td>instant</td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Carrying amount as of the balance sheet date of obligations due all related parties. For classified balance sheets, represents the current portion of such liabilities (due within one year or within the normal operating cycle if longer).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08.(k)(1))<br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e23780-122690<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 850<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (d)<br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39549-107864<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.19(a))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DueToRelatedPartiesCurrent</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RelatedPartyTransactionLineItems</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=yy_GuangzhouKuyouInformationTechnologyCoLtdMember</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=yy_ZhuhaiDarenComputerTechnologyCompanyLimitedMember</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=yy_GuangzhouShanghangInformationTechnicalCoLtdMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<span style="display: none;">v3.4.0.3</span><table class="report" border="0" cellspacing="2" id="idp6968330896">
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<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Fair value measurements (Summary of Liabilities Measured at Fair Value on Recurring Basis) (Details) - Recurring [Member] - CNY (&#165;)<br> &#165; in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
<th class="th"><div>Dec. 31, 2014</div></th>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesFairValueDisclosureAbstract', window );"><strong>Liabilities</strong></a></td>
<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
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<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueByMeasurementFrequencyAxis=us-gaap_FairValueMeasurementsRecurringMember', window );">Level 2 [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesFairValueDisclosureAbstract', window );"><strong>Liabilities</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_BusinessCombinationContingentConsiderationLiability', window );">Contingent consideration in relation to a business acquisition</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueByMeasurementFrequencyAxis=us-gaap_FairValueMeasurementsRecurringMember', window );">Level 3 [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesFairValueDisclosureAbstract', window );"><strong>Liabilities</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_BusinessCombinationContingentConsiderationLiability', window );">Contingent consideration in relation to a business acquisition</a></td>
<td class="text"> <span></span>
</td>
<td class="nump">&#165; 183,000<span></span>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of liability recognized arising from contingent consideration in a business combination.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 805<br> -SubTopic 30<br> -Section 35<br> -Paragraph 1<br> -Subparagraph b<br> -URI http://asc.fasb.org/extlink&amp;oid=6911338&amp;loc=d3e6819-128478<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 805<br> -SubTopic 30<br> -Section 25<br> -Paragraph 6<br> -URI http://asc.fasb.org/extlink&amp;oid=6911189&amp;loc=d3e6408-128476<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<span style="display: none;">v3.4.0.3</span><table class="report" border="0" cellspacing="2" id="idp6802074080">
<tr>
<th class="tl" colspan="2" rowspan="2"><div style="width: 200px;"><strong>Fair value measurements (Schedule of Changes in Level 3 Instruments) (Details)<br> &#165; in Thousands, $ in Thousands</strong></div></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1">3 Months Ended</th>
<th class="th" colspan="4">12 Months Ended</th>
</tr>
<tr>
<th class="th">
<div>Feb. 03, 2015 </div>
<div>CNY (&#165;)</div>
</th>
<th class="th">
<div>Sep. 30, 2015 </div>
<div>CNY (&#165;)</div>
</th>
<th class="th">
<div>Dec. 31, 2015 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2015 </div>
<div>CNY (&#165;)</div>
</th>
<th class="th">
<div>Dec. 31, 2014 </div>
<div>CNY (&#165;)</div>
</th>
<th class="th">
<div>Dec. 31, 2013 </div>
<div>CNY (&#165;)</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisLineItems', window );"><strong>Liabilities measured at fair value [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1', window );">Fair value change of contingent consideration</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">$ (45,150)<span></span>
</td>
<td class="num">&#165; (292,471)<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueByFairValueHierarchyLevelAxis=us-gaap_FairValueInputsLevel3Member', window );">Level 3 [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisLineItems', window );"><strong>Liabilities measured at fair value [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ContingentConsiderationClassifiedAsEquityFairValueDisclosure', window );">Balance</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">183,000<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1', window );">Fair value change of contingent consideration</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">&#165; (290,306)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ContingentConsiderationClassifiedAsEquityFairValueDisclosure', window );">Balance</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="nump">&#165; 183,000<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_BusinessAcquisitionAxis=yy_HundredOnlineEducationTechnologyBeijingCoLtdMember', window );">100 Online [Member] | Level 3 [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisLineItems', window );"><strong>Liabilities measured at fair value [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_BusinessCombinationConsiderationTransferredLiabilitiesIncurred', window );">Contingent consideration</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#165; 183,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_BusinessAcquisitionAxis=yy_ShanghaiBeifuCultureCommunicationCoLtdMember', window );">Beifu [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisLineItems', window );"><strong>Liabilities measured at fair value [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_BusinessCombinationConsiderationTransferredLiabilitiesIncurred', window );">Contingent consideration</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">&#165; 107,306<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1', window );">Fair value change of contingent consideration</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#165; 107,306<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_BusinessAcquisitionAxis=yy_ShanghaiBeifuCultureCommunicationCoLtdMember', window );">Beifu [Member] | Level 3 [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisLineItems', window );"><strong>Liabilities measured at fair value [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_BusinessCombinationConsiderationTransferredLiabilitiesIncurred', window );">Contingent consideration</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#165; 107,306<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr><td colspan="7"></td></tr>
<tr><td colspan="7"><table class="outerFootnotes" width="100%"><tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top">(1)
Share-based compensation was allocated in cost of revenues and operating expenses as follows:











For the year ended December 31,





Note

2013


2014


2015


2015







RMB


RMB


RMB


US$
















(Note2(e))



Cost of revenues




9,860



18,037



23,963



3,699



Research and development expenses




39,587



54,141



70,951



10,953



Sales and marketing expenses




1,318



2,807



3,283



507



General and administrative expenses




66,331



59,647



87,175



13,458</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of liabilities incurred by the acquirer as part of consideration transferred in a business combination.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 805<br> -SubTopic 30<br> -Section 25<br> -Paragraph 5<br> -URI http://asc.fasb.org/extlink&amp;oid=6911189&amp;loc=d3e6405-128476<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 805<br> -SubTopic 30<br> -Section 30<br> -Paragraph 7<br> -URI http://asc.fasb.org/extlink&amp;oid=6911251&amp;loc=d3e6578-128477<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 805<br> -SubTopic 30<br> -Section 30<br> -Paragraph 8<br> -URI http://asc.fasb.org/extlink&amp;oid=6911251&amp;loc=d3e6613-128477<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of increase (decrease) in the value of a contingent consideration liability, including, but not limited to, differences arising upon settlement.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 805<br> -SubTopic 30<br> -Section 50<br> -Paragraph 4<br> -Subparagraph (a)(1)<br> -URI http://asc.fasb.org/extlink&amp;oid=35744584&amp;loc=d3e7008-128479<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Fair value of contingent consideration in a business combination that is classified in shareholders' equity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 820<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=36462937&amp;loc=d3e19207-110258<br></p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
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<td><strong> Name:</strong></td>
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<span style="display: none;">v3.4.0.3</span><table class="report" border="0" cellspacing="2" id="idp6963124704">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Fair value measurements (Schedule of Valuation Techniques Used to Discount Contingent Consideration) (Details)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2015</div></th></tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_BusinessAcquisitionAxis=yy_HundredOnlineEducationTechnologyBeijingCoLtdMember', window );">100 Online [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesLineItems', window );"><strong>Fair Value</strong></a></td>
<td class="text">&#160;<span></span>
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<td class="nump">4.14%<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueInputsDiscountRate', window );">Discount rate (as a percent)</a></td>
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<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_BusinessAcquisitionAxis=yy_ShanghaiBeifuCultureCommunicationCoLtdMember', window );">Beifu [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesLineItems', window );"><strong>Fair Value</strong></a></td>
<td class="text">&#160;<span></span>
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<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueAssumptionsRiskFreeInterestRate', window );">Risk-free interest rate (as a percent)</a></td>
<td class="nump">3.81%<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueInputsDiscountRate', window );">Discount rate (as a percent)</a></td>
<td class="nump">18.00%<span></span>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesLineItems</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Risk-free interest rate assumption used in valuing an instrument.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 820<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (e)<br> -URI http://asc.fasb.org/extlink&amp;oid=36462937&amp;loc=d3e19207-110258<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Interest rate used to find the present value of an amount to be paid or received in the future as an input to measure fair value.  For example, but not limited to, weighted average cost of capital (WACC), cost of capital, cost of equity and cost of debt.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 820<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (bbb)<br> -URI http://asc.fasb.org/extlink&amp;oid=36462937&amp;loc=d3e19207-110258<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<span style="display: none;">v3.4.0.3</span><table class="report" border="0" cellspacing="2" id="idp6961245664">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Commitments and contingencies (Narrative) (Details) - CNY (&#165;)<br> &#165; in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2015</div></th>
<th class="th"><div>Dec. 31, 2014</div></th>
<th class="th"><div>Dec. 31, 2013</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommitmentsAndContingenciesDisclosureAbstract', window );"><strong>Commitments and contingencies [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingLeasesRentExpenseNet', window );">Total office rental expenses</a></td>
<td class="nump">&#165; 53,674<span></span>
</td>
<td class="nump">&#165; 28,144<span></span>
</td>
<td class="nump">&#165; 19,423<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CapitalLeaseObligations', window );">Outstanding capital commitments</a></td>
<td class="nump">55,784<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LossContingenciesByNatureOfContingencyAxis=yy_CopyrightInfringementClaimMember', window );">Copyright infringement claim [Member] | NetEase [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LossContingenciesLineItems', window );"><strong>Litigation [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LossContingencyDamagesSoughtValue', window );">Amount of potential damages sought</a></td>
<td class="nump">&#165; 100,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CapitalLeaseObligations">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount equal to the present value (the principal) at the beginning of the lease term of minimum lease payments during the lease term (excluding that portion of the payments representing executory costs such as insurance, maintenance, and taxes to be paid by the lessor, together with any profit thereon) net of payments or other amounts applied to the principal through the balance sheet date.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 840<br> -SubTopic 30<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=6455398&amp;loc=d3e45280-112737<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 03<br> -Paragraph 16<br> -Article 7<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CapitalLeaseObligations</td>
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<tr>
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<td><strong> Balance Type:</strong></td>
<td>credit</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CommitmentsAndContingenciesDisclosureAbstract</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LossContingenciesLineItems">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LossContingencyDamagesSoughtValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The value (monetary amount) of the award the plaintiff seeks in the legal matter.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 450<br> -SubTopic 20<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=25496072&amp;loc=d3e14326-108349<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 450<br> -SubTopic 20<br> -Section 50<br> -Paragraph 9<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=25496072&amp;loc=d3e14557-108349<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 450<br> -SubTopic 20<br> -Section 50<br> -Paragraph 4<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=25496072&amp;loc=d3e14435-108349<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LossContingencyDamagesSoughtValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OperatingLeasesRentExpenseNet">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Rental expense for the reporting period incurred under operating leases, including minimum and any contingent rent expense, net of related sublease income.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 840<br> -SubTopic 20<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6453985&amp;loc=d3e41499-112717<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OperatingLeasesRentExpenseNet</td>
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<tr>
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<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
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<td>duration</td>
</tr>
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</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LossContingenciesByNatureOfContingencyAxis=yy_CopyrightInfringementClaimMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LossContingenciesByNatureOfContingencyAxis=yy_CopyrightInfringementClaimMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
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<td><strong> Balance Type:</strong></td>
<td></td>
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<td><strong> Period Type:</strong></td>
<td></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LitigationCaseAxis=yy_NetEaseComIncMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LitigationCaseAxis=yy_NetEaseComIncMember</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<span style="display: none;">v3.4.0.3</span><table class="report" border="0" cellspacing="2" id="idp6809673728">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Commitments and contingencies (Schedule of Future Minimum Payments Under Non-cancellable Operating Leases) (Details)<br> &#165; in Thousands</strong></div></th>
<th class="th">
<div>Dec. 31, 2015 </div>
<div>CNY (&#165;)</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingLeasesFutureMinimumPaymentsDueAbstract', window );"><strong>Future minimum payments under non-cancellable operating leases</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingLeasesFutureMinimumPaymentsDueCurrent', window );">2016</a></td>
<td class="nump">&#165; 40,495<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingLeasesFutureMinimumPaymentsDueInTwoYears', window );">2017</a></td>
<td class="nump">32,247<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingLeasesFutureMinimumPaymentsDueInThreeYears', window );">2018</a></td>
<td class="nump">19,567<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_yy_OperatingLeasesFutureMinimumPaymentsDueInFourYearsAndThereafter', window );">2019 and after</a></td>
<td class="nump">1,209<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingLeasesFutureMinimumPaymentsDue', window );">Total</a></td>
<td class="nump">&#165; 93,518<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OperatingLeasesFutureMinimumPaymentsDue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of required minimum rental payments for leases having an initial or remaining non-cancelable letter-terms in excess of one year.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 840<br> -SubTopic 10<br> -Section 55<br> -Paragraph 40<br> -Subparagraph (Note 3)<br> -URI http://asc.fasb.org/extlink&amp;oid=6584154&amp;loc=d3e38371-112697<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 840<br> -SubTopic 20<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=6453985&amp;loc=d3e41502-112717<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OperatingLeasesFutureMinimumPaymentsDue</td>
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<tr>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OperatingLeasesFutureMinimumPaymentsDueAbstract</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OperatingLeasesFutureMinimumPaymentsDueCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of required minimum rental payments for operating leases having an initial or remaining non-cancelable lease term in excess of one year due in the next fiscal year following the latest fiscal year. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 840<br> -SubTopic 10<br> -Section 55<br> -Paragraph 40<br> -Subparagraph (Note 3)<br> -URI http://asc.fasb.org/extlink&amp;oid=6584154&amp;loc=d3e38371-112697<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 840<br> -SubTopic 20<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=6453985&amp;loc=d3e41502-112717<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OperatingLeasesFutureMinimumPaymentsDueCurrent</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OperatingLeasesFutureMinimumPaymentsDueInThreeYears">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of required minimum rental payments for operating leases having an initial or remaining non-cancelable lease term in excess of one year due in the third fiscal year following the latest fiscal year. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 840<br> -SubTopic 20<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=6453985&amp;loc=d3e41502-112717<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 840<br> -SubTopic 10<br> -Section 55<br> -Paragraph 40<br> -Subparagraph (Note 3)<br> -URI http://asc.fasb.org/extlink&amp;oid=6584154&amp;loc=d3e38371-112697<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OperatingLeasesFutureMinimumPaymentsDueInThreeYears</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OperatingLeasesFutureMinimumPaymentsDueInTwoYears">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of required minimum rental payments for operating leases having an initial or remaining non-cancelable lease term in excess of one year due in the second fiscal year following the latest fiscal year. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 840<br> -SubTopic 10<br> -Section 55<br> -Paragraph 40<br> -Subparagraph (Note 3)<br> -URI http://asc.fasb.org/extlink&amp;oid=6584154&amp;loc=d3e38371-112697<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 840<br> -SubTopic 20<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=6453985&amp;loc=d3e41502-112717<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OperatingLeasesFutureMinimumPaymentsDueInTwoYears</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_yy_OperatingLeasesFutureMinimumPaymentsDueInFourYearsAndThereafter">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the amount of required minimum rental payments maturing in the fourth fiscal year and thereafter following the latest fiscal year for operating leases having an initial or remaining non-cancellable letter-term in excess of one year.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">yy_OperatingLeasesFutureMinimumPaymentsDueInFourYearsAndThereafter</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>yy_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
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</table></div>
</div></td></tr>
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<head>
<title></title>
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<span style="display: none;">v3.4.0.3</span><table class="report" border="0" cellspacing="2" id="idp6968980448">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Restricted net assets (Details) - CNY (&#165;)<br> &#165; in Thousands</strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2015</div></th>
<th class="th"><div>Dec. 31, 2014</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherRestrictedAssetsAbstract', window );"><strong>Restricted net assets [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_yy_AppropriationOfAfterTaxIncomeToStatutoryGeneralReservePerAnnum', window );">Percentage of after-tax income required to be transferred to statutory general reserve fund</a></td>
<td class="nump">10.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_yy_ReserveLevelThresholdForMandatoryTransferPercentage', window );">Reserve level threshold for mandatory appropriation requirement (as a percent)</a></td>
<td class="nump">50.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AmountOfRestrictedNetAssetsForConsolidatedAndUnconsolidatedSubsidiaries', window );">Restricted net assets</a></td>
<td class="nump">&#165; 2,685,373<span></span>
</td>
<td class="nump">&#165; 343,090<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AmountOfRestrictedNetAssetsForConsolidatedAndUnconsolidatedSubsidiaries">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of restricted net assets of consolidated and unconsolidated subsidiaries as of the end of the most recently completed fiscal year.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08.(e)(3)(ii))<br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e23780-122690<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AmountOfRestrictedNetAssetsForConsolidatedAndUnconsolidatedSubsidiaries</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherRestrictedAssetsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OtherRestrictedAssetsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_yy_AppropriationOfAfterTaxIncomeToStatutoryGeneralReservePerAnnum">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the percentage of after-tax income required to be appropriated towards the general reserve fund for the entity''s subsidiaries and the VIEs and VIE''s subsidiary.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">yy_AppropriationOfAfterTaxIncomeToStatutoryGeneralReservePerAnnum</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>yy_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_yy_ReserveLevelThresholdForMandatoryTransferPercentage">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the level of the general reserve fund balance as a percentage of registered capital for the entity''s subsidiaries and the VIEs and VIE''s subsidiary in the PRC, which must be attained before mandatory transfers to the reserve are no longer required.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">yy_ReserveLevelThresholdForMandatoryTransferPercentage</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>yy_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
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</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>147
<FILENAME>R124.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<body>
<span style="display: none;">v3.4.0.3</span><table class="report" border="0" cellspacing="2" id="idp6803407472">
<tr>
<th class="tl" colspan="2" rowspan="2"><div style="width: 200px;"><strong>Segment Reporting (Details)<br> &#165; in Thousands, $ in Thousands</strong></div></th>
<th class="th" colspan="8">12 Months Ended</th>
</tr>
<tr>
<th class="th" colspan="2">
<div>Dec. 31, 2015 </div>
<div>USD ($) </div>
<div>item</div>
</th>
<th class="th" colspan="2">
<div>Dec. 31, 2015 </div>
<div>CNY (&#165;) </div>
<div>item</div>
</th>
<th class="th" colspan="2">
<div>Dec. 31, 2014 </div>
<div>CNY (&#165;)</div>
</th>
<th class="th" colspan="2">
<div>Dec. 31, 2013 </div>
<div>CNY (&#165;)</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SegmentReportingAbstract', window );"><strong>Segment Reporting [Abstract]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NumberOfOperatingSegments', window );">Number of operating segments | item</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">1<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">1<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SalesRevenueNetAbstract', window );"><strong>Net revenues</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherSalesRevenueNet', window );">Other revenues</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 36,477<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">&#165; 236,290<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">&#165; 147,343<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">&#165; 163,260<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Revenues', window );">Total net revenues</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">910,379<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">5,897,249<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">3,678,368<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">1,823,468<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CostOfRevenue', window );">Cost of revenues</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="num">(552,617)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(3,579,744)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(1,849,149)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(881,999)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GrossProfit', window );">Gross profit</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">357,762<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">2,317,505<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">1,829,219<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">941,469<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingExpensesAbstract', window );"><strong>Operating expenses</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ResearchAndDevelopmentExpense', window );">Research and development expenses</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="num">(84,720)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(548,799)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(431,188)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(267,005)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SellingAndMarketingExpense', window );">Sales and marketing expenses</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="num">(48,299)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(312,870)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(102,527)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(24,955)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GeneralAndAdministrativeExpense', window );">General and administrative expenses</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="num">(55,339)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(358,474)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">&#165; (223,019)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">&#165; (200,554)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GoodwillImpairmentLoss', window );">Goodwill impairment</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(47,875)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="num">(310,124)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1', window );">Fair value change of contingent consideration</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">45,150<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">292,471<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingExpenses', window );">Total operating expenses</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="num">(191,083)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(1,237,796)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">&#165; (756,734)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">&#165; (492,514)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherOperatingIncome', window );">Other income</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">12,705<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">82,300<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">6,319<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">27,078<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingIncomeLoss', window );">Operating income</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">179,384<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">1,162,009<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">1,078,804<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">476,033<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensation', window );">Share-based compensation</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">28,617<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">185,372<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">134,632<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">117,096<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeStatementLocationAxis=us-gaap_CostOfSalesMember', window );">Cost of revenues [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingExpensesAbstract', window );"><strong>Operating expenses</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensation', window );">Share-based compensation</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">3,699<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">23,963<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">18,037<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">9,860<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeStatementLocationAxis=us-gaap_ResearchAndDevelopmentExpenseMember', window );">Research and development expenses [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingExpensesAbstract', window );"><strong>Operating expenses</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensation', window );">Share-based compensation</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">10,953<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">70,951<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">54,141<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">39,587<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeStatementLocationAxis=us-gaap_SellingAndMarketingExpenseMember', window );">Sales and marketing expenses [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingExpensesAbstract', window );"><strong>Operating expenses</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensation', window );">Share-based compensation</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">507<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">3,283<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">2,807<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">1,318<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeStatementLocationAxis=us-gaap_GeneralAndAdministrativeExpenseMember', window );">General and administrative expenses [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingExpensesAbstract', window );"><strong>Operating expenses</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensation', window );">Share-based compensation</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">13,458<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">87,175<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">59,647<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">66,331<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProductOrServiceAxis=yy_YYMusicRevenueMember', window );">Online music and entertainment [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SalesRevenueNetAbstract', window );"><strong>Net revenues</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SalesRevenueServicesNet', window );">Internet value-added service</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">512,528<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">3,320,052<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">2,109,503<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">852,885<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProductOrServiceAxis=yy_OnlineGameRevenueMember', window );">Online games [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SalesRevenueNetAbstract', window );"><strong>Net revenues</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SalesRevenueServicesNet', window );">Internet value-added service</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">119,158<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">771,882<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">811,699<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">602,111<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProductOrServiceAxis=yy_OnlineDatingRevenueMember', window );">Online dating [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SalesRevenueNetAbstract', window );"><strong>Net revenues</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SalesRevenueServicesNet', window );">Internet value-added service</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">100,500<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">651,019<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">194,134<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">661<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProductOrServiceAxis=yy_OtherRevenueMember', window );">Other IVAS [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SalesRevenueNetAbstract', window );"><strong>Net revenues</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SalesRevenueServicesNet', window );">Internet value-added service</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 141,716<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">&#165; 918,006<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">&#165; 415,689<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">&#165; 204,551<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementBusinessSegmentsAxis=yy_YYIVASMember', window );">YY IVAS [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SalesRevenueNetAbstract', window );"><strong>Net revenues</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherSalesRevenueNet', window );">Other revenues</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Revenues', window );">Total net revenues</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">&#165; 5,304,635<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">&#165; 3,377,654<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementBusinessSegmentsAxis=yy_YYIVASMember', window );">YY IVAS [Member] | Online music and entertainment [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SalesRevenueNetAbstract', window );"><strong>Net revenues</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SalesRevenueServicesNet', window );">Internet value-added service</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">3,320,052<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">2,109,503<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementBusinessSegmentsAxis=yy_YYIVASMember', window );">YY IVAS [Member] | Online games [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SalesRevenueNetAbstract', window );"><strong>Net revenues</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SalesRevenueServicesNet', window );">Internet value-added service</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">771,882<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">811,699<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementBusinessSegmentsAxis=yy_YYIVASMember', window );">YY IVAS [Member] | Online dating [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SalesRevenueNetAbstract', window );"><strong>Net revenues</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SalesRevenueServicesNet', window );">Internet value-added service</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">651,019<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">194,134<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementBusinessSegmentsAxis=yy_YYIVASMember', window );">YY IVAS [Member] | Other IVAS [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SalesRevenueNetAbstract', window );"><strong>Net revenues</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SalesRevenueServicesNet', window );">Internet value-added service</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">561,682<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">262,318<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementBusinessSegmentsAxis=us-gaap_AllOtherSegmentsMember', window );">Others [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SalesRevenueNetAbstract', window );"><strong>Net revenues</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherSalesRevenueNet', window );">Other revenues</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">112,516<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">146,393<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Revenues', window );">Total net revenues</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">&#165; 112,516<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">&#165; 146,393<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementBusinessSegmentsAxis=us-gaap_AllOtherSegmentsMember', window );">Others [Member] | Online music and entertainment [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SalesRevenueNetAbstract', window );"><strong>Net revenues</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SalesRevenueServicesNet', window );">Internet value-added service</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementBusinessSegmentsAxis=us-gaap_AllOtherSegmentsMember', window );">Others [Member] | Online games [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SalesRevenueNetAbstract', window );"><strong>Net revenues</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SalesRevenueServicesNet', window );">Internet value-added service</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementBusinessSegmentsAxis=us-gaap_AllOtherSegmentsMember', window );">Others [Member] | Online dating [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SalesRevenueNetAbstract', window );"><strong>Net revenues</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SalesRevenueServicesNet', window );">Internet value-added service</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementBusinessSegmentsAxis=us-gaap_AllOtherSegmentsMember', window );">Others [Member] | Other IVAS [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SalesRevenueNetAbstract', window );"><strong>Net revenues</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SalesRevenueServicesNet', window );">Internet value-added service</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementBusinessSegmentsAxis=yy_YYIVASAndOthersMember', window );">YY IVAS and others [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SalesRevenueNetAbstract', window );"><strong>Net revenues</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherSalesRevenueNet', window );">Other revenues</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">&#165; 112,516<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">&#165; 146,393<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Revenues', window );">Total net revenues</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">5,417,151<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">3,524,047<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CostOfRevenue', window );">Cost of revenues</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(2,798,064)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="num">(1,586,933)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[3]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GrossProfit', window );">Gross profit</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">2,619,087<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">1,937,114<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingExpensesAbstract', window );"><strong>Operating expenses</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ResearchAndDevelopmentExpense', window );">Research and development expenses</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(445,411)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="num">(362,352)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[3]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SellingAndMarketingExpense', window );">Sales and marketing expenses</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(253,129)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="num">(97,983)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[3]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GeneralAndAdministrativeExpense', window );">General and administrative expenses</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(240,536)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="num">(200,535)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[3]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GoodwillImpairmentLoss', window );">Goodwill impairment</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(128,034)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1', window );">Fair value change of contingent consideration</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">107,306<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingExpenses', window );">Total operating expenses</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(959,804)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="num">(660,870)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[3]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherOperatingIncome', window );">Other income</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">82,300<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">6,319<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingIncomeLoss', window );">Operating income</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">1,741,583<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">1,282,563<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensation', window );">Share-based compensation</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">135,856<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">124,608<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementBusinessSegmentsAxis=yy_YYIVASAndOthersMember', window );">YY IVAS and others [Member] | Cost of revenues [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingExpensesAbstract', window );"><strong>Operating expenses</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensation', window );">Share-based compensation</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">22,077<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">16,552<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementBusinessSegmentsAxis=yy_YYIVASAndOthersMember', window );">YY IVAS and others [Member] | Research and development expenses [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingExpensesAbstract', window );"><strong>Operating expenses</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensation', window );">Share-based compensation</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">59,400<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">47,315<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementBusinessSegmentsAxis=yy_YYIVASAndOthersMember', window );">YY IVAS and others [Member] | Sales and marketing expenses [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingExpensesAbstract', window );"><strong>Operating expenses</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensation', window );">Share-based compensation</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">3,119<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">2,803<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementBusinessSegmentsAxis=yy_YYIVASAndOthersMember', window );">YY IVAS and others [Member] | General and administrative expenses [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingExpensesAbstract', window );"><strong>Operating expenses</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensation', window );">Share-based compensation</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">51,260<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">57,938<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementBusinessSegmentsAxis=yy_YYIVASAndOthersMember', window );">YY IVAS and others [Member] | Online music and entertainment [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SalesRevenueNetAbstract', window );"><strong>Net revenues</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SalesRevenueServicesNet', window );">Internet value-added service</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">3,320,052<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">2,109,503<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementBusinessSegmentsAxis=yy_YYIVASAndOthersMember', window );">YY IVAS and others [Member] | Online games [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SalesRevenueNetAbstract', window );"><strong>Net revenues</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SalesRevenueServicesNet', window );">Internet value-added service</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">771,882<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">811,699<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementBusinessSegmentsAxis=yy_YYIVASAndOthersMember', window );">YY IVAS and others [Member] | Online dating [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SalesRevenueNetAbstract', window );"><strong>Net revenues</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SalesRevenueServicesNet', window );">Internet value-added service</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">651,019<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">194,134<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementBusinessSegmentsAxis=yy_YYIVASAndOthersMember', window );">YY IVAS and others [Member] | Other IVAS [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SalesRevenueNetAbstract', window );"><strong>Net revenues</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SalesRevenueServicesNet', window );">Internet value-added service</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">&#165; 561,682<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">&#165; 262,318<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementBusinessSegmentsAxis=yy_HuyaBroadcastingMember', window );">Huya Broadcasting [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SalesRevenueNetAbstract', window );"><strong>Net revenues</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherSalesRevenueNet', window );">Other revenues</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Revenues', window );">Total net revenues</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">&#165; 356,324<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">&#165; 153,371<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CostOfRevenue', window );">Cost of revenues</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(655,066)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="num">(248,154)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[3]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GrossProfit', window );">Gross profit</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(298,742)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(94,783)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingExpensesAbstract', window );"><strong>Operating expenses</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ResearchAndDevelopmentExpense', window );">Research and development expenses</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(66,538)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="num">(47,765)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[3]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SellingAndMarketingExpense', window );">Sales and marketing expenses</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(24,469)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="num">(4,399)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[3]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GeneralAndAdministrativeExpense', window );">General and administrative expenses</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">&#165; (25,869)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="num">(20,954)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[3]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GoodwillImpairmentLoss', window );">Goodwill impairment</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1', window );">Fair value change of contingent consideration</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingExpenses', window );">Total operating expenses</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">&#165; (116,876)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="num">&#165; (73,118)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[3]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherOperatingIncome', window );">Other income</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingIncomeLoss', window );">Operating income</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">&#165; (415,618)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">&#165; (167,901)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensation', window );">Share-based compensation</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">9,717<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">4,744<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementBusinessSegmentsAxis=yy_HuyaBroadcastingMember', window );">Huya Broadcasting [Member] | Cost of revenues [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingExpensesAbstract', window );"><strong>Operating expenses</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensation', window );">Share-based compensation</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">1,497<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">1,185<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementBusinessSegmentsAxis=yy_HuyaBroadcastingMember', window );">Huya Broadcasting [Member] | Research and development expenses [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingExpensesAbstract', window );"><strong>Operating expenses</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensation', window );">Share-based compensation</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">4,754<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">1,895<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementBusinessSegmentsAxis=yy_HuyaBroadcastingMember', window );">Huya Broadcasting [Member] | Sales and marketing expenses [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingExpensesAbstract', window );"><strong>Operating expenses</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensation', window );">Share-based compensation</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">164<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">4<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementBusinessSegmentsAxis=yy_HuyaBroadcastingMember', window );">Huya Broadcasting [Member] | General and administrative expenses [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingExpensesAbstract', window );"><strong>Operating expenses</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensation', window );">Share-based compensation</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">&#165; 3,302<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">&#165; 1,660<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementBusinessSegmentsAxis=yy_HuyaBroadcastingMember', window );">Huya Broadcasting [Member] | Online music and entertainment [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SalesRevenueNetAbstract', window );"><strong>Net revenues</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SalesRevenueServicesNet', window );">Internet value-added service</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementBusinessSegmentsAxis=yy_HuyaBroadcastingMember', window );">Huya Broadcasting [Member] | Online games [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SalesRevenueNetAbstract', window );"><strong>Net revenues</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SalesRevenueServicesNet', window );">Internet value-added service</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementBusinessSegmentsAxis=yy_HuyaBroadcastingMember', window );">Huya Broadcasting [Member] | Online dating [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SalesRevenueNetAbstract', window );"><strong>Net revenues</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SalesRevenueServicesNet', window );">Internet value-added service</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementBusinessSegmentsAxis=yy_HuyaBroadcastingMember', window );">Huya Broadcasting [Member] | Other IVAS [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SalesRevenueNetAbstract', window );"><strong>Net revenues</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SalesRevenueServicesNet', window );">Internet value-added service</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">&#165; 356,324<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">&#165; 153,371<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementBusinessSegmentsAxis=yy_HundredEducationMember', window );">100 Education [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SalesRevenueNetAbstract', window );"><strong>Net revenues</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherSalesRevenueNet', window );">Other revenues</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">123,774<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">950<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Revenues', window );">Total net revenues</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">123,774<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">950<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CostOfRevenue', window );">Cost of revenues</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(126,614)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="num">(14,062)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[3]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GrossProfit', window );">Gross profit</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(2,840)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(13,112)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingExpensesAbstract', window );"><strong>Operating expenses</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ResearchAndDevelopmentExpense', window );">Research and development expenses</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(36,850)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="num">(21,071)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[3]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SellingAndMarketingExpense', window );">Sales and marketing expenses</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(35,272)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="num">(145)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[3]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GeneralAndAdministrativeExpense', window );">General and administrative expenses</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(92,069)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="num">(1,530)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[3]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GoodwillImpairmentLoss', window );">Goodwill impairment</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(182,090)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1', window );">Fair value change of contingent consideration</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">185,165<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingExpenses', window );">Total operating expenses</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">&#165; (161,116)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="num">&#165; (22,746)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[3]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherOperatingIncome', window );">Other income</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingIncomeLoss', window );">Operating income</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">&#165; (163,956)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">&#165; (35,858)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensation', window );">Share-based compensation</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">39,799<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">5,280<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementBusinessSegmentsAxis=yy_HundredEducationMember', window );">100 Education [Member] | Cost of revenues [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingExpensesAbstract', window );"><strong>Operating expenses</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensation', window );">Share-based compensation</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">389<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">300<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementBusinessSegmentsAxis=yy_HundredEducationMember', window );">100 Education [Member] | Research and development expenses [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingExpensesAbstract', window );"><strong>Operating expenses</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensation', window );">Share-based compensation</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">&#165; 6,797<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">&#165; 4,931<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementBusinessSegmentsAxis=yy_HundredEducationMember', window );">100 Education [Member] | Sales and marketing expenses [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingExpensesAbstract', window );"><strong>Operating expenses</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensation', window );">Share-based compensation</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementBusinessSegmentsAxis=yy_HundredEducationMember', window );">100 Education [Member] | General and administrative expenses [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingExpensesAbstract', window );"><strong>Operating expenses</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensation', window );">Share-based compensation</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">&#165; 32,613<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">&#165; 49<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementBusinessSegmentsAxis=yy_HundredEducationMember', window );">100 Education [Member] | Online music and entertainment [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SalesRevenueNetAbstract', window );"><strong>Net revenues</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SalesRevenueServicesNet', window );">Internet value-added service</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementBusinessSegmentsAxis=yy_HundredEducationMember', window );">100 Education [Member] | Online games [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SalesRevenueNetAbstract', window );"><strong>Net revenues</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SalesRevenueServicesNet', window );">Internet value-added service</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementBusinessSegmentsAxis=yy_HundredEducationMember', window );">100 Education [Member] | Online dating [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SalesRevenueNetAbstract', window );"><strong>Net revenues</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SalesRevenueServicesNet', window );">Internet value-added service</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementBusinessSegmentsAxis=yy_HundredEducationMember', window );">100 Education [Member] | Other IVAS [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SalesRevenueNetAbstract', window );"><strong>Net revenues</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SalesRevenueServicesNet', window );">Internet value-added service</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr><td colspan="10"></td></tr>
<tr><td colspan="10"><table class="outerFootnotes" width="100%">
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top">(1)
Share-based compensation was allocated in cost of revenues and operating expenses as follows:











For the year ended December 31,





Note

2013


2014


2015


2015







RMB


RMB


RMB


US$
















(Note2(e))



Cost of revenues




9,860



18,037



23,963



3,699



Research and development expenses




39,587



54,141



70,951



10,953



Sales and marketing expenses




1,318



2,807



3,283



507



General and administrative expenses




66,331



59,647



87,175



13,458</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[2]</td>
<td style="vertical-align: top;" valign="top">(1)
Share-based compensation was allocated in cost of revenues and operating expenses as follows:









YY IVAS and others


Huya broadcasting



100
Education



Total





RMB


RMB


RMB


RMB


















Cost of revenues

22,077


1,497


389


23,963



Research and development expenses


59,400



4,754



6,797



70,951



Sales and marketing expenses


3,119



164



-



3,283



General and administrative expenses


51,260



3,302



32,613



87,175






















Share-based compensation expenses


135,856



9,717



39,799



185,372</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[3]</td>
<td style="vertical-align: top;" valign="top">(1)
Share-based compensation was allocated in cost of revenues and operating expenses as follows:









YY IVAS and others


Huya broadcasting



100
Education



Total





RMB


RMB


RMB


RMB


















Cost of revenues

16,552


1,185


300


18,037



Research and development expenses


47,315



1,895



4,931



54,141



Sales and marketing expenses


2,803



4



-



2,807



General and administrative expenses


57,938



1,660



49



59,647






















Share-based compensation expenses


124,608



4,744



5,280



134,632</td>
</tr>
</table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of increase (decrease) in the value of a contingent consideration liability, including, but not limited to, differences arising upon settlement.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 805<br> -SubTopic 30<br> -Section 50<br> -Paragraph 4<br> -Subparagraph (a)(1)<br> -URI http://asc.fasb.org/extlink&amp;oid=35744584&amp;loc=d3e7008-128479<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<tr>
<td><strong> Data Type:</strong></td>
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</tr>
<tr>
<td><strong> Balance Type:</strong></td>
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<tr>
<td><strong> Period Type:</strong></td>
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</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CostOfRevenue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The aggregate cost of goods produced and sold and services rendered during the reporting period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03.2)<br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CostOfRevenue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
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</tr>
<tr>
<td><strong> Period Type:</strong></td>
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</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_GeneralAndAdministrativeExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The aggregate total of expenses of managing and administering the affairs of an entity, including affiliates of the reporting entity, which are not directly or indirectly associated with the manufacture, sale or creation of a product or product line.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03.4)<br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_GeneralAndAdministrativeExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
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<tr>
<td><strong> Period Type:</strong></td>
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</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_GoodwillImpairmentLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of loss from the write-down of an asset representing the future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 350<br> -SubTopic 20<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=35741047&amp;loc=d3e13854-109267<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 350<br> -SubTopic 20<br> -Section 45<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=6388280&amp;loc=d3e13777-109266<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3602-108585<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 350<br> -SubTopic 20<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (e)<br> -URI http://asc.fasb.org/extlink&amp;oid=35741047&amp;loc=d3e13816-109267<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_GoodwillImpairmentLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_GrossProfit">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Aggregate revenue less cost of goods and services sold or operating expenses directly attributable to the revenue generation activity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03.1,2)<br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_GrossProfit</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NumberOfOperatingSegments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of operating segments. An operating segment is a component of an enterprise: (a) that engages in business activities from which it may earn revenues and incur expenses (including revenues and expenses relating to transactions with other components of the same enterprise), (b) whose operating results are regularly reviewed by the enterprise's chief operating decision maker to make decisions about resources to be allocated to the segment and assess its performance, and (c) for which discrete financial information is available. An operating segment may engage in business activities for which it has yet to earn revenues, for example, start-up operations may be operating segments before earning revenues.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NumberOfOperatingSegments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:integerItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
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</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OperatingExpenses">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Generally recurring costs associated with normal operations except for the portion of these expenses which can be clearly related to production and included in cost of sales or services. Includes selling, general and administrative expense.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OperatingExpenses</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
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</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OperatingExpensesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OperatingExpensesAbstract</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OperatingIncomeLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The net result for the period of deducting operating expenses from operating revenues.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OperatingIncomeLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherOperatingIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The total amount of other operating income, the components of which are not separately disclosed on the income statement, from items that are associated with the entity's normal revenue producing operation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03.1)<br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OtherOperatingIncome</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherSalesRevenueNet">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Revenues from the sale of other goods or rendering of other services, not elsewhere specified in the taxonomy; net of (reduced by) sales adjustments, returns, allowances, and discounts.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03.1(a),(d))<br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OtherSalesRevenueNet</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ResearchAndDevelopmentExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The aggregate costs incurred (1) in a planned search or critical investigation aimed at discovery of new knowledge with the hope that such knowledge will be useful in developing a new product or service, a new process or technique, or in bringing about a significant improvement to an existing product or process; or (2) to translate research findings or other knowledge into a plan or design for a new product or process or for a significant improvement to an existing product or process whether intended for sale or the entity's use, during the reporting period charged to research and development projects, including the costs of developing computer software up to the point in time of achieving technological feasibility, and costs allocated in accounting for a business combination to in-process projects deemed to have no alternative future use.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 730<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6420194&amp;loc=d3e21568-108373<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 985<br> -SubTopic 20<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6501960&amp;loc=d3e128462-111756<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ResearchAndDevelopmentExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_Revenues">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03.1)<br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_Revenues</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SalesRevenueNetAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_SalesRevenueNetAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SalesRevenueServicesNet">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Aggregate revenue during the period from services rendered in the normal course of business, after deducting allowances and discounts.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03.1(d))<br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_SalesRevenueServicesNet</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SegmentReportingAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_SegmentReportingAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SellingAndMarketingExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The aggregate total amount of expenses directly related to the marketing or selling of products or services.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_SellingAndMarketingExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensation">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The aggregate amount of noncash, equity-based employee remuneration. This may include the value of stock or unit options, amortization of restricted stock or units, and adjustment for officers' compensation. As noncash, this element is an add back when calculating net cash generated by operating activities using the indirect method.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3602-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShareBasedCompensation</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeStatementLocationAxis=us-gaap_CostOfSalesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncomeStatementLocationAxis=us-gaap_CostOfSalesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeStatementLocationAxis=us-gaap_ResearchAndDevelopmentExpenseMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncomeStatementLocationAxis=us-gaap_ResearchAndDevelopmentExpenseMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeStatementLocationAxis=us-gaap_SellingAndMarketingExpenseMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncomeStatementLocationAxis=us-gaap_SellingAndMarketingExpenseMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeStatementLocationAxis=us-gaap_GeneralAndAdministrativeExpenseMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncomeStatementLocationAxis=us-gaap_GeneralAndAdministrativeExpenseMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProductOrServiceAxis=yy_YYMusicRevenueMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ProductOrServiceAxis=yy_YYMusicRevenueMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProductOrServiceAxis=yy_OnlineGameRevenueMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ProductOrServiceAxis=yy_OnlineGameRevenueMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProductOrServiceAxis=yy_OnlineDatingRevenueMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ProductOrServiceAxis=yy_OnlineDatingRevenueMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProductOrServiceAxis=yy_OtherRevenueMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ProductOrServiceAxis=yy_OtherRevenueMember</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementBusinessSegmentsAxis=yy_YYIVASMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementBusinessSegmentsAxis=yy_YYIVASMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementBusinessSegmentsAxis=us-gaap_AllOtherSegmentsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementBusinessSegmentsAxis=us-gaap_AllOtherSegmentsMember</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementBusinessSegmentsAxis=yy_YYIVASAndOthersMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementBusinessSegmentsAxis=yy_YYIVASAndOthersMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementBusinessSegmentsAxis=yy_HuyaBroadcastingMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementBusinessSegmentsAxis=yy_HuyaBroadcastingMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementBusinessSegmentsAxis=yy_HundredEducationMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementBusinessSegmentsAxis=yy_HundredEducationMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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</table></div>
</div></td></tr>
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</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>148
<FILENAME>R125.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<body>
<span style="display: none;">v3.4.0.3</span><table class="report" border="0" cellspacing="2" id="idp6794971120">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Additional information: condensed financial statements of the Company (Condensed balance sheets) (Details)<br> &#165; in Thousands, $ in Thousands</strong></div></th>
<th class="th">
<div>Dec. 31, 2015 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2015 </div>
<div>CNY (&#165;)</div>
</th>
<th class="th">
<div>Dec. 31, 2014 </div>
<div>CNY (&#165;)</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AssetsCurrentAbstract', window );"><strong>Current assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DueFromRelatedPartiesCurrent', window );">Amounts due from related parties</a></td>
<td class="nump">$ 818<span></span>
</td>
<td class="nump">&#165; 5,297<span></span>
</td>
<td class="nump">&#165; 61,073<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AssetsNoncurrentAbstract', window );"><strong>Non-current assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermInvestments', window );">Interests in subsidiaries, VIEs and VIE's subsidiaries</a></td>
<td class="nump">87,616<span></span>
</td>
<td class="nump">567,557<span></span>
</td>
<td class="nump">186,654<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherAssetsNoncurrent', window );">Other Assets, Noncurrent</a></td>
<td class="nump">306,541<span></span>
</td>
<td class="nump">1,985,714<span></span>
</td>
<td class="nump">560,971<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AssetsNoncurrent', window );">Total non-current assets</a></td>
<td class="nump">570,897<span></span>
</td>
<td class="nump">3,698,158<span></span>
</td>
<td class="nump">1,437,661<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Assets', window );">Total assets</a></td>
<td class="nump">1,131,256<span></span>
</td>
<td class="nump">7,328,038<span></span>
</td>
<td class="nump">6,862,794<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesCurrentAbstract', window );"><strong>Current liabilities</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InterestPayableCurrent', window );">Interests payable</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">14,795<span></span>
</td>
<td class="nump">13,944<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesNoncurrentAbstract', window );"><strong>Non-current liabilities</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ConvertibleDebtNoncurrent', window );">Convertible bonds</a></td>
<td class="nump">400,970<span></span>
</td>
<td class="nump">2,597,403<span></span>
</td>
<td class="nump">2,447,980<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Liabilities', window );">Total liabilities</a></td>
<td class="nump">620,488<span></span>
</td>
<td class="nump">4,019,386<span></span>
</td>
<td class="nump">3,772,630<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAbstract', window );"><strong>Shareholders' equity</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AdditionalPaidInCapitalCommonStock', window );">Additional paid-in capital</a></td>
<td class="nump">310,568<span></span>
</td>
<td class="nump">2,011,799<span></span>
</td>
<td class="nump">2,900,458<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RetainedEarningsAccumulatedDeficit', window );">Retained earnings</a></td>
<td class="nump">186,355<span></span>
</td>
<td class="nump">1,207,168<span></span>
</td>
<td class="nump">173,963<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax', window );">Accumulated other comprehensive loss</a></td>
<td class="num">(5,617)<span></span>
</td>
<td class="num">(36,385)<span></span>
</td>
<td class="num">(40,799)<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest', window );">Total shareholders' equity</a></td>
<td class="nump">501,223<span></span>
</td>
<td class="nump">3,246,819<span></span>
</td>
<td class="nump">3,090,164<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesAndStockholdersEquity', window );">Total liabilities, mezzanine equity and shareholders' equity</a></td>
<td class="nump">1,131,256<span></span>
</td>
<td class="nump">7,328,038<span></span>
</td>
<td class="nump">6,862,794<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=us-gaap_CommonClassAMember', window );">Class A common shares [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAbstract', window );"><strong>Shareholders' equity</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockValue', window );">Common shares</a></td>
<td class="nump">7<span></span>
</td>
<td class="nump">43<span></span>
</td>
<td class="nump">43<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=us-gaap_CommonClassBMember', window );">Class B common shares [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAbstract', window );"><strong>Shareholders' equity</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockValue', window );">Common shares</a></td>
<td class="nump">4<span></span>
</td>
<td class="nump">27<span></span>
</td>
<td class="nump">30<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LegalEntityAxis=us-gaap_ParentCompanyMember', window );">Parent [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AssetsCurrentAbstract', window );"><strong>Current assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DueFromRelatedPartiesCurrent', window );">Amounts due from related parties</a></td>
<td class="nump">290,472<span></span>
</td>
<td class="nump">1,881,616<span></span>
</td>
<td class="nump">2,866,431<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AssetsNoncurrentAbstract', window );"><strong>Non-current assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermInvestments', window );">Interests in subsidiaries, VIEs and VIE's subsidiaries</a></td>
<td class="nump">608,919<span></span>
</td>
<td class="nump">3,944,457<span></span>
</td>
<td class="nump">2,643,382<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherAssetsNoncurrent', window );">Other Assets, Noncurrent</a></td>
<td class="nump">3,903<span></span>
</td>
<td class="nump">25,284<span></span>
</td>
<td class="nump">42,275<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AssetsNoncurrent', window );">Total non-current assets</a></td>
<td class="nump">612,822<span></span>
</td>
<td class="nump">3,969,741<span></span>
</td>
<td class="nump">2,685,657<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Assets', window );">Total assets</a></td>
<td class="nump">903,294<span></span>
</td>
<td class="nump">5,851,357<span></span>
</td>
<td class="nump">5,552,088<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesCurrentAbstract', window );"><strong>Current liabilities</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InterestPayableCurrent', window );">Interests payable</a></td>
<td class="nump">2,284<span></span>
</td>
<td class="nump">14,795<span></span>
</td>
<td class="nump">13,944<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesNoncurrentAbstract', window );"><strong>Non-current liabilities</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ConvertibleDebtNoncurrent', window );">Convertible bonds</a></td>
<td class="nump">400,970<span></span>
</td>
<td class="nump">2,597,403<span></span>
</td>
<td class="nump">2,447,980<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Liabilities', window );">Total liabilities</a></td>
<td class="nump">403,254<span></span>
</td>
<td class="nump">2,612,198<span></span>
</td>
<td class="nump">2,461,924<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAbstract', window );"><strong>Shareholders' equity</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AdditionalPaidInCapitalCommonStock', window );">Additional paid-in capital</a></td>
<td class="nump">310,568<span></span>
</td>
<td class="nump">2,011,799<span></span>
</td>
<td class="nump">2,900,458<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RetainedEarningsAccumulatedDeficit', window );">Retained earnings</a></td>
<td class="nump">195,078<span></span>
</td>
<td class="nump">1,263,675<span></span>
</td>
<td class="nump">230,432<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax', window );">Accumulated other comprehensive loss</a></td>
<td class="num">(5,617)<span></span>
</td>
<td class="num">(36,385)<span></span>
</td>
<td class="num">(40,799)<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest', window );">Total shareholders' equity</a></td>
<td class="nump">500,040<span></span>
</td>
<td class="nump">3,239,159<span></span>
</td>
<td class="nump">3,090,164<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesAndStockholdersEquity', window );">Total liabilities, mezzanine equity and shareholders' equity</a></td>
<td class="nump">903,294<span></span>
</td>
<td class="nump">5,851,357<span></span>
</td>
<td class="nump">5,552,088<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LegalEntityAxis=us-gaap_ParentCompanyMember', window );">Parent [Member] | Class A common shares [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAbstract', window );"><strong>Shareholders' equity</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockValue', window );">Common shares</a></td>
<td class="nump">7<span></span>
</td>
<td class="nump">43<span></span>
</td>
<td class="nump">43<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LegalEntityAxis=us-gaap_ParentCompanyMember', window );">Parent [Member] | Class B common shares [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAbstract', window );"><strong>Shareholders' equity</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockValue', window );">Common shares</a></td>
<td class="nump">$ 4<span></span>
</td>
<td class="nump">&#165; 27<span></span>
</td>
<td class="nump">&#165; 30<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Accumulated change in equity from transactions and other events and circumstances from non-owner sources, net of tax effect, at period end. Excludes Net Income (Loss), and accumulated changes in equity from transactions resulting from investments by owners and distributions to owners. Includes foreign currency translation items, certain pension adjustments, unrealized gains and losses on certain investments in debt and equity securities, other than temporary impairment (OTTI) losses related to factors other than credit losses on available-for-sale and held-to-maturity debt securities that an entity does not intend to sell and it is not more likely than not that the entity will be required to sell before recovery of the amortized cost basis, as well as changes in the fair value of derivatives related to the effective portion of a designated cash flow hedge.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section 45<br> -Paragraph 11<br> -URI http://asc.fasb.org/extlink&amp;oid=36458714&amp;loc=d3e637-108580<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section 45<br> -Paragraph 14<br> -URI http://asc.fasb.org/extlink&amp;oid=36458714&amp;loc=d3e681-108580<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section 45<br> -Paragraph 14A<br> -URI http://asc.fasb.org/extlink&amp;oid=36458714&amp;loc=SL7669686-108580<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 02<br> -Paragraph 31<br> -Article 5<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 04<br> -Article 3<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AdditionalPaidInCapitalCommonStock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Value received from shareholders in common stock-related transactions that are in excess of par value or stated value and amounts received from other stock-related transactions. Includes only common stock transactions (excludes preferred stock transactions). May be called contributed capital, capital in excess of par, capital surplus, or paid-in capital.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.30(a)(1))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 02<br> -Paragraph 31<br> -Article 5<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AdditionalPaidInCapitalCommonStock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_Assets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.18)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 03<br> -Paragraph 12<br> -Article 7<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_Assets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AssetsCurrentAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AssetsCurrentAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AssetsNoncurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Sum of the carrying amounts as of the balance sheet date of all assets that are expected to be realized in cash, sold or consumed after one year or beyond the normal operating cycle, if longer.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.10-17)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 02<br> -Paragraph 18<br> -Article 5<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AssetsNoncurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AssetsNoncurrentAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AssetsNoncurrentAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Aggregate par or stated value of issued nonredeemable common stock (or common stock redeemable solely at the option of the issuer). This item includes treasury stock repurchased by the entity. Note: elements for number of nonredeemable common shares, par value and other disclosure concepts are in another section within stockholders' equity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.29)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 02<br> -Paragraph 30<br> -Article 5<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CommonStockValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ConvertibleDebtNoncurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Carrying amount of long-term convertible debt as of the balance sheet date, net of the amount due in the next twelve months or greater than the normal operating cycle, if longer. The debt is convertible into another form of financial instrument, typically the entity's common stock.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.22)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ConvertibleDebtNoncurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DueFromRelatedPartiesCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The aggregate amount of receivables to be collected from related parties where one party can exercise control or significant influence over another party; including affiliates, owners or officers and their immediate families, pension trusts, and so forth, at the financial statement date. which are usually due within one year (or one business cycle).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 1<br> -Subparagraph (d)<br> -URI http://asc.fasb.org/extlink&amp;oid=28358313&amp;loc=d3e6676-107765<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 850<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (d)<br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39549-107864<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08.(k)(1))<br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e23780-122690<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.3(a)(2))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 08<br> -Paragraph k<br> -Subparagraph 2<br> -Article 4<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DueFromRelatedPartiesCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InterestPayableCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Carrying value as of the balance sheet date of [accrued] interest payable on all forms of debt, including trade payables, that has been incurred and is unpaid. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Current Liabilities<br> -URI http://asc.fasb.org/extlink&amp;oid=6509677<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.20)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 9<br> -URI http://asc.fasb.org/extlink&amp;oid=28358313&amp;loc=d3e7018-107765<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 8<br> -URI http://asc.fasb.org/extlink&amp;oid=28358313&amp;loc=d3e6935-107765<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_InterestPayableCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_Liabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Sum of the carrying amounts as of the balance sheet date of all liabilities that are recognized. Liabilities are probable future sacrifices of economic benefits arising from present obligations of an entity to transfer assets or provide services to other entities in the future.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.19-26)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_Liabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LiabilitiesAndStockholdersEquity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of liabilities and equity items, including the portion of equity attributable to noncontrolling interests, if any.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.32)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 03<br> -Paragraph 25<br> -Article 7<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LiabilitiesAndStockholdersEquity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LiabilitiesCurrentAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LiabilitiesCurrentAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LiabilitiesNoncurrentAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LiabilitiesNoncurrentAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LongTermInvestments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The total amount of investments that are intended to be held for an extended period of time (longer than one operating cycle).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.12)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LongTermInvestments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherAssetsNoncurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Aggregate carrying amount, as of the balance sheet date, of noncurrent assets not separately disclosed in the balance sheet. Noncurrent assets are expected to be realized or consumed after one year (or the normal operating cycle, if longer).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.17)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OtherAssetsNoncurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RetainedEarningsAccumulatedDeficit">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cumulative amount of the reporting entity's undistributed earnings or deficit.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.31(a)(3))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 04<br> -Article 3<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RetainedEarningsAccumulatedDeficit</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of stockholders' equity (deficit), net of receivables from officers, directors, owners, and affiliates of the entity, attributable to both the parent and noncontrolling interests. Amount excludes temporary equity. Alternate caption for the concept is permanent equity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 55<br> -Paragraph 4I<br> -URI http://asc.fasb.org/extlink&amp;oid=35736750&amp;loc=SL4590271-111686<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 45<br> -Paragraph 16<br> -URI http://asc.fasb.org/extlink&amp;oid=51664549&amp;loc=SL4568740-111683<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 45<br> -Paragraph 15<br> -URI http://asc.fasb.org/extlink&amp;oid=51664549&amp;loc=SL4568447-111683<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementClassOfStockAxis=us-gaap_CommonClassAMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementClassOfStockAxis=us-gaap_CommonClassAMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementClassOfStockAxis=us-gaap_CommonClassBMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LegalEntityAxis=us-gaap_ParentCompanyMember</td>
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<td>na</td>
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<span style="display: none;">v3.4.0.3</span><table class="report" border="0" cellspacing="2" id="idp6810186768">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Additional information: condensed financial statements of the Company (Condensed balance sheets) (Parenthetical) (Details) - $ / shares<br></strong></div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
<th class="th"><div>Dec. 31, 2014</div></th>
<th class="th"><div>Dec. 31, 2013</div></th>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=us-gaap_CommonClassAMember', window );">Class A common shares [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CondensedBalanceSheetStatementsCaptionsLineItems', window );"><strong>Condensed balance sheets [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockParOrStatedValuePerShare', window );">Common shares, par value (in dollars per share)</a></td>
<td class="nump">$ 0.00001<span></span>
</td>
<td class="nump">$ 0.00001<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockSharesAuthorized', window );">Common shares, shares authorized</a></td>
<td class="nump">10,000,000,000<span></span>
</td>
<td class="nump">10,000,000,000<span></span>
</td>
<td class="nump">10,000,000,000<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockSharesIssued', window );">Common shares, shares issued</a></td>
<td class="nump">728,227,848<span></span>
</td>
<td class="nump">706,173,568<span></span>
</td>
<td class="nump">622,658,738<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockSharesOutstanding', window );">Common shares, shares outstanding</a></td>
<td class="nump">728,227,848<span></span>
</td>
<td class="nump">706,173,568<span></span>
</td>
<td class="nump">622,658,738<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=us-gaap_CommonClassBMember', window );">Class B common shares [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CondensedBalanceSheetStatementsCaptionsLineItems', window );"><strong>Condensed balance sheets [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockParOrStatedValuePerShare', window );">Common shares, par value (in dollars per share)</a></td>
<td class="nump">$ 0.00001<span></span>
</td>
<td class="nump">$ 0.00001<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockSharesAuthorized', window );">Common shares, shares authorized</a></td>
<td class="nump">1,000,000,000<span></span>
</td>
<td class="nump">1,000,000,000<span></span>
</td>
<td class="nump">1,000,000,000<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockSharesIssued', window );">Common shares, shares issued</a></td>
<td class="nump">369,557,976<span></span>
</td>
<td class="nump">427,352,696<span></span>
</td>
<td class="nump">485,831,386<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockSharesOutstanding', window );">Common shares, shares outstanding</a></td>
<td class="nump">369,557,976<span></span>
</td>
<td class="nump">427,352,696<span></span>
</td>
<td class="nump">485,831,386<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LegalEntityAxis=us-gaap_ParentCompanyMember', window );">Parent [Member] | Class A common shares [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CondensedBalanceSheetStatementsCaptionsLineItems', window );"><strong>Condensed balance sheets [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockParOrStatedValuePerShare', window );">Common shares, par value (in dollars per share)</a></td>
<td class="nump">$ 0.00001<span></span>
</td>
<td class="nump">$ 0.00001<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockSharesAuthorized', window );">Common shares, shares authorized</a></td>
<td class="nump">10,000,000,000<span></span>
</td>
<td class="nump">10,000,000,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockSharesIssued', window );">Common shares, shares issued</a></td>
<td class="nump">728,227,848<span></span>
</td>
<td class="nump">706,173,568<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockSharesOutstanding', window );">Common shares, shares outstanding</a></td>
<td class="nump">728,227,848<span></span>
</td>
<td class="nump">706,173,568<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LegalEntityAxis=us-gaap_ParentCompanyMember', window );">Parent [Member] | Class B common shares [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CondensedBalanceSheetStatementsCaptionsLineItems', window );"><strong>Condensed balance sheets [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockParOrStatedValuePerShare', window );">Common shares, par value (in dollars per share)</a></td>
<td class="nump">$ 0.00001<span></span>
</td>
<td class="nump">$ 0.00001<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockSharesAuthorized', window );">Common shares, shares authorized</a></td>
<td class="nump">1,000,000,000<span></span>
</td>
<td class="nump">1,000,000,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockSharesIssued', window );">Common shares, shares issued</a></td>
<td class="nump">369,557,976<span></span>
</td>
<td class="nump">427,352,696<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockSharesOutstanding', window );">Common shares, shares outstanding</a></td>
<td class="nump">369,557,976<span></span>
</td>
<td class="nump">427,352,696<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
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<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockParOrStatedValuePerShare">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Face amount or stated value per share of common stock.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.29)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 02<br> -Paragraph 30<br> -Article 5<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CommonStockParOrStatedValuePerShare</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockSharesAuthorized">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The maximum number of common shares permitted to be issued by an entity's charter and bylaws.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.29)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 02<br> -Paragraph 30<br> -Article 5<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CommonStockSharesAuthorized</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockSharesIssued">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Total number of common shares of an entity that have been sold or granted to shareholders (includes common shares that were issued, repurchased and remain in the treasury). These shares represent capital invested by the firm's shareholders and owners, and may be all or only a portion of the number of shares authorized. Shares issued include shares outstanding and shares held in the treasury.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.29)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 02<br> -Paragraph 30<br> -Article 5<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CommonStockSharesIssued</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockSharesOutstanding">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of shares of common stock outstanding. Common stock represent the ownership interest in a corporation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.29)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.3-04)<br> -URI http://asc.fasb.org/extlink&amp;oid=27012166&amp;loc=d3e187085-122770<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Section 02<br> -Paragraph 30<br> -Article 5<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CommonStockSharesOutstanding</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CondensedBalanceSheetStatementsCaptionsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Additional information: condensed financial statements of the Company (Condensed statements of operations and comprehensive income) (Details)<br> &#165; in Thousands, $ in Thousands</strong></div></th>
<th class="th" colspan="4">12 Months Ended</th>
</tr>
<tr>
<th class="th">
<div>Dec. 31, 2015 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2015 </div>
<div>CNY (&#165;)</div>
</th>
<th class="th">
<div>Dec. 31, 2014 </div>
<div>CNY (&#165;)</div>
</th>
<th class="th">
<div>Dec. 31, 2013 </div>
<div>CNY (&#165;)</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CondensedIncomeStatementsCaptionsLineItems', window );"><strong>Condensed statements of operations [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InterestExpense', window );">Interest expense</a></td>
<td class="num">$ (14,994)<span></span>
</td>
<td class="num">&#165; (97,125)<span></span>
</td>
<td class="num">&#165; (56,607)<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments', window );">Income before income tax expenses</a></td>
<td class="nump">179,462<span></span>
</td>
<td class="nump">1,162,512<span></span>
</td>
<td class="nump">1,214,480<span></span>
</td>
<td class="nump">&#165; 565,809<span></span>
</td>
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<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProfitLoss', window );">Net income</a></td>
<td class="nump">154,113<span></span>
</td>
<td class="nump">998,305<span></span>
</td>
<td class="nump">1,064,472<span></span>
</td>
<td class="nump">477,727<span></span>
</td>
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<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParentAbstract', window );"><strong>Other comprehensive (loss) / income:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent', window );">Foreign currency translation adjustments, net of nil tax</a></td>
<td class="nump">681<span></span>
</td>
<td class="nump">4,414<span></span>
</td>
<td class="nump">3,638<span></span>
</td>
<td class="num">(31,014)<span></span>
</td>
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<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ComprehensiveIncomeNetOfTax', window );">Comprehensive income attributable to YY Inc.</a></td>
<td class="nump">160,187<span></span>
</td>
<td class="nump">1,037,657<span></span>
</td>
<td class="nump">1,068,110<span></span>
</td>
<td class="nump">446,713<span></span>
</td>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LegalEntityAxis=us-gaap_ParentCompanyMember', window );">Parent [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CondensedIncomeStatementsCaptionsLineItems', window );"><strong>Condensed statements of operations [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_yy_IncomeLossFromSubsidiariesVariableInterestEntityAndVariableInterestEntitySubsidiaries', window );">Share of income in equity method investments, net of income taxes</a></td>
<td class="nump">171,051<span></span>
</td>
<td class="nump">1,108,029<span></span>
</td>
<td class="nump">1,121,079<span></span>
</td>
<td class="nump">&#165; 477,727<span></span>
</td>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InterestExpense', window );">Interest expense</a></td>
<td class="num">(11,545)<span></span>
</td>
<td class="num">(74,786)<span></span>
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<td class="num">(56,607)<span></span>
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<td class="text"> <span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments', window );">Income before income tax expenses</a></td>
<td class="nump">159,506<span></span>
</td>
<td class="nump">1,033,243<span></span>
</td>
<td class="nump">1,064,472<span></span>
</td>
<td class="nump">&#165; 477,727<span></span>
</td>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProfitLoss', window );">Net income</a></td>
<td class="nump">159,506<span></span>
</td>
<td class="nump">1,033,243<span></span>
</td>
<td class="nump">1,064,472<span></span>
</td>
<td class="nump">477,727<span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParentAbstract', window );"><strong>Other comprehensive (loss) / income:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent', window );">Foreign currency translation adjustments, net of nil tax</a></td>
<td class="nump">681<span></span>
</td>
<td class="nump">4,414<span></span>
</td>
<td class="nump">3,638<span></span>
</td>
<td class="num">(31,014)<span></span>
</td>
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<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ComprehensiveIncomeNetOfTax', window );">Comprehensive income attributable to YY Inc.</a></td>
<td class="nump">$ 160,187<span></span>
</td>
<td class="nump">&#165; 1,037,657<span></span>
</td>
<td class="nump">&#165; 1,068,110<span></span>
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<td class="nump">&#165; 446,713<span></span>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Other Comprehensive Income<br> -URI http://asc.fasb.org/extlink&amp;oid=51831270<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Comprehensive Income<br> -URI http://asc.fasb.org/extlink&amp;oid=51831223<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section 45<br> -Paragraph 5<br> -URI http://asc.fasb.org/extlink&amp;oid=36458714&amp;loc=d3e557-108580<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Net Income<br> -URI http://asc.fasb.org/extlink&amp;oid=51831255<br></p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Sum of operating profit and nonoperating income or expense before Income or Loss from equity method investments, income taxes, extraordinary items, and noncontrolling interest.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08.(h)(1)(i))<br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e23780-122690<br></p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of the cost of borrowed funds accounted for as interest expense.</p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount after tax and reclassification adjustments of gain (loss) on foreign currency translation adjustments, foreign currency transactions designated and effective as economic hedges of a net investment in a foreign entity and intra-entity foreign currency transactions that are of a long-term-investment nature, attributable to parent entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1A<br> -Subparagraph (c)(3)<br> -URI http://asc.fasb.org/extlink&amp;oid=18733093&amp;loc=SL4573702-111684<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 45<br> -Paragraph 20<br> -URI http://asc.fasb.org/extlink&amp;oid=51664549&amp;loc=SL4569643-111683<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 45<br> -Paragraph 19<br> -URI http://asc.fasb.org/extlink&amp;oid=51664549&amp;loc=SL4569616-111683<br></p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 45<br> -Paragraph 19<br> -URI http://asc.fasb.org/extlink&amp;oid=51664549&amp;loc=SL4569616-111683<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 55<br> -Paragraph 4K<br> -URI http://asc.fasb.org/extlink&amp;oid=35736750&amp;loc=SL4591552-111686<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1A<br> -Subparagraph (a),(c)<br> -URI http://asc.fasb.org/extlink&amp;oid=18733093&amp;loc=SL4573702-111684<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 55<br> -Paragraph 4J<br> -URI http://asc.fasb.org/extlink&amp;oid=35736750&amp;loc=SL4591551-111686<br></p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
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<th class="th" colspan="4">12 Months Ended</th>
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<tr>
<th class="th">
<div>Dec. 31, 2015 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2015 </div>
<div>CNY (&#165;)</div>
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<th class="th">
<div>Dec. 31, 2014 </div>
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<div>Dec. 31, 2013 </div>
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<td class="num">(161,787)<span></span>
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<td class="num">(1,048,022)<span></span>
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<td class="num">(3,954,055)<span></span>
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<td class="num">$ (52,046)<span></span>
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<td class="num">&#165; (337,143)<span></span>
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<td class="num">&#165; (5,687)<span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CondensedCashFlowStatementsCaptionsLineItems', window );"><strong>Condensed statement of cash flows [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations', window );">Net cash (used in)/provided by operating activities</a></td>
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<td class="text"> <span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations', window );">Net cash used in investing activities</a></td>
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<td class="num">&#165; (2,412,290)<span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations', window );">Net cash (used in) / provided by financing activities</a></td>
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<td class="nump">&#165; 2,412,290<span></span>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of cash inflow (outflow) of financing activities, excluding discontinued operations. Financing activity cash flows include obtaining resources from owners and providing them with a return on, and a return of, their investment; borrowing money and repaying amounts borrowed, or settling the obligation; and obtaining and paying for other resources obtained from creditors on long-term credit.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 26<br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3574-108585<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 24<br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3521-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of cash inflow (outflow) of investing activities, excluding discontinued operations. Investing activity cash flows include making and collecting loans and acquiring and disposing of debt or equity instruments and property, plant, and equipment and other productive assets.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 26<br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3574-108585<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 24<br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3521-108585<br></p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of cash inflow (outflow) from operating activities, excluding discontinued operations. Operating activity cash flows include transactions, adjustments, and changes in value not defined as investing or financing activities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 24<br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3521-108585<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3602-108585<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 25<br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3536-108585<br></p></div>
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<td>duration</td>
</tr>
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</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LegalEntityAxis=us-gaap_ParentCompanyMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LegalEntityAxis=us-gaap_ParentCompanyMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<DOCUMENT>
<TYPE>EXCEL
<SEQUENCE>152
<FILENAME>Financial_Report.xlsx
<DESCRIPTION>IDEA: XBRL DOCUMENT
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#

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>153
<FILENAME>Show.js
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
/**
 * Rivet Software Inc.
 *
 * @copyright Copyright (c) 2006-2011 Rivet Software, Inc. All rights reserved.
 * Version 2.4.0.3
 *
 */

var Show = {};
Show.LastAR = null,

Show.hideAR = function(){
	Show.LastAR.style.display = 'none';
};

Show.showAR = function ( link, id, win ){
	if( Show.LastAR ){
		Show.hideAR();
	}

	var ref = link;
	do {
		ref = ref.nextSibling;
	} while (ref && ref.nodeName != 'TABLE');

	if (!ref || ref.nodeName != 'TABLE') {
		var tmp = win ?
			win.document.getElementById(id) :
			document.getElementById(id);

		if( tmp ){
			ref = tmp.cloneNode(true);
			ref.id = '';
			link.parentNode.appendChild(ref);
		}
	}

	if( ref ){
		ref.style.display = 'block';
		Show.LastAR = ref;
	}
};

Show.toggleNext = function( link ){
	var ref = link;

	do{
		ref = ref.nextSibling;
	}while( ref.nodeName != 'DIV' );

	if( ref.style &&
		ref.style.display &&
		ref.style.display == 'none' ){
		ref.style.display = 'block';

		if( link.textContent ){
			link.textContent = link.textContent.replace( '+', '-' );
		}else{
			link.innerText = link.innerText.replace( '+', '-' );
		}
	}else{
		ref.style.display = 'none';

		if( link.textContent ){
			link.textContent = link.textContent.replace( '-', '+' );
		}else{
			link.innerText = link.innerText.replace( '-', '+' );
		}
	}
};
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>154
<FILENAME>report.css
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
/* Updated 2009-11-04 */
/* v2.2.0.24 */

/* DefRef Styles */
..report table.authRefData{
	background-color: #def;
	border: 2px solid #2F4497;
	font-size: 1em;
	position: absolute;
}

..report table.authRefData a {
	display: block;
	font-weight: bold;
}

..report table.authRefData p {
	margin-top: 0px;
}

..report table.authRefData .hide {
	background-color: #2F4497;
	padding: 1px 3px 0px 0px;
	text-align: right;
}

..report table.authRefData .hide a:hover {
	background-color: #2F4497;
}

..report table.authRefData .body {
	height: 150px;
	overflow: auto;
	width: 400px;
}

..report table.authRefData table{
	font-size: 1em;
}

/* Report Styles */
..pl a, .pl a:visited {
	color: black;
	text-decoration: none;
}

/* table */
..report {
	background-color: white;
	border: 2px solid #acf;
	clear: both;
	color: black;
	font: normal 8pt Helvetica, Arial, san-serif;
	margin-bottom: 2em;
}

..report hr {
	border: 1px solid #acf;
}

/* Top labels */
..report th {
	background-color: #acf;
	color: black;
	font-weight: bold;
	text-align: center;
}

..report th.void	{
	background-color: transparent;
	color: #000000;
	font: bold 10pt Helvetica, Arial, san-serif;
	text-align: left;
}

..report .pl {
	text-align: left;
	vertical-align: top;
	white-space: normal;
	width: 200px;
	white-space: normal; /* word-wrap: break-word; */
}

..report td.pl a.a {
	cursor: pointer;
	display: block;
	width: 200px;
	overflow: hidden;
}

..report td.pl div.a {
	width: 200px;
}

..report td.pl a:hover {
	background-color: #ffc;
}

/* Header rows... */
..report tr.rh {
	background-color: #acf;
	color: black;
	font-weight: bold;
}

/* Calendars... */
..report .rc {
	background-color: #f0f0f0;
}

/* Even rows... */
..report .re, .report .reu {
	background-color: #def;
}

..report .reu td {
	border-bottom: 1px solid black;
}

/* Odd rows... */
..report .ro, .report .rou {
	background-color: white;
}

..report .rou td {
	border-bottom: 1px solid black;
}

..report .rou table td, .report .reu table td {
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
